NO.PZ2023040402000043
问题如下：
Michael is a junior analyst researching two companies that are in the same industry but headquartered, and seeking to raise capital, in different countries. Michael gathers the following information.
Which features most likely justify that company B has a lower cost of capital?
选项：
A.Financial leverage and proportion of liquid assets
Legal systems and revenue concetration
Business model and debt features
解释：
A is incorrect. Company A with highly liquid assets, such as cash and marketable securities, are likely to have access to lower cost capital.
B is incorrect. Countries with common law–based legal systems tend to be more mature, so it offers greater investor protections, leading to lower costs of capital for company A.
C is correct.
Company B has subscription-based, recurring revenue that leads to fairly stable earnings and cash flow streams, resulting in a lower cost of capital.
The put option of company B is a benefit to investors, leading to a lower cost of capital.
老师，A选项的解释： Company A with highly liquid assets, such as cash and marketable securities, are likely to have access to lower cost capital.讲的是流动性资产多可以降低融资成本。
我记得之前做过一道题，讲的是固定资产多可以降低融资成本，固定资产是非流动性资产的重要组成部分。
所以请问上述两个结论对吗，他们之间矛盾吗？还是说流动性资产和非流动性资产都能降低企业融资成本，资产都可以降低企业融资成本？
