Debt is good for you

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Debt is good for you

机译：债务对你有好处

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Ever since Franco Modigliani and Merton Miller published their famous papers on the relative merits of debt and equity financing, the central question in corporate finance has been about the optimal balance between the two. Remember that Messrs Modigliani and Miller argued that, given certain assumptions, the proportions of debt and equity capital were irrelevant to the value of a firm; the only difference they made was to the distribution of the spoils between creditors and shareholders. This was because the more debt a firm issued for a given level of equity, the riskier that firm became. Leverage increases the expected return to shareholders, but it also increases their risks. In an efficient stock-market, the two should cancel each other out.

机译：自Franco Modigliani和Merton Miller发表有关债务和股权融资的相对优点的著名论文以来，公司融资的中心问题一直是两者之间的最佳平衡。请记住，莫迪利亚尼和米勒先生认为，在一定的假设下，债务和股本的比例与公司的价值无关。他们所做的唯一区别是债权人和股东之间的财产分配。这是因为对于给定的股权水平，公司发行的债务越多，该公司的风险就越大。杠杆增加了股东的预期收益，但同时也增加了他们的风险。在高效的股票市场中，两者应相互抵消。

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《The economist》 |2001年第8205期|p.A6-A7|共2页
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正文语种 eng
中图分类经济;各科经济学;
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Debt is good for you

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