完美资本市场

Modigliani和Miller（1958）认为在完美资本市场中持有现金是毫无必要的。

Modigliani and Miller ( 1958 ) think that in perfect capital market holding cash is no necessary .

在完美资本市场中，企业仅会对净现值大于零的项目进行投资。

In perfect capital market , only projects with positive NPV would be invested .

本文选择国内制造业上市公司财务数据实证检验了不完美资本市场下内部现金流对公司投资需求的影响。

We choose Chinese listed manufacturing corporations ' financial data to research the relationships between the internal cash flow and companies investments .

在完美资本市场即企业内部不存在代理成本的理想世界中，公司的投资可以达到最优水平。

In a perfect capital market that the enterprise agency costs do not exist in the ideal world , companies can achieve the optimal level of investment .

但由于MM定理的假设条件过于苛刻，该理论仅适用于完美的资本市场。

However , because of the strict assumptions of Modigliani-Miller , this theory is applied only in the perfect capital market .

在他们的论文中，Modigliani和Miller（1958）提出，在完美的资本市场下，债务和权益间的选择不会对公司价值产生实质性的影响。

In a seminal study , Modigliani and Miller ( 1958 ) proved that in perfect capital markets the choice between debt and equity has no material effects on the value of the firm .