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1、公司金融与企业生命公司金融与企业生命周期周期Corporate Finance and the Life Cycle of the Firm公司金融与企业生命周期Functions of financial markets and institutions金融市场与金融机构的功能Corporate governance公司治理Coinvestment of human and financial capital人力资本与金融资本的共同投资The life cycle生命周期Startup and growth 初创与成长期Going concern持续经营期Cash cow in declin
2、e衰退中的现金牛期Financial Markets and Institutions金融市场与金融机构First task:首要任务Move capital into companies with positive-NPV investments.向那些拥有正NPV投资项目的企业投入资金 Move capital out of companies with negative-NPV investments.从那些拥有负NPV投资项目的企业抽出资金Corporate governance:protect investors so that capital can move efficientl
3、y.公司治理：保护投资者以便实现资金的有效转移Protection of investors对投资者的保护Complete protection of investors is not feasible and not desirable.完全的投资者保护不可行，也没有必要Managers know more than investors.经理层比投资者知道的更多Incomplete contracting:managers must have discretion.不完全合同：经理层必须拥有判断力Discretion means that managers self-interest mus
4、t be respected.判断力意味着必须尊重经理层自我利益Coinvestment of human and financial capital.人力资本和金融资本的共同投资Maximize firm value,not shareholder value.公司价值最大化，而非股东价值最大化Coinvestment共同投资Choose financial architecture to assure efficient coinvestment.选择金融架构以确保有效共同投资Incentives激励Risk sharing风险分担Optimize(dont maximize)bargai
5、ning power of financial capital.金融资本谈判力的最优化（不是最大化）Danger of short-termism.短期危机The Life Cycle 生命周期Startup and growth初创期及成长期Preserve managers bargaining power ex post.根据过去发展情况，保持经理层的谈判力Going concern持续经营期Stable allocation of bargaining power.谈判力的稳定分配Cash cow in decline衰退中的现金牛期Shift bargaining power to
6、outside investors.转移谈判力到外部投资者Startup and growth financing innovation初创及成长期融资创新Entrepreneur contributes sweat equity.企业家贡献人力资本Several years commitment,high risk of failure.多年承诺，并面临高失败风险Requires fair(high)upside compensation if success.成功时，要求公平（高）薪酬Ex post bargaining power may be limited.事后谈判力可能受到限制Ou
7、tside investors cant commit to pay fair upside compensation.外部投资者不能确保支付公平的高薪酬Incomplete contracting不完全合同Staged investment to shut down failures.分段投资以及时停止失败项目Why does venture capital work?为什么要进行风险投资？Limited life private equity partnership must cash out.IPO or sale of startupIPO或启动销售Early IPO preserve
8、s entrepreneurs incentives.及早进行IPO能够保持企业家的积极性Entrepreneurs are paid with a forward-looking currency,common stock.支付企业家forward-looking currency,普通股Cash cow in decline衰退中的现金牛期Human capital in declining firms doesnt want to leave.衰退企业中的人力资本不愿意离开Cant write contract that would force efficient disinvestme
9、nt.(NPV not verifiable.)没有书面合同防止无效投资（NPV不可证实）Therefore shift bargaining power to financial capital.因此，需要转移谈判力给金融资本LBOs,mergers in declining industries衰退行业中的杠杆收购与并购Stock incentives for top management高级管理层的股权激励Going concerns持续经营期Successful corporations continue for generations.成功的企业会持续经营下去Value is in
10、organization,not physical assets.企业价值在于组织本身，而非实物资产Outside investors have little evident bargaining power.外部投资者几乎没有明显的谈判力Boards of directors?董事会？Stock options for managers?经理层的股票期权？Regulation,legal penalties?监管，法律惩处？Going concern equilibrium持续经营均衡Coalition of insiders“splits the pie”with financial pa
11、rtners(outside investors).内部投资者与金融伙伴（外部投资者）“分享蛋糕”Insiders take X%of cash flow,contribute X%of new investment.内部人获得1X%的现金流，贡献X%的新投资(1 X)%to outside investors.外部人获得1X%的现金流，贡献1X%的新投资Each partner maximizes NPV.各自最大化NPVEfficient investment,assuming:有效投资，假设：X%stable over time.X%比例保持不变Open,indefinite horiz
12、on.无限期Dangers of short-termism短期危险In stable equilibrium,the coalition of insiders has the same goals as outside investors.在稳定均衡中，内部人集团与外部投资者目标一致Equilibrium can break down if:如果出现以下情况，均衡会被破坏：Sharing rule(X%)is expected to change.预期分享规则(X%)发生变化Fixed horizon.有限期Coalition of insiders breaks up,e.g.,if t
13、op management wants to cash out in a bubble.内部人集团破裂，例如，泡沫现象下高级管理层套现Going-concern equilibrium持续经营均衡Open horizon mitigates agency problems that dominate static models.开放模型能够在一定程度上克服静态模型中存在的代理问题Corporate governance doesnt have to force good behavior,just support the equilibrium.公司治理并不优化行为，只是维持均衡Conclud
14、ing comments结论Coinvestment of human and financial capital.人力资本与金融资本的共同投资No single optimum financial architecture.不存在统一的最优金融架构At least three architectures over the life cycle.在整个生命周期，至少存在有三个金融架构Financial architecture also varies across industries and countries.金融架构因行业与国家的不同而相应变动Architectures evolve and improve over time.金融架构会随着时间持续演进和改善