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苏苏1124 · 2022年11月07日

老师不太明白B为什么错了。

NO.PZ2021091701000026

问题如下:

Which of the following is most likely to occur as a company evolves from growth stage through maturity and seeks to optimize its capital structure?

选项:

A.

The company relies on equity to finance its growth

B.

Leverage increases as the company needs more capital to support organic expansion.

C.

Leverage increases as the company is able to support more debt.

解释:

C is correct. As cash flows become more predictable, the company is able to support more debt in its capital structure; the optimal capital structure includes a higher proportion of debt. While mature companies do borrow to support growth, this would typically not occur because the company is optimizing its capital structure. Likewise, while a mature company might issue equity to finance growth, this would not be the typical approach for a company optimizing its capital structure

如题。

1 个答案
已采纳答案

王琛_品职助教 · 2022年11月08日

嗨,从没放弃的小努力你好:


1

题目问:当一个公司从「成长」期,发展到「成熟」期,并寻求优化其资本结构时,以下哪种情况最有可能发生?

2

首先,从成长期到成熟期,收入和现金流的特点是都在增加,现金流为正,稳定可预测

不同的收入支持不同的债务水平,债务多了,「好处」是利息有税盾,所以单从税盾角度考虑,是借的越多越好

但是债务也有「问题」,就是可能会增加公司的破产风险

所以会有一个平衡,就是当处在最优资本结构时,公司的 WACC 最低

3

那么因为成熟期相比与成长期,收入和现金流都增加,所以成熟期所能支持的债务水平提升了,所以达到最优资本结构时的 D/E 比例,是大于成长期的比例,所以杠杆是提升的

但是这种提升,主要是因为有更多的现金,支持了更多的债务,而不是因为要有机扩张去借更多的钱,所以选项 B 不对

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

苏苏1124 · 2022年11月09日

谢谢老师

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NO.PZ2021091701000026问题如下 Whiof the following is most likely to occur a company evolves from growth stage through maturity anseeks to optimize its capitstructure? A.The company relies on equity to finanits growthB.Leverage increases the company nee more capitto support organic expansion.C.Leverage increases the company is able to support more bt. C is correct. cash flows become more prectable, the company is able to support more in its capitstructure; the optimcapitstructure inclus a higher proportion of bt. While mature companies borrow to support growth, this woultypically not occur because the company is optimizing its capitstructure. Likewise, while a mature company might issue equity to finangrowth, this woulnot the typicapproafor a company optimizing its capitstructure 1、讲义明确写了在成长期 Equity依然是【main source】of capital,Main说明Equity占比大于bt占比,A说rely on 有什么问题呢?2、成长期尽管有能力举债,但为了最优资本结构【mnot】increase leverage,C直接说会Increases反而不够严谨吧?

2022-04-03 20:28 2 · 回答

NO.PZ2021091701000026 答案说选C,但是助教B和C都不对,到底说的是什么意思,又哪里不对了?麻烦哪位老师一下,感谢!

2022-02-20 14:29 1 · 回答

NO.PZ2021091701000026 Leverage increases the company nee more capitto support organic expansion. Leverage increases the company is able to support more bt. C is correct. cash flows become more prectable, the company is able to support more in its capitstructure; the optimcapitstructure inclus a higher proportion of bt. While mature companies borrow to support growth, this woultypically not occur because the company is optimizing its capitstructure. Likewise, while a mature company might issue equity to finangrowth, this woulnot the typicapproafor a company optimizing its capitstructure 答案B也是通过债来支持扩张,和C有啥区别

2021-10-24 09:37 2 · 回答