| 1. | In theory , this maximises the value of the firm
在理论上，这使得公司价值实现了最大化。 |
| 2. | Eva is one kind of these incentive institutions . the long - term value of the firm is the purpose of the manager
它以企业的长期价值最大化作为企业的管理者的目标，而这种目标必须是建立在满足企业的其他参与者利益的基础之上的。 |
| 3. | Using a dcf model , this paper illustrates that if the members of the firm employ a same and constant discount factor , the total value of the firm will be independent of the compensation distribution schedule
摘要本文模型表明，若企业成员所采用的贴现因子一致且稳定，企业总价值与分配情况无关。 |
| 4. | But if the investors ( stockholders and creditors ) have rational expectations , they will deduct the agency costs on the value of the firm that they own . consequently , the managers will undertake the agency costs
但在投资者(股东和债权人)具有理性预期的情况下,他们对其拥有的企业价值的评价就会扣除代理成本,结果是,代理成本将由管理者来承担。 |
| 5. | The results show that the financial leverage as the independent variable is significantly positively correlated with wacc in tele communication and computer line , i . e . , it is significantly negatively correlated with market value of the firms
第五章主要阐述了根据研究发现所得出的基本结论和相关结论。研究发现，目前我国电信与计算机行业上市公司的财务杠杆与加权资本成本显著正相关。 |
| 6. | In the process of setting the modern enterprise system , the business have already turned into the independent economic entity which operates autonomously , assumes sole responsibility for it ' s own profit and loss , self - constraints and self - development , the financial target of the firm have also turned from the accomplishment it ' s mission to the maximization the value of the firm
在建立现代企业制度的过程中，企业在体制上转变为自主经营、自负盈亏、自我约束、自我发展的独立的经济实体，其财务目标也由过去的"完成任务"到企业价值最大化，由于市场经济是一种资金约束型经济，企业的发展主要取决于能否获得稳定的资金来源。 |
| 7. | In details , when market liquidity is sufficient large , the strict insider trading regime can union large shareholders with small shareholders to intervene in the management of the firm frequently , therefore reduces agent costs and increases value of the firm ; but if market liquidity is not enough large , the over strict insider trading regulation ca n ' t increase value of the firm
具体来说，当证券市场的流动性足够高时（相对于监督成本） ，严厉的内幕交易规制可以促使大股东与流动性投资者联合，并更多地对公司进行监督，从而减少代理成本，提高公司价值；如果证券市场的流动性不够高，那么过于严厉的内幕交易规制并不能提高公司的价值。 |
| 8. | After a summary of mm irrelevant theory , i study how the corporate income taxes , personal income tax and capital gains tax affect the value of the firm . at the end of this section , i formulate a state preference general equilibrium model about tax effect on the corporate capital structure decisions on a basis of the taxation in china
应用现代资本资产定价理论，本章首先回顾了mm的资本结构无关理论，接着讨论公司所得税、个11 k司财务政策的税收效应研究人所得税和资本利得税对公司资本结构的影响。 |
| 9. | But if the discount factors employed by the members are positive correlated with their total incomes in the firm , even if the adjustment of compensation distribution schedule has no impact on the collective productivity of the firm , it can destroy the total value of the firm , and the compensation distribution adjustment ground on the difference among marginal production rates of the members of the firm can create value only when the difference is significant in some level
但若企业成员所采用的贴现因子与其在企业中所分配得的总收入正相关，则分配方案调整在不影响企业总生产力的情况下已可能损毁企业总价值；即使是依据边际生产率差异进行的分配调整，也只有在被调整的企业成员间的边际生产率差异有一定显著性的情形下，才能创造价值。 |
| 10. | After china enter wto , chinese banks will compete with the international banks . so it is very important for us to reform the corporate governance and distribution system of chinese banks . the nature of building a good corporate governance is to have the maximization value of the firm
随着改革实践的深化和改革理论的突破，随着中国加入wto中国银行业必须对外开放，因此，中国国有商业银行必须和国际金融业接轨，按照现代企业制度进行改革已经最为迫切，按现代企业制度建立国有商业银行，实质是建立良好的公司治理机制，寻求公司价值的最大化。 |
