Asset pricing theory

Author: Wang Yonghai
Publisher:
Publish Date: 2001-01-01
Features: This series of books showcases the research achievements of our department's faculty in the fields of finance and accounting. The School of Business at Wuhan University's Accounting Department has, after nearly 20 years of development, gathered scholars from three generations—old, middle-aged, and young. They gather under the Lujia Mountains, diligently passing on knowledge and teachings, deliberately delving into innovation, and have diligently cultivated in the fields of finance and accounting, achieving remarkable research results. To comprehensively reflect their academic research achievements in their respective fields, we have organized and published this academic series. This series covers topics such as accounting theory, auditing theory, accounting informatization, and financial management. Any academic research achievements in the above fields with certain innovations are included in the academic series for public publication, following the principle of "inclusive and comprehensive." This series has been supported and cared for by the leadership of the School of Business at Wuhan University, and we express our sincere gratitude here!
The owners of assets are no longer concerned with how input factors are compensated, but rather with who is compensated and how long-term returns can be optimized within the principal-agent structure. It is precisely due to the information asymmetry in corporate finance that owners of assets feel the need to establish an accounting system to continuously evaluate the "entrepreneurs." To meet the evaluation needs of asset owners, specialized financial accounting information is generated in enterprises, aimed at helping them optimize long-term returns. Therefore, financial accounting information is essentially the financial information provided by enterprises to asset owners, serving as the result of asset owners' continuous evaluation of the "entrepreneurs."