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The Modigliani–Miller theory, discussed in Chap. 5 , has a lot of limitations. One of the most important and serious assumptions of the Modigliani–Miller theory is that all financial flows as well as all companies are perpetuity. This limitation was lift out by Brusov–Filatova–Orekhova in 2008 (Filatova T et al., Bull FU 48:68–77, 2008), who have created BFO theory—modern theory of capital cost and capital structure for companies of arbitrary age (Brusov P, Journal of Reviews on Global Economics 7:i–vi, 2018a; Brusov P, Journal of Reviews on Global Economics 7:i–v, 2018b; Brusov P et al., Modern corporate finance, investments, taxation and ratings (571 p). Springer Nature Publishing. monograph, 2018a; Brusov PN et al., Modern corporate finance and investments, monograph (517 p). Knorus Publishing House, 2018b; Brusov PN et al., Journal of Reviews on Global Economics 7:37–62, 2018c; Brusov PN et al., Journal of Reviews on Global Economics 7:88–103, 2018d; Brusov PN et al., Journal of Reviews on Global Economics 7:63–87, 2018e; Brusov PN et al., Journal of Reviews on Global Economics 7:104–122, 2018f; Brusov P et al., Journal of Reviews on Global Economics 7:360–376, 2018g; Brusov PN et al., Journal of Reviews on Global Economics 8:437–446, 2019; Brusov PN et al., Journal of Reviews on Global Economics 9:257–266, 2020; Filatova T et al., Bull FU 48:68–77, 2008; Filatova TV et al., Journal of Reviews on Global Economics 7:645–661, 2018). Despite the fact that the Modigliani–Miller theory is currently a particular case of the general theory of capital cost and capital structure—Brusov–Filatova–Orekhova (BFO) theory—it is still widely used in practice.

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Modification of the Modigliani–Miller Theory for the Case of Advance Tax on Profit Payments

  • 章节

  • 发表日期：

    2025年

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  • Peter Brusov,
  • Tatiana Filatova

摘要

The Modigliani–Miller theory, discussed in Chap. 5 , has a lot of limitations. One of the most important and serious assumptions of the Modigliani–Miller theory is that all financial flows as well as all companies are perpetuity. This limitation was lift out by Brusov–Filatova–Orekhova in 2008 (Filatova T et al., Bull FU 48:68–77, 2008), who have created BFO theory—modern theory of capital cost and capital structure for companies of arbitrary age (Brusov P, Journal of Reviews on Global Economics 7:i–vi, 2018a; Brusov P, Journal of Reviews on Global Economics 7:i–v, 2018b; Brusov P et al., Modern corporate finance, investments, taxation and ratings (571 p). Springer Nature Publishing. monograph, 2018a; Brusov PN et al., Modern corporate finance and investments, monograph (517 p). Knorus Publishing House, 2018b; Brusov PN et al., Journal of Reviews on Global Economics 7:37–62, 2018c; Brusov PN et al., Journal of Reviews on Global Economics 7:88–103, 2018d; Brusov PN et al., Journal of Reviews on Global Economics 7:63–87, 2018e; Brusov PN et al., Journal of Reviews on Global Economics 7:104–122, 2018f; Brusov P et al., Journal of Reviews on Global Economics 7:360–376, 2018g; Brusov PN et al., Journal of Reviews on Global Economics 8:437–446, 2019; Brusov PN et al., Journal of Reviews on Global Economics 9:257–266, 2020; Filatova T et al., Bull FU 48:68–77, 2008; Filatova TV et al., Journal of Reviews on Global Economics 7:645–661, 2018). Despite the fact that the Modigliani–Miller theory is currently a particular case of the general theory of capital cost and capital structure—Brusov–Filatova–Orekhova (BFO) theory—it is still widely used in practice.