Fundamental Problems and Solutions in Finance

Zhiqiang Zhang, MBA (focusing on finance) of K. U. Leuven (Catholic University of Leuven, Belgium); Ph.D. in management, associate professor of Business School, Renmin University of China. Visiting professor at St. John's University (New York, one year); Visiting professor at New York University (one year). He has adhered to the original and innovative research on financial theory, especially on the tough financial problems.

He got many fundamental discoveries, such as a real Growth model for equity valuation (Gordon Growth model is actually cannot value "growth" and invalid although widely spread and used); a new CAPM series for debt, equity and total asset based on total risk rather than the single CAPM for equity discovered by Sharpe based only on systematic risk; a bankruptcy cost model and an optimal capital structure model based on the quantitatively trading-off between tax-shield and bankruptcy cost, as well as their variants in various application scenarios, such as optimal capital structure models in case of debt guarantee, outside investment, abnormal growth, and optimal capital structure model on book value basis; the overall solution to discount rate, i.e., the discount rate models for equity, debt and total assets that matches their total risks respectively. Those innovative models solve most of the unsolved or poor-solved fundamental financial problems, and provide more efficient theories and quantitative tools for the practical investment and financing decision-makings. As a consequence, most of the puzzles in finance can be explained more simply and thoroughly, such as the decreasing discount rate over long run as well as various puzzles about capital structure.

張志強，比利時魯汶大學（天主教魯汶大學）工商管理碩士（專攻金融），中國人民大學商學院副教授，管理學博士。曾擔任聖約翰大學（紐約）訪問教授一年，以及紐約大學訪問教授一年。他一直致力於金融理論的原創和創新研究，尤其是對於複雜的金融問題。

他取得了許多基礎性的發現，例如一個真實的股權估值增長模型（戈登增長模型實際上無法評估“增長”，儘管廣泛流傳和使用）；一個新的基於總風險而不是單一的股權CAPM（夏普基於系統風險發現的CAPM）的債務、股權和總資產CAPM系列；一個基於稅盾和破產成本之間的量化交易折衷的破產成本模型和最優資本結構模型，以及它們在各種應用場景中的變體，例如在債務擔保、外部投資、異常增長和基於帳面價值的最優資本結構模型中的最優資本結構模型；對於折現率的整體解決方案，即對應於它們各自的總風險的股權、債務和總資產的折現率模型。這些創新模型解決了大部分未解決或解決不佳的基礎金融問題，為實際的投資和融資決策提供了更高效的理論和量化工具。因此，金融領域的大部分謎題可以更簡單而全面地解釋，例如長期內折現率的下降以及有關資本結構的各種謎題。