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Narcissus · 2018年10月20日

问一道题:NO.PZ2016021705000029 [ CFA I ]

请问这道题为什么不选C

问题如下图:

选项:

A.

B.

C.

解释:

1 个答案

发亮_品职助教 · 2018年10月20日

这个新项目的debt-equity是0.5,与公司原本的debt-equity ratio不同(公司原本的debt-equity是0.6)。为了计算这个项目(Project)的Beta,应该使用的是该项目的杠杆比例,而不是公司的杠杆比例,以反映新项目对应的风险。所以B是正确的。

公司原来的杠杆是0.6,为新项目融资的杠杆是0.5,由于新项目的杠杆和公司原来的杠杆不同,新的融资会使得公司的杠杆比率发生变化,产生一个新的反映公司整体的杠杆ratio。

C的意思就是使用这个公司的新杠杆ratio(New debt-to-equity of DEF),错就在这里,应该使用的是项目的杠杆。

Narcissus · 2018年10月20日

谢谢

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