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- 2011-7-11
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- 2014-7-8
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Youre close, but a little off i think...
No taxes
MMI - capital structure is irrelevant
MMII - capital structure is irrelevant. Adding more debt (cheaper financing) will increase the cost of equity, and there will be no change to WACC
Taxes
MMI - If there are taxes, firm value is maximized at 100% debt
MMII - if there are taxes, WACC is minimized at 100% Debt
There is then also the static trade off theory |
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发表于 2011-7-13 15:25
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