jay1180 · 2022年10月28日
NO.PZ2021091701000032
问题如下：
Which of the following is least likely to be true with respect to optimal capital
structure?
选项：
A.The optimal capital structure minimizes WACC.
The optimal capital structure is generally close to the target capital
structure
Debt can be a significant portion of the optimal capital structure because of
the tax-deductibility of interest.
解释：
B is correct. A company’s optimal and target capital structures may be very
different from one another.
RT
王琛_品职助教 · 2022年10月30日
嗨，从没放弃的小努力你好：
1
这道题是资本结构章节课后题第 13 题
选项 A 说当资本结构达到最优资本结构的时候，此时 WACC 是最小的
这个是最优资本结构的特点哈，WACC 最小，公司价值最大
2
关于公司价值最大，可以参考原版书 P55 图示中的绿线
达到最优资本结构时，对应的公司价值的纵向最高，所以此时价值最大
从现金流折现角度考虑，公司价值最大，则作为折现率的 WACC 最小
所以选项 A 的说法是正确的，因为题目要选最「不」正确的，所以不选 A 哈
----------------------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2021091701000032 问题如下 Whiof the following is least likely to true with respeto optimcapitstructure? A.The optimcapitstructure minimizes WAC B.The optimcapitstructure is generally close to the target capitstructure C.ca significant portion of the optimcapitstructure because of the tax-ctibility of interest. B is correct. A company’s optimantarget capitstructures mvery fferent from one another. 我记得老师说，实际上最优资本结构和目标资本结构应该是相等的。B错的原因是目标应该向最优靠近，而不是最优向目标靠近吗？
NO.PZ2021091701000032问题如下 Whiof the following is least likely to true with respeto optimcapitstructure? A.The optimcapitstructure minimizes WACC.B.The optimcapitstructure is generally close to the target capitstructureC.ca significant portion of the optimcapitstructure because of the tax-ctibility of interest. B is correct. A company’s optimantarget capitstructures mvery fferent from one another. 请一下C。。。
NO.PZ2021091701000032问题如下 Whiof the following is least likely to true with respeto optimcapitstructure? A.The optimcapitstructure minimizes WAC B.The optimcapitstructure is generally close to the target capitstructure C.ca significant portion of the optimcapitstructure because of the tax-ctibility of interest. B is correct. A company’s optimantarget capitstructures mvery fferent from one another. 可以下C吗？后半句没明白。他的意思是抵税可以使得企业价值上升？PPT 125页找到一句话the value enhancing effefrom tctibility of interest must compareagainst the value-recing impaof the cost of financistress.也没明白。
NO.PZ2021091701000032 The optimcapitstructure is generally close to the target capitstructure ca significant portion of the optimcapitstructure because of the tax-ctibility of interest. B is correct. A company’s optimantarget capitstructures mvery fferent from one another. 如题。。。。。。。。
