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问题如下：

Which statement best describes a possible bias in the WACC of the private target with a suboptimal debt ratio?

选项：

A.

Private companies are likely to have WACC estimates below their optimal WACC because of a lower weight on debt

B.

Private companies are likely to have WACC estimates above their optimal WACC because of a higher weight on equity

C.

Private companies are likely to have WACC estimates above their optimal WACC because of a higher weight on debt

解释：

Recall the formula for WACC: rWACC = wdrd (1-t)+ were

First, a higher equity weight implies a lower debt weight, as these proportions combined must equal one. Also, re > rd, as equity is riskier than debt. Therefore, as wd falls, the WACC increases, approaching re as the debt ratio approaches zero. A suboptimal debt ratio translates to a higher than optimal WACC. A is incorrect because a lower debt ratio does not reduce WACC. C is incorrect because a higher debt weight likely lowers the WACC.