mm理論和無套利ppt課件(已修改)
2025-10-26 04:57 本頁面
【正文】 1 CHAPTER ONE: MM Theory and No Arbitrage 1. MM Theory ? Two measurements of value Accounting: book value — historic cost Finance: market value — present value 2 Assets = Liabilities + Equity ? Accounting Equality: duel entity system Book value measurement Fund use Fund source ? Finance Equality: Fund use = Fund source Market value measurement 3 Corporate Finance Assets Liabilities and Equity Asset 1 Asset 2 Liabilities Asset 3 . . Equity . Asset n Total Assets Total Liabilities and Equity ?_1???niiA s s e tA s s e t sT ot alAccounting: Yes! Finance: No! Capital Market Real Economy NPV Firm Value + NPV 4 Liabilities Value Equity Value Liabilities Value Assets Value Capital Structure Financial leverage: or Has a change of financial leverage any impact on the firm value? 5 Mamp。M Theory Mamp。M assumptions: ? Frictionless assumptions – No ine taxes – No transaction costs – No information asymmetry – No cost to resolve interest conflicts among stakeholders ? All liabilities are riskfree 6 Notes: A mini – case: does capital structure matter? Two panies EBIT Capital structure Firm value $10 million bonds: $40 million, 8% shares: 600,000 1. A’s share price: $100 per share expected return: 10% 1 million shares $100 million B ? A 2. B’s bond: riskfree the share number is supposed share expected return: ? 7 (Riskfree) No Posi
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