英语翻译Thetheory of business finance in a modern sense starts w
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英语翻译
Thetheory of business finance in a modern sense starts with the Modigliani andMiller (1958) capital structure irrelevance proposition.Before them,there wasno generally accepted theory of capital structure.Modigliani and Miller startby assuming that the firm has a particular set of expected cash flows.When thefirm chooses a certain proportion of debt and equity to finance its assets,allthat it does is to divide up the cash flows among investors.Investors andfirms are assumed to have equal access to financial markets,which allows forhomemade leverage.The investor can create any leverage that was wanted but notoffered,or the investor can get rid of any leverage that the firm took on butwas not wanted.As a result,the leverage of the firm has no effect on themarket value of the firm.
Thetheory of business finance in a modern sense starts with the Modigliani andMiller (1958) capital structure irrelevance proposition.Before them,there wasno generally accepted theory of capital structure.Modigliani and Miller startby assuming that the firm has a particular set of expected cash flows.When thefirm chooses a certain proportion of debt and equity to finance its assets,allthat it does is to divide up the cash flows among investors.Investors andfirms are assumed to have equal access to financial markets,which allows forhomemade leverage.The investor can create any leverage that was wanted but notoffered,or the investor can get rid of any leverage that the firm took on butwas not wanted.As a result,the leverage of the firm has no effect on themarket value of the firm.
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