公司税和债务政策回顾
Topics Covered
Debt and Value in a Tax Free EconomyCorporate Taxes and Debt PolicyCost of Financial DistressExplaining Financial Choices
M&M (Debt Policy Doesn’t Matter)
Modigliani & MillerWhen there are no taxes and capital markets function well, it makes no difference whether the firm borrows or individual shareholders borrow. Therefore, the market value of a company does not depend on its capital structure.