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小范范 · 2018年09月30日

问一道题：NO.PZ2016021705000033 [ CFA I ]

  1. CFA I
  2. Corporate Issuers

问题如下图：

选项：

A.

B.

C.

解释：

cost of debt不用考虑之前的负债成本么？两笔负责都考虑的话应该选B啊

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已采纳答案

发亮_品职助教 · 2018年10月01日

考虑的是当前的Marginal costs。所以要考虑7%。

原因是：融资进行一份投资时，考察的是增量收益与增量成本之间的比较；

只要增量收益大于增量成本，项目投资就是划算的。当前的举债成本是7%，只要收益大于7%，那么当前举债就是划算的。显然参考9%的历史成本，不适合去做投资决策。

注意有些题目很明确的给定了Marginal cost of debt比如这道题，考点就是区分Marginal与历史成本；

但是有些题目只说了Cost of debt，那时候就默认那个Cost是相关的，直接用就好。

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