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Chinazdk · 2024年01月15日

b 为什么不对呢

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090507000014

问题如下：

MM Proposition II without taxes differs from MM Proposition I without taxes since it concludes that:

选项：

A.

WACC is unaffected by capital structure.

B.

the value of the levered firm is equal to that of the unlevered firm.

C.

higher leverage raises the cost of equity, which exactly offsets the lower cost of debt.

解释：

C is correct.

MM Proposition II without taxes differs from MM Proposition I without taxes in that the cost of equity will rise with leverage and completely offset the lower cost of debt. Debt has a lower cost relative to equity because debtholders have a priority claim on the cash flow of the firm. So, one would expect WACC to decline with more debt. MM Proposition II without taxes argues that the cost of equity is a linear function of the debt-to-equity ratio. The addition of more low-cost debt to the capital structure will increase the debt-to-equity ratio and raise the cost of equity, offsetting the lower debt cost. As a result, the firm’s WACC is unchanged.

同标题 b 为什么不对呢

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2 个答案

王琛_品职助教 · 2024年04月16日

嗨，从没放弃的小努力你好：


@Weike 

辅导书里面没有MM1 和2的对比，只有一个MM讲的是MM2 的内容，哪里有提到MM1 

1

同学好，请问你说的【辅导书】，指的具体是什么资料呢？

2

原版书中，有明确介绍 MM Proposition I 呀

请参考原版书 P315

以及原版书 P318

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王琛_品职助教 · 2024年01月16日

嗨，爱思考的PZer你好：


1

题目问：在无税的前提下，MM 推论 2 与 推论 1 不同，其结论是什么？

推论 1 研究的是企业价值

推论 2 研究的是资本成本 cost of equity

所以选 C

2

不选 B，是因为其讨论的主题，并不是资本成本 cost of equity，而是企业价值 VL = VU

这是推论 1 的结论，并不是推论 2 的结论哈

也请参考基础班讲义墨迹版 P346

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Weike · 2024年04月15日

辅导书里面没有MM1 和2的对比，只有一个MM讲的是MM2 的内容，哪里有提到MM1

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