{"id":8243,"date":"2023-11-30T04:25:10","date_gmt":"2023-11-30T04:25:10","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-cua-modigliani-va-miller-modigliani-miller-theorem-mm-la-gi.html"},"modified":"2023-12-21T14:17:04","modified_gmt":"2023-12-21T07:17:04","slug":"li-thuyet-cua-modigliani-va-miller-modigliani-miller-theorem-mm-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-cua-modigliani-va-miller-modigliani-miller-theorem-mm-la-gi.html","title":{"rendered":"L\u00ed thuy\u1ebft c\u1ee7a Modigliani v\u00e0 Miller (Modigliani-Miller theorem – M&M) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: investopedia)<\/p>\n<\/figcaption><\/figure>\n

L\u00ed thuy\u1ebft\u00a0cu\u0309a Modigliani va\u0300 Miller (M&M)<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

L\u00ed thuy\u1ebft c\u1ee7a Modigliani v\u00e0 Miller<\/b> trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Modigliani-Miller theorem – M&M.<\/b><\/p>\n

L\u00ed thuy\u1ebft<\/span> cu\u0309a Modigliani va\u0300 Miller <\/b>(1958) la\u0300 l\u00ed thuy\u1ebft<\/span> \u0111\u00e2\u0300u tie\u0302n nghie\u0302n c\u01b0\u0301u v\u00ea\u0300 c\u00e2\u0301u tru\u0301c v\u00f4\u0301n cu\u0309a doanh nghi\u1eb9\u0302p va\u0300 \u0111a\u0302y cu\u0303ng la\u0300 n\u00ea\u0300n ta\u0309ng co\u031b s\u01a1\u0309 \u0111\u00ea\u0309 ca\u0301c l\u00ed thuy\u1ebft<\/span> sau na\u0300y ra \u0111\u01a1\u0300i.\u00a0<\/p>\n

L\u00ed thuy\u1ebft c\u1ee7a Modigliani v\u00e0 Miller<\/b> cho r\u0103\u0300ng trong m\u1ecd\u0302t thi\u0323 tru\u031b\u01a1\u0300ng hoa\u0300n ha\u0309o, co\u031b c\u00e2\u0301u v\u00f4\u0301n kho\u0302ng a\u0309nh hu\u031b\u01a1\u0309ng \u0111\u00ea\u0301n gia\u0301 tri\u0323 doanh nghi\u1eb9\u0302p.<\/p>\n

C\u00e1c m\u1ec7nh \u0111\u1ec1<\/font><\/h3>\n

Theo nhu\u031b m\u1eb9\u0302nh \u0111\u00ea\u0300 Modigliani va\u0300 Miller 1, <\/b>trong m\u1ecd\u0302t thi\u0323 tru\u031b\u01a1\u0300ng ca\u0323nh tranh hoa\u0300n ha\u0309o, t\u00e2\u0301t ca\u0309 ca\u0301c k\u00ea\u0301t h\u01a1\u0323p gi\u01b0\u0303a v\u00f4\u0301n chu\u0309 s\u01a1\u0309 h\u01b0\u0303u va\u0300 n\u01a1\u0323 pha\u0309i tra\u0309 la\u0300 nhu\u031b nhau. Hay no\u0301i ca\u0301ch kha\u0301c, gia\u0301 tri\u0323 cu\u0309a m\u1ecd\u0302t doanh nghi\u1eb9\u0302p kho\u0302ng phu\u0323 thu\u1ecd\u0302c va\u0300o lu\u031b\u01a1\u0323ng c\u00f4\u0309 ph\u00e2\u0300n \u0111u\u031b\u01a1\u0323c pha\u0301t ha\u0300nh ma\u0300 chi\u0309 phu\u0323 thu\u1ecd\u0302c va\u0300o lu\u031b\u01a1\u0323ng ta\u0300i sa\u0309n cu\u0309a doanh nghi\u1eb9\u0302p \u0111o\u0301.\u00a0<\/p>\n

Cu\u0303ng co\u0301 th\u00ea\u0309 hi\u00ea\u0309u m\u1eb9\u0302nh \u0111\u00ea\u0300 Modigliani va\u0300 Miller 1 theo hu\u031b\u01a1\u0301ng \u0111o\u0301 la\u0300 b\u00e2\u0301t k\u00ec l\u01b0\u0323a cho\u0323n ta\u0300i chi\u0301nh nhu\u031b th\u00ea\u0301 na\u0300o, du\u0300 la\u0300 s\u01b0\u0309 du\u0323ng v\u00f4\u0301n chu\u0309 s\u01a1\u0309 h\u01b0\u0303u hay l\u01b0\u0323a cho\u0323n n\u01a1\u0323 ng\u0103\u0301n ha\u0323n ho\u1ea1\u0306c da\u0300i ha\u0323n thi\u0300 gia\u0301 tri\u0323 cu\u0309a doanh nghi\u1eb9\u0302p la\u0300 kho\u0302ng thay \u0111\u00f4\u0309i (Brealey va\u0300 ca\u0301c c\u1ecd\u0302ng s\u01b0\u0323, 1984).<\/p>\n

Cu\u0323 th\u00ea\u0309 ho\u031bn, theo nhu\u031b Myers (1984), ba\u0309ng ca\u0302n \u0111\u00f4\u0301i k\u00ea\u0301 toa\u0301n cu\u0309a m\u1ecd\u0302t doanh nghi\u1eb9\u0302p du\u0300ng \u0111\u00ea\u0309 gia\u0309 thi\u0301ch chi ti\u00ea\u0301t m\u1eb9\u0302nh \u0111\u00ea\u0300 Modigliani va\u0300 Miller 1. D\u01b0\u0323a va\u0300o ba\u0309ng d\u01b0\u1edbi \u0111\u00e2y ta th\u00e2\u0301y, gia\u0301 tri\u0323 cu\u0309a doanh nghi\u1eb9\u0302p la\u0300 kho\u0302ng thay \u0111\u00f4\u0309i cho du\u0300 co\u0301 s\u01b0\u0323 thay \u0111\u00f4\u0309i t\u1ec9 l\u1eb9\u0302 gi\u01b0\u0303a n\u01a1\u0323 va\u0300 v\u00f4\u0301n chu\u0309 s\u01a1\u0309 h\u01b0\u0303u.\u00a0<\/p>\n

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B\u1ea3ng c\u00e2n \u0111\u1ed1i trong m\u1ec7nh \u0111\u1ec1 Modigliani v\u00e0 Miller 1<\/p>\n<\/figcaption><\/figure>\n

Trong tru\u031b\u01a1\u0300ng h\u01a1\u0323p na\u0300y, ca\u0301c nha\u0302n t\u00f4\u0301 co\u0301 th\u00ea\u0309 a\u0309nh hu\u031b\u01a1\u0309ng \u0111\u00ea\u0301n gia\u0301 tri\u0323 doanh nghi\u1eb9\u0302p chi\u0309 \u0111\u00ea\u0301n t\u01b0\u0300 nh\u01b0\u0303ng nha\u0302n t\u00f4\u0301 phi\u0301a be\u0302n tra\u0301i cu\u0309a ba\u0309ng ca\u0302n \u0111\u00f4\u0301i. Chi\u0301nh vi\u0300 th\u00ea\u0301, gia\u0301 tri\u0323 cu\u0309a ta\u0300i sa\u0309n va\u0300 ca\u0301c co\u031b h\u1ecd\u0302i pha\u0301t tri\u00ea\u0309n la\u0300 kho\u0302ng \u0111\u00f4\u0309i.\u00a0<\/p>\n

Ngu\u031b\u01a1\u0323c la\u0323i, n\u00ea\u0301u nhu\u031b ca\u0301c co\u031b h\u1ecd\u0302i pha\u0301t tri\u00ea\u0309n cu\u0309a co\u0302ng ty thay \u0111\u00f4\u0309i, v\u00f4\u0301n lu\u031bu \u0111\u1ecd\u0302ng se\u0303 bi\u0323 a\u0309nh hu\u031b\u01a1\u0309ng, d\u00e2\u0303n \u0111\u00ea\u0301n s\u01b0\u0323 thay \u0111\u00f4\u0309i trong vi\u1eb9\u0302c \u0111i\u0323nh gia\u0301 doanh nghi\u1eb9\u0302p. B\u01a1\u0309i v\u1ea1\u0302y, m\u1ecd\u0302t gia\u0309 thi\u00ea\u0301t quan tro\u0323ng trong m\u1eb9\u0302nh \u0111\u00ea\u0300 Modigliani va\u0300 Miller 1 \u0111o\u0301 chi\u0301nh la\u0300 s\u01b0\u0323 kho\u0302ng thay \u0111\u00f4\u0309i cu\u0309a ca\u0301c nha\u0302n t\u00f4\u0301 n\u0103\u0300m phi\u0301a be\u0302n tra\u0301i cu\u0309a ba\u0309ng ca\u0302n \u0111\u00f4\u0301i.\u00a0<\/p>\n

Theo nhu\u031b Wald (1999), trong m\u1eb9\u0302nh \u0111\u00ea\u0300 na\u0300y, doanh nghi\u1eb9\u0302p co\u0301 th\u00ea\u0309 s\u01b0\u0309 du\u0323ng ca\u0301c ngu\u00f4\u0300n v\u00f4\u0301n ma\u0300 kho\u0302ng pha\u0309i quan ta\u0302m ngu\u00f4\u0300n v\u00f4\u0301n \u0111o\u0301 \u0111\u00ea\u0301n t\u01b0\u0300 n\u01a1\u0323 hay v\u00f4\u0301n chu\u0309 s\u01a1\u0309 h\u01b0\u0303u.<\/p>\n

Be\u0302n ca\u0323nh \u0111o\u0301, m\u1eb9\u0302nh \u0111\u00ea\u0300 Modigliani va\u0300 Miller 2<\/b> la\u0300 s\u01b0\u0323 pha\u0301t tri\u00ea\u0309n t\u01b0\u0300 m\u1eb9\u0302nh \u0111\u00ea\u0300 s\u00f4\u0301 1, \u0111a\u0303 minh ch\u01b0\u0301ng r\u0103\u0300ng\u00a0chi phi\u0301 v\u00f4\u0301n bi\u0300nh qua\u0302n gia quy\u00ea\u0300n (WACC)\u00a0se\u0303 la\u0300 kho\u0302ng \u0111\u00f4\u0309i ngay ca\u0309 khi co\u0302ng ty thay \u0111\u00f4\u0309i c\u00e2\u0301u tru\u0301c v\u00f4\u0301n cu\u0309a ho\u0323.\u00a0<\/p>\n

Trong tru\u031b\u01a1\u0300ng h\u01a1\u0323p na\u0300y, ca\u0301c ca\u0301 nha\u0302n va\u0300 doanh nghi\u1eb9\u0302p \u0111\u00ea\u0300u \u0111u\u031b\u01a1\u0323c hu\u031b\u01a1\u0309ng m\u1ecd\u0302t la\u0303i su\u00e2\u0301t vay chung tre\u0302n thi\u0323 tru\u031b\u01a1\u0300ng. Be\u0302n ca\u0323nh \u0111o\u0301, l\u01a1\u0323i i\u0301ch t\u01b0\u0300 la\u0301 ch\u0103\u0301n thu\u00ea\u0301 cu\u0303ng bi\u0323 loa\u0323i bo\u0309 trong l\u00ed thuy\u1ebft<\/span> na\u0300y.<\/p>\n

No\u0301i to\u0301m la\u0323i,<\/b> ca\u0309 2 m\u1eb9\u0302nh \u0111\u00ea\u0300 Modigliani va\u0300 Miller \u0111\u00ea\u0300u gia\u0309 \u0111i\u0323nh r\u0103\u0300ng, thi\u0323 tru\u031b\u01a1\u0300ng v\u00f4\u0301n la\u0300 ca\u0323nh tranh hoa\u0300n ha\u0309o, kho\u0302ng co\u0301 s\u01b0\u0323 t\u00f4\u0300n ta\u0323i cu\u0309a thu\u00ea\u0301, kho\u0302ng co\u0301 chi phi\u0301 giao di\u0323ch cu\u0303ng nhu\u031b kho\u0302ng co\u0301 chi phi\u0301 pha\u0301 sa\u0309n.\u00a0<\/p>\n

\u0110a\u0302y la\u0300 m\u1ecd\u0302t \u0111i\u00ea\u0300u r\u00e2\u0301t phi th\u01b0\u0323c t\u00ea\u0301. Tuy nhie\u0302n, 2 m\u1eb9\u0302nh \u0111\u00ea\u0300 cu\u0309a Modigliani va\u0300 Miller cu\u0303ng ta\u0323o ne\u0302n nh\u01b0\u0303ng ti\u00ea\u0300n \u0111\u00ea\u0300 pha\u0301t tri\u00ea\u0309n ca\u0301c l\u00ed thuy\u1ebft<\/span> v\u00ea\u0300 c\u00e2\u0301u tru\u0301c v\u00f4\u0301n cu\u0309a doanh nghi\u1eb9\u0302p sau na\u0300y.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: T\u00e0i li\u1ec7u Ca\u0301c nha\u0302n t\u00f4\u0301 a\u0309nh hu\u031b\u01a1\u0309ng \u0111\u00ea\u0301n c\u00e2\u0301u tru\u0301c v\u00f4\u0301n ca\u0301c doanh nghi\u1eb9\u0302p nie\u0302m y\u00ea\u0301t tre\u0302n thi\u0323 tru\u031b\u01a1\u0300ng ch\u01b0\u0301ng khoa\u0301n Vi\u1eb9\u0302t Nam, \u0110\u1ea1i h\u1ecdc H\u00e0ng h\u1ea3i Vi\u1ec7t Nam)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n L\u00ed thuy\u1ebft c\u1ee7a Modigliani v\u00e0 Miller (ti\u1ebfng Anh: Modigliani-Miller theorem – M&M) l\u00e0 l\u00ed thuy\u1ebft \u0111\u1ea7u ti\u00ean nghi\u00ean c\u1ee9u v\u1ec1 c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a doanh nghi\u1ec7p v\u00e0 \u0111\u00e2y c\u0169ng l\u00e0 n\u1ec1n t\u1ea3ng c\u01a1 s\u1edf \u0111\u1ec3 c\u00e1c l\u00ed thuy\u1ebft sau n\u00e0y ra \u0111\u1eddi.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8243"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=8243"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8243\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=8243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=8243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=8243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}