Maximize Value of the Firm(英文版)(ppt 37页)

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Maximize Value of the Firm(英文版)内容提要：
Div & Value (M&M Theory)
Example:
Assume ABC Co. has no extra cash, but declares a $1,000 dividend. They also require $1,000 for current investment needs. Using M&M Theory, and given the following balance sheet information, show how the value of the firm is not altered when new shares are issued to pay for the dividend.
Record Date
Cash  1,000
Asset Value 5,000
Total Value 6,000
# of Shares   200
price/share   $30
Example:
Assume ABC Co. has no extra cash, but declares a $1,000 dividend. They also require $1,000 for current investment needs. Using M&M Theory, and given the following balance sheet information, show how the value of the firm is not altered when new shares are issued to pay for the dividend.

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