开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

茄茄 · 2025年03月06日

这道题C选项如何理解?发新债回购不会导致interest payment增大从而减少NI吗?

NO.PZ2015122802000119

问题如下:

Holding all other factors constant, which of the following situations will most likely lead to an increase in a company’s return on equity?

选项:

A.

The market price of the company’s shares increases.

B.

Net income increases at a slower rate than shareholders’ equity.

C.

The company issues debt to repurchase outstanding shares of equity.

解释:

C is correct.

A company’s ROE will increase if it issues debt to repurchase outstanding shares of equity.

Holding all other factors constant, which of the following situations will most likely lead to an increase in a company’s return on equity?


A

不正确The market price of the company’s shares increases.

B

Net income increases at a slower rate than shareholders’ equity.

C

The company issues debt to repurchase outstanding shares of equity.

1 个答案

王园圆_品职助教 · 2025年03月06日

同学你好,注意题目第一句话“Holding all other factors constant”——也就是默认其他都不变,只有选项中说的项目改变——既然如此,那发行债务回购股票就只会导致债务增加,equity下降而已,其他的现金,NI等都是保持不变的,也就是ROE的分子根本不会下降

其次,即便NI由于发行了更多的债务而下降了,毕竟下降的只是利息费用这么一点点,但是equity的下降却是一大笔债务本金那么多的金额,也就是分母比分子下降的要多的多,这样的话ROE依然是会增加而非下降的