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💗 · 2025年05月29日

MM1

NO.PZ2023112701000063

问题如下:

According to Modigliani and Miller's Proposition II without taxes, a higher proportion of debt in the capital structure of a company results in:

选项:

A.the same WACC.

B.a lower cost of equity.

C.a greater company value.

解释:

Correct Answer: A

A is correct because the more debt the company uses, the greater the cost of equity, but the total value of the company does not change and neither does the weighted average cost of capital.

B is incorrect because the cost of equity increases.

C is incorrect because the value of the company remains the same.

借债更多,为什么Rd会下降呢,借债更多债务利息不应该增加吗

1 个答案

Kiko_品职助教 · 2025年05月29日

嗨,从没放弃的小努力你好:


Rd通常假设是保持不变的。在 MM II理论( 无税)的基本假设下,债务被视为风险固定 。债权人面临的风险相对稳定,所以债务成本 Rd 通常假定不变的 。例如,公司发行债券融资,在无税且不考虑其他复杂因素时,债券的票面利率(近似代表 Rd )在发行时就已经确定,不会因公司后续债务比例增加就降低 。


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努力的时光都是限量版,加油!

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