mm定理（MM theorem）.docVIP

mm定理（MM theorem） MM theorem That is to say, under certain conditions, the enterprise does not affect the total market value of the enterprise in terms of debt financing or equity capital financing. If enterprises prefer debt financing, the proportion of debt rises correspondingly, the risk of enterprise increases, and then reflects the price of the stock, the stock price will drop. That is to say, the benefit of the enterprise from the financing of the debt will be erased by the decline of the stock price, so that the total value of the enterprise (stock plus debt) remains unchanged. Enterprises raise funds in different ways, but only change the total value of the enterprise, the proportion of the split between the equity and the creditor, without changing the total value of the enterprise. The MM theorem is a conclusion drawn on the basis of highly abstract real life, and inevitably encounters challenges from real life. Because the tax expenditure has the possibility of bankruptcy, the manager behavior constraints, maintain aspects of the challenges of life, good corporate image and corporate control factors such as that of equity capital financing and bond financing effect on corporate earnings, which directly or indirectly affect the total market value of the enterprise. Nickname Modigliani Miller theorem, it shows: in a perfect capital market economy, regardless of the market value of the enterprise and its capital structure. Edit this section of the MM theorem for frictionless environments 1, there is no income tax, bankruptcy cost 2 3, the capital market is not perfect, the transaction cost, and all securities are infinitely divisible, 4 dividend policy of the company will not affect the value of the enterprise from the securities issuance and underwriting securities industry association, China Edit this section of MMs tax model 1.MMs no corporate tax model In l958, Modi Glee Anne (Modigliani) and Miller (Miller) proposed the famous MM theorem and created the