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公司金融具体的研究方向:主要是从公司治理的角度去分析,3332636331也就是相关利益者之间的各种关系,比如股东与管理者之间的代理问题,股东与债权人的关系,大股东(控股股东)与小股东之间的关系。从个利益相关者的利益权衡中去分析公司的资本结构、股利政策、现金持有等问题。另外还有学者从法与制度(公司外部环境)去分析公司金融的东西。公司金融的主要课题是,以下以一份公司金融博士课程安排为例:Financial policy: General theories1. Fisher Separation Theorem; Modigliani-Miller propositions; trade-off theory of capital structure2. Basic agency ideas: Debt as a disciplining device; indirect costs of debt financing (risk-shifting, debt overhang)3. Asymmetric information: Debt signaling; signaling with inside equity; financing investment under asymmetric information4. Security design approach to capital structureFinancial policy: Empirical approaches to general theories5. Capital structure: Determinants; trade-off versus pecking order; market timing, inertia; dynamic models6. Financing constraints: Investment-cash flow sensitivityFurther topics (theory and/or empirics):7. Instry equilibrium:- Liquidation values of specialized assets: Shleifer and Vishny (1992), Pulvino (1998)- Equity holder – debt holder conflicts: Maksimovic and Zechner (1991)- Empirical facts: Almazan and Molina (2005)8. Efficiency of multi-divisional firms: Internal capital markets theories and the diversification discount- Stein (1997), Scharfstein and Stein (2000), Rajan, Servaes, and Zingales (2000)- Schoar (2002), Maksimovic and Phillips (2002), Chevalier (2004), Graham, Lemmon, and Wolf (2002), others9. Initial public offerings: Puzzles, theories, current research10. Financial intermediation; Costs and benefits of informed finance: Rajan (1992)11. Lending channel and supply-side effects in corporate financing: Holmstrom and Tirole (1997)12. Information from stock prices to cash flows13. Stock market and managerial incentives: Earnings manipulation14. Labor market and managerial incentives: Herding15. Investor protection, international corporate finance 现在一部分前沿的公司金融研究是和资产定价以及宏观经济学联系在一起的: 比如研究公司融资与资产价格的关系,比如研究在商业周期波动中公司融资模式的变动等等,以及流动性问题的宏观影响。当然这些领域也不是现在才开始的,但直到最近仍然有重要的文章出现。