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摇一摇 · 2023年06月30日

明明equity的融资成本更高啊,debt的融资成本更低

NO.PZ2021091701000023

问题如下:

Which of these statements is most accurate with respect to the use of debt by a start-up fashion retailer with negative cash flow and uncertain revenue prospects?

选项:

A.

Debt financing will be unavailable or very costly.

B.

The company will prefer to use equity rather than debt given its uncertain cash flow outlook.

C.

Both A and B.

解释:

C is correct. For a start-up company of this nature, debt financing is likely to be unattractive to lenders—and therefore very expensive or difficult to obtain. Debt financing is also unappealing to the company, because it commits the company to interest and principal payments that might be difficult to manage given its uncertain cash flow outlook.

为什么debt是very costly?


1 个答案

王琛_品职助教 · 2023年07月03日

嗨,爱思考的PZer你好:


1

这道题的考点是公司的生命周期

公司处在不同的生命周期,营收、现金流和商业风险是不同的,所以融资难度、成本、方式和杠杆结构也有不同的特点

2

这道题的关键词是初创企业 start-up company,所以根据其特点,决定了融资方式的选择

具体的解题思路,以及选项 A 中的 very costly 的解释,我之前刚好总结过,请同学先参考一下:https://class.pzacademy.com/qa/119150

如果同学还有疑问,可以追问或者评论,我再回答同学的后续疑问

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虽然现在很辛苦,但努力过的感觉真的很好,加油!