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紫轩 · 2019年01月11日

问一道题:NO.PZ2016021705000029 [ CFA I ]

问题如下图:请问老师C选项怎么翻译?

选项:

A.

C. B.

解释:

2 个答案

needabroom · 2019年08月26日

的确是因为额外融资产生的呀?有何不妥呢?

发亮_品职助教 · 2019年01月14日

这道题题干是这样的:

这家公司想要投资一个新的生产线,题干给了公司整体的Debt-to-equity ratio = 0.6 (这是干扰信息);

然后给了新项目的融资比例,即50 million Debt,100 million equity;

其实也是给了新项目的Debt-to-equity ratio(50/100=0.5)

然后问题是说用可比公司的Asset beta,计算该新项目的Equity beta,问应该用哪个Debt-to-equity ratio;


因为是求项目的Equity beta,所以要用项目的Debt-to-equity比例,即0.5;

B选项就是说用公司整体的杠杆比例0.6不合适,应该用项目的Debt-to-equity比例:0.5;因此B选项是正确的;


C选项就看这句:Wiene should use the new debt-to-equity ratio of DEF;

即,使用公司新的Debt-to-equity ratio;然后C选项后半句That would result....就是在解释公司新杠杆比例产生的原因;

公司原有的杠杆比例为0.6;公司给新项目的融资杠杆比例为0.5;因此,给新项目融资后,公司会杠杆比例会发生变化;虽然题目没说,但是我们可以预计这个比例应该在0.5到0.6之间;

C选项说的就是用该公司新的杠杆比例,而该新杠杆比例就是因为给新项目额外融资的50million debt,和100million equity产生的。

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