Modigliani Miller Approach (M&M Approach)

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 Modigliani Miller Approach (M&M Approach) ek vittiya siddhant hai jo company ki capital structure aur uske market value ke beech ka sambandh samjhata hai. Yah siddhant 1958 mein Franco Modigliani aur Merton Miller dwara prastut kiya gaya tha.


M&M Approach Ke Mool Tatva ; 


1. Capital Structure : Company ki capital structure ka artha hai ki company ne apne vittiya sansthanon ko kis tarah se sanrachit kiya hai.

2. Market Value : Company ke market value ka artha hai ki company ke share ki keemat kya hai.

3. Risk-Free Rate : Risk-free rate ka artha hai ki wah bhaar dar jo company ko apne nivesh par prapt hota hai.

4. Cost of Capital : Cost of capital ka artha hai ki wah kharcha jo company ko apne nivesh par dena padta hai.


M&M Approach Ke Prakaar ; 


1. Proposition I : M&M Approach ka pehla prastav yah hai ki company ki capital structure ka koi asar uske market value par nahin padta hai.

2. Proposition II : M&M Approach ka dusra prastav yah hai ki company ki capital structure ka asar uske cost of capital par padta hai.


M&M Approach Ke Labh ; 


1. Capital Structure Ka Sudhar : M&M Approach company ki capital structure ko sudharne mein madad karta hai.

2. Market Value Ka Vriddhi : M&M Approach company ke market value ko badhava dene mein madad karta hai.

3. Cost of Capital Ka Sudhar : M&M Approach company ke cost of capital ko sudharne mein madad karta hai.


M&M Approach Ke Simitiyan ; 


1. Vishayvad : M&M Approach vishayvad par aadharit hai, jiske kaaran yah vibhinn sthitiyon mein alag-alag parinaam de sakta hai.

2. Anumaan : M&M Approach anumaan par aadharit hai, jiske kaaran yah vibhinn sthitiyon mein alag-alag parinaam de sakta hai.

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