The Cost of Capital, Corporation Finance and the Theory of...
Transcript of The Cost of Capital, Corporation Finance and the Theory of...
![Page 1: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/1.jpg)
The Cost of Capital, Corporation Finance and the Theory of Investment
Franco Modigliani; Merton H. Miller
The American Economic Review, Vol. 48, No. 3. (Jun., 1958), pp. 261-297.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28195806%2948%3A3%3C261%3ATCOCCF%3E2.0.CO%3B2-3
The American Economic Review is currently published by American Economic Association.
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available athttp://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtainedprior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content inthe JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained athttp://www.jstor.org/journals/aea.html.
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission.
JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals. Formore information regarding JSTOR, please contact [email protected].
http://www.jstor.orgMon Mar 26 11:14:17 2007
![Page 2: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/2.jpg)
![Page 3: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/3.jpg)
![Page 4: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/4.jpg)
![Page 5: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/5.jpg)
![Page 6: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/6.jpg)
![Page 7: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/7.jpg)
![Page 8: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/8.jpg)
![Page 9: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/9.jpg)
![Page 10: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/10.jpg)
![Page 11: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/11.jpg)
![Page 12: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/12.jpg)
![Page 13: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/13.jpg)
![Page 14: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/14.jpg)
![Page 15: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/15.jpg)
![Page 16: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/16.jpg)
![Page 17: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/17.jpg)
![Page 18: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/18.jpg)
![Page 19: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/19.jpg)
![Page 20: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/20.jpg)
![Page 21: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/21.jpg)
![Page 22: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/22.jpg)
![Page 23: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/23.jpg)
![Page 24: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/24.jpg)
![Page 25: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/25.jpg)
![Page 26: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/26.jpg)
![Page 27: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/27.jpg)
![Page 28: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/28.jpg)
![Page 29: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/29.jpg)
![Page 30: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/30.jpg)
![Page 31: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/31.jpg)
![Page 32: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/32.jpg)
![Page 33: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/33.jpg)
![Page 34: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/34.jpg)
![Page 35: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/35.jpg)
![Page 36: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/36.jpg)
![Page 37: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/37.jpg)
![Page 38: The Cost of Capital, Corporation Finance and the Theory of ...lib.cufe.edu.cn/upload_files/other/3_20140507105115_01.pdf · The Cost of Capital, Corporation Finance and the Theory](https://reader030.fdocuments.net/reader030/viewer/2022020108/5a716fc47f8b9aac538cd521/html5/thumbnails/38.jpg)