英语翻译
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英语翻译
英语翻译
英语翻译
The Modigliani-Miller theorem,proposed by Franco Modigliani and Merton Miller,forms the basis for modern thinking on capital structure,though it is generally viewed as a purely theoretical result since it assumes away many important factors in the capital structure decision.The theorem states that,in a perfect market,how a firm is financed is irrelevant to its value.This result provides the base with which to examine real world reasons why capital structure is relevant,that is,a company's value is affected by the capital structure it employs.These other reasons include bankruptcy costs,agency costs,taxes,information asymmetry,to name some.This analysis can then be extended to look at whether there is in fact an optimal capital structure:the one which maximizes the value of the firm.