MM定理(Modigliani-Miller)证明与图解 - 知乎 - 知乎专栏
1. M&M Theorem (Proposition I) 【M&M Theorem Ⅰ】假定： 公司总现金流不受资本结构影响; 没有交易成本; 没有套利机会; 则公司总市值不受资本结构影响。 1.1 假设Ⅰ. 在没有交易成本和套机机会的情况下，资本结构不影响公司的现金流；
What Is the Modigliani-Miller Theorem? - Investopedia
2024年9月25日 · Developed in the 1950s, the Modigliani-Miller theorem (M&M) states that the market value of a company is calculated as the present value of its future earnings and underlying assets, and is...
莫迪尼亚尼-米勒定理 - 维基百科，自由的百科全书
莫迪尼亞尼-米勒定理 （英語： Modigliani–Miller theorem，简称MM定理），經濟學理論，由经济学家 弗蘭科·莫迪利安尼 和 默顿·米勒 提出，它是现代 资本结构 理论的基础。 该定理认为，在不考虑 税， 破产成本， 資訊不对称 并且假设在 效率市场 里面， 企业价值 不会因为企业融资方式改变而改变。 也即是说，不论公司选择发行股票或者發行债券，或是采用不同的 股利政策，都不会影响企业价值。 因此莫迪尼亚尼-米勒定理也被称为 资本结构无关定理。 莫迪尼亚尼因此获 …
M&M Theorem - Overview, Assumptions, Propositions
The M&M Theorem, or the Modigliani-Miller Theorem, is one of the most important theorems in corporate finance. The theorem was developed by economists Franco Modigliani and Merton Miller in 1958. The main idea of the M&M theory is that the capital structure of a company does not affect its overall value.
Modigliani–Miller theorem - Wikipedia
The Modigliani–Miller theorem (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure. [1] The basic theorem states that in the absence of taxes , bankruptcy costs, agency costs , and asymmetric information , and in an efficient market , the enterprise ...
MM模型 - MBA智库百科
2018年1月25日 · MM理论是 莫迪格利安尼 （Modigliani）和 默顿·米勒 （Miller）所建立的公司资本结构与 市场价值 不相干模型的简称。 美国 经济学家 莫迪格利安尼和米勒于1958年发表的《资本成本、公司财务和投资管理》一书中，提出了最初的MM理论，这时的MM理论不考虑 所得税 的影响， 得出的结论为 企业 的总价值不受资本结构的影响。 此后，又对该理论做出了修正，加入了所得税的因素，由此而得出的结论为： 企业 的 资本结构 影响企业的总价值， 负债经营 将为 …
Capital Structure Theory – Modigliani and Miller (MM) Approach
2022年5月26日 · The Modigliani and Miller approach to capital theory, devised in the 1950s, advocates the capital structure irrelevancy theory. This suggests that the valuation of a firm is irrelevant to a company’s capital structure.
Modigliani Miller Theorem (M&M) - Meaning, Propositions
2023年4月25日 · Modigliani Miller Theorem, or M&M model, is a modern finance concept that states the nil relationship between capital structure and a company's valuation. The theory originated in the mid-20th century (i.e., 1958) by Italian and American economists Franco Modigliani and Merton Miller.
Modigliani and Miller (MM) Theories | Formula | Example
2019年4月21日 · Modigliani and Miller theories of capital structure (also called MM or M&M theories) say that (a) when there are no taxes, (i) a company’s value is not affected by its capital structure and (ii) its cost of equity increases linearly as a function of its debt to equity ratio but when (b) there are taxes, (i) the value of a levered company is ...
Modigliani–Miller Theorem - SpringerLink
2016年12月21日 · The Modigliani–Miller theorem provides conditions under which a firm’s financial decisions do not affect its value. The theorem is one of the first formal uses of a no arbitrage argument and it focused the debate about firm capital structure around the theorem’s assumptions, which set the conditions for effective arbitrage.