提要：自1958年F. Modigliani與M.H.Miller（簡稱為M—M）在美國經濟評論雜誌（American Economic Review）發表文章否定傳統最適資本結構理論以來，M—M，理論一直為公司財務論爭之核心，其主要論點為：

(一)、資金平均成本與資本結構無關。

(二)、公司之市場價值與資本結構無關。

事實上，在考慮租稅及風險因素之後，M—M理論之正確性已受到懷疑，由於舉債之租稅節餘（tax-Savings），以借貸資金取代淨值融資將使資金成本下降，但舉債增加亦將伴隨風險提高。所以事實上資金成本旣非與資本結構無關，亦非隨舉債比率增加而直線下降，資金成本應隨舉債數量之增加而成U型。由於現行租稅體系對支付利息與支付股利稅務處理上之差異，使得借貸融資有利於淨值融資，因而對公司財務決策產生扭曲效果，誘引其提高負債比率，但由於舉債伴隨風險而提高，所以舉債租稅利益與風險之間有取捨（trade-off）關係存在，若在考慮個人所得稅情況下，由於對資本利得之優惠待遇，似乎使得公司依賴保留盈餘融資有利。

本文主要對租稅，財務結構與資金成本之間關係做一理論上之探討，從而建立理論模型架構。再以台灣資料實證研究財務結構與資金成本之關係及租稅對公司財務結構影響，進而對實證結果做分析及解釋。

參考書目

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