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1、confirmingpagesPART1!!!!!CHAPTERVALUE1GoalsandGovernanceoftheFirm"Thisbookisabouthowcorporationsmakefinancialofthesethings,itdoescovertheconceptsthatgoverndecisions.Westartbyexplainingwhatthesedecisionsgoodfinancialdecisions,anditshowsyouhowtouseareandwhattheyareseekingtoaccomplish.thetoolso
2、fthetradeofmodernfinance.Corporationsinvestinrealassets,whichgeneratecashWestartthischapterbylookingatafundamentalinflowsandincome.Someoftheassetsaretangibletrade-off.Thecorporationcaneitherinvestinnewassetssuchasplantandmachinery;othersareintangibleassetsoritcangivethecashbacktothesharehold
3、ers,assetssuchasbrandnamesandpatents.Corporationswhocantheninvestthatcashinthefinancialmarkets.financetheseassetsbyborrowing,byretainingandFinancialmanagersaddvaluewheneverthecompanyreinvestingcashflow,andbysellingadditionalsharescanearnahigherreturnthanshareholderscanearnforofstocktothecorp
4、oration’sshareholders.Thusthethemselves.Theshareholders’investmentopportunitiescorporation’sfinancialmanagerfacestwobroadfinancialoutsidethecorporationsetthestandardforinvestmentsquestions:First,whatinvestmentsshouldthecorporationinsidethecorporation.Financialmanagersthereforemake?Second,how
5、shoulditpayforthoseinvestments?refertotheopportunitycostofthecapitalthatTheinvestmentdecisioninvolvesspendingmoney;theshareholderscontributetothefirm.financingdecisioninvolvesraisingit.ThesuccessofacorporationdependsonhowwellAlargecorporationmayhavehundredsofthousandsitharnessesallitsmanager
6、sandemployeestoworkofshareholders.Theseshareholdersdifferinmanytoincreasevalue.Wethereforetakeafirstlookathowways,suchastheirwealth,risktolerance,andinvestmentgoodsystemsofcorporategovernance,combinedwithhorizon.Yetwewillseethattheyusuallyendorsetheappropriateincentivesandcompensationpackage
7、s,samefinancialgoal:theywantthefinancialmanagerencourageeveryonetopulltogethertoincreasevalue.toincreasethevalueofthecorporationanditscurrentGoodgovernanceandappropriateincentivesalsostockprice.helpblockouttemptationstoincreasestockpricebyThusthese
