projection risk是什么意思？

问题如下：

Cheryl Xin, sole shareholder and CEO of Fyt for Life, Inc. (FLI). Dev Khan, a private equity analyst, is assessing the purchase of FLI. Dev Khan is considering which discount rate to use to value FLI. While Xin explored various sources of debt financing to operate FLI with a lower overall cost of capital, FLI operated with little debt. Dev Khan notes that the WACC using an optimal capital structure is lower than the WACC using FLI’s existing capital structure. Which statement best describes the acquisition complication that this difference creates for the private equity firm?

选项：

A.

FLI’s existing capital structure consists of more debt than is optimal, and so its cost of debt is currently higher than it should be. As a result, the acquisition will need to include a plan to pay off some of FLI’s existing debt

B.

If the private equity firm calculates an acquisition price for FLI from the lower WACC, it will pay a higher price. As a result, value is transferred from the private equity buyer to FLI for a change to the company’s capital structure after the acquisition

C.

The higher WACC is an outcome of higher projection risk due to non-optimal capital structure. The private equity buyer had to adjust the cost of capital higher to reflect this added risk

解释：

B is correct. The buyer may need to base its acquisition price on future changes, resulting in a more efficiently run business. In doing so, it pays the seller for changes to the company not made by the seller, but instead those which the buyer expects to make after the transaction.

A incorrectly states that FLI’s debt ratio was above the optimal capital structure.

C incorrectly refers to projection risk as the source of the higher WACC.