期刊刊名：德明學報 　 卷期：36卷2期

篇名出版日期：2012年12月1日

作者：劉任昌,宋淑筠,殷向真,Jen-chang Liu,Shu-yun Song,Hsiang-chen Yin

語言：English

關鍵字：payout policy, perfect market, liquidity,股利政策,完美市場,流動性

被點閱次數：3次

閱讀時間：55sec

摘要：
Both Modigliani and Miller are winners of the Nobel Prize in Economics for their dividend irrelevance theorem and other contributions. DeAngelo and DeAngelo published a series of papers in well know journals and argue that MM’s irrelevance is wrong. In this study, point out that MM’s argument is perfectly right in the framework of a perfect economy. We also try to set up a basic model to illustrate the payout decision, capital investment policy, liquidity investment policy and financing policy of a firm. We show that MM’s irrelevance theorem is a special case of this paper’s model. The assumption of a perfect market automatically implies that a firm pays out all of its free cash flows. DeAngelo and DeAngelo overreact to this result.

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