免费咨询热线：400-699-1716 
微信
APP
ACCA FM知识点：Modigliani and Miller’s dividend irrelevancy theory
文章来源：ACCA全球官网
发布时间：2021-11-02 14:00
阅读：793次
莫迪利亚尼一米勒定理(Modigliani-Miller therom)简称MM定理，是现代公司理财理论的核心。简言之，在理想市场条件下，公司的财务政策不会影响公司的价值，MM定理说明什么因素不会影响公司的价值，什么因素会影响公司的价值。
这个理论主要包括四个命题：【点击免费下载>>>更多ACCA学习相关资料】
1.公司的市场价值与其资本结构无关.
2.公司的资本成本是其债务/股东权益比例的线性递增函数.
3.公司的市场价值与其红利政策无关.
4.公司的股东不关心其金融政策.
Modigliani and Miller’s dividend irrelevancy theory
This theory states that dividend patterns have no effect on share values.Broadly it suggests that if a dividend is cut now then the extra retained earnings reinvested will allow futures earnings and hence future dividends to grow.Dividend receipts by investors are lower now but this is precisely offset by the increased present value of future dividends.
However,this equilibrium is reached only if the amounts retained are reinvested at the cost of equity.
In summary:
If the company retains earnings and uses those to‘do more of the same’then the share price should not be affected.
If the company retains earnings and uses those to produce higher returns than demanded by investors(and that could be through expanding current operations to become more efficient and cost effective)then dividends should be cut as that will increase shareholder value.
If the company retains earnings and uses those to produce lower returns than demanded by investors(and that could be through keeping excess cash in the bank,earning very little)then dividends should be increased to avoid the share price falling.If the company can think of no good use for its earnings,it should distribute them to shareholders who can then decide for themselves what to do with them.
相关阅读：【ACCA FM知识点：The dividend valuation model】
2022年ACCA最新学习资料包
请大家认真填写以下信息，获取2025年ACCA学习资料包，会以网盘链接的形式给到大家，点击免费领取后请尽快保存。
*姓名不能为空
*手机号错误
*验证码错误
考试问答
River
讲师认证：多名学生在ACCA全球统考中荣获大陆第一殊荣
ACCA 资深会员，Volvo Car Corporation 成本控制相关工作，从事财务培训行业超十年，多名学生在ACCA全球统考中荣获大陆第一殊荣，多个班级TX通过率100%，AA&SBL通过率远超全球通过率。 授课逻辑清晰，擅长整理每门课程的思路框架。 理论结合实际，擅长从现实案例入手拆分讲解知识点，关注学以致用。分析考题及答案，擅长讲解答题方法及思路，
免费下载老师推荐的学习资料
免费直播
