MANAGEMENT DECISIONSANDSHAREHOLDERvALUE
严格的融资决定始终反映出对资本市场的最新地位和前景前景的看法。例如，假定一家公司选择通过发行责任来为重大增长计划提供资金。财务经理首先考虑义务问题的条件，并确定价格公平。总体而言，经理必须通过发行补充债务来为严格的运营行为提供资金来得出结论，该公司的股东是优越还是劣等。这两个决定都必须深入了解资本市场以及组织借贷如何影响僵化份额的价值。
Considerate how the resources markets function is the same thing as considerate how investors value financial resources. New theories during the last two decades have been developed to explain how investors price stocks and bonds. These knowledge have worked well in the sense that they seem to provide fairly accurate explanations of the link between financial managers' decision and changes in financial refuge prices. Let us now examine some of the key factors a speculation manager considers before making any speculation decisions.
Time andUncertainty
精明的财务经理必须考虑投资决策所产生的价值的犹豫不决和时间。严格的机会通常有机会在短期内产生很少或没有现金流的资产，并使刚性及其股东面临重大风险。
这种投资的最佳例子是调查和开发运营费用。如果进行投资，则可能必须由无法完全偿还多年的债务筹集资金。该公司不能简单地忽略这种选择涉及艰苦的权衡，必须决定这一场合是否价值超过其成本以及是否可以安全地承担额外的债务负担。对此类决策的成本和收益的in亵评估可以为组织带来财务逆境，甚至破产。
Understanding the Value of信息mation
信息mationis an extraordinary and expensive product during- out the world of business. In financial markets, the rights data can be worth millions-but only if other investor do not have the same data at the similar time. Assume, for example, you learn that one organization will imminently make a takeover offer to obtain another organization at a price that significantly exceed that organization present market price. Such information is potentially worth a marvelous amount of money. Unfortunately, fiduciary household tasks and legal limitations prevent the discriminating distribution of precious information previous to complete public revelation. Because financial markets are competent, as soon as important financial information is exposed, it travels immediately to New York, Lon- don, Tokyo, and all the other main financial centers.
Organizations expend substantial time and money provided that information to investors. If they did not do so, investors would be disbelieving and hesitant of a firm's future forecast. They would have to disburse individual resources annoying to gather information for them, and they would be reluctant to pay as much for the rigid shares. This would increase the organizations cost of obtaining the financing it wants for its investment decisions. This would decrease a firm's capability to spend gainfully, hurting society as a result.
俗话说，谈话被打折。投资者的信仰应该由组织提供的信息吗？答案是：并非总是如此。但是已经生产了机构来凝结这个可靠性问题。有时，会计师或投机银行的僵化，他们在认可公司的财务报告和声明时将其声誉放在界限上，并证明了这些信息。有时，管理人员通过“把钱放在嘴里”来传达保证。例如，如果您已经在组织中投资了自己的净吸引力，则将为新业务筹集资金会更容易。
Many financial decisions take on additional significance because they communicate or indication information to investors. For example, the decision to condense the cash dividends paid out to share- holders usually signal difficulty for the firm. The stock price may fall sharply when the payment cut is announce, not because of the payment cut per se, but because the cut portend poor performance in the future. Given the complexity a financial manager must factor into any decision, how does one act to generate value?