基于MM定理的深化扩展研究——流通权分割影响公司价值吗  

A Further Study Based on M&M Theorem:Does Circulation Right Segmentation Affect Corporate Value?

作　　者：李庆峰[1,2] 

机构地区：[1]华南师范大学经济与管理学院 [2]华南市场经济研究中心,广东省广州市510006

出　　处：《金融研究》2008年第12期113-125,共13页Journal of Financial Research

基　　金：广东省自然科学基金博士科研启动项目"广东省股权分置改革研究:对价基础与绩效评测"(项目批准号06300829)的研究成果组成部分。

摘　　要：以我国的股权分置为原型,本文抽象出流通权分割结构是否影响公司价值的问题。以MM定理Ⅰ的假设为基础,运用投资组合复制法论证了企业价值与流通权分割结构无关。本文同时研究扩充了MM定理Ⅱ。同时认为,资产定价的流动性效应和本文的研究结论本质上是一致的,并应用这一最新的理论框架分析了我国的股份分置及改革问题。进一步讲,本文提出的公司价值四维模型很好地回答了股权分置对股市定价问题的影响机理。Based on the phenomenon of stock segmentation in China＇s stock market, this paper raises a question whether the structure of circulation right segmentation would affect corporate value or not. Based on a series of hypotheses of M＆M Theorem I , the paper proves that corporation value is irrelevant to the structure of circulation right segmentation, so M＆M Theorem Ⅰ is enlarged to circulation right segmentation as well as M＆M Theorem Ⅱ. The paper thinks that the previous conclusion on the liquidity effect of assets pricing is perfectly consist- ent with the conclusion in this paper. The paper also discusses stock segmentation as well as its reform with the new framework. Furthermore, the paper puts forward a four-dimensional model of corporate value to explain the mechanism for stock segmentation to affect the pricing problem in the stock market in China very well.

关 键 词：MM定理 流通权分割 股权分置 公司价值 流动性效应 

分 类 号：F271[经济管理—企业管理] F224[经济管理—国民经济]