ZHANG GUANHUA
2022-06-18 16:11看到后面老師在講mm1mm2的四種理論都用到了這些假設(shè)，好像這些并不只是mm1的假設(shè)？尤其是現(xiàn)金流同質(zhì)預(yù)期的那個假設(shè)，mm2也都用了。是這樣嗎？謝謝老師
所屬：CFA Level II > Corporate Issuers 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Chris Lan助教
2022-06-20 17:39
該回答已被題主采納
同學(xué)您好
是的，MM1的假設(shè)有些是繼承在MM2中的，只是正文這一塊，沒有交待的特別清楚。
您說的這一條就是MM2也包含的，因為MM2是在MM1的基礎(chǔ)上研究出來的。
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追問
老師可以再稍微明確一些嗎？所以mm1這四條假設(shè)除了現(xiàn)金流同質(zhì)預(yù)期，還有哪些是用在后面的理論中了？謝謝
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追答
同學(xué)您好
MM1有5條重要的假設(shè)，這5條假設(shè)，其實是對市場和預(yù)期的一些假設(shè)。
1 Investors agree on the expected cash flows from a given investment. This means that all investors have the same expectations with respect to the cash flows from an investment in bonds or stocks. In other words, expectations are homogeneous.
2 Bonds and shares of stock are traded in perfect capital markets. This means that there are no transaction costs, no taxes, no bankruptcy costs, and everyone has the same information. In a perfect capital market, any two investments with identical cash flow streams and risk must trade for the same price.
3 Investors can borrow and lend at the risk-free rate.
4 There are no agency costs. This means that managers always act to maximize shareholder wealth.
5 The financing decision and the investment decision are independent of each other. This means that operating income is unaffected by changes in the capital structure. -
追答
對于市場的假設(shè)MM2是沿用的。另外又加上了另外的一句：
Assuming that financial distress has no costs and that debtholders have prior claim to assets and income relative to equityholders, the cost of debt is less than the cost of equity.
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