If we are to believe Modigliani and Miller, firm valuation is not determined by whether the firm is capitalized by debt or equity.
如果我们信任夸张变形的手法的话，机构的估值并不会因为时候采用债务或股份来评估而发生改变。
What Modigliani and Miller said, if it's pure dividend policy, then it is totally irrelevant; it means nothing, so companies can do whatever they please-- I don't care.
莫迪利阿尼和米勒的观点是,如果是单纯的股利政策,则与之完全不相关,它没有意义,所以公司可以任意施为,我不在乎
Modigliani and Miller thought the market value of an enterprise has no correlation with the style of fund-raising, but this conclusion is denied by the positive analysis.
莫迪·利安尼和米勒认为，企业的市场价值与筹资方式无关，然而实证分析却否定了这一结论。
I want then finally to talk about Modigliani-Miller and debt.
我想最后讲讲MM模型和债务的问题。
We'll be talking about the Modigliani-Miller Theorem and related issues in this lecture as well as something about the behavior of the stock market and its tendency to go through dramatic movements.
我们会讲到,MM定理,和与其相关的问题,还会讲到,股市行为和,股市戏剧性的运动趋势
Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
应用推荐