I teoremi di Modigliani-Miller: una pietra miliare della finanza (The theorems of Modigliani-Miller: a cornerstone of finance)

Marco Pagano

Abstract


The theorems of Modigliani and Miller (MM) is a cornerstone of finance for two reasons.The first is substantial and is derived from the nature of "propositions irrelevant": they identify a case in which the financial structure and dividend policy will not affect the value of firms, and in doing so give us a clear point of reference to understand instead what circumstances these decisions affect the value of firms, and why. In fact, the whole subsequent evolution of corporate finance has explored the consequences of removing the assumptions of MM. The second reason for the importance of the fundamental theorems of MM is methodological: they have been demonstrated with a reasoning based arbitrage, which has set a precedent not only in the area of ​​corporate finance but also in that of the determination of prices of financial securities.

 

I teoremi di Modigliani e Miller (MM) sono una pietra miliare della finanza per due ragioni. 
La prima è sostanziale e deriva dalla loro natura di “proposizioni di irrilevanza”: essi individuano un caso in cui la struttura finanziaria e la politica dei dividendi non influiscono sul valore delle imprese, e così facendo ci danno un chiaro punto di riferimento per capire in quali circostanze invece queste decisioni influiscono sul valore delle imprese, e perché. In effetti, l’intera evoluzione successiva della finanza aziendale ha esplorato le conseguenze della rimozione delle ipotesi di MM. La seconda ragione dell’importanza fondamentale dei teoremi di MM è di tipo metodologico: essi sono stati dimostrati con un ragionamento basato sull’arbitraggio, il che ha stabilito un precedente non solo nel campo della finanza aziendale ma anche e soprattutto in quello della determinazione dei prezzi dei titoli finanziari.

 

 

JEL Codes: G32, G35

Keywords: struttura finanziaria; politica dei dividendi; valore delle imprese



Keyword


struttura finanziaria; politica dei dividendi; valore delle imprese

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ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009