文章基本信息

标题：From Modigliani–Miller To General Theory Of Capital Cost And Capital Structure Of The Company
本地全文：下载
作者：Peter Brusov ; Tatiana Filatova ; Natali Orehova 等
期刊名称：Research Journal of Economics, Business and ICT
印刷版ISSN：2045-3345
电子版ISSN：2047-7848
出版年度：2011
卷号：2
期号：0
语种：English
出版社：English Time Schools & Overseas Education
摘要：One of the serious limitations of the Modigliani–Miller theory is the suggestion about perpetuity of the companies. We lift up this limitation and show, that the accounting of the finite lifetime of the company leads to change of the equity cost, k as well as of the weighted average cost of capital, WACC, in the presence of corporative taxes. We give a rigorous proof of the Brusov–Filatova theorem, that in the absence of corporative taxes cost of company equity, , as well as its weighted average cost, WACC, do not depend on the lifetime or age of the company. We show that perpetuity ModiglianiMiller theory underestimates the equity cost , as well as the weighted average cost of capital, WACC, and thus underestimates the financial risks, which could become one of the implicit reasons for the financial crisis
关键词：Perpetuity Companies; Companies With Finite Lifetime; Companies Of Arbitrary Age; Weighted Average Cost; Equity Cost; Modigliani–Miller Theory; Brusov–Filatova Theorem.