THE MODERN U.S. CORPORATION WAS BORN IN A COURTROOM 现代美国公司诞生于法庭
in Washington, D.C., on February 2, 1819. On that day the U.S. Supreme Court established the legal precedent that the property of a corporation, like that of a person, is private and entitled to protection under the U.S. Constitution. Today, it is hard to entertain the possibility that a corporation’s private property would not be protected under the Constitution. However, before the 1819 Supreme Court decision, the owners of a corporation were exposed to the possibility that the state could take their business. This concern was real enough to stop most businesses from incorporating and, indeed, in 1816 that concern was realized: The state seized Dartmouth College. 1819年2月2日在华盛顿特区成立。在这一天，美国最高法院开创了一个法律先例，即公司财产与个人财产一样，是私有财产，有权受到《美国宪法》的保护。今天，很难想象公司的私有财产会不受《宪法》保护。然而，在 1819 年最高法院做出裁决之前，公司所有者就面临着国家可能夺走其业务的可能性。这种担忧足以阻止大多数企业成立公司，而事实上，这种担忧在 1816 年得以实现：国家没收了达特茅斯学院。
Dartmouth College was incorporated in 1769 as a private educational institution governed by a self-perpetuating board of trustees. Unhappy with the political leanings of the board, the state legislature effectively took control of Dartmouth by passing legislation in 1816 that established a governor-appointed board of overseers to run the school. The legislation had the effect of turning a private university under private control into a state university under state control. If such an act were constitutional, it implied that any state (or the federal government) could, at will, nationalize any corporation. 达特茅斯学院成立于 1769 年，是一所私立教育机构，由一个自负盈亏的董事会管理。由于对董事会的政治倾向不满，州立法机构于 1816 年通过立法，成立了一个由州长任命的监督委员会来管理学校，从而有效地控制了达特茅斯学院。该立法的效果是将一所由私人控制的私立大学变成了一所由州政府控制的州立大学。如果这样的法案符合宪法，就意味着任何州（或联邦政府）都可以随意将任何公司国有化。
Dartmouth sued for its independence and the case made it to the Supreme Court under Chief Justice John Marshall in 1818. In a nearly unanimous 5-1 decision, the court struck down the New Hampshire law, ruling that a corporation was a “contract” and that, under Article 1 of the Constitution, “the state legislatures were forbidden to pass any law impairing the obligation of contracts.” ^(1){ }^{1} The precedent was set: Owners of businesses could incorporate and still enjoy the protection of private property, as well as protection from seizure, both guaranteed by the U.S. Constitution. The modern business corporation was born. 1818 年，在首席法官约翰-马歇尔（John Marshall）的领导下，达特茅斯为其独立提起诉讼，此案被提交至最高法院。法院以几乎一致的 5 比 1 的判决驳回了新罕布什尔州的法律，裁定公司是一种 "契约"，根据宪法第 1 条，"州立法机构不得通过任何损害契约义务的法律"。 ^(1){ }^{1} 先例就此确立：企业所有者可以成立公司，并仍然享有美国宪法所保障的私有财产保护和免于扣押的保护。现代商业公司应运而生。
Today, the corporate structure is ubiquitous all over the world, and yet continues to evolve in the face of new forces. In 2008 the financial crisis once again transformed the financial landscape, bringing down giants like Bear Stearns, Lehman Brothers, and AIG and reshaping investment banks like Goldman Sachs into government-guaranteed commercial banks. Government bailouts have provoked challenging questions regarding the role of the federal government in the control and management of private corporations. In the wake of the crisis, significant reforms of the regulation and oversight of financial markets were passed into law. Understanding the principles of corporate finance has never been more important to the practice of business than it is now, during this time of great change. 如今，公司结构在世界各地无处不在，但面对新的力量，公司结构仍在不断演变。2008 年的金融危机再次改变了金融格局，贝尔斯登、雷曼兄弟和美国国际集团等巨头纷纷倒下，高盛等投资银行也被重塑为政府担保的商业银行。政府救助引发了关于联邦政府在控制和管理私营企业方面所扮演角色的挑战性问题。危机发生后，对金融市场的监管和监督进行了重大改革，并通过了相关法律。在这个巨大的变革时代，理解公司财务原则对于商业实践的重要性从未像现在这样重要。
The focus of this book is on how people in corporations make financial decisions. This chapter introduces the corporation and explains alternative business organizational forms. A key factor in the success of corporations is the ability to easily trade ownership shares, and so we will also explain the role of stock markets in facilitating trading among investors in a corporation and the implications that has for the ownership and control of corporations. 本书的重点是公司人员如何做出财务决策。本章介绍了公司，并解释了其他商业组织形式。公司成功的一个关键因素是能够方便地交易所有权股份，因此我们还将解释股票市场在促进公司投资者之间交易方面的作用，以及这对公司所有权和控制权的影响。
1.1 The Four Types of Firms 1.1 四种类型的公司
We begin our study of corporate finance by introducing the four major types of firms: sole proprietorships, partnerships, limited liability companies, and corporations. We explain each organizational form in turn, but our primary focus is on the most important form-the corporation. In addition to describing what a corporation is, we also provide an overview of why corporations are so successful. 在研究公司财务时，我们首先介绍四种主要类型的公司：独资企业、合伙企业、有限责任公司和公司。我们将依次解释每种组织形式，但我们的主要重点是最重要的组织形式--公司。除了介绍什么是公司之外，我们还概述了公司如此成功的原因。
Sole Proprietorships 独资企业
A sole proprietorship is a business owned and run by one person. Sole proprietorships are usually very small with few, if any, employees. Although they do not account for much sales revenue in the economy, they are the most common type of firm in the world, as shown in Figure 1.1. Statistics indicate that nearly 72%72 \% of businesses in the United States are sole proprietorships, although they generate only 4%4 \% of the revenue. ^(2){ }^{2} Contrast this with corporations, which make up under 18%18 \% of firms but are responsible for 83%83 \% of U.S. revenue. 独资企业是由一个人拥有和经营的企业。独资企业通常规模很小，雇员很少，甚至没有雇员。虽然它们在经济中的销售收入不多，但却是世界上最常见的公司类型，如图 1.1 所示。统计数据显示，在美国，近 72%72 \% 的企业是独资企业，尽管它们只创造了 4%4 \% 的收入。 ^(2){ }^{2} 与之形成鲜明对比的是，公司占公司总数的 18%18 \% 以下，但却创造了美国 83%83 \% 的收入。
Sole proprietorships share the following key characteristics: 独资企业具有以下主要特点：
Sole proprietorships are straightforward to set up. Consequently, many new businesses use this organizational form. 独资企业的设立非常简单。因此，许多新企业都采用这种组织形式。
The principal limitation of a sole proprietorship is that there is no separation between the firm and the owner-the firm can have only one owner. If there are other investors, they cannot hold an ownership stake in the firm. 独资企业的主要局限性在于企业与所有者之间没有分离--企业只能有一个所有者。如果有其他投资者，他们也不能持有公司的股权。
The owner has unlimited personal liability for any of the firm’s debts. That is, if the firm defaults on any debt payment, the lender can (and will) require the owner to repay the loan from personal assets. An owner who cannot afford to repay the loan must declare personal bankruptcy. 所有者对公司的任何债务都负有无限的个人责任。也就是说，如果公司拖欠任何债务，贷款人可以（也将会）要求所有者用个人资产偿还贷款。无力偿还贷款的所有者必须宣布个人破产。
FIGURE 1.1 图 1.1
Types of U.S. Firms 美国公司类型
There are four different types of firms in the United States. As (a) and (b) show, although the majority of U.S. firms are sole proprietorships, they generate only a small fraction of total revenue, in contrast to corporations. Source: www.irs.gov 美国有四种不同类型的公司。如（a）和（b）所示，虽然大多数美国公司都是独资企业，但与公司相比，它们创造的收入只占总收入的一小部分。资料来源：www.irs.gov
(a) Percentage of Businesses (a) 企业所占百分比
(b) Percentage of Revenue (b) 收入百分比
4. The life of a sole proprietorship is limited to the life of the owner. It is also difficult to transfer ownership of a sole proprietorship. 4.独资企业的寿命仅限于所有人的一生。独资企业的所有权也很难转让。
For most businesses, the disadvantages of a sole proprietorship outweigh the advantages. As soon as the firm reaches the point at which it can borrow without the owner agreeing to be personally liable, the owners typically convert the business into a form that limits the owner’s liability. 对大多数企业而言，独资经营的弊大于利。一旦企业发展到可以在所有者不同意承担个人责任的情况下借款的程度，所有者通常会将企业转变为限制所有者责任的形式。
Partnerships 合作伙伴
A partnership is identical to a sole proprietorship except it has more than one owner. The following are key features of a partnership: 合伙企业与独资企业相同，只是拥有者不止一人。以下是合伙企业的主要特征：
All partners are liable for the firm’s debt. That is, a lender can require any partner to repay all the firm’s outstanding debts. 所有合伙人都对公司债务负责。也就是说，贷款人可以要求任何合伙人偿还公司的所有未偿债务。
The partnership ends on the death or withdrawal of any single partner, although partners can avoid liquidation if the partnership agreement provides for alternatives such as a buyout of a deceased or withdrawn partner. 合伙关系在任何一个合伙人死亡或退出时终止，但如果合伙协议规定了其他选择，如买断已故或退出的合伙人，则合伙人可以避免清算。
Some old and established businesses remain partnerships or sole proprietorships. Often these firms are the types of businesses in which the owners’ personal reputations are the basis for the businesses. For example, law firms, groups of doctors, and accounting firms are often organized as partnerships. For such enterprises, the partners’ personal liability increases the confidence of the firm’s clients that the partners will strive to maintain their reputation. 一些历史悠久的老企业仍然是合伙企业或独资企业。在这些企业中，所有者的个人声誉往往是企业的基础。例如，律师事务所、医生团体和会计师事务所通常以合伙企业的形式组建。对这类企业而言，合伙人的个人责任增加了公司客户对合伙人将努力维护其声誉的信心。
A limited partnership is a partnership with two kinds of owners, general partners and limited partners. General partners have the same rights and privileges as partners in a (general) partnership-they are personally liable for the firm’s debt obligations. Limited partners, however, have limited liability-that is, their liability is limited to their investment. Their private property cannot be seized to pay off the firm’s outstanding debts. Furthermore, the death or withdrawal of a limited partner does not dissolve the partnership, and a limited partner’s interest is transferable. However, a limited partner has no management authority and cannot legally be involved in the managerial decision making for the business. 有限合伙企业是一种拥有两种所有者（普通合伙人和有限合伙人）的合伙企业。普通合伙人享有与（普通）合伙企业合伙人相同的权利和特权--他们对公司的债务承担个人责任。然而，有限合伙人的责任是有限的，也就是说，他们的责任仅限于他们的投资。他们的私有财产不能被没收来偿还公司的未偿债务。此外，有限合伙人的死亡或退出不会解散合伙企业，而且有限合伙人的权益可以转让。但是，有限合伙人没有管理权，不能合法参与企业的管理决策。
Private equity funds and venture capital funds are two examples of industries dominated by limited partnerships. In these firms, a few general partners contribute some of their own capital and raise additional capital from outside investors who are limited partners. The general partners control how all the capital is invested. Most often they will actively participate in running the businesses they choose to invest in. The outside investors play no active role in the partnership other than monitoring how their investments are performing. 私募股权基金和风险投资基金是有限合伙企业主导行业的两个例子。在这些公司中，一些普通合伙人贡献自己的部分资本，并从作为有限合伙人的外部投资者那里筹集额外资本。普通合伙人控制所有资本的投资方式。他们通常会积极参与经营他们选择投资的企业。外部投资者在合伙企业中不发挥任何积极作用，只是监督其投资的表现。
Limited Liability Companies 有限责任公司
A limited liability company (LLC) is a limited partnership without a general partner. That is, all the owners have limited liability, but unlike limited partners, they can also run the business. 有限责任公司（LLC）是一种没有普通合伙人的有限合伙企业。也就是说，所有所有者都承担有限责任，但与有限合伙人不同的是，他们也可以经营企业。
The LLC is a relatively new phenomenon in the United States. The first state to pass a statute allowing the creation of an LLC was Wyoming in 1977; the last was Hawaii in 1997. Internationally, companies with limited liability are much older and established. LLCs rose to prominence first in Germany over 100 years ago as a Gesellschaft mit beschränkter Haftung (GmbH)(\mathrm{GmbH}) and then in other European and Latin American countries. An LLC is known in France as a Société à responsabilité limitée (SARL), and by similar names in Italy (SRL) and Spain (SL). 有限责任公司在美国是一个相对较新的事物。第一个通过法令允许创建有限责任公司的州是怀俄明州，时间是 1977 年；最后一个州是夏威夷州，时间是 1997 年。在国际上，有限责任公司的历史要悠久和成熟得多。100 多年前，有限责任公司作为 Gesellschaft mit beschränkter Haftung (GmbH)(\mathrm{GmbH}) 首先在德国兴起，随后在其他欧洲和拉丁美洲国家兴起。有限责任公司在法国被称为 Société à responsabilité limitée (SARL)，在意大利（SRL）和西班牙（SL）也有类似的名称。
Corporations 公司
The distinguishing feature of a corporation is that it is a legally defined, artificial being (a judicial person or legal entity), separate from its owners. As such, it has many of the legal powers that people have. It can enter into contracts, acquire assets, incur obligations, and, as we have already established, it enjoys protection under the U.S. Constitution against the seizure of its property. Because a corporation is a legal entity separate and distinct from its owners, it is solely responsible for its own obligations. Consequently, the owners of a corporation (or its employees, customers, etc.) are not liable for any obligations the corporation enters into. Similarly, the corporation is not liable for any personal obligations of its owners. 公司的显著特点是，它是一个法律界定的人造存在（司法人或法律实体），与其所有者分离。因此，它拥有人所拥有的许多法律权力。它可以签订合同、获取资产、承担义务，而且，正如我们已经确定的那样，它享有《美国宪法》规定的保护，其财产不受扣押。由于公司是一个独立于其所有者的法律实体，它只对自己的义务负责。因此，公司所有者（或其雇员、客户等）不对公司承担的任何义务负责。同样，公司也不对其所有者的任何个人义务负责。
Formation of a Corporation. Corporations must be legally formed, which means that the state in which it is incorporated must formally give its consent to the incorporation by chartering it. Setting up a corporation is therefore considerably more costly than setting up a sole proprietorship. Delaware has a particularly attractive legal environment for corporations, so many corporations choose to incorporate there. For jurisdictional purposes, a corporation is a citizen of the state in which it is incorporated. Most firms hire lawyers to create a corporate charter that includes formal articles of incorporation and a set of bylaws. The corporate charter specifies the initial rules that govern how the corporation is run. 成立公司。公司必须依法成立，这意味着成立公司所在的州必须以特许的方式正式同意成立公司。因此，成立公司的成本要比成立独资企业高得多。特拉华州的法律环境对公司特别有吸引力，因此许多公司都选择在那里注册成立。就管辖权而言，公司是其注册地所在州的公民。大多数公司聘请律师制定公司章程，其中包括正式的公司章程和一套细则。公司章程规定了管理公司运营的初始规则。
Ownership of a Corporation. There is no limit on the number of owners a corporation can have. Because most corporations have many owners, each owner owns only a small fraction of the corporation. The entire ownership stake of a corporation is divided into shares known as stock. The collection of all the outstanding shares of a corporation is known as the equity of the corporation. An owner of a share of stock in the corporation is known as a shareholder, stockholder, or equity holder and is entitled to dividend payments, that is, payments made at the discretion of the corporation to its equity holders. Shareholders usually receive a share of the dividend payments that is proportional to the amount of stock they own. For example, a shareholder who owns 25%25 \% of the firm’s shares will be entitled to 25%25 \% of the total dividend payment. 公司所有权。公司的所有者人数没有限制。因为大多数公司都有许多所有者，每个所有者只拥有公司的一小部分。公司的全部所有者权益被划分为称为股票的股份。公司所有已发行股票的总和称为公司股本。公司股票的所有者被称为股东、股票持有人或权益持有人，有权获得股息，即公司酌情支付给权益持有人的款项。股东收到的股息通常与其持有的股票数量成正比。例如，持有公司 25%25 \% 股的股东有权获得 25%25 \% 股息总额。
A unique feature of a corporation is that there is no limitation on who can own its stock. That is, an owner of a corporation need not have any special expertise or qualification. This feature allows free trade in the shares of the corporation and provides one of the most important advantages of organizing a firm as a corporation rather than as sole proprietorship, partnership, or LLC. Corporations can raise substantial amounts of capital because they can sell ownership shares to anonymous outside investors. 公司的一个独特之处在于，对谁可以拥有公司股票没有限制。也就是说，公司所有人不需要具备任何特殊的专业知识或资格。这一特点允许公司股票的自由交易，也是以公司形式而非独资、合伙或有限责任公司组织公司的最重要优势之一。公司可以向匿名的外部投资者出售所有权股份，因此可以筹集大量资金。
The availability of outside funding has enabled corporations to dominate the economy, as shown by Panel (b) of Figure 1.1. Let’s take one of the world’s largest firms, Wal-Mart Stores Inc. (brand name Walmart), as an example. Walmart had over 2 million employees, and reported annual revenue of $486\$ 486 billion in 2014. Indeed, the top five companies by sales volume in 2014 (Walmart, Sinopec, Royal Dutch Shell, Exxon Mobile, and BP) had combined sales exceeding $2\$ 2 trillion, an amount significantly larger than the total sales of the more than 22 million U.S. sole proprietorships. 如图 1.1 (b)所示，外部资金的供应使企业在经济中占据主导地位。让我们以全球最大的公司之一沃尔玛公司（品牌名称为沃尔玛）为例。沃尔玛拥有200多万名员工，2014年的年收入为 $486\$ 486 十亿美元。事实上，2014年按销售额排名的前五家公司（沃尔玛、中石化、荷兰皇家壳牌、埃克森移动和英国石油公司）的销售额总和超过 $2\$ 2 万亿美元，这一数额远远超过美国2200多万家独资企业的销售总额。
Tax Implications for Corporate Entities 公司实体的税务影响
An important difference between the types of organizational forms is the way they are taxed. Because a corporation is a separate legal entity, a corporation’s profits are subject to taxation separate from its owners’ tax obligations. In effect, shareholders of a corporation pay taxes twice. First, the corporation pays tax on its profits, and then when the remaining profits are distributed to the shareholders, the shareholders pay their own personal income tax on this income. This system is sometimes referred to as double taxation. 组织形式类型之间的一个重要区别在于征税方式。由于公司是一个独立的法律实体，因此公司的利润征税与其所有者的纳税义务是分开的。实际上，公司股东要交两次税。首先，公司要为其利润纳税，然后当剩余利润分配给股东时，股东要为这笔收入缴纳个人所得税。这种制度有时被称为双重征税。
EXAMPLE 1.1
Taxation of Corporate Earnings 例 1.1 公司收益征税
Problem 问题
You are a shareholder in a corporation. The corporation earns $5\$ 5 per share before taxes. After it has paid taxes, it will distribute the rest of its earnings to you as a dividend. The dividend is income to you, so you will then pay taxes on these earnings. The corporate tax rate is 40%40 \% and your tax rate on dividend income is 15%15 \%. How much of the earnings remains after all taxes are paid? 你是一家公司的股东。该公司每股税前收益为 $5\$ 5 。纳税后，它将把剩余的收益作为股息分给你。股息对你来说就是收入，所以你要为这些收入纳税。公司税率为 40%40 \% ，而您对股息收入的税率为 15%15 \% 。 支付所有税款后，收益还剩多少？
Solution 解决方案
First, the corporation pays taxes. It earned $5\$ 5 per share, but must pay 0.40 xx$5=$20.40 \times \$ 5=\$ 2 to the government in corporate taxes. That leaves $3\$ 3 to distribute. However, you must pay 0.15 xx$3=$0.450.15 \times \$ 3=\$ 0.45 in income taxes on this amount, leaving $3-$0.45=$2.55\$ 3-\$ 0.45=\$ 2.55 per share after all taxes are paid. As a shareholder you only end up with $2.55\$ 2.55 of the original $5\$ 5 in earnings; the remaining $2+$0.45=$2.45\$ 2+\$ 0.45=\$ 2.45 is paid as taxes. Thus, your total effective tax rate is 2.45//5=49%2.45 / 5=49 \%. 首先，公司要纳税。它的每股收益为 $5\$ 5 ，但必须向政府缴纳 0.40 xx$5=$20.40 \times \$ 5=\$ 2 的公司税。这样就有 $3\$ 3 可以分配。但是，你必须为这笔钱支付 0.15 xx$3=$0.450.15 \times \$ 3=\$ 0.45 的所得税，在支付所有税款后，每股收益为 $3-$0.45=$2.55\$ 3-\$ 0.45=\$ 2.55 。作为股东，您最终只能从原来的 $5\$ 5 中获得 $2.55\$ 2.55 的收益；剩余的 $2+$0.45=$2.45\$ 2+\$ 0.45=\$ 2.45 将作为税款支付。因此，您的实际总税率为 2.45//5=49%2.45 / 5=49 \% 。
S Corporations. The corporate organizational structure is the only organizational structure subject to double taxation. However, the U.S. Internal Revenue Code allows an exemption from double taxation for " S " corporations, which are corporations that elect subchapter SS tax treatment. Under these tax regulations, the firm’s profits (and losses) are not subject to corporate taxes, but instead are allocated directly to shareholders based on their ownership share. The shareholders must include these profits as income on their individual tax returns (even if no money is distributed to them). However, after the shareholders have paid income taxes on these profits, no further tax is due. S 公司。公司组织结构是唯一需要双重征税的组织结构。但是，《美国国内税收法》允许 "S "公司免于双重征税，即选择分章 SS 税收待遇的公司。根据这些税务规定，公司的利润（和亏损）无需缴纳公司税，而是根据股东的所有权份额直接分配给股东。股东必须将这些利润作为收入计入个人纳税申报表（即使没有分钱给他们）。不过，在股东为这些利润缴纳所得税后，就无需再缴税了。
Corporate Taxation Around the World 世界各地的公司税务
Most countries offer investors in corporations some relief from double taxation. Thirty countries make up the Organization for Economic Co-operation and Development (OECD), and of these countries, only Ireland offers no relief whatsoever. A few countries, including Australia, Canada, Chile, Mexico and New Zealand, give shareholders a tax credit for the amount of corporate taxes paid, while others, such as Estonia and Finland, fully or partially exempt dividend income from individual taxes. The United States 大多数国家都为公司投资者提供一些双重征税减免。经济合作与发展组织（OECD）有 30 个成员国，其中只有爱尔兰不提供任何减免。少数国家，包括澳大利亚、加拿大、智利、墨西哥和新西兰，为股东缴纳的公司税提供税收抵免，而其他国家，如爱沙尼亚和芬兰，则全部或部分免除股息收入的个人税。美国
offers partial relief by having a lower tax rate on dividend income than on other sources of income. As of 2015, for most investors qualified dividends are taxed at up to 20%20 \%, a rate significantly below their personal income tax rate. Despite this relief, the effective corporate tax rate in the U.S. is one of the highest in the world (and nearly 30%30 \% above the median for the OECD).* 与其他收入来源相比，股息收入的税率较低，从而提供了部分减免。截至 2015 年，对于大多数投资者而言，合格股息的税率最高可达 20%20 \% ，大大低于个人所得税税率。尽管有此减免，美国的实际公司税率仍是世界上最高的国家之一（几乎 30%30 \% 高于经合组织的中位数）。
*OECD Tax Database Table II. 4 *经合组织税收数据库表 II.4
EXAMPLE 1.2 Taxation of S Corporation Earnings 示例 1.2 S 公司收入的征税
Problem 问题
Rework Example 1.1 assuming the corporation in that example has elected subchapter SS treatment and your tax rate on non-dividend income is 30%30 \%. 重做例 1.1，假设该例中的公司选择了分章 SS 处理方式，您的非股息收入税率为 30%30 \% 。
Solution 解决方案
In this case, the corporation pays no taxes. It earned $5\$ 5 per share. Whether or not the corporation chooses to distribute or retain this cash, you must pay 0.30 xx$5=$1.500.30 \times \$ 5=\$ 1.50 in income taxes, which is substantially lower than the $2.45\$ 2.45 paid in Example 1.1. 在这种情况下，公司无需纳税。每股收益为 $5\$ 5 。无论公司选择分配还是保留这笔现金，你都必须支付 0.30 xx$5=$1.500.30 \times \$ 5=\$ 1.50 的所得税，这比例 1.1 中支付的 $2.45\$ 2.45 低得多。
The government places strict limitations on the qualifications for subchapter SS tax treatment. In particular, the shareholders of such corporations must be individuals who are U.S. citizens or residents, and there can be no more than 100 of them. Because most corporations have no restrictions on who owns their shares or the number of shareholders, they cannot qualify for subchapter SS treatment. Thus most large corporations are “C” corporations, which are corporations subject to corporate taxes. S corporations account for less than one quarter of all corporate revenue. 政府对享受分章 SS 税收待遇的资格有严格限制。特别是，此类公司的股东必须是美国公民或居民，且股东人数不得超过 100 人。由于大多数公司对谁拥有股份或股东人数没有限制，因此它们不符合 SS 分章待遇的条件。因此，大多数大公司都是 "C "型公司，即需要缴纳公司税的公司。S 公司的收入不到全部公司收入的四分之一。
CONCEPT CHECK 1. What is a limited liability company (LLC)? How does it differ from a limited partnership? 概念检查 1. 什么是有限责任公司（LLC）？它与有限合伙企业有何不同？
What are the advantages and disadvantages of organizing a business as a corporation? 以公司形式组织企业有哪些优缺点？
1.2 Ownership Versus Control of Corporations 1.2 公司的所有权与控制权
It is often not feasible for the owners of a corporation to have direct control of the firm because there are sometimes many owners, each of whom can freely trade his or her stock. That is, in a corporation, direct control and ownership are often separate. Rather than the owners, the board of directors and chief executive officer possess direct control of the corporation. In this section, we explain how the responsibilities for the corporation are divided between these two entities and how together they shape and execute the goals of the firm. 公司所有者直接控制公司往往是不可行的，因为有时会有很多所有者，每个所有者都可以自由买卖自己的股票。也就是说，在公司中，直接控制权和所有权往往是分离的。董事会和首席执行官对公司拥有直接控制权，而不是所有者。在本节中，我们将解释这两个实体如何划分公司的责任，以及他们如何共同塑造和执行公司的目标。
The Corporate Management Team 企业管理团队
The shareholders of a corporation exercise their control by electing a board of directors, a group of people who have the ultimate decision-making authority in the corporation. 公司股东通过选举董事会来行使控制权，董事会成员拥有公司的最终决策权。
David Viniar is Chief Financial Officer and head of the Operations, Technology and Finance Division at Goldman Sachs-the last major investment bank to convert from a partnership to a corporation. As the firm’s CFO, he played a leading role in the firm’s conversion to a corporation in 1999 and charting the firm’s course through the financial crisis of 2008-2009. David Viniar 是高盛集团（Goldman Sachs）的首席财务官兼运营、技术和财务部负责人，高盛是最后一家从合伙制转为公司制的大型投资银行。作为公司的首席财务官，他在公司于 1999 年转制为公司的过程中发挥了领导作用，并带领公司渡过了 2008-2009 年的金融危机。
QUESTION: What are the advantages of partnerships and corporations? 问题：合伙企业和公司有哪些优势？
ANSWER: We debated this question at length when we were deciding whether to go public or stay a private partnership in the mid-1990s. There were good arguments on both sides. Those in favor of going public argued we needed greater financial and strategic flexibility to achieve our aggressive growth and market leadership goals. As a public corporation, we would have a more stable equity base to support growth and disperse risk; increased access to large public debt markets; publicly traded securities with which to undertake acquisitions and reward and motivate our employees; and a simpler and more transparent structure with which to increase scale and global reach. 答：是的：20 世纪 90 年代中期，当我们决定是上市还是继续保持私人合伙关系时，我们就这个问题进行了长时间的辩论。双方都有很好的论据。支持上市的人认为，我们需要更大的财务和战略灵活性，以实现我们积极的增长和市场领导目标。作为一家上市公司，我们将拥有更稳定的股本基础，以支持增长和分散风险；有更多机会进入大型公共债务市场；有公开交易的证券，以进行收购、奖励和激励我们的员工；有更简单、更透明的结构，以扩大规模和全球影响力。
Those against going public argued our private partnership structure worked well and would enable us to achieve our financial and strategic goals. As a private partnership, we could generate enough capital internally and in the private placement markets to fund growth; take a longer-term view of returns on our investments with less focus on earnings volatility, which is not valued in public companies; and retain voting control and alignment of the partners and the firm. 反对上市的人认为，我们的私人合伙结构运作良好，能够使我们实现财务和战略目标。作为一家私人合伙公司，我们可以在内部和私募市场上获得足够的资金，为公司的发展提供资金；我们可以从更长远的角度来看待投资回报，而不太关注盈利波动，因为盈利波动在上市公司中并不受重视；我们还可以保留投票控制权，使合伙人与公司保持一致。
A big perceived advantage of our private partnership was its sense of distinctiveness and mystique, which reinforced our culture of teamwork and excellence and helped differentiate us from our competitors. Many questioned whether the special qualities of our culture would survive if the firm went public. 我们认为私营合伙公司的一大优势在于其独特性和神秘感，这加强了我们的团队合作和卓越文化，并帮助我们从竞争对手中脱颖而出。许多人质疑，如果公司上市，我们的文化特质是否还能延续。
QUESTION: What was the driving force behind the conversion? 问题：改装背后的驱动力是什么？
ANSWER: We ultimately decided to go public for three main reasons: to secure permanent capital to grow; to be able to use publicly traded securities to finance strategic acquisitions; and to enhance the culture of ownership and gain compensation flexibility. 答案：我们最终决定上市有三个主要原因：我们最终决定上市有三大原因：确保发展所需的永久资本；能够利用公开交易的证券为战略收购提供资金；以及加强所有权文化和获得薪酬灵活性。
INTERVIEW WITH DAVID VINIAR 采访大卫-维纳尔
QUESTION: Did the conversion achieve its goals? 问题：转换是否实现了目标？
ANSWER: Yes. As a public company, we have a simpler, bigger and more permanent capital base, including enhanced long-term borrowing capacity in the public debt markets. We have drawn on substantial capital resources to serve clients, take advantage of new business opportunities, and better control our own destiny through changing economic and business conditions. We have been able to use stock to finance key acquisitions and support large strategic and financial investments. Given how the stakes in our industry changed, how capital demands grew, going public when we did fortunately positioned us to compete effectively through the cycle. 答案是是的。作为一家上市公司，我们拥有更简单、更庞大、更持久的资本基础，包括在公共债务市场上更强的长期借贷能力。我们利用大量的资本资源为客户提供服务，利用新的商业机会，并在不断变化的经济和商业环境中更好地掌控自己的命运。我们能够利用股票为关键收购提供资金，支持大型战略和财务投资。鉴于我们所处行业的利害关系如何变化，资本需求如何增长，幸运的是，我们在上市之初就使我们能够在整个周期中有效竞争。
Our distinctive culture of teamwork and excellence has thrived in public form, and our equity compensation programs turned out better than we could have hoped. Making everyone at Goldman Sachs an owner, rather than just 221 partners, energized all our employees. The growing size and scope of our business-not the change to public form—has presented the greatest challenges to the positive aspects of our culture. 我们与众不同的团队合作和卓越文化以公开形式蓬勃发展，我们的股权薪酬计划也取得了超乎我们预期的成果。让高盛的每个人都成为所有者，而不仅仅是 221 名合伙人，这让我们的所有员工都充满了活力。我们业务规模和范围的不断扩大，而不是上市形式的改变，给我们文化的积极方面带来了最大的挑战。
QUESTION: What prompted Goldman's decision to become a bank holding company in Fall 2008? 问题：是什么促使高盛决定在 2008 年秋季成为一家银行控股公司？
ANSWER: The market environment had become extraordinarily unstable following the collapse of Bear Stearns in March 2008. There was an increased focus on the SECsupervised broker/dealer business model, and in September, market sentiment had become increasingly negative with growing concerns over Lehman Brothers’ solvency. Following the bankruptcy of Lehman Brothers and the sale of Merrill Lynch in the middle of September, and notwithstanding the reporting of quite strong earnings by both Goldman Sachs and Morgan Stanley, it became clear to us that the market viewed oversight by the Federal Reserve and the ability to source insured bank deposits as offering a greater degree of safety and soundness. By changing our status, we gained all the benefits available to our commercial banking peers, including access to permanent liquidity and funding, without affecting our ability to operate or own any of our current businesses or investments. 答案是2008 年 3 月贝尔斯登倒闭后，市场环境变得异常不稳定。证券交易委员会监管下的经纪/交易商业务模式受到越来越多的关注，9 月份，市场情绪变得越来越消极，对雷曼兄弟偿付能力的担忧与日俱增。9 月中旬，雷曼兄弟破产，美林证券被出售，尽管高盛和摩根士丹利都公布了相当强劲的盈利报告，但我们清楚地认识到，市场认为美联储的监督以及能够获得有保险的银行存款，能够提供更高的安全和稳健性。通过改变我们的地位，我们获得了商业银行同行所能获得的所有好处，包括获得永久流动性和资金，而不影响我们经营或拥有任何现有业务或投资的能力。
In most corporations, each share of stock gives a shareholder one vote in the election of the board of directors, so investors with the most shares have the most influence. When one or two shareholders own a very large proportion of the outstanding stock, these shareholders may either be on the board of directors themselves, or they may have the right to appoint a number of directors. 在大多数公司中，每股股票赋予股东在董事会选举中的一票投票权，因此拥有最多股票的投资者拥有最大的影响力。当一两个股东拥有很大比例的流通股时，这些股东可以自己进入董事会，也可以有权任命一些董事。
The board of directors makes rules on how the corporation should be run (including how the top managers in the corporation are compensated), sets policy, and monitors the performance of the company. The board of directors delegates most decisions that involve day-to-day running of the corporation to its management. The chief executive officer (CEO) is charged with running the corporation by instituting the rules and policies set by the board of directors. The size of the rest of the management team varies from corporation to corporation. The separation of powers within corporations between the board of directors and the CEO is not always distinct. In fact, it is not uncommon for the CEO also to be the chairman of the board of directors. The most senior financial manager is the chief financial officer (CFO), who often reports directly to the CEO. Figure 1.2 presents part of a typical organizational chart for a corporation, highlighting the key positions a financial manager may take. 董事会负责制定公司运营规则（包括公司高层管理人员的薪酬方式）、制定政策并监督公司业绩。董事会将涉及公司日常运营的大部分决策权下放给管理层。首席执行官（CEO）负责通过执行董事会制定的规则和政策来管理公司。管理团队其他成员的规模因公司而异。公司内部董事会和首席执行官之间的权力分工并不总是很明确。事实上，首席执行官兼任董事会主席的情况并不少见。最高级别的财务经理是首席财务官（CFO），他通常直接向首席执行官汇报工作。图 1.2 展示了典型公司组织结构图的一部分，突出显示了财务经理可能担任的主要职位。
The Financial Manager 财务经理
Within the corporation, financial managers are responsible for three main tasks: making investment decisions, making financing decisions, and managing the firm’s cash flows. 在公司内部，财务经理主要负责三项任务：投资决策、融资决策和公司现金流管理。
Investment Decisions. The financial manager’s most important job is to make the firm’s investment decisions. The financial manager must weigh the costs and benefits of all investments and projects and decide which of them qualify as good uses of the money stockholders have invested in the firm. These investment decisions fundamentally shape what the firm does and whether it will add value for its owners. In this book, we will develop the tools necessary to make these investment decisions. 投资决策。财务经理最重要的工作就是做出公司的投资决策。财务经理必须权衡所有投资和项目的成本与收益，并决定其中哪些符合股东投资于公司的资金的良好用途。这些投资决策从根本上决定了公司的业务以及是否能为所有者创造价值。在本书中，我们将开发做出这些投资决策所需的工具。
FIGURE 1.2 图 1.2
Organizational Chart of a Typical Corporation 典型公司组织结构图
The board of directors, representing the stockholders, controls the corporation and hires the Chief Executive Officer who is then responsible for running the corporation. The Chief Financial Officer oversees the financial operations of the firm, with the Controller managing both tax and accounting functions, and the Treasurer responsible for capital budgeting, risk management, and credit management activities. 董事会代表股东控制公司，并聘请首席执行官负责公司运营。首席财务官负责监督公司的财务运作，主计长负责管理税务和会计职能，财务主管负责资本预算、风险管理和信贷管理活动。
GLOBAL FINANCIAL CRISIS The Dodd-Frank Act 全球金融危机 多德-弗兰克法案
In response to the 2008 financial crisis, the U.S. federal government reevaluated its role in the control and management of financial institutions and private corporations. Signed into law on July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act brought a sweeping change to financial regulation in response to widespread calls for financial regulatory system reform after the near collapse of the world’s financial system in the fall of 2008 and the ensuing global credit crisis. History indeed repeats itself: It was in the wake of the 1929 stock market crash and subsequent Great Depression that Congress passed the Glass-Steagall Act establishing the Federal Deposit Insurance Corporation (FDIC) and instituted significant bank reforms to regulate transactions between commercial banks and securities firms. 为了应对 2008 年的金融危机，美国联邦政府重新评估了其在金融机构和私营企业的控制和管理方面所扮演的角色。多德-弗兰克华尔街改革和消费者保护法案》于 2010 年 7 月 21 日签署成为法律，该法案对金融监管进行了全面改革，以回应 2008 年秋季世界金融体系几乎崩溃以及随之而来的全球信贷危机后对金融监管体系改革的广泛呼吁。历史确实在重演：正是在 1929 年股市崩盘和随后的大萧条之后，美国国会通过了《格拉斯-斯蒂格尔法案》，成立了联邦存款保险公司（FDIC），并对银行进行了重大改革，以规范商业银行和证券公司之间的交易。
The Dodd-Frank Act aims to (i) promote U.S. financial stability by “improving accountability and transparency in 《多德-弗兰克法案》旨在 (i) 通过 "改善美国金融业的问责制和透明度"，促进美国金融稳定
the financial system,” (ii) put an end to the notion of “too big to fail,” (iii) “protect the American taxpayer by ending bailouts,” and (iv) “protect consumers from abusive financial services practices.” Time will tell whether the Act will actually achieve these important goals. 金融体系"，(ii) 结束 "大而不能倒 "的观念，(iii) "通过停止救助来保护美国纳税人"，以及 (iv) "保护消费者免受滥用金融服务行为的侵害"。时间会证明该法案是否能真正实现这些重要目标。
Implementing the wide-ranging financial reforms in the Dodd-Frank Act requires the work of many federal agencies, either through rulemaking or other regulatory actions. As of mid-2015, five years since Dodd-Frank’s passage, 247 of the reforms have been finalized, providing a clear picture of the Dodd-Frank regulatory framework. But another 143 rules or actions await completion. While only two-thirds of the rules have been finalized, many of the core reforms have been or are nearing completion. For instance, the Volcker Rule, which bars banks that take government-insured deposits from making speculative investments took full effect in late July of 2015. 实施《多德-弗兰克法案》中范围广泛的金融改革需要许多联邦机构通过制定规则或其他监管行动开展工作。截至 2015 年年中，即《多德-弗兰克法案》通过五年以来，已有 247 项改革最终完成，为《多德-弗兰克法案》的监管框架提供了清晰的图景。但还有 143 项规则或行动有待完成。虽然只有三分之二的规则已经定稿，但许多核心改革已经或即将完成。例如，《沃尔克规则》（Volcker Rule）禁止接受政府保险存款的银行进行投机性投资，该规则已于 2015 年 7 月下旬全面生效。
Financing Decisions. Once the financial manager has decided which investments to make, he or she also decides how to pay for them. Large investments may require the corporation to raise additional money. The financial manager must decide whether to raise more money from new and existing owners by selling more shares of stock (equity) or to borrow the money (debt). In this book, we will discuss the characteristics of each source of funds and how to decide which one to use in the context of the corporation’s overall mix of debt and equity. 融资决策。财务经理一旦决定进行哪些投资，还要决定如何支付投资。大型投资可能需要公司筹集更多资金。财务经理必须决定是通过出售更多股票（股权）还是借钱（债务）来向新老股东筹集更多资金。在本书中，我们将讨论每种资金来源的特点，以及如何根据公司债务和股权的总体组合来决定使用哪种资金来源。
Cash Management. The financial manager must ensure that the firm has enough cash on hand to meet its day-to-day obligations. This job, also commonly known as managing working capital, may seem straightforward, but in a young or growing company, it can mean the difference between success and failure. Even companies with great products require significant amounts of money to develop and bring those products to market. Consider the $150\$ 150 million Apple spent during its secretive development of the iPhone, or the costs to Boeing of producing the 787-the firm spent billions of dollars before the first 787 left the ground. A company typically burns through a significant amount of cash developing a new product before its sales generate income. The financial manager’s job is to make sure that access to cash does not hinder the firm’s success. 现金管理。财务经理必须确保公司手头有足够的现金来履行日常义务。这项工作通常也被称为营运资金管理，看似简单明了，但对于一家年轻或成长中的公司来说，它可能意味着成功与失败的区别。即使是拥有优秀产品的公司，也需要大量资金来开发产品并将其推向市场。想想苹果公司在秘密开发 iPhone 时花费的 $150\$ 150 百万美元，或者波音公司生产 787 的成本--在第一架 787 落地之前，该公司就已花费了数十亿美元。在新产品销售产生收入之前，公司通常会耗费大量现金来开发新产品。财务经理的工作就是确保现金的使用不会阻碍公司的成功。
The Goal of the Firm 公司的目标
In theory, the goal of a firm should be determined by the firm’s owners. A sole proprietorship has a single owner who runs the firm, so the goals of a sole proprietorship are the same as the owner’s goals. But in organizational forms with multiple owners, the appropriate goal of the firm-and thus of its managers-is not as clear. 从理论上讲，公司的目标应由公司所有者决定。独资企业只有一个所有者经营企业，因此独资企业的目标与所有者的目标是一致的。但在有多个所有者的组织形式中，企业的适当目标--也就是企业管理者的目标--就不那么明确了。
Many corporations have thousands of owners (shareholders). Each owner is likely to have different interests and priorities. Whose interests and priorities determine the goals of the firm? Later in the book, we examine this question in more detail. However, you might be surprised to learn that the interests of shareholders are aligned for many, if not most, important decisions. That is because, regardless of their own personal financial position and stage in life, all the shareholders will agree that they are better off if management makes decisions that increase the value of their shares. For example, by July 2015, Apple shares were worth over 120 times as 许多公司有成千上万的所有者（股东）。每个所有者都可能有不同的利益和优先事项。谁的利益和优先事项决定了公司的目标？在本书的后面部分，我们将更详细地探讨这个问题。不过，你可能会惊讶地发现，在许多（如果不是大多数）重要决策中，股东的利益是一致的。这是因为，无论股东个人的财务状况和所处的人生阶段如何，所有股东都会一致认为，如果管理层做出的决策能提高他们的股票价值，那么他们就会获得更好的收益。例如，截至 2015 年 7 月，苹果公司的股票价值是其股价的 120 多倍。
much as they were in October 2001, when the first iPod was introduced. Clearly, regardless of their preferences and other differences, all investors who held shares of Apple stock over this period have benefited from the investment decisions Apple’s managers have made. 与 2001 年 10 月推出第一代 iPod 时的情况差不多。显然，无论投资者的偏好和其他差异如何，在此期间持有苹果股票的所有投资者都从苹果公司管理者的投资决策中获益。
The Firm and Society 公司与社会
Are decisions that increase the value of the firm’s equity beneficial for society as a whole? Most often they are. While Apple’s shareholders have become much richer since 2001, its customers also are better off with products like the iPod and iPhone that they might otherwise never have had. But even if the corporation only makes its shareholders better off, as long as nobody else is made worse off by its decisions, increasing the value of equity is good for society. 增加公司股权价值的决策对整个社会有利吗？大多数情况下是这样。自 2001 年以来，苹果公司的股东变得更加富有，而苹果公司的客户也因 iPod 和 iPhone 等产品而生活得更好，否则他们可能永远都不会拥有这些产品。但是，即使公司只让股东过得更好，只要没有其他人因为公司的决策而变得更糟，增加股权价值对社会也是有益的。
The problem occurs when increasing the value of equity comes at the expense of others. Consider a corporation that, in the course of business, pollutes the environment and does not pay the costs to clean up the pollution. Alternatively, a corporation may not itself pollute, but use of its products may harm the environment. In such cases, decisions that increase shareholder wealth can be costly for society as whole. 当股权价值的增加以牺牲他人利益为代价时，问题就出现了。例如，一家公司在经营过程中污染了环境，却不支付清理污染的费用。或者，公司本身可能没有污染，但使用其产品可能会对环境造成危害。在这种情况下，增加股东财富的决策可能会让整个社会付出高昂的代价。
The 2008 financial crisis highlighted another example of decisions that can increase shareholder wealth but are costly for society. In the early part of the last decade, banks took on excessive risk. For a while, this strategy benefited the banks’ shareholders. But when the bets went bad, the resulting financial crisis harmed the broader economy. 2008 年金融危机凸显了另一个可以增加股东财富但却让社会付出高昂代价的决策实例。上个十年初期，银行承担了过高的风险。在一段时间内，这一策略使银行股东受益。但当赌注变坏时，由此引发的金融危机损害了更广泛的经济。
When the actions of the corporation impose harm on others in the economy, appropriate public policy and regulation is required to assure that corporate interests and societal interests remain aligned. Sound public policy should allow firms to continue to pursue the maximization of shareholder value in a way that benefits society overall. 当公司的行为对经济中的其他人造成伤害时，需要适当的公共政策和监管，以确保公司利益和社会利益保持一致。合理的公共政策应允许公司继续追求股东价值最大化，同时使社会整体受益。
Ethics and Incentives within Corporations 公司内部的道德与激励
But even when all the owners of a corporation agree on the goals of the corporation, these goals must be implemented. In a simple organizational form like a sole proprietorship, the owner, who runs the firm, can ensure that the firm’s goals match his or her own. But a corporation is run by a management team, separate from its owners, giving rise to conflicts of interest. How can the owners of a corporation ensure that the management team will implement their goals? 但是，即使公司的所有所有人都同意公司的目标，这些目标也必须得到落实。在独资企业这种简单的组织形式中，经营公司的所有者可以确保公司的目标与自己的目标一致。但公司是由独立于所有者的管理团队运营的，这就会产生利益冲突。公司所有者如何确保管理团队能够实现自己的目标呢？
Agency Problems. Many people claim that because of the separation of ownership and control in a corporation, managers have little incentive to work in the interests of the shareholders when this means working against their own self-interest. Economists call this an agency problem -when managers, despite being hired as the agents of shareholders, put their own self-interest ahead of the interests of shareholders. Managers face the ethical dilemma of whether to adhere to their responsibility to put the interests of shareholders first, or to do what is in their own personal best interest. 代理问题。许多人声称，由于公司的所有权和控制权分离，经理们几乎没有动力为股东的利益工作，因为这意味着要违背他们自己的利益。经济学家将此称为代理问题--当经理人尽管受雇为股东的代理人，却将自身利益置于股东利益之上。管理者面临的道德困境是，是坚持把股东利益放在首位的责任，还是做最符合自己个人利益的事。
This agency problem is commonly addressed in practice by minimizing the number of decisions managers must make for which their own self-interest substantially differs from the interests of the shareholders. For example, managers’ compensation contracts are designed to ensure that most decisions in the shareholders’ interest are also in the managers’ interests; shareholders often tie the compensation of top managers to the corporation’s profits or perhaps to its stock price. There is, however, a limitation to this strategy. By tying compensation too closely to performance, the shareholders might be asking managers to take on more risk than they are comfortable taking. As a result, managers may not make decisions that the shareholders want them to, or it might be hard to find talented managers 在实践中，解决这一代理问题的通常方法是尽量减少管理者必须做出的自身利益与股东利益大相径庭的决策数量。例如，管理人员的薪酬合同旨在确保大多数符合股东利益的决策也符合管理人员的利益；股东通常将高层管理人员的薪酬与公司利润或股票价格挂钩。然而，这种策略也有局限性。如果将薪酬与业绩过于紧密地联系在一起，股东可能会要求经理们承担比他们所能承受的更大的风险。因此，经理人可能不会做出股东希望他们做出的决策，或者很难找到有才能的经理人
GLOBAL FINANCIAL CRISIS The Dodd-Frank Act on Corporate Compensation 全球金融危机 多德-弗兰克法案对公司薪酬的影响
and Governance 与治理
Compensation is one of the most important conflicts of interest between corporate executives and shareholders. To limit senior corporate executives’ influence over their own compensation and prevent excessive compensation, the Act directs the SEC to adopt new rules that: 薪酬是公司高管与股东之间最重要的利益冲突之一。为了限制公司高级管理人员对自身薪酬的影响，防止薪酬过高，该法案指示美国证券交易委员会通过以下新规则：
Mandate the independence of a firm’s compensation committee and its advisers. 规定公司薪酬委员会及其顾问的独立性。
Provide shareholders the opportunity to approve-in a non-binding, advisory vote-the compensation of executive officers at least once every three years (referred to as a “Say-on-Pay” vote). 至少每三年为股东提供一次机会，以非约束性的咨询投票方式批准高管人员的薪酬（称为 "对薪酬说 "投票）。
Require firm disclosure and shareholder approval of large bonus payments (so-called “golden parachutes”) to ousted senior executives as the result of a takeover. 要求公司披露因收购而向被赶下台的高级管理人员支付大笔奖金（所谓的 "金降落伞"）的情况，并获得股东批准。
Require disclosure of the relationship of executive pay to the company’s performance, as well as the ratio between the CEO’s total compensation and that of the median employee. 要求披露高管薪酬与公司业绩的关系，以及 CEO 薪酬总额与员工薪酬中位数的比例。
Require disclosure of whether executives are permitted to hedge their stock or option holdings. 要求披露是否允许高管对其持有的股票或期权进行套期保值。
Create “clawback” provisions that allow firms to recoup compensation paid based on erroneous financial results. 制定 "回拨 "条款，允许公司收回根据错误财务结果支付的薪酬。
willing to accept the job. On the other hand, if compensation contracts reduce managers’ risk by rewarding good performance but limiting the penalty associated with poor performance, managers may have an incentive to take excessive risk. 愿意接受这份工作。另一方面，如果薪酬合同通过奖励好的业绩而限制与差的业绩相关的惩罚来降低管理者的风险，那么管理者可能会有承担过多风险的动机。
Further potential for conflicts of interest and ethical considerations arise when some stakeholders in the corporation benefit and others lose from a decision. Shareholders and managers are two stakeholders in the corporation, but others include the regular employees and the communities in which the company operates, for example. Managers may decide to take the interests of other stakeholders into account in their decisions, such as keeping a loss-generating factory open because it is the main provider of jobs in a small town, paying above-market wages to factory workers in a developing country, or operating a plant at a higher environmental standard than local law mandates. 当公司的某些利益相关者从某项决策中获益，而其他利益相关者则蒙受损失时，就会产生更多潜在的利益冲突和道德考量。股东和管理者是公司的两个利益相关者，但其他利益相关者还包括普通员工和公司所在社区等。管理者在决策时可能会考虑到其他利益相关者的利益，比如让一家亏损的工厂继续开工，因为它是一个小镇就业机会的主要提供者；向发展中国家的工厂工人支付高于市场水平的工资；或者以高于当地法律规定的环保标准运营工厂。
In some cases, these actions that benefit other stakeholders also benefit the firm’s shareholders by creating a more dedicated workforce, generating positive publicity with customers, or other indirect effects. In other instances, when these decisions benefit other stakeholders at shareholders’ expense, they represent a form of corporate charity. Indeed, many if not most corporations explicitly donate (on behalf of their shareholders) to local and global charitable and political causes. For example, in 2013, Walmart gave $312\$ 312 million in cash to charity (making it the largest corporate donor of cash in that year). These actions are costly and reduce shareholder wealth. Thus, while some shareholders might support such policies because they feel that they reflect their own moral and ethical priorities, it is unlikely that all shareholders will feel this way, leading to potential conflicts of interest amongst shareholders. 在某些情况下，这些有利于其他利益相关者的行动也会通过培养更敬业的员工队伍、对客户进行正面宣传或其他间接影响而使公司股东受益。在其他情况下，当这些决策以股东为代价使其他利益相关者受益时，它们就代表了一种企业慈善。事实上，即使不是大多数企业，也有许多企业明确（代表股东）向当地和全球的慈善和政治事业捐款。例如，2013 年，沃尔玛向慈善机构捐赠了 $312\$ 312 百万现金（成为当年捐赠现金最多的企业）。这些行动成本高昂，会减少股东财富。因此，虽然一些股东可能会支持这些政策，因为他们认为这些政策反映了他们自己的道德和伦理优先事项，但不可能所有股东都这样认为，这就导致了股东之间的潜在利益冲突。
Citizens United v. Federal Election Commission 美国公民诉联邦选举委员会案
On January 21, 2010, the U.S. Supreme Court ruled on what some scholars have argued is the most important First Amendment case in many years. In Citizens United v. Federal Election Commission the Court held, in a controversial 5-4 decision, that the First Amendment allows corporations and unions to make political expenditures in support of a 2010 年 1 月 21 日，美国最高法院对一些学者认为是多年来最重要的第一修正案案件做出了裁决。在 "联合公民诉联邦选举委员会案"（Citizens United v. Federal Election Commission）中，法院以 5 比 4 的争议性判决认定，宪法第一修正案允许公司和工会为支持某个政党而进行政治支出。
particular candidate. This ruling overturned existing restrictions on political campaigning by corporations. But because it is highly unlikely that all shareholders of a corporation would unanimously support a particular candidate, allowing such activities effectively guarantees a potential conflict of interest. 特定候选人。这一裁决推翻了对公司政治竞选活动的现有限制。但由于公司的所有股东极不可能一致支持某位候选人，允许此类活动实际上保证了潜在的利益冲突。
The CEO’s Performance. Another way shareholders can encourage managers to work in the interests of shareholders is to discipline them if they don’t. If shareholders are unhappy with a CEO’s performance, they could, in principle, pressure the board to oust the CEO. Disney’s Michael Eisner, Hewlett Packard’s Carly Fiorina, and Barclay’s Antony Jenkins were all reportedly forced to resign by their boards. Despite these high-profile examples, directors and top executives are rarely replaced through a grassroots shareholder uprising. Instead, dissatisfied investors often choose to sell their shares. Of course, somebody must be willing to buy the shares from the dissatisfied shareholders. If enough shareholders are dissatisfied, the only way to entice investors to buy (or hold on to) the shares is to offer them a low price. Similarly, investors who see a well-managed corporation will want to purchase shares, which drives the stock price up. Thus, the stock price of the corporation is a barometer for corporate leaders that continuously gives them feedback on their shareholders’ opinion of their performance. 首席执行官的业绩。股东鼓励经理人为股东利益工作的另一种方式是，如果他们不这样做，就对他们进行惩戒。如果股东对首席执行官的表现不满，原则上他们可以向董事会施压，迫使首席执行官下台。据报道，迪斯尼的迈克尔-艾斯纳、惠普的卡莉-菲奥莉娜和巴克莱的安东尼-詹金斯都曾被董事会逼迫辞职。尽管有这些高调的例子，但董事和高管很少通过基层股东起义而被替换。相反，不满的投资者通常会选择出售股票。当然，必须有人愿意从不满的股东手中购买股份。如果有足够多的股东不满，吸引投资者购买（或持有）股份的唯一办法就是出低价。同样，投资者看到公司管理良好，也会想购买股票，从而推动股价上涨。因此，公司股价是公司领导者的晴雨表，不断向他们反馈股东对其业绩的看法。
When the stock performs poorly, the board of directors might react by replacing the CEO. In some corporations, however, the senior executives are entrenched because boards of directors do not have the will to replace them. Often the reluctance to fire results because the board members are close friends of the CEO and lack objectivity. In corporations in which the CEO is entrenched and doing a poor job, the expectation of continued poor performance will decrease the stock price. Low stock prices create a profit opportunity. In a hostile takeover, an individual or organization-sometimes known as a corporate raider-can purchase a large fraction of the stock and acquire enough votes to replace the board of directors and the CEO. With a new superior management team, the stock is a much more attractive investment, which would likely result in a price rise and a profit for the corporate raider and the other shareholders. Although the words “hostile” and “raider” have negative connotations, corporate raiders themselves provide an important service to shareholders. The mere threat of being removed as a result of a hostile takeover is often enough to discipline bad managers and motivate boards of directors to make difficult decisions. Consequently, when a corporation’s shares are publicly traded, a “market for corporate control” is created that encourages managers and boards of directors to act in the interests of their shareholders. 当股票表现不佳时，董事会可能会通过更换首席执行官来做出反应。然而，在一些公司中，由于董事会没有更换高管的意愿，高管根深蒂固。不愿解雇的原因往往是董事会成员是首席执行官的密友，缺乏客观性。在首席执行官根深蒂固且工作不力的公司，预期其业绩持续不佳会降低股价。低股价创造了获利机会。在敌意收购中，个人或组织（有时被称为公司掠夺者）可以购买一大部分股票，并获得足够的选票来取代董事会和首席执行官。有了新的优秀管理团队，公司股票的投资吸引力就会大大增加，从而很可能导致股价上涨，并为 "公司掠夺者 "和其他股东带来利润。尽管 "敌意 "和 "掠夺者 "这两个词有负面含义，但公司掠夺者本身却为股东提供了重要服务。仅仅是被敌意收购者除名的威胁，往往就足以惩戒不良经理人，促使董事会做出艰难的决定。因此，当公司股票公开交易时，就会形成一个 "公司控制权市场"，鼓励经理人和董事会以股东的利益为重。
Corporate Bankruptcy. Ordinarily, a corporation is run on behalf of its shareholders. But when a corporation borrows money, the holders of the firm’s debt also become investors in the corporation. While the debt holders do not normally exercise control over the firm, if the corporation fails to repay its debts, the debt holders are entitled to seize the assets of the corporation in compensation for the default. To prevent such a seizure, the firm may attempt to renegotiate with the debt holders, or file for bankruptcy protection in a federal court. (We describe the details of the bankruptcy process and its implications for corporate decisions in much more detail in Part 5 of the textbook.) Ultimately, however, if the firm is unable to repay or renegotiate with the debt holders, the control of the corporation’s assets will be transferred to them. 公司破产。通常，公司是代表股东经营的。但当公司借款时，公司债务的持有人也成为公司的投资者。虽然债务持有人通常不对公司行使控制权，但如果公司未能偿还债务，债务持有人有权扣押公司资产作为违约赔偿。为防止这种扣押，公司可尝试与债务人重新谈判，或向联邦法院申请破产保护。(我们将在教科书的第五部分更详细地介绍破产程序的细节及其对公司决策的影响）。但最终，如果公司无法偿还债务或与债务人重新谈判，公司资产的控制权将转移给债务人。
Thus, when a firm fails to repay its debts, the end result is a change in ownership of the firm, with control passing from equity holders to debt holders. Importantly, bankruptcy need not result in a liquidation of the firm, which involves shutting down the business and selling off its assets. Even if control of the firm passes to the debt holders, it is in the debt holders’ interest to run the firm in the most profitable way possible. Doing so often means keeping the business operating. For example, in 1990, Federated Department Stores declared bankruptcy. One of its best-known assets at the time was Bloomingdale’s, a nationally recognized department store. Because Bloomingdale’s was a profitable business, 因此，当公司无法偿还债务时，最终结果是公司所有权发生变化，控制权从股权持有人转移到债务持有人。重要的是，破产不一定导致公司清算，清算涉及关闭企业和变卖资产。即使公司的控制权转移到债务持有人手中，债务持有人的利益也是尽可能以最有利可图的方式经营公司。这样做往往意味着保持企业的运营。例如，1990 年，联邦百货公司宣布破产。当时，该公司最著名的资产之一是布鲁明戴尔百货公司（Bloomingdale's），这是一家全国知名的百货公司。因为布鲁明戴尔百货公司是一家盈利企业、
Airlines in Bankruptcy 破产中的航空公司
On December 9, 2002, United Airlines filed for bankruptcy protection following an unsuccessful attempt to convince the federal government to bail out the company’s investors by providing loan guarantees. Although United remained in bankruptcy for the next three years, it continued to operate and fly passengers, and even expanded capacity in some markets. One of those expansions was “Ted,” an ill-fated attempt by United to start a budget airline to compete directly with Southwest Airlines. In short, although United’s original shareholders were wiped out, as far as customers were concerned it was business as usual. People continued to book tickets and United continued to fly and serve them. 2002 年 12 月 9 日，美国联合航空公司申请破产保护，此前曾试图说服联邦政府通过提供贷款担保来拯救公司的投资者，但未获成功。虽然美联航在接下来的三年中一直处于破产状态，但它仍继续运营和载客，甚至在一些市场扩大了运力。其中一个扩张项目是 "泰德"，美联航试图成立一家廉价航空公司，与西南航空公司直接竞争，但这一尝试并不成功。总之，虽然美联航的原始股东被一网打尽，但对客户而言，一切照旧。人们继续订票，美联航继续飞行并为他们提供服务。
It is tempting to think that when a firm files for bankruptcy, things are “over.” But often, rather than liquidate the firm, bondholders and other creditors are better off allowing the firm to continue operating as a going concern. United was just one of many airlines to move in and out of bankruptcy since 2002; others include U.S. Airways, Air Canada, Hawaiian Airlines, Northwest Airlines, and Delta Airlines. In November 2011, American Airlines became the latest airline to declare bankruptcy. Like United in 2002, American continued to operate while it cut costs and reorganized, returning to profitability in mid-2012. American ultimately settled with creditors in December 2013 as part of a merger agreement with US Airways. 人们很容易认为，当一家公司申请破产时，事情就 "结束 "了。但通常情况下，债券持有人和其他债权人与其对公司进行清算，不如允许公司作为持续经营企业继续运营。美联航只是 2002 年以来进出破产企业的众多航空公司之一，其他公司包括美国航空公司、加拿大航空公司、夏威夷航空公司、西北航空公司和达美航空公司。2011 年 11 月，美国航空公司成为最新一家宣布破产的航空公司。与 2002 年的美联航一样，美航在削减成本和重组的同时继续运营，并于 2012 年年中恢复盈利。作为与全美航空合并协议的一部分，美航最终于 2013 年 12 月与债权人达成和解。
neither equity holders nor debt holders had any desire to shut it down, and it continued to operate in bankruptcy. In 1992, when Federated Department Stores was reorganized and emerged from bankruptcy, Federated’s original equity holders had lost their stake in Bloomingdale’s, but this flagship chain continued to perform well for its new owners, and its value as a business was not adversely affected by the bankruptcy. 但无论是股权持有者还是债务持有者，都没有关闭布鲁明戴尔百货公司的意愿，因此该公司在破产状态下继续经营。1992 年，Federated 百货公司重组并摆脱破产，Federated 百货公司的原始股权持有人失去了他们在布鲁明戴尔百货公司的股份，但这家旗舰连锁店继续为其新的所有者带来良好的业绩，其作为一个企业的价值并没有受到破产的不利影响。
Thus, a useful way to understand corporations is to think of there being two sets of investors with claims to its cash flows-debt holders and equity holders. As long as the corporation can satisfy the claims of the debt holders, ownership remains in the hands of the equity holders. If the corporation fails to satisfy debt holders’ claims, debt holders may take control of the firm. Thus, a corporate bankruptcy is best thought of as a change in ownership of the corporation, and not necessarily as a failure of the underlying business. 因此，理解公司的一个有用方法是认为有两类投资者对公司的现金流享有债权--债务持有人和股权持有人。只要公司能够满足债务持有人的要求，所有权就仍然掌握在权益持有人手中。如果公司不能满足债务持有人的要求，债务持有人就可能控制公司。因此，最好将公司破产视为公司所有权的变更，而不一定是基本业务的失败。
CONCEPT CHECK 1. What are the three main tasks of a financial manager? 概念检查 1. 财务经理的三大任务是什么？
What is a principal-agent problem that may exist in a corporation? 什么是公司可能存在的委托代理问题？
How may a corporate bankruptcy filing affect the ownership of a corporation? 公司破产申请对公司所有权有何影响？
1.3 The Stock Market 1.3 股票市场
As we have discussed, shareholders would like the firm’s managers to maximize the value of their investment in the firm. The value of their investment is determined by the price of a share of the corporation’s stock. Because private companies have a limited set of shareholders and their shares are not regularly traded, the value of their shares can be difficult to determine. But many corporations are public companies, whose shares trade on organized markets called a stock market (or stock exchange). Figure 1.3 shows the major exchanges worldwide, by total value of listed stocks and trading volume. 正如我们已经讨论过的，股东希望公司的管理者能够最大限度地提高他们在公司的投资价值。他们的投资价值由公司股票的价格决定。由于私营公司的股东人数有限，而且其股票不定期交易，因此其股票价值很难确定。但许多公司都是上市公司，其股票在有组织的市场上交易，这些市场被称为股票市场（或证券交易所）。图 1.3 显示了按上市股票总价值和交易量划分的全球主要交易所。
These markets provide liquidity and determine a market price for the company’s shares. An investment is said to be liquid if it is possible to sell it quickly and easily for a price very close to the price at which you could contemporaneously buy it. This liquidity is attractive to outside investors, as it provides flexibility regarding the timing and duration of their investment in the firm. In addition, the research and trading of participants in these markets give rise to share prices that provide constant feedback to managers regarding iny yestors’ 这些市场提供流动性，并决定公司股票的市场价格。如果能够以非常接近同时买入的价格快速、方便地卖出股票，那么这项投资就具有流动性。这种流动性对外部投资者很有吸引力，因为它使他们在投资公司的时间和期限上具有灵活性。此外，这些市场参与者的研究和交易所产生的股价，可为管理者提供有关前者的持续反馈。
Primary and Secondary Stock Markets 一级和二级股票市场
When a corporation itself issues new shares of stock and sells them to investors, it does so on the primary market. After this initial transaction between the corporation and investors, the shares continue to trade in a secondary market between investors without the involvement of the corporation. For example, if you wish to buy 100 shares of Starbucks Coffee, you would place an order on a stock exchange, where Starbucks trades under the ticker symbol SBUX. You would buy your shares from someone who already held shares of Starbucks, not from Starbucks itself. Because firms only occasionally issue new shares, secondary market trading accounts for the vast majority of trading in the stock market. 公司发行新股并将其出售给投资者时，是在一级市场上进行的。在公司与投资者之间的首次交易之后，股票继续在投资者之间的二级市场上交易，公司不参与其中。例如，如果您想购买 100 股星巴克咖啡，您可以在证券交易所下单，星巴克的交易代码为 SBUX。你将从已经持有星巴克股票的人那里购买股票，而不是从星巴克本身购买。由于公司只是偶尔发行新股，二级市场交易占股票市场交易的绝大部分。
Traditional Trading Venues 传统交易场所
Historically, a firm would choose one stock exchange on which to list its stock, and almost all trade in the stock would occur on that exchange. In the U.S., the two most important exchanges are the New York Stock Exchange (NYSE) and the National Association of Security Dealers Automated Quotation (NASDAQ). 历史上，一家公司会选择一家证券交易所将其股票上市，几乎所有的股票交易都在该交易所进行。在美国，最重要的两个交易所是纽约证券交易所（NYSE）和全美证券交易商协会自动报价系统（NASDAQ）。
Prior to 2005, almost all trade on the NYSE took place on the exchange’s trading floor in lower Manhattan. Market makers (known then on the NYSE as specialists) matched buyers and sellers. They posted two prices for every stock in which they made a market: the price at which they were willing to buy the stock (the bid price) and the price at which they were willing to sell the stock (the ask price). When a customer arrived and wanted to make a trade at these prices, the market maker would honor the posted prices (up to a limited number of shares) and make the trade even when they did not have another customer willing to take the other side of the trade. In this way, market makers provided liquidity by ensuring that market participants always had somebody to trade with. 2005 年以前，纽约证券交易所的几乎所有交易都在曼哈顿下城的交易所交易大厅进行。做市商（当时在纽约证券交易所被称为专家）为买卖双方牵线搭桥。他们为每只做市的股票公布两个价格：愿意买入股票的价格（买入价）和愿意卖出股票的价格（卖出价）。当有客户到场并希望以这些价格进行交易时，做市商会遵守公布的价格（最多不超过一定数量的股票），即使没有其他客户愿意接受交易的另一方，做市商也会进行交易。通过这种方式，做市商确保市场参与者总有人愿意与之交易，从而提供了流动性。
FIGURE 1.3 Worldwide Stock Markets Ranked by Two Common Measures 图 1.3 按两种通用指标排列的全球股票市场
The 10 biggest stock markets in the world (a) by total value of all domestic corporations listed on the exchange at year-end 2014 and (b) by total volume of shares traded on the exchange in 2014. 全球最大的 10 个股票市场（a）按 2014 年底在交易所上市的所有国内公司的总价值计算，（b）按 2014 年在交易所交易的股票总量计算。
Source: www.world-exchanges.org 来源：www.world-exchanges.org
As Chief Economist and Senior Vice President for NASDAQ, Dr. Frank Hatheway leads a team of 20 professionals who serve as an internal consultancy for the NASDAQ markets. Their work includes designing new features, evaluating operations markets, and advising on strategic initiatives. 作为纳斯达克的首席经济学家和高级副总裁，弗兰克-哈特威博士领导着一个由 20 名专业人士组成的团队，作为纳斯达克市场的内部顾问。他们的工作包括设计新功能、评估运营市场以及为战略举措提供建议。
QUESTION: Compared to 15 years ago, the number of potential trading venues for investors has changed dramatically. Who have these changes benefited? 问题：与 15 年前相比，投资者潜在交易场所的数量发生了巨大变化。这些变化对谁有利？
ANSWER: The number of trading venues has increased dramatically. In 2000 you placed an order on NASDAQ or the NYSE, and the majority of trading activity in that stock occurred on the same market as your order. That’s not the case anymore. Your trade may be executed on the National Stock Exchange, BATS, or one of 10 other exchanges. To deal with the soaring number of venues, trading became highly automated and highly competitive, benefiting both individual and institutional investors. A fast retail trade in the 1980 s took about three minutes and cost over $100\$ 100 (in 1980s money). Now it’s a mouse click, browser refresh, and maybe $20 (in 2016 money). Trading costs for individual investors are down over 90 percent since 2000. Institutional-size block orders are also cheaper and easier to trade today. 答：是的：交易场所的数量急剧增加。2000 年，如果您在纳斯达克或纽约证券交易所下单，该股票的大部分交易活动都会在与您的订单相同的市场进行。现在情况已不同。您的交易可能在全国证券交易所、BATS 或其他 10 个交易所之一执行。为了应对数量激增的交易场所，交易变得高度自动化和竞争激烈，个人和机构投资者都从中受益。20 世纪 80 年代的快速零售交易大约需要三分钟，花费超过 $100\$ 100 （按 20 世纪 80 年代的货币计算）。而现在，只需点击鼠标、刷新浏览器，花费可能只有 20 美元（按 2016 年货币计算）。自 2000 年以来，个人投资者的交易成本下降了 90% 以上。如今，机构规模的大宗订单交易也更便宜、更容易。
Automation has virtually removed traditional equity traders like the market makers, specialists, and floor brokers at the exchanges. As the head of the trading desk for a major firm quipped around 2006, “I used to have 100 traders and 10 IT guys. I now have 100 IT guys and 10 traders.” The once bustling New York Stock Exchange floor is now essentially a TV studio. 自动化几乎清除了传统的股票交易员，如做市商、专家和交易所的场内经纪人。2006 年左右，一家大型公司的交易主管曾这样调侃道："我以前有 100 名交易员和 10 名 IT 人员。现在我有 100 名 IT 人员和 10 名交易员。曾经熙熙攘攘的纽约证券交易所大厅现在基本上成了电视演播室。
QUESTION: How have these changes affected market liquidity? 问题：这些变化对市场流动性有何影响？
ANSWER: Liquidity is very transitory. The computer algorithms controlling trading constantly enter orders into the market and remove orders if the order fails to trade or if market conditions change. The algorithms quickly re-enter removed orders into the market, leading to rapidly changing prices and quantities. Also, numerous studies show that there is more liquidity in the market today. To control an order 15 years ago, you phoned your broker with your instructions. Today, the algorithm you selected controls 答案是流动性是非常短暂的。控制交易的计算机算法会不断向市场输入订单，如果订单未能成交或市场条件发生变化，则会删除订单。算法会迅速将撤单重新输入市场，从而导致价格和数量的快速变化。此外，大量研究表明，当今市场的流动性更强。15 年前，要控制一个订单，您需要打电话给您的经纪人，告知您的指令。如今，您选择的算法可以控制
the order and can change the order almost instantly. Because computers have more control over orders than human traders did, there is less risk associated with placing an order. Consequently there are more orders and greater liquidity. 而且几乎可以立即更改订单。由于计算机比人类交易员更能控制订单，因此下订单的风险更小。因此，订单更多，流动性更大。
QUESTION: How has NASDAQ been affected by these changes and what does the future hold? 问题：这些变化对纳斯达克有何影响？
ANSWER: NASDAQ has become an innovative, technologically savvy company-much like the companies we list. Fifteen years ago we operated a single stock market in the United States. Thanks to increased technological efficiency, today we operate three stock markets, three listedoptions markets, and a futures market. Operating these seven markets requires less than half the personnel required for a single market 15 years ago. To compete in this environment, NASDAQ had to develop a better trading system to handle our increased order volume. Order volume that took an entire day to process 15 years ago, today takes a few seconds. We’ve also transformed our culture from supporting an industry based on human traders to one based on algorithmic traders and the IT professionals who design those algorithms. 答案：纳斯达克已成为一家创新型、精通技术的公司，就像我们上市的公司一样。15 年前，我们在美国只经营一个股票市场。由于技术效率的提高，如今我们经营着三个股票市场、三个上市期权市场和一个期货市场。经营这七个市场所需的人员不到 15 年前经营单一市场所需人员的一半。为了在这种环境中竞争，纳斯达克必须开发出更好的交易系统，以处理我们增加的订单量。15 年前需要一整天处理的订单量，如今只需几秒钟。我们还将我们的文化从支持以人类交易员为基础的行业转变为支持以算法交易员和设计这些算法的 IT 专业人员为基础的行业。
QUESTION: Is High Frequency Trading a cause for concern in the market? Should it be limited? 问题：高频交易是否会引起市场担忧？是否应该加以限制？
ANSWER: Specific concerns about High Frequency Trading are generally about market disruptions and manipulation, and cases center around the operation of trading algorithms. I believe market oversight is evolving to appropriately address disruptive or manipulative activity. 答：对高频交易的具体关注一般涉及市场扰乱和操纵，案例主要围绕交易算法的运行。我相信，市场监督正在不断发展，以适当处理破坏性或操纵性活动。
These days essentially every order in the United States is handled by a computer trading algorithm. Simply put, we are all High Frequency Traders. Consequently, limiting High Frequency Trading should not be a policy objective. What should be a policy objective is making sure that equity markets benefit investors and issuers by ensuring that the algorithms do not disrupt the markets and that they operate in a manner that is fair to investors. The market exists to support capital formation and economic growth. Market operators such as NASDAQ work with regulators and others to look after the interests of investors and issuers. 如今，美国的每一笔订单基本上都是由计算机交易算法处理的。简而言之，我们都是高频交易者。因此，限制高频交易不应成为政策目标。政策目标应该是确保算法不会扰乱市场，并以对投资者公平的方式运作，从而确保股票市场有利于投资者和发行人。市场的存在是为了支持资本形成和经济增长。纳斯达克等市场运营商与监管机构和其他机构合作，共同维护投资者和发行人的利益。
In contrast to the NYSE, the NASDAQ market never had a trading floor. Instead, all trades were completed over the phone or on a computer network. An important difference between the NYSE and NASDAQ was that on the NYSE, each stock had only one market maker. On the NASDAQ, stocks had multiple market makers who competed with one another. Each market maker posted bid and ask prices on the NASDAQ network that were viewed by all participants. 与纽约证券交易所相比，纳斯达克市场从未设立过交易大厅。相反，所有交易都通过电话或计算机网络完成。纽约证券交易所与纳斯达克的一个重要区别是，在纽约证券交易所，每只股票只有一个做市商。在纳斯达克，股票有多个做市商，他们相互竞争。每个做市商在纳斯达克网络上公布买入价和卖出价，所有参与者均可查看。
Market makers make money because ask prices are higher than bid prices. This difference is called the bid-ask spread. Customers always buy at the ask (the higher price) and sell at the bid (the lower price). The bid-ask spread is a transaction cost investors pay in order to trade. Because specialists on the NYSE took the other side of the trade from their customers, this cost accrued to them as a profit. This was the compensation they earned for providing a liquid market by standing ready to honor any quoted price. Investors also paid other forms of transactions costs like commissions. 做市商赚钱是因为卖出价高于买入价。这种差价称为买入价-卖出价差。客户总是以卖出价（较高的价格）买入，以买入价（较低的价格）卖出。买卖价差是投资者进行交易的交易成本。由于纽约证交所的专家从客户手中接过交易的另一方，因此他们的这一成本就变成了利润。这是他们通过随时兑现任何报价来提供流动性市场所赚取的报酬。投资者还需支付佣金等其他形式的交易成本。
New Competition and Market Changes 新的竞争和市场变化
Stock markets have gone through enormous changes in the last decade. In 2005, the NYSE and NASDAQ exchanges accounted for over 75%75 \% of all trade in U.S. stocks. Since that time, however, they have faced increasing competition from new fully electronic exchanges, as well as alternative trading systems. Today, these new entrants handle more than 50%50 \% of all trades, as shown in Figure 1.4. 过去十年，股票市场经历了巨大的变化。2005 年，纽约证券交易所和纳斯达克交易所占美国股票交易总量的 75%75 \% 以上。然而，从那时起，它们就面临着来自新的完全电子化交易所以及替代交易系统日益激烈的竞争。如图 1.4 所示，如今，这些新加入者处理的交易量已超过 50%50 \% 。
With this change in market structure, the role of an official market maker has largely disappeared. Because all transactions occur electronically with computers matching buy and sell orders, anyone can make a market in a stock by posting a limit order-an order to buy or sell a set amount at a fixed price. For example, a limit buy order might be an order to buy 100 shares of IBM at a price of $138//\$ 138 / share. The bid-ask spread of a stock is determined 随着市场结构的变化，官方做市商的作用已基本消失。由于所有交易都是通过电子方式进行的，计算机会对买入和卖出指令进行匹配，因此任何人都可以通过发布限价指令--以固定价格买入或卖出一定数量的股票--来做市。例如，限价买单可以是以 $138//\$ 138 / 股的价格买入 100 股 IBM 股票。股票的买卖价差由以下因素决定
FIGURE 1.4 图 1.4
Distribution of trading volume for NYSE-listed shares (left panel) and NASDAQ-listed shares (right panel). NYSE-Arca is the electronic trading platform of the NYSE. BATS and Direct Edge merged in 2014; these new electronic exchanges now handle about 20%20 \% of all trades. Other venues, including internal dealer platforms and so called “dark pools,” accounted for almost 40%40 \% of all trades in 2015. 纽约证券交易所上市股票（左图）和纳斯达克上市股票（右图）的交易量分布。NYSE-Arca 是纽约证券交易所的电子交易平台。BATS 和 Direct Edge 于 2014 年合并；这些新的电子交易所目前处理着约 20%20 \% 的所有交易。其他场所，包括内部交易商平台和所谓的 "黑池"，2015 年几乎占所有交易的 40%40 \% 。
Source: J. Angel, L. Harris, and C. Spatt, “Equity Trading in the 21 st Century: An Update,” Quarterly Journal of Finance 5 (2015): 1-39. 资料来源J. Angel, L. Harris, and C. Spatt, "Equity Trading in the 21 st Century：An Update," Quarterly Journal of Finance 5 (2015): 1-39.
by the outstanding limit orders. The limit sell order with the lowest price is the ask price. The limit buy order with the highest price is the bid price. Traders make the market in the stock by posting limit buy and sell orders. The collection of all limit orders is known as the limit order book. Exchanges make their limit order books public so that investors (or their brokers) can see the best bid and ask prices when deciding where to trade. 由未执行的限价订单决定。价格最低的限价卖出订单为卖出价。价格最高的限价买单就是买入价。交易者通过发布限价买单和限价卖单在股票市场上进行交易。所有限价订单的集合称为限价订单簿。交易所公开限价订单簿，以便投资者（或其经纪人）在决定交易地点时可以看到最佳买入价和卖出价。
Traders who post limit orders provide the market with liquidity. On the other hand, traders who place market orders-orders that trade immediately at the best outstanding limit order-are said to be “takers” of liquidity. Providers of liquidity earn the bid-ask spread, but in so doing they risk the possibility of their orders becoming stale: When news about a stock arrives that causes the price of that stock to move, smart traders will quickly take advantage of the existing limit orders by executing trades at the old prices. To protect themselves against this possibility, liquidity providers need to constantly monitor the market, cancelling old orders and posting new orders when appropriate. So-called high frequency traders (HFTs) are a class of traders who, with the aid of computers, will place, update, cancel, and execute trades many times per second in response to new information as well as other orders, profiting both by providing liquidity and by taking advantage of stale limit orders. 发布限价订单的交易者为市场提供流动性。另一方面，发布市价订单的交易者--即以最好的未执行限价订单立即进行交易的交易者--被称为流动性的 "接受者"。流动性的提供者赚取买卖差价，但同时也要承担订单可能变质的风险：当有关某只股票的消息传出，导致该股票价格变动时，聪明的交易者会迅速利用现有的限价订单，以旧有价格执行交易。为了防范这种可能性，流动性提供者需要不断监控市场，在适当的时候取消旧订单并发布新订单。所谓的高频交易者（HFT）是一类交易者，他们借助计算机，每秒多次根据新信息和其他订单下达、更新、取消和执行交易，通过提供流动性和利用陈旧的限价订单获利。
Dark Pools 暗池
When trading on an exchange, investors are guaranteed the opportunity to trade immediately at the current bid or ask price, and transactions are visible to all traders when they occur. In contrast, alternative trading systems called dark pools do not make their limit order books visible. Instead, these dark pools offer investors the ability to trade at a better price (for example, the average of the bid and ask, thus saving the bid-ask spread), with the tradeoff being that the order might not be filled if an excess of either buy or sell orders is received. Trading on a dark pool is therefore attractive to traders who do not want to reveal their demand and who are willing to sacrifice the guarantee of immediacy for a potentially better price. 在交易所进行交易时，投资者保证有机会立即以当前买入价或卖出价进行交易，而且交易发生时所有交易者都能看到。相比之下，被称为 "黑池 "的其他交易系统并不公开其限价订单簿。相反，这些黑池为投资者提供了以更好的价格（例如买入价和卖出价的平均值，从而节省了买卖价差）进行交易的能力，但代价是如果收到的买入或卖出订单过多，订单可能无法成交。因此，暗池交易对那些不想暴露自己的需求、愿意牺牲即时性保证来换取潜在较好价格的交易者很有吸引力。
When dark pools are included, researchers estimate that in the U.S. alone there could be as many 50 venues in which to trade stocks. These venues compete with one another for order volume. Because traders value liquid markets, an important area of competition is liquidity-exchanges try to ensure that their limit order books are deep, that is, that they contain many orders. As a result, exchanges have been experimenting with different rules designed to encourage traders who provide liquidity and discourage traders who take advantage of stale limit orders. For example, some trading venues pay traders to post limit orders and charge traders who place market orders. Others pay for orders from retail investors and impose additional charges on high frequency trading. The proliferation of exchange venues has generated a wide variety of different compensation schemes. Indeed, BATS operates different markets with different rules, essentially tailoring markets to the perceived needs of customers. It is highly unlikely that we have seen the end of these changes. Stock markets remain in a state of flux, and only time will tell what the eventual shake out will look like. 据研究人员估计，如果将暗池计算在内，仅在美国就可能有多达 50 个股票交易场所。这些场所相互竞争订单量。由于交易者看重市场的流动性，因此竞争的一个重要方面就是流动性--交易所试图确保其限价订单簿的深度，即包含许多订单。因此，交易所一直在尝试不同的规则，旨在鼓励提供流动性的交易者，阻止利用陈旧限价订单的交易者。例如，一些交易场所向发布限价订单的交易商支付费用，向发布市场订单的交易商收取费用。还有一些交易场所对散户投资者的订单付费，并对高频交易收取额外费用。交易场所的激增产生了多种不同的补偿方案。事实上，BATS 以不同的规则运营不同的市场，基本上是根据客户的需求量身定制市场。我们不太可能看到这些变化的终结。股票市场仍处于不断变化之中，只有时间才能告诉我们最终的结果会是什么样子。
CONCEPT CHECK 1. What are the important changes that have occurred in stock markets over the last decade? 概念检查 1. 过去十年间，股票市场发生了哪些重要变化？
2. What is the limit order book? 2.什么是限价订单簿？
3. Why are people who post limit orders termed “providers” of liquidity? 3.为什么发布限价订单的人被称为流动性的 "提供者"？
Here is what you should know after reading this chapter. MyFinanceLab will help you identify what you know and where to go when you need to practice. 阅读本章后，您应该了解以下内容。MyFinanceLab 将帮助你确定自己掌握了哪些知识，以及需要练习时该去哪里。
1.1 The Four Types of Firms 1.1 四种类型的公司
There are four types of firms in the United States: sole proprietorships, partnerships, limited liability companies, and corporations. 美国有四种类型的公司：独资企业、合伙企业、有限责任公司和公司。
Firms with unlimited personal liability include sole proprietorships and partnerships. 承担无限个人责任的公司包括独资企业和合伙企业。
Firms with limited liability include limited partnerships, limited liability companies, and corporations. 有限责任公司包括有限合伙公司、有限责任公司和公司。
A corporation is a legally defined artificial being (a judicial person or legal entity) that has many of the same legal powers as people. It can enter into contracts, acquire assets, incur obligations, and, as we have already established, it enjoys the protection under the U.S. Constitution against the seizure of its property. 公司是法律定义的人造存在（司法人或法律实体），拥有许多与人相同的法律权力。它可以签订合同、获得资产、承担义务，而且正如我们已经确定的那样，它享有《美国宪法》的保护，其财产不受扣押。
The shareholders in a C corporation effectively must pay tax twice. The corporation pays tax once and then investors must pay personal tax on any funds that are distributed. C 公司的股东实际上必须缴纳两次税。公司缴纳一次税，然后投资者必须为分配的任何资金缴纳个人税。
S corporations are exempt from the corporate income tax. S 公司免征企业所得税。
1.2 Ownership Versus Control of Corporations 1.2 公司的所有权与控制权
The ownership of a corporation is divided into shares of stock collectively known as equity. Investors in these shares are called shareholders, stockholders, or equity holders. 公司的所有权分为统称为股本的股票。这些股票的投资者被称为股东、股票持有人或股本持有人。
The ownership and control of a corporation are separated. Shareholders exercise their control indirectly through the board of directors. 公司的所有权和控制权是分离的。股东通过董事会间接行使控制权。
Financial managers within the firm are responsible for three main tasks: making investment decisions, making financing decisions, and managing the firm’s cash flows. 公司的财务经理主要负责三项任务：投资决策、融资决策和管理公司的现金流。
Good public policy should ensure that when firms take actions that benefit their shareholders, they are also benefiting society. 良好的公共政策应确保企业在采取有利于股东的行动时，也能造福社会。
While the firm’s shareholders would like managers to make decisions that maximize the firm’s share price, managers often must balance this objective with the desires of other stakeholders (including themselves). 虽然公司股东希望管理者做出的决策能使公司股价最大化，但管理者往往必须在这一目标与其他利益相关者（包括他们自己）的愿望之间取得平衡。
Corporate bankruptcy can be thought of as a change in ownership and control of the corporation. The equity holders give up their ownership and control to the debt holders. 公司破产可视为公司所有权和控制权的变更。股权持有人向债务持有人放弃所有权和控制权。
1.3 The Stock Market 1.3 股票市场
The shares of public corporations are traded on stock markets. The shares of private corporations do not trade on a stock market. 公营公司的股票在股票市场上交易。私营公司的股票不在股票市场上交易。
Traders provide liquidity in stock markets by posting limit orders. 交易员通过发布限价订单为股票市场提供流动性。
The bid-ask spread is determined by the best bid and offer prices in the limit order book. 买卖价差由限价订单簿中的最佳买入价和卖出价决定。
agency problem p.43p .43 机构问题 p.43p .43
ask price p.47p .47 要价 p.47p .47
bid-ask spread p. 49 买卖价差 第 49 页
bid price p.47p .47 投标价格 p.47p .47
board of directors p.39p .39 董事会 p.39p .39
“C” corporations p. 39 "C 公司 第 39 页
chief executive officer (CEO) p. 41 首席执行官（CEO） 第 41 页
chief financial officer (CFO) p. 41 首席财务官 (CFO) 第 41 页
corporation p.37p .37 公司 p.37p .37
dark pools p. 50 暗池 第 50 页
dividend payments p.37p .37 股息支付 p.37p .37
Dodd-Frank Act p.42p .42 多德-弗兰克法案 p.42p .42
equity p.37p .37 股权 p.37p .37
equity holder p.37p .37 股权持有人 p.37p .37
high frequency traders (HFTs) p. 50 高频交易者 (HFT) 第 50 页
hostile takeover p.45p .45 恶意收购 p.45p .45
limit order p. 49 限价订单 第 49 页
limit order book p. 50 限价订单簿 第 50 页
limited liability p. 36 有限责任 第 36 页
limited liability company (LLC) p. 37 有限责任公司 (LLC) 第 37 页
limited partnership p. 36 有限合伙第 36 页
liquid p.46p .46 液体 p.46p .46
liquidation p.45p .45 清算 p.45p .45
liquidity p.47p .47 流动性 p.47p .47
market makers p.47p .47 做市商 p.47p .47
market orders p.50p .50 市场订单 p.50p .50
partnership p. 36 伙伴关系 第 36 页
primary market p.47p .47 初级市场 p.47p .47
private companies p.46p .46 私营公司 p.46p .46
public companies p.46p .46 上市公司 p.46p .46
" S " corporations p. 38 " S " 公司 第 38 页
secondary market p.47p .47 二级市场 p.47p .47
shareholder p.37p .37 股东 p.37p .37
sole proprietorship p. 35 独资企业 第 35 页
specialists p. 47 专家 第 47 页
stock pp. 37 股票 pp .
stock market (or stock exchange) p. 46 股票市场 第 46 页
stockholder p. 37 股东 第 37 页
transaction cost p. 49 交易成本 第 49 页
Further Reading 更多阅读
Readers interested in John Marshall’s decision that led to the legal basis for the corporation can find a more detailed description of the decision in J. Smith, John Marshall: Definer of a Nation (Henry Holt, 1996): 433-38. 读者如对约翰-马歇尔的决定感兴趣，可在 J. Smith, John Marshall：Definer of a Nation (Henry Holt, 1996)：433-38.
An informative discussion that describes the objective of a corporation can be found in M. Jensen, “Value Maximization, Stakeholder Theory, and the Corporate Objective Function,” Journal of Applied Corporate Finance (Fall 2001): 8-21. M. Jensen，"价值最大化、利益相关者理论和公司目标函数"，《应用公司财务杂志》（2001 年秋季）：8-21.
For background on what determines the goals of corporate managers and how they differ from shareholders’ goals, read M. Jensen and W. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3 (1976): 305-60; J. Core, W. Guay, and D. Larker, “Executive Equity Compensation and Incentives: A Survey,” Federal Reserve Bank of New York Economic Policy Review 9 (April 2003): 27-50. 关于企业管理者目标的决定因素及其与股东目标的区别，请阅读 M. Jensen 和 W. Meckling 合著的《企业理论》（Theory of the Firm）：Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics 3 (1976)：305-60; J. Core, W. Guay, and D. Larker, "Executive Equity Compensation and Incentives：J. Core, W. Guay, and D. Larker, "Executive Equity Compensation and Incentives: A Survey," Federal Reserve Bank of New York Economic Policy Review 9 (April 2003)：27-50.
The following papers explain corporate governance and ownership around the world: F. Barca and M. Becht, The Control of Corporate Europe (Oxford University Press, 2001); D. Denis and J. McConnell, “International Corporate Governance,” Journal of Financial Quantitative Analysis 38 (2003): 1-36; R. La Porta, F. Lopez-de-Silanes, and A. Shleifer, “Corporate Ownership Around the World,” Journal of Finance 54 (1999): 471-517. Readers interested in a more detailed discussion of how taxes affect incorporation can consult J. MacKie-Mason and R. Gordon, “How Much Do Taxes Discourage Incorporation?” Journal of Finance 52 (1997): 477-505. 以下论文解释了世界各地的公司治理和所有权：F. Barca 和 M. Becht，《欧洲公司控制》（牛津大学出版社，2001 年）；D. Denis 和 J. McConnell，《国际公司治理》，《金融定量分析杂志》第 38 期（2003 年）：1-36; R. La Porta, F. Lopez-de-Silanes, and A. Shleifer, "Corporate Ownership Around the World," Journal of Finance 54 (1999)：471-517.如果读者想更详细地了解税收对公司成立的影响，可参阅 J. MacKie-Mason 和 R. Gordon，"How Much Do Taxes Discourage Incorporation?金融杂志》第 52 期（1997 年）：477-505.
The following papers provide a summary of the recent changes in stock markets: J. Angel, L. Harris, and C. Spatt, “Equity Trading in the 21st Century: An Update,” Quarterly Journal of Finance 5 (2015): 1-39 and M. O’Hara, “High frequency market microstructure,” Journal of Financial Economics 116 (2015) 257-270. 以下论文概述了股票市场近期的变化：J. Angel, L. Harris, and C. Spatt, "Equity Trading in the 21st Century：An Update," Quarterly Journal of Finance 5 (2015): 1-39 and M. O'Hara, "High frequency market microstructure," Journal of Financial Economics 116 (2015) 257-270.
Problems 问题
All problems are available in MyFinanceLab. 所有问题均可在 MyFinanceLab 中找到。
The Four Types of Firms 四种类型的公司
What is the most important difference between a corporation and all other organizational forms? 公司与所有其他组织形式最重要的区别是什么？
What does the phrase limited liability mean in a corporate context? 有限责任一词在公司中的含义是什么？
Which organizational forms give their owners limited liability? 哪些组织形式赋予其所有者有限责任？
What are the main advantages and disadvantages of organizing a firm as a corporation? 以公司形式组织企业的主要优缺点是什么？
Explain the difference between an SS corporation and a CC corporation. 解释 SS 公司和 CC 公司之间的区别。
You are a shareholder in a CC corporation. The corporation earns $2\$ 2 per share before taxes. Once it has paid taxes it will distribute the rest of its earnings to you as a dividend. The corporate tax rate is 40%40 \% and the personal tax rate on (both dividend and non-dividend) income is 30%30 \%. How much is left for you after all taxes are paid? 您是一家 CC 公司的股东。该公司每股税前收益为 $2\$ 2 。纳税后，它将把剩余的收益作为股息分给你。公司税率为 40%40 \% ，（股息和非股息）收入的个人税率为 30%30 \% 。 支付所有税款后，您还能得到多少钱？
Repeat Problem 6 assuming the corporation is an SS corporation. 假设该公司是一家 SS 公司，重复问题 6。
Ownership Versus Control of Corporations 公司的所有权与控制权
You have decided to form a new start-up company developing applications for the iPhone. Give examples of the three distinct types of financial decisions you will need to make. 您决定成立一家新公司，为 iPhone 开发应用程序。请举例说明您需要做出的三种不同类型的财务决策。
When a pharmaceutical company develops a new drug, it often receives patent protection for that medication, allowing it to charge a higher price. Explain how this public policy of providing patent protection might help align the corporation’s interests with society’s interests. 当一家制药公司开发出一种新药时，它通常会获得该药物的专利保护，从而可以收取更高的价格。请解释这种提供专利保护的公共政策如何有助于使公司利益与社会利益保持一致。
Corporate managers work for the owners of the corporation. Consequently, they should make decisions that are in the interests of the owners, rather than their own. What strategies are available to shareholders to help ensure that managers are motivated to act this way? 公司经理为公司所有者工作。因此，他们的决策应符合所有者的利益，而不是他们自己的利益。股东有哪些策略可以帮助确保管理人员有动力这样做？
Suppose you are considering renting an apartment. You, the renter, can be viewed as an agent while the company that owns the apartment can be viewed as the principal. What principalagent conflicts do you anticipate? Suppose, instead, that you work for the apartment company. What features would you put into the lease agreement that would give the renter incentives to take good care of the apartment? 假设您正在考虑租用一套公寓。你作为租房者，可以被视为代理人，而拥有公寓的公司则可以被视为委托人。您预计会出现哪些委托代理冲突？反过来，假设你为公寓公司工作。你会在租赁协议中加入哪些内容来激励租房者妥善保管公寓？
You are the CEO of a company and you are considering entering into an agreement to have your company buy another company. You think the price might be too high, but you will be the CEO of the combined, much larger company. You know that when the company gets bigger, your pay and prestige will increase. What is the nature of the agency conflict here and how is it related to ethical considerations? 你是一家公司的首席执行官，你正在考虑签订一份协议，让你的公司收购另一家公司。您认为价格可能太高，但您将成为合并后规模更大的公司的首席执行官。你知道，当公司规模变大时，你的薪酬和声望都会提高。这里的代理冲突的性质是什么？
Are hostile takeovers necessarily bad for firms or their investors? Explain. 敌意收购是否一定对公司或其投资者不利？解释一下。
The Stock Market 股票市场
What is the difference between a public and a private corporation? 公营公司和私营公司有什么区别？
Describe the important changes that have occurred in stock markets over the last decade. 描述过去十年股票市场发生的重要变化。
Explain why the bid-ask spread is a transaction cost. 解释为什么买卖价差是一种交易成本。
Explain how the bid-ask spread is determined in most markets today. 解释当今大多数市场是如何确定买卖价差的。
The following quote on Yahoo! stock appeared on July 23, 2015, on Yahoo! Finance: 以下关于雅虎股票的报价出现在 2015 年 7 月 23 日的雅虎财经网站上：
Yahoo! Inc. (YHOO) - NasdaqGS 雅虎公司 (YHOO) - NasdaqGS
Yahoo! Inc. (YHOO) - NasdaqGS| Yahoo! Inc. (YHOO) - NasdaqGS |
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Add to Portfolio 添加到作品集
39.55+0.31(0.79%)39.55+0.31(0.79 \%) 12:00PM EDT - Nassaq Real Time Pice
If you wanted to buy Yahoo!, what price would you pay? How much would you receive if you wanted to sell Yahoo!? 如果你想购买雅虎，你会支付多少价格？如果你想出售雅虎，你能得到多少钱？
19. Suppose the following orders are received by an exchange for Cisco stock: 19.假设某交易所收到以下关于思科股票的订单：
^(1){ }^{1} The full text of John Marshall’s decision can be found at www.constitution.org/dwebster/ dartmouth_decision.htm. ^(1){ }^{1} 约翰-马歇尔的裁决全文见 www.constitution.org/dwebster/ dartmouth_decision.htm。
