公司价值的MM传统在公司法人独立条件下如何修正.docVIP

公司价值的MM传统在公司法人独立条件下如何修正？( 覃家琦 齐寅峰 摘要 公司价值的MM传统倾向于从股东和债权人的角度计算公司价值。但法律赋予公司以独立法人的地位，独立于股东和债权人，相应的，公司价值应该独立于股东和债权人的价值。这意味着除了发放的现金股利，股东对于剩余的留存收益既没有财产权也没有索取权。基于这种事实，本文认为MM、FCF、NPV模型将本不属于股东的现金流也纳入了股东的价值计算之中，而EVA虽然正确的计算了股东和债权人的现金流，但它所用的WACC则没有区分出独立的公司法人的影响。本文提出了一个法人独立条件下的公司价值的修正模型，该模型满足公司法人与投资者的财产分离原则，能反映留存收益的持续投资所导致的公司增长，并能体现股东和公司法人之间的利益冲突。但如何确定公司法人独立的折现率仍是个难题。 关键词:公司价值；MM传统；公司法人独立 How to Modify the MM Tradition of Corporate Value under the Condition of Corporation Independence? Qin Jiaqi, and Qi Yinfeng Abstract The Modigliani-Miller tradition of corporate value tends to calculate the value of corporate from the point of view of debtors and shareholders. However, law endows corporate with independent corporation status, which is independent from shareholders and debt holders. Accordingly, the corporate value should also be independent from the value of shareholders and debt holders. This fact implies that except the paid cash dividend, shareholders have neither property rights nor claimant to the residual income such as retained earning. Based on this foundation, we think that traditional corporate value models, which include MM, FCF, NPV, models, tend to put something that originally not owned by shareholders such as retained earning into the calculation of the value of shareholders. Though EVA model does not do so, it does not exclude the WACC from the effect of corporation independence. We provide a modified model for corporate value under the condition of corporation independence. The modified model satisfies the principle of separation between corporation’s properties and investor’s properties, is able to reflect the growth induced by the continuous investing of retained earning, and the benefit conflict between the corporation and shareholders. But how to estimate the independent discount rate of corporation is still a difficult problem. Key Words: Corporate Value; MM Tradition; Corporation Independence 公司价值的MM传统在公司法人独立条件下如何修正？ 摘要 公司价值的MM传统倾向于从股东和债权人的角度计算公司价值。但法