金融学小论文英文

the development of modern finance
first,the financial problem of the uncertainty
(a)the uncertainty of the field in the application of asset pricing
1.portfolio theory and capital asset pricing model
in the framework of the financial analys**,introduction of the concept of uncertainty ** a major role.first kenes(1936)and hicks(1939)proposed the concept of r**k compensation that the financial products in the presence of uncertainty,should interest rates in different financial products in compensation for additional r**ks.subsequently,von neumann(1947)applied the concept of expected utility of the proposed settlement in the dec**ion-making under uncertainty in the method chosen,on th** bas** markowiz(1952)developed a portfolio theory,he thought when investors choose portfolio concerned only with future cash flow of the mean and variance.he assumed that the expected utility of investors cons**tent with secondary d**tribution or multinomial d**tribution.markowiz the main conclusions are subject to uncertainty,optimal dec**ion-making ** a diversified investment holding.tobin(1958)that investor liquidity preferences for their own benefits and r**ks of different options for the balance.th** further improved the framework of portfolio choice theory.
in the field of asset pricing model ** another well-known theory of capital pricing model(capm),sharp(1994)and lintner(1995)using the formula succinctly expressed the portfolio value and r**k-free interest rate and the level of r**k assets,the relationship between.black(1972)introduced even in the non-r**k assets zones remained the case,sharp and the capm formula ** still valid,just without the r**k of interest rates are including the entire market on all assets of the portfolio rate of return instead of the 预期.contemporary with the capm model of the asset pricing model also ross(1977)arbitrage pricing model(apt)and lucas(1978)the typical agent asset pricing model.
represented by capm asset pricing model for asset pricing provides a simple method of calculation,and obtain some support from empirical studies(fama and macbeth,1973),but in reality some of the anomalies ** still a lack of effective explanatory power,brennan(1989)that the capm ** based on the expectations of all investors in the investment and r**k are common in estimates and judgments,and all investors the same utility function based on the assumption that th** assumption ** incons**tent with the reality th** ** leading to some practical problems capm on the root causes of the lack of explanatory power.it ** beyond doubt on these assumptions,to promote the introduction of the concept of asymmetric **rmation and research.
2.market efficiency hypothes**
market efficiency hypothes** that in a perfectly competitive market,there ** no asymmetric **rmation and market frictions affect the future earnings of the **erage investment r**k ** different.60s in the 20th century a large number of research workers on the market efficiency hypothes** was tested,fama(1973)through empirical tests on the u.s.stock market,that the efficient market hypothes** holds,but many researchers found that in the market,there are many market efficiency hypothes** or capm model can not explain the abnormal phenomenon.for example,basu(1977)found that the **erage earnings assets,in addition to the β coefficient of the capm,but also with the price earnings ratio of assets(p/e ratio)** related to the same β coefficient,the higher the price earnings ratio stocks(growth stocks)better than the market price of the low price earnings ratio of stocks(value stocks);benz(1981)found that the market price of the stock with the size of the l**ted company;stattman(1980)found that stock prices and the ratio of book value(p/b ratio)** also an important factor affecting stock prices.fama and french(1993)on the bas** of the above three-factor model proposed that the impact of asset prices in the β factors,joined the p/e ratio and p/b ratio factor.
the interpretation of these anomalies,the efficient market hypothes** seems powerless,someone had tried the"january effect"to the end of shu**hou interpreted as the impact of outflow,but in the united kingdom,australia,the annual revenue of the country ** not in december,there are still"in january effect"can not be explained.some scholars from a psychological perspective to explain these anomalies,such as,dreman(1982)the stock price p/e ratio effect interpreted as the investor always overestimate growth stocks with high growth,leading to market high p/e ratio of stock market was overvalued,that it ** a reason for low stock returns.
3.continuous time model
in asset pricing theory ** another important assumption:stock market ** always in a continuous process,under th** assumption,merton(19**,1971)to develop instantaneous capm capital asset pricing model(icapm),the same **rmation symmetry,frictionless market,asset price changes in line with ito process under these conditions,asset prices and investor preference for independent effectiveness.in subsequent studies merton(1973)and black(1973)the application of these continuous-time model has been successful in the option pricing formula,the formula was later confirmed that a large number of empirical studies and has been widely applied in practice.
(b)the uncertainty of financial management in the company of
financial analys** ** another important area of financial management,major research firms in the investment dec**ion-making in the proportion of the debt and equity options,the company's dividend policy and other **sues.results of the first studies in th** area by the modigliani and miller(1958)made their study shows that full market(no market frictions and asymmetric **rmation ex**ts)the value of the company has nothing to do with the company's debt ratio(mm theorem).a similar study concludes that the value of the company's profit d**tribution policy has nothing to do.obviously,these research findings and practical in reality.mm theorem based on the conclusions in the d**tribution of profits,due to the cash outflow will be sent found jinhong li,the company repurchased shares will be willing to choose policies,rather than the dividend policy,in reality,many companies prefer to dividends rather than share buy-back,th** phenomenon ** black(1976)referred to as"company dividend puzzle(dividend puzzle)",which miller(1977)can give the explanation,mm theorem conclusion ** that the reason and the reality of different tax and the so-called bankruptcy costs on the financial structure ** the result of certain liabilities of the company can achieve the role of tax relief,another company because of the ex**tence of high debt ratio r**k of bankruptcy,so the debt ratio to the value of ex**ting shares affected,miller and other scholars make on these financial problems are not very sat**factory interpretation of the whole until later after the introduction of asymmetric **rmation,it seems caidui explain these **sues to achieve a breakthrough.
as mentioned above,some of the phenomena of reality ** difficult to simply use the uncertainty(r**k)to get a sat**factory explanation,it ** in the research of these **sues ra**es thequestion of asymmetric **rmation on financial concerns,plus last 60 years in the 20th century to game theory,represented a breakthrough in the **rmation economy research methods,leading many scholars to the financial problems of asymmetric **rmation in the study achieved a lot,especially the use of asymmetric **rmation can explain a lot of perfectly the financial structure **sues.following ** an overview of th** still results in two parts,first in the results of financial dec**ion-making,followed by the asset pricing results.
(a)asymmetric **rmation in corporate financial management application