第七章 资本结构和MM定理.ppt

第七章 资本结构和MM定理 第七章 资本结构和MM定理 MM定理及扩展 资本结构的经验证据 MM定理及扩展 无税的MM定理（1958） 有公司税的MM定理 trade-off Theory （权衡理论）等 加入个人税的MM定理（米勒定理1977） MM定理的其他用途 The Capital-Structure Questionand The Pie Theory The value of a firm is defined to be the sum of the value of the firm’s debt and the firm’s equity. V = B + S If the goal of the management of the firm is to make the firm as valuable as possible, the the firm should pick the debt-equity ratio that makes the pie as big as possible. Value of the Firm S B S B S B S B Financial Leverage and EPS (2.00) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 1,000 2,000 3,000 EP