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_ Steven _ · 2023年08月10日

WACC应该下降啊

NO.PZ2021091701000029

问题如下:

The current weighted average cost of capital (WACC) for Van der Welde is 10%. The company announced a debt offering that raises the WACC to 13%. The most likely conclusion is that for Van der Welde:

选项:

A.

the company’s prospects are improving.

B.

equity financing is cheaper than debt financing

C.

the company’s debt/equity has moved beyond the optimal range.

解释:

C is correct. If the company’s WACC increases as a result of taking on additional debt, the company has moved beyond the optimal capital range. The costs of financial distress may outweigh any tax benefits to the use of debt.

根据WACC的公式WACC=WdRd(1-t)+WeRe,题中说公司新发了债权导致WACC上升至13%,同时随着Wd的上升,We应该随之下降。根据尝试股权投资要求收益率是高于债权的,也即Re>Rd,所以随着债权的权重升高,股权的权重降低,WACC应该随着降低才对。但是题中说了WACC上升了3%,所以这家公司的Rd是应该大于Re的才会导致这个结果。不知道我的这个逻辑错在哪里?也即B选项错在哪里?

1 个答案
已采纳答案

王琛_品职助教 · 2023年08月11日

嗨,从没放弃的小努力你好:


1)根据WACC的公式WACC=WdRd(1-t)+WeRe,题中说公司新发了债权导致WACC上升至13%,同时随着Wd的上升,We应该随之下降。根据尝试股权投资要求收益率是高于债权的,也即Re>Rd,所以随着债权的权重升高,股权的权重降低

同学好,这部分分析都是正确的

因为关注的对象,其实是股和债的权重 we, wd

发债,确实是会导致 wd 上升,we 下降

2)WACC应该随着降低才对

但是从之前对 we, wd 的分析,是怎么推导出 wacc 应该随着降低呢?

我猜同学的意思是说,re 大,但是权重降低了;rd 小,权重又提升了

所以对总的资本成本 WACC 的影响是降低

3)但是题中说了WACC上升了3%,所以这家公司的Rd是应该大于Re的才会导致这个结果。

如果同学是按照之前的分析,那么同学忽略了一个细节

就是如果发债,wd 增加,虽然 re 大于 rd 的结果不变

但是 re 和 rd 可都是会增加的哦

换句话说,公司增加负债,无论是债权人还是股东,对公司的资本成本(或者说要求回报率)也都是要增加的

这个也很好理解,比如你的朋友要买房凑首付,然后问你借钱

如果他就问你一个人借钱;和他已经问了 10 个人借钱,然后再问你借钱

我相信你给他借钱时,你心中隐含的他是否能还钱、还钱时是否会多付一些利息、利息的多少,都是不一样的

背后的原理,就是新发债时,本身的负债水平是多少,是会影响债权人对资本成本或者说要求回报率的

4)不知道我的这个逻辑错在哪里?也即B选项错在哪里?

因为股东的求偿顺序排在债权人之后,且承担的风险高于债权人,所以一般情况下,股权的融资成本是不会低于债权的融资成本哈

5)

最后,其实这道题的考点,其实并不是 WACC 的公式,而是 Static Trade-Off Theory

解题思路,也请参考:https://class.pzacademy.com/qa/110645

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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