题名

Financial Flexibility and MM's Dividend Irrelevance Theorem

并列篇名

財務彈性與MM股利無關定理

DOI

10.29710/JTC.201212.0005

作者

劉任昌(Jen-Chang Liu)；宋淑筠(Shu-Yun Song)；殷向真(Hsiang-Chen Yin)

关键词

股利政策 ； 完美市場 ； 流動性 ； payout policy ； perfect market ； liquidity

期刊名称

德明學報

卷期/出版年月

36卷2期（2012 / 12 / 01）

页次

69 - 80

内容语文

英文
中文摘要

莫迪里亞尼與米勒（MM）因為股利政策無關論與資本結構無關論研究，而先後獲得諾貝爾經濟學獎。但DeAngelo與DeAngelo兩位學者卻在近期發表一連串的論文，聲稱MM的理論是錯誤的。本研究試圖說明MM的理論在完美市場的假設之下，完全正確。我們也試圖建立一個簡單的非完美市場模型，說明一個公司的發放決策、資本投資決策、流動投資決策與融資決策的相互關係。當交易成本等於零，就得到MM股利政策無關的結果。MM模型將現金全數發放是完全市場假設隱含的結果，並非隱含設立的假設。
英文摘要

Both Modigliani and Miller are winners of the Nobel Prize in Economics for their dividend irrelevance theorem and other contributions. DeAngelo and DeAngelo published a series of papers in well know journals and argue that MM's irrelevance is wrong. In this study, point out that MM's argument is perfectly right in the framework of a perfect economy. We also try to set up a basic model to illustrate the payout decision, capital investment policy, liquidity investment policy and financing policy of a firm. We show that MM's irrelevance theorem is a special case of this paper's model. The assumption of a perfect market automatically implies that a firm pays out all of its free cash flows. DeAngelo and DeAngelo overreact to this result.
主题分类 人文學 > 人文學綜合
基礎與應用科學 > 資訊科學
社會科學 > 社會科學綜合
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被引用次数
  1. 劉任昌、殷向真、李世欽、呂美慧(2013)。發放日決策、企業現金存量與經驗法則決策。德明學報，37(2)，77-94。
  2. 殷向真(2014)。德明學報論文（2000-2013）被引用分析。德明學報，38(1)，41-62。
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