财务管理试题-资料-(271).doc

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財務管理理論與策略

2001年春季
馬黛教授
Office hour: 星期二、五下午2:00- 4:30 90/2/22

一.目的：

本課程主要在進一步討論財務管理理論中的幾個重要課題，並輔以有關財務決策上的實務探討。理論方面包括資本結構、資本預算、代理理論、股利決策、租賃理論、選擇權之應用、公司控制(corporate control)等課題，策略方面則包括資金籌措、創業投資、資本結構、公司重整(corporate restructuring)、風險管理等主題。上課係以研討方式進行，學生須在課堂上做口頭報告。

二.教科書：

(教1) Donald H. Chew, Jr., “The New Corporate Finance-Where Theory Meets Practice,” 2nd edition, 1999. (McGraw Hill)
(教2) Joel M. Stern and Donald H. Chew, Jr., “The Revolution in Corporate Finance,” 1998. (Blackwell)
(教3) Donald H. Chew, Jr., “The New Corporate Finance-Where Theory Meets Practice,” 1st edition, 1993. (McGraw Hill)

三.參考書目：

(1) Clifford W. Smith, Jr., “The Modern Theory of Corporate Finance,” McGraw-Hill, 1990. (華泰)
(2) Robert L. Kuhn, ed., “Capital Raising and Financial Structure,” Homewood: Dow Jones-Irwin, 1990.
(3) Robert L. Kuhn, ed., “Mergers, Acquisitions, and LBO, Homewood,” Dow Jones-Irwin, 1990.
(4) Robert L. Kuhn, ed., “Investing and Risk Management,” Homewood, Dow Jones-Irwin, 1990.
(5) Robert L. Kuhn, ed., “International Finance and Investing,” Homewood: Dow Jones-Irwin, 1990.
四.大綱進度:
主題
指定(Readings)
參考(Readings)
n公司財務理論基礎
( 1 ) Introduction

1.市場效率性
(教2) Part I 2
(教3) Part I 1,2,3
( P ) 1,4,6

2.資本預算與公司策略
(教3) Part II 3
(教1) Part II 11,12
( P ) 1,7,8,9

3.資本結構與股利政策
(教1) Part III 15-17
(教2) Part III 13,15
( P ) 1,3,7,8,10,11,12,15,
20-24,28,36,38,39,42
(1) Part Three
(1) Part 3 Dividend Puzzle
4.資金籌措
(教1) Part IV
21,23,25,27,32
(教2) Part IV 18
( P ) 1,5-10,12,17,18
( 2 ) Ch.2,11
( 4 ) Ch.8
5.風險管理
(教1) Part V 36,40, Part IV 30
(教2) Part V 25
( P ) 1-3
(4)
6.公司重組與公司控制
(教1) 45,49,51-54
( P ) 1-4,9,12,14,15,17,20,24,
28,31
(2) Ch. 23-26
(3) Ch. 6,8,11
7.員工股票選擇權
( P )2,3

9.其他(公司失敗與重整, 法人/外國股權, 庫藏股, etc.)
( P )1,7,
(教1) Part VII

五.作業：
學生須
1. 於課堂上就指定範圍為口頭報告(2次)，必須做扼要投影片。
2. 參與教材討論(6次，事前分配好，並繳書面問題，交由口頭報告者連同其報告一併繳給老師)，每篇文章有3位評論。
3. 繳書面報告8篇(包括2篇口頭報告)
4. 期末報告及作業

六.評分：

類 別
分數
說 明
n上課參與討論
18%
每次滿分3分，由教師視其表現給予0-3分，6次滿分為18分。
n口頭報告
(1)口頭報告（投影片）
(2)書面報告
35%
20%
15%

每次滿分10分
每篇滿分7.5分，必須有其他相關文獻之補充。
n書面報告
24%
每篇滿分4分，必須有心得。
n期末報告
15%
滿分15分（可以三人一組）
n其他
8%

References

1. 市場效率性
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Easterwood, John C. and Nutt, Stacey R. 1999. Inefficiency in analysts' earnings forecasts: Systematic misreaction or systematic optimism? The Journal of Finance, Vol. LIV, No.5, 1999, 1777-1797.

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Bernstein, Peter L. 1999. Why the efficient market offers hope to active management. Journal of Applied Corporate Finance, Vol. 12, No.2, 129-136.
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Fama, Eugene F. 1998. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49:283-306.

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Chen, Carl R., Lin, James Wuh and Sauer, David A. 1997. Earnings announcements, quality and quantity of information, and stock price changes. The Journal of financial Research, Vol. XX, No.4, 483-502.
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Haugen, Robert A. 1996. The effects of intrigue, liquidity, imprecision, and bias on the cross-section of expected stock returns. The Journal of Portfolio Management, 8-17.
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2-2
Stark A. W., Apr/May 2000, Real Options, (Dis) Investment Decision-Making and Accounting measures of Performance, Journal of Business Finance & Accounting, Vol. 27 No. 3-4, 283-312

2-3
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2-5
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2-6
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§
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3. 資本結構與股利政策
§
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Ricci C. and Di Vito N., International Working Capital Practices in the UK, European Financial Management, Vol. 6 No. 1, 2000 Mar, 69-84

3-2
Gelb S. David, Spring 2000, Corporate Signaling with Dividends, Stock Repurchases, and Accounting Disclosure: An Empirical Study, Journal of Accounting Auditing & Finance, Vol. 15 No. 2, 99-120
§
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Jagannathan M., Stephens C. P. and Weisbach M. S., Sep 2000, Financial Flexibility and the Choice Between Dividends and Stock Repurchase, Journal of Financial Economics, Vol. 57 No. 3 , 355-384

3-4
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3-5
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3-6
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§
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§
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Lamdin D. J., Oct 2000, Estimating the Cost of Equity for Corporations that Repurchase: Theory and Application, SSRN_Regulation of Financial Institurions, Vol. 2 No. 18

3-9
Barclay, Michael J. and Smith, Clifford W. Jr., The capital structure puzzle: Another look at the evidence. Journal of Applied Corporate Finance, Vol. 12, No.1, 8-20.
§
3-10
Shyam-Sunder, Lakshmi and Myers, Stewart C. 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51, 219-244.
§
3-11
Murphy, A. and Schlag, C. 1999. An empirical examination of the effect of dividend taxation on asset pricing and returns in Germany. Global Finance Journal 10:1, 35-52.
§
3-12
Shin, Hyun-Han and Park, Young S. 1999. Financing constraints and internal capital markets: Evidence from Korean "chaebols". Journal of Corporate Finance 5, 169-191.

3-13
Berger, Allen N. and Udell, Gregory F. 1998. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle,” Journal of Banking & Finance 22, 613-673.

3-14
Erwin, Gayle R. and Miller, James M. 1998. The intra-industry effects of open market share repurchases: Contagion or competitive? The Journal of Financial Research, Vol. XXI, No.4, 389-406.
§
3-15
Morgan, Gareth and Thomas, Stephen. 1998. Taxes, dividend yields and returns in the UK equity market. Journal of Banking & Finance 22, 405-423.

3-16
Brook, Yaron, Charlton, William T Jr. and Hendershott, Robert J. 1998. Do firms use dividends to signal large future cash flow increases? Financial Management.
○
3-17
Kim, Chang-Soo, Mauer, David C. and Sherman, Ann E. 1998. The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, Vol.33, No.3, 335-359.
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§
3-22
Frank, Murray and Jagannathan, Ravi 1998. Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes. Journal of Financial Economics 47, 161-188.
§
3-23
Bartov, Eli, Kriinsky, Itzbak and Lee, Jason 1998. Evidence on how companies choose between dividends and open-market stock repurchases. Journal of Applied Corporate Finance, Vol.11, No.1, 89-96.
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3-25
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3-26
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3-27
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