摘要
莫迪利亚尼和米勒 (MM) 1 958年首次用类似套利过程的模型论证了他们有关资本结构理论 (MM58模型 ) ,但是目前绝大多数财务管理教科书并没有充分、正确地解释套利的最基本要求 ,即当投资转移时 ,必须在相应时期内保持相同的收益和风险水平。因此本文将在分析MM58套利论证不足的基础上 ,重新考虑套利论证的有关公式 。
The process akin to arbitrage was first suggested in 1958 by Modigliani & Miller to demonstrate their theory of capital structure (MM58 Model). However, most current finance text books do not explain fully or correctly the essential arbitrage requirement: the same level of return and risk has to be maintained in relative terms when investments are switched. Based on the analysis of the deficiencies of MM58 arbitrage demonstration, this paper reconsiders the alternative formulations of arbitraging and redesigns the arbitrage demonstrating model which accords with the essential requirement of arbitraging.
出处
《复旦学报（社会科学版）》
CSSCI
北大核心
2000年第4期113-117,共5页
Fudan Journal（Social Sciences）
