Camera Financial Theory

The framework of contingent financial analysis is constructed by thelogical start of uncertainty and risk. The main thoughts is that theopportunities of single investors' financial selection is bounded, butsingle investors can enlarge their opportunities by choosing differentmechanisms of risk shared, such as firms, markets and relational contractsto increase their risk-bearing. And also, they can adjust financialportfolios to control risk-bore under their acceptance. But they must havethe rights of options under uncertain, otherwise, they can't adjustfinancial portfolios contingently. The dissertation consists of 9 chapters, and the main contents aredesigned as follows: Chapter 1 is the introduction. Firstly, proposing the question of how tochoose financial behaviors under uncertain according to uncertainty anddeficits of traditional theoretical research paradigm. Secondly,comprehensively reviewing and summarizing the domestic-and-overseasresearch findings including research methods, main views, and the newperspectives, methods, technological clues and innovations. Chapter 2 defines uncertainty, risk and their relations, which is thelogical start of research; analyzes financial uncertainty and riskmanagerial strategies. The main views including: uncertainty is thedistribution function of state, behavior and outcome, risk is the functionof investors' return deviation between objective and subjective, and itsinfluence on financial choice in the future. Uncertainty is the condition ofrisk, and risk is the interaction between subjective and objectiveuncertainty. Investors can choose different strategies to keep expectedreturn accordance with uncertainty and risk-contingent state. Chapter 3 constructs contingent financial theoretical frameworks,which are research foundation, including fundamental conceptsframework, such as contingent financial objective, nature, function,object, content, hypotheses principles, and applied concepts framework.The main views including: contingent financial objective is to satisfyinvestors economical profit, tradeoff risk and return; the nature isinter-temporal budgeting capital; the functions include risk diversified,value added and benefit accorded; the object is financial behavioralchoice under uncertainty; the contents include financial positionevaluated, financial opportunities identified, financial policies chosen,financial behaviors chosen and contingent financial governance; thehypotheses include uncertainty, financial entity, bounded rationality andrisk-bearing; the principles include adaptation, option, tradeoff, flexibilityand modification. Chapter 4 constructs contingent financial position evaluating model.The main views including: The fluctuation of financial position is takenaction by uncertainty. Correctly appraising uncertainty andrisk-contingent state is the foundation of financial opportunities identifiedand financial behaviors chosen. Lastly, financial position evaluatingmodels are constructed from environmental and operating system,financial operating index model is the important one. Chapter 5 constructs financial opportunities identifying model. Themain views including: only correctly identifying financial opportunities,adaptive financial behaviors can be chosen. The methods of financialopportunities can be identified from analysis of Tobin's Q, investmentfactors, break of profit-loss,opportunity cost, risk preference and so on. Chapter 6 analyzes financial policies choosing framework. The mainviews including: financial policies are signal of financial behaviorschosen; through choosing financial policies together, the discords offinancial behaviors at risk among the benefit-related can be eliminated,agent's adverse selection and moral hazard may be avoided. Choosingfinancial policies must comply with the principles of time consistent andcontingence to keep it accord with financial position and opportunity. Chapter 7 analyzes the constraints of contingent financial behavioralchoice from techniques, strategies, decision and principles. The mainvie...