Neutrality of a Dividend Imputation System under the Modigliani-Miller Proposition

Taiji Watanabe

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Neutrality of a Dividend Imputation System under the Modigliani-Miller Proposition

机译：Modigliani-Miller命题下的股利分配系统的中立性

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In "The Cost of Capital, Corporation Finance, and the Theory of Investment" (American Economic Review, June 1958, 48(3), pp. 261-97) and "Corporate Income Taxes and the Cost of Capital: A Correction" (American Economic Review, June 1963, 58(3), pp. 433-43), Modigliani and Miller (M&M 1958, 1963) demonstrated that the value of a firm consists of the present value of uncertain future income and the present value of certain income, and that the tax shield will increase the value of a firm in the presence of tax deductibility of the interest payments on debt.

机译：在“资本成本，公司融资和投资理论”中（美国经济评论，1958年6月，第48（3）页，第261-97页）和“公司所得税和资本成本：更正”（《美国经济评论》，1963年6月，第58（3）页，第433-43页），莫迪利亚尼和米勒（M＆M，1958年，1963年）表明，公司的价值包括不确定的未来收益的现值和某项收益的现值。收入，并且在存在债务利息支付的税收可抵扣性的情况下，税收保护将增加企业的价值。

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《Atlantic economic journal》 |2009年第3期|321-322|共2页
作者
Taiji Watanabe;
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University of Southern Queensland, Toowoomba, QLD, Australia State University of New York at Binghamton, Binghamton, NY, USA;

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Neutrality of a Dividend Imputation System under the Modigliani-Miller Proposition

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