ZHANG GUANHUA2022-06-18 16:11:03
ZHANG GUANHUA看到后面老师在讲mm1mm2的四种理论都用到了这些假设，好像这些并不只是mm1的假设？尤其是现金流同质预期的那个假设，mm2也都用了。是这样吗？谢谢老师
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Chris Lan2022-06-20 17:39:44
Chris Lan同学您好
是的，MM1的假设有些是继承在MM2中的，只是正文这一块，没有交待的特别清楚。
您说的这一条就是MM2也包含的，因为MM2是在MM1的基础上研究出来的。
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老师可以再稍微明确一些吗？所以mm1这四条假设除了现金流同质预期，还有哪些是用在后面的理论中了？谢谢
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同学您好
MM1有5条重要的假设，这5条假设，其实是对市场和预期的一些假设。
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.
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对于市场的假设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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