高等学校经济类双语教学推荐教材·经济学经典教材·金融系列：金融学（第2版）（全文影印）_兹维·博迪，罗伯特·C·默顿，戴维·L·克利顿著_9787300131740

　　《高等学校经济类双语教学推荐教材·经济学经典教材·金融系列：金融学（第2版）（全文影印）》以功能视角划分金融体系，采用统一整体的逻辑演进方式阐释金融领域涉及的问题。内容涉及金融和金融体系的基本介绍、时间与资源配置、价值评估模型、风险管理和资产组合理论、资产定价、公司金融等金融领域的基本问题。
　　《高等学校经济类双语教学推荐教材·经济学经典教材·金融系列：金融学（第2版）（全文影印）》致力于提供金融领域的全景化描述，将金融领域涉及的问题纳入逻辑严整的统一分析框架中，为使用者根据自己的喜好自行选择感兴趣的内容提供方便，并且有助于使用者迅速了解金融领域各个组成部分之间的逻辑关系。大量专栏和图表提供了丰富的背景知识，并为进一步的研究预留了充足的空间。这些专栏选取不同素材从各个角度说明理论的应用性，从而有利于加深理论的理解。

Of course, management still has the difficult task of estimating the impact of its deci-sion on the value of the firm's shares. Thus, in our preceding illustrations, in order tochoose between projects A and B, or between A and C, management would have to deter-mine which of them is likely to increase the value of the firm the most. This is not easy, butthe criterion for making the decision is unambiguous.
Thus, the goal of management is to make decisions so as to maximize the firm's valueto its shareholders. The main challenge in implementing this criterion is to obtain informa-tion about the likely impact of its decisions on the firm's value. Management's task is mademuch easier when it can observe market prices of its own and other firms' shares.
Indeed, in the absence of such market price information, it is difficult to see how theycan implement this criterion at all. Although it is reasonable to assume that good managerswill have as much information about their firm's production technology as anyone, suchinternal (to the firm) information is not sufficient to make effective decisions. In theabsence of a stock market, managers would require external (to the firm) information that iscostly if not impossible to obtain: namely, the wealth, preferences, and other investmentopportunities of the owners.
Thus, the existence of a stock market allows the manager to substitute one set of exter-nal information that is relatively easy to obtain--namely, stock prices--for another set thatis virtually impossible to obtain--information about the shareholders' wealth, preferences,and other investment opportunities. The existence of a well-functioning stock market,therefore, facilitates the efficient separation of the ownership and management of firms.
Note that in one respect the corporation's own senior managers and outside stock ana-lysts who follow the corporation face a common task. Both groups are concerned withanswering the question: How will the actions taken by management affect the market priceof the firm's shares? The big difference is that the managers are the ones who actually makethe decisions and have responsibility for implementing them.
One place to look for a statement of the goals of a corporation's top managers is theannual report to shareholders. Often the opening letter from the company's chief executiveofficer states what management's financial goals are and the general strategic plan forachieving them (see Box 1.6).
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