mm理論和無(wú)套利ppt課件-在線瀏覽
2024-12-06 04:57本頁(yè)面
【正文】 ? A 2. B’s bond: riskfree the share number is supposed share expected return: ? 7 (Riskfree) No Position Immediate Cash Flow Cash Flow in the Future Replication of A’s Stock Using B’s Stock and Bonds B’s Total Payments = B’s Net Earnings + Interest Payments = ( EBIT $ million) + $ million = EBIT Suppose price of B’s stock = $90 per share Short sell 1% A’s shares at $100 per share Buy 1% B’s shares at $90 per share Buy 1% B’s bonds +$1,000,000 ? 1% of EBIT ? $540,000 1%?( EBIT? $3,200,000 ) ? $400,000 1% ? $3,200,000 Net Cash Flow $60,000 0 Arbitrage Price of B’s stock = $100 per share 8 Mamp。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 Pr
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