On the "q" Theory of Investment.
阐述新古典投资理论，认为公司管理层应追求股东价值最大化，投资项目只有在市场估值超过成本时才应进行，这会影响股价和融资决策。
The neoclassical theory of corporate investment is based on the assumption that the management seeks to maximize the present net worth of the company, the market value of the outstanding common shares. An investment project should be undertaken if and only if it increased the value of the shares. The securities markets appraise the project, its expected contributions to the future earnings of the company and its risks. If the value of the project as appraised by investors exceeds the cost, then the company's shares will appreciate to the benefit of existing stockholders. That is, the market will value the project more than the cash used to pay for it. If new debt or equity securities are issued to raise the cash, the prospectus leads to an increase of share prices. [Tobin and Brainard, p. 242]