第六小组 第三次作.ppt

第六小组 第三次作业 组长 ： 邹金莲 制作人 ： 游宜倩 邹金莲 协作人： 韩莉莉 王彬 辛明辉 李来军 黄荔 9. 4 Capital Structure and  the Value of a Firm 资本结构与公司价值构 Financial economists widely accept the premise that managers should make decisions that maximize the value of the firm’s common equity. 经济学家广泛接受的假设是，经理人应该做出使公司的普通股权益价值最大化的决策。 Franco Modigliani and Merton Miller pioneered the research efforts relating capital structure and the value of a firm . In a world of perfect (of frictionless) capital markets with no corporate of personal taxes , the value of a firm is independent of its capital structure . 9. 4 .1 The Modigliani-Miller Theorem 莫迪格利安尼-米勒定理 1、 In the absence of corporate and personal taxes ,transaction costs , and other market imperfections , the value of firms is independent of its capital structure . 在没有企业和个人所得税，没有交易成本，并且不存在其他市场不完善的情况下，企业的价值独立于其资本结构的。 9. 4 .1 The Modigliani-Miller Theorem  2、 Under a highly restrictive set of assumptions , the value of the firm is determined solely by the size and the riskiness of the real cash flows generated by the firm’s assets not by how these cash flows are divided between the debt and equity stakeholders of the firm . 在这种多重限制的条件下，公司价值完全是由公司现金流的大小和公司的资产所产生的真实流量所带来的风险决定的，而与这些现金流是如何在债务和所有权益之间分配无关。 9. 4 .1 Capital Structure and the Value of a Firm 资本结构与公司价值构 The Modigliani-Miller Theorem 9.4.2 The M M Theorem in the Real World The view that capital structure is literally irrelevant or that “nothing matters ” in corporate finance , though sometimes attributed to us ( and tracing perhaps to the very provocative way we made our point ) ,is far from what we ever actually said about the real world applications of our theoretical propositions. 这种认为资本结构从理论上来讲与经济融资相关程度低或者无关理论，（虽然有时归因于我们提出的观点带有挑衅性）和我们曾经说过的在实际情况中对该理论的应用还是很有差距的。 9.4.2 The M M Theorem in the Real World 1. The Modigliani-Miller Theorem with Corporate taxes