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sparkle · 2024年04月14日

C选项为何不对？

  1. CFA I
  2. Equity

NO.PZ2023040301000165

问题如下：

A company's management may choose not to use financial leverage because the company has：

选项：

A.

an investment-grade credit rating

B.

a high degree of operating leverage

C.

a lower net debt to EBITDA ratio than its peers

解释：

B is correct. The degree of financial leverage and the degree of operating leverage together equal the degree of total leverage in the business. If the company already has a high degree of operating leverage, using financial leverage may increase total leverage and risk to too high a level.

A is incorrect. An investment-grade credit rating generally indicates that the company could borrow economically, which would be a reason to use financial leverage.

C is incorrect. A lower net debt to EBITDA ratio than its peers is an indicator of borrowing capacity, which would be a reason to use financial leverage.

C选项为何不对？

lower net debt to ebitda ratio说明负债少，ebitda高，公司靠赚的钱就能运转，而不需要多负债，这个逻辑有问题吗？谢谢！

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1 个答案

王园圆_品职助教 · 2024年04月14日

同学你好，

你理解的角度不是题目想要考察的角度

本题问的是以下三个情况下的哪一种条件下，公司会选择不使用财务杠杆（而不是让我们做计算）

C既然说公司负债相比同行低，EBITDA还比同行高，说明公司有更多的能力去借债，且有能力比同行更好的应对负债，所以此时公司就可以去借债

B说公司的经营杠杆已经很高了——此时如果公司再使用更高的财务杠杆，那就是杠杆加太多风险太大。同时面临经营风险（经营杠杆）和财务风险（财务杠杆），公司风险就会太高。所以公司一旦有很高的经营杠杆，就不能再有很高的财务杠杆了，此时一定不能使用财务杠杆。

确实C选项下你可以说公司可以选择不用财务杠杆，而B选项是一定不能使用杠杆，两个选项比，肯定是C更对，只能选C

另外，这道题是基础班讲义上的原题，老师上课的时候是有特意讲过的。同学可以听一下基础班这里老师的讲解。因为助教的讲解肯定不如老师上课讲的详细清晰的，听老师讲解理解会更深刻哦

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