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1、会计、财务文献选读3会计、财务文献选读_3_Myers;Majluf(1984)标题：Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothave作者：Myers,StewartandNicholasMajluf来源：JournalofFinancialEconomics,Vol.13,Iss.2,(Jun,1984),187-221.StewartC.MyerstheRobertC.Merton(1970)ProfessorofFinancialEconomic

2、sattheMITSloanSchoolofManagement.HeispastPresidentoftheAmericanFinanceAssociationandelectedFellowoftheFinancialManagementAssociation.Heisnotableforhisworkoncapitalstructureandinnovationsincapitalbudgetingandvaluation,andhashada;remarkableinfluence;onboththetheoryandpracticeofcorporatefinan

3、ce.NicholasMajluf（1945-）本文核心思想与主要内容■Thepeckingordertheory优序融资理论Itstatesthatcompaniesprioritizetheirsourcesoffinancing(frominternalfinancingtoequity)accordingtothePrincipleofleasteffort,orofleastresistance,preferringtoraiseequityasafinancingmeansoflastresort.Hence,internalfundsareusedfirst,

4、andwhenthatisdepleted,debtisissued,andwhenitisnotsensibletoissueanymoredebt,equityisissued.放宽MM理论完全信息的假定，以不对称信息理论为基础，并考虑交易成本的存在，认为权益融资会传递企业经营的负面信息，而且外部融资要多支付各种成本，因而企业融资一般会遵循内源融资、债务融资、权益融资这样的先后顺序。■论证过程由3个命题渐次得到□企业价值与资本结构无关；企业的平均资本成本与资本结构无关□企业每股股票的市场价格是由其预期收益的倒计资本化形式得到的，即企业股票价格与其资本结构无关□企业拟投资

5、项目的价值与作为该投资项目资金来源的证券类型无关本文框架0.IntroductionI.TheValuationofSecurities,Leverage,andtheCostofCapitalA.TheCapitalizationRateforUncertainStreamsB.DebtFinancingandItsEjectsonSecurityPricesPropositionIPropositionIIC.SomeQualificationsandExtensionsoftheBasicPropositionsD.TheRelationofPropositionsI

6、andIItoCurrentDoctrinesE.SomePreliminaryEvidenceontheBasicPropositionsII.ImplicationsoftheAnalysisfortheTheoryofInvestmentA.CapitalStructureandInvestmentPolicyPropositionIIIB.PropositionIIIandFinancialPlanningbyFirmsC.TheEffectoftheCorporateIncomeTaxonInvestmentDecisionsIII.Conclusion命题1Pr

7、opositionI.themarketvalueofanyfirmisindependentofitscapitalstructureandisgivenbycapitalizingitsexpectedreturnattherateρkappropriatetoitsclass.theaveragecostofcapitaltoanyfirmiscompletelyindependentofitscapitalstructureandisequaltothecapitalizationrateofapureeq