论文部分内容阅读
在1990年获得诺贝尔经济学奖的三位经济学家中,有一位是美国芝加哥大学的默顿·H·米勒教授。他的获奖,按照诺贝尔奖评奖委员会的评议,是由于他对企业财务理论作出了突出的贡献,即指他打破了传统的筹资理论,建立了新的企业筹资理论模型。筹资理论是西方财务理论体系的两大组成部分之一(另一组成部分为投资理论),其内容是研究企业的筹资活动与企业的资金成本和企业的(市场)价值之间的关系,即研究是否可以通过调节企业总资金中负债和资本(股东权益)的比重,亦即调节企业的财务结构,从而降低企业取得资金的成本,提高企业的(市场)价值。
One of the three economists who won the Nobel Prize in economics in 1990 was Professor Merton H. Miller of the University of Chicago. His award, according to the Nobel Prize Award Committee’s comments, was due to his outstanding contributions to the company’s financial theory, which means he broke the traditional fund-raising theory and established a new theoretical model for corporate financing. Fundraising theory is one of the two major components of the western financial theory system (the other component is the investment theory). Its content is to study the relationship between the company’s financing activities and the capital cost of the company and the (market) value of the company. Study whether it can adjust the proportion of debt and capital (shareholders’ equity) in the total capital of the company, that is, adjust the financial structure of the company, thereby reducing the cost of the company to obtain funds and improving the (market) value of the company.