NO.PZ2021091701000038
问题如下：
Other factors being equal, in which of the following situations are debt–equity
conflicts likely to increase?
选项：
A.Financial leverage is low.
The company’s debt is secured.
The company’s debt is long-term.
解释：
C is correct. Long-term debt is more exposed than short-term debt to the risk
of a management decision that is not debtholder-friendly. Secured debt is less
exposed than unsecured debt to such a risk, and with low leverage, the risk of
debt–equity conflict is reduced, not increased, relative to high leverage.
A选项，leverage低，站在债权人角度是安全性提高；但是站在股东角度是不利的，因为没有充分利用杠杆。
debt–equity conflicts 如果从股东的角度来解读，leverage低矛盾就增加。
是约定俗成从债权人角度解读吗？
