英語翻譯
Fisher(1930)shows how capital markets increase the utility both of economic agents with surplus wealth (savers) and of agents with investment opportunities that exceed their own wealth (borrowers) by providing each party with a low-cost means of achieving their goals The Fisher Separation Theorem demonstrates that capital markers yield a single interest rate both borrowers and lenders can use in making consumption and investment decisions,and this in turn allows a separation between investment and financing decisions.Businesses and individuals with access to projects whose return is greater than pr equal to the market interest rate,and they should then turn to the capital market for any funding they cannot provide internally.Borrowers do not have to consider the consumption preferences of individual investor---They merely have to earn the market in