涂鸦书评之《The real world of finance》

这本书攻击的目标是一些老的理论，自己提出了很多自认为“现代”的金融理论，号称要把学院派的理论统统掀翻。不过很多情况下如果没有公司金融的基础还是不好理解的。

下面是一些他要攻击的靶子：

1. Profits and returns on equity (ROEs) are the number-one
goal of business.
2. Working capital is a store of value and should be managed
to attain a high current asset–to–current liability relationship.
3. Finance is a specialized staff responsibility.
4. Companies should “own” critical finance functions.
5. Capital markets allocate funds to creditworthy businesses
at reasonable cost for purposes of funding operating activities
and strategic investments.
6. Banks offer a range of noncredit services to corporate borrowers
at reasonable prices as a marketing component to
their lending activities.
7. Capital budgeting procedures support strategic planning.
8. Rating agencies provide objective evaluations to lenders,
creditors, and investors of the financial position of the corporation
under review.
9. Investment bankers provide professional advice to companies
on the structure of their balance sheets, how to
raise debt and equity, and similar matters.
10. Auditors provide control and prevent fraud.
11. Risk management involves individual functions of insurance,
financial engineering, and safety programs.
12. CFOs minimize capital costs and maximize returns.

首先批判了原有的对于ROE和working captital传统认识，其次又从对于核心finance业务的认识，从外包的观点来节省开支。确实，学院派的很多观点过于理论化，了解一些real world的东西更有助于了解世界。