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LHY · 2023年04月26日

The company’s marginal tax rate must be estimated instead of average or effective tax rate.

NO.PZ2022101402000002

问题如下:

Which of the following is not the reason that determines a company’s WACC is a challenging task?

选项:

A.

Different methods can be used to calculate the costs of different capital

B.

Assumptions of the current capital structure.

C.

The company’s marginal tax rate must be estimated instead of average or effective tax rate.

解释:

B is correct.

Assumptions are needed regarding long-term target capital structure, which might or might not be the current capital structure.

The company’s marginal tax rate must be estimated instead of average or effective tax rate.

这个背后的道理是什么?

1 个答案

王琛_品职助教 · 2023年04月27日

嗨,爱思考的PZer你好:


1

重点是使用「边际」,而不是「平均」或「有效」

不光是税率使用边际,WACC 公式中的各项资本成本,也是要使用边际的概念

因为 WACC 衡量的是,「当前」融资所承担的成本

2

关于选项 C,我之前刚好总结过,请同学先参考一下:https://class.pzacademy.com/qa/121733

如果还有疑问,可以追问或者评论,我再回答同学的后续疑问哈

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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