Forward Markets, Stock Markets, and the Theory of the Firm
构建了一个包含远期、股票和债券市场的竞争性金融市场经济模型，发现传统的分离定理不再成立，但通过适当的经理薪酬方案可恢复分离结果，并进一步引入折旧与税收抵免，发展出企业通过套期保值增加价值的理论。
ABSTRACT This paper models a competitive financial market economy in which there are forward markets as well as stock and bond markets. Although there are separation theorems in the stock and forward markets literatures, this analysis shows that neither separation theorem survives in this integrated financial market economy. Next, the analysis shows that the separation results hold and are equivalent if the manager has an appropriate compensation package. Then the model is modified to allow for depreciation charges and tax credits. A positive theory of hedging is developed that shows that the corporation can preserve deductions and credits by hedging and so increase corporate value.