免费咨询热线：400-699-1716 
微信
APP
ACCA FM知识点：Modigliani and Miller’s no-tax model
文章来源：ACCA全球官网
发布时间：2021-11-26 11:17
阅读：574次
公司的资本结构是指公司用于为其资产融资的股权和债务融资的混合。一些公司可能是全股权融资，根本没有债务，而其他公司可能拥有低水平的股权和高水平的债务。股权和债务资本混合的决定称为融资决策。上文我们简单介绍了资本结构理论，本文我们继续讲解Modigliani and Miller’s no-tax model。
Modigliani and Miller’s no-tax model
In 1958,Modigliani and Miller stated that,assuming a perfect capital market and ignoring taxation,the WACC remains constant at all levels of gearing.As a company gears up,the decrease in the WACC caused by having a greater amount of cheaper debt is exactly offset by the increase in the WACC caused by the increase in the cost of equity due to financial risk.
The WACC remains constant at all levels of gearing thus the market value of the company is also constant.Therefore,a company cannot reduce its WACC by altering its gearing(Figure 1).
The cost of equity is directly linked to the level of gearing.As gearing increases,the financial risk to shareholders increases,therefore Keg increases.Summary:Benefits of cheaper debt=Increase in Keg due to increasing financial risk.The WACC,the total value of the company and shareholder wealth are constant and unaffected by gearing levels.No optimal capital structure exists.
相关阅读：【ACCA FM知识点：资本结构理论】
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
Lisa
讲师认证：
ACCA会员，CMA持证人，曾负责Marcum BP(美资前十会计师事务所）IPO上市项目。现已任ACCA讲师超过5年时间，责任心强，上课充满热情，授课认真负责有耐心，布置作业上特别负责，答疑及时，条理清晰，逻辑严密，备课充分，吐词清晰，配套的习题讲解和知识讲解细致。借助思维导图，考点把握准确。教学成绩优秀，二本学校方向班UK TX通过率近90%，ACCA精英班曾创造通过率100%
免费下载老师推荐的学习资料
免费直播
