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1、RTheJournalofFinanceRaghuramG.RajanPresidentoftheAmericanFinanceAssociation2011THEJOURNALOFFINANCE•VOL.LXVII,NO.4•AUGUST2012PresidentialAddress:TheCorporationinFinanceRAGHURAMG.RAJAN∗ABSTRACTToproducesignificantnetpresentvalue,anentrepreneurhastodifferentiateherenterprisefro
2、mtheordinary.Totakecollaboratorswithher,sheneedstohavesubstantialownership,andthusfinancing.Butitishardtoraisefinanceagainstdifferentiatedassets.Soanentrepreneurhastocommittoundertakeasecondtransformation,standardization,thatwillmakethehumancapitalinthefirm,includingherown,repl
3、aceable,sothatoutsidefinanciersobtaincontrolrightsthatwillallowthemtoberepaid.Avibrantstockmarkethelpstheentrepreneurcommittothesetwotransformations.Thenatureoffirmsandfinancingareintimatelylinked.ONEOFTHECORNERSTONESofmoderncorporatefinanceistheModigliani–MillerTheorem,whichess
4、entiallysaysthat,inaworldwhereinvestorscanborrowandlendaseasilyascorporations,thevalueofafirmisdeterminedbythepresentdiscountedvalueofitsexpectedcashflows,andnotbyhowthesecashflowsareallocatedtovariousclaimholders.Afirm’scapitalstructureisthereforeirrelevanttoitsvalue,ortakenlit
5、erally,muchofwhatcorporatefinancespendsitstimeonisofsecond-orderimportance.CorporatefinanceresearchershavespenttheyearssinceModiglianiandMiller(1958)tryingtoprovethevalueoftheirfieldbychallengingoneas-sumptionafteranotherofthenear-perfectworldthatModiglianiandMillerpostulate.Mo
6、diglianiandMillerthemselvesacknowledgethetaxdeductabilityofinterest,whichwouldimplythatfirmvalueshouldincreasewithleverage.SeminalcontributionsbyJensenandMeckling(1976)andMyers(1977)showthatcapitalstructurechoicesaffectthefirm’sinvestmentdecisions.Thesecon-tributionshavebeenfo
7、llowedbyMyersandMajluf(1984),whosuggestthatinformationasymmetriesbetweenmanagementandinvestorsalsoinfluencethechoiceofsecuritiesthatareissued,andhencecorporateinvestment,andbyJensen(1986),whoproposesthatdebtdisciplinesmanagerialwaste.Corpo-ratefinancehasthusrespondedwelltothec
8、hallengeposedbyModiglianiand∗RajaniswiththeUniversityofChicagoBoothSchoolof
