mm定理（The mm theorem）.docVIP

mm定理（The mm theorem） The MM theorem It means that under certain conditions, the market value of the enterprise will not be affected by the financing of the enterprise or the capital raising by equity capital. If a company prefers debt financing, the ratio of debt rises accordingly, and the risk of the enterprise increases accordingly, which reflects the price of the stock and the price of the stock falls. That is to say, the benefits that companies receive from debt financing will be wiped out by the fall in stock prices, which will keep the total value of the company (stock plus debt) unchang