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EmilyZhou · 2024年07月25日

老师 ，请问为什么higher leverage raises the cost of equity

  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.

老师 ，请问为什么higher leverage raises the cost of equity

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1 个答案

王琛_品职助教 · 2024年07月26日

嗨，从没放弃的小努力你好：


1

因为当公司增加杠杆（即增加债务融资）时，债权人对公司的现金流有优先索偿权，而股东则处于次位

这意味着，随着债务比例的增加，股东承担的风险也相应增加

2

因为在公司面临财务困境时，股东可能一无所获

这种额外的风险需要通过更高的预期回报来补偿，这就是为什么权益资本成本会随着杠杆率的提高而上升

3

这道题其实考查的是 MM 无税的两个推论的结论

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，也就是需要咱们掌握计算的 re 的公式

所以三个选项中，选项 C 可以看成是公式的定性表达

也请参考基础班讲义墨迹版 P336

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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