Warianty tytułu
Modern Theory of the Composition of Enterprise Capital: Modigliani`s and Miller`s Theorems
Języki publikacji
Abstrakty
Celem artykułu jest zaprezentowanie podstaw nowoczesnej teorii struktury kapitałów przedsiębiorstwa na podstawie teorii F. Modiglianiego i M.H. Millera (MM). Przedstawiono również wnioski wypływające z wcześniejszych badań nad omawianym problemem.
The paper presents these Modigliani`s and Miller`s theorems, which are directly connected with the composition of enterprise capital.The theorems have been derived in two versions - with and without the taxation of enterprise income. They have been proven by means of arbitration, the former one also with the use of the put-call par. The main objective of the paper is to show the bases of the modern theory of the composition of enterpreis capital, as well as the consequences and directions of further studies on the problem of the composition of enterprise capital, which Modigliani`s and Miller`s theory, announced on the turn of 1950s, initiated.(original abstract)
Rocznik
Numer
Strony
85--101
Opis fizyczny
Twórcy
autor
Bibliografia
- Czekaj J., Dresler Z., Podstawy zarządzania finansami przedsiębiorstw, Wyd. Nauk. PWN. Warszawa 1995.
- Harris M., Raviv A., The Theory of Capital Structure, "Journal of Finance" 1991 (46).
- Miller M.H., Leverage, "Journal of Finance" 1991 (46).
- Miller M.H. The Modigliani-Miller Propositions after Thirty Years, "Journal of Economic Perspectives" 1988 (2).
- Modigliani F., MM - Past, Present and Future, "Journal of Economic Perspectives" 1988 (25).
- Modigliani F., Miller M.H., Corporate Income Taxes and the Cost of Capital: A Correction, "American Economic Review", June 1963 (53).
- Modigliani F., Miller M.H., The Cost of Capital, Corporation Finance and the Theory of Investment, "American Economic Review", June 1958 (48).
- The New Palgrave Dictionary of Money and Finance, t. 1-3, Macmillan Press, London, Stockton Press, New York 1992.
- Ross S., Comment on the Modigliani-Miller Propositions, "Journal of Economic Perspectives" 1988 (2).
- Ross S., Westerfield R.W., Jaffe J., Corporate Finance, 4th ed., Irwin 1996.
- Stiglitz J.E., Why Financial Structure Matters, "Journal of Economic Perspectives" 1988 (2).
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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