A Further Study Based on M&M Theorem:Does Circulation Right Segmentation Affect Corporate Value?
基于中国股市的股票分割现象，检验流通权分割结构是否影响公司价值，发现公司价值与分割结构无关，从而扩展了MM定理。
Based on the phenomenon of stock segmentation in China's stock market,this paper raises a question whether the structure of circulation right segmentation would affect corporate value or not.Based on a series of hypotheses of MM TheoremⅠ,the paper proves that corporation value is irrelevant to the structure of circulation right segmentation,so MM TheoremⅠis enlarged to circulation right segmentation as well as MM TheoremⅡ.The paper thinks that the previous conclusion on the liquidity effect of assets pricing is perfectly consistent with the conclusion in this paper.The paper also discusses stock segmentation as well as its reform with the new framework.Furthermore,the paper puts forward a four-dimensional model of corporate value to explain the mechanism for stock segmentation to affect the pricing problem in the stock market in China very well.