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ladycoco想放假 · 2020年02月25日

问一道题:NO.PZ201601200500004404

* 问题详情,请 查看题干

问题如下:

4. Given its objective and the three possible corporate actions, Skylark is least likely to select:

选项:

A.

Corporate action 1.

B.

Corporate action 2.

C.

Corporate action 3.

解释:

C is correct.

At the current debt weight of 20%, the WACC is declining with increases in debt. If you calculate the WACC, it is currently 8.7% and would decline to 8.5% if the debt weight is 30%. Repurchasing shares or paying a dividend would increase the debt weight, which would reduce the WACC. Reducing debt would increase the WACC, so this is the corporate action that Skylark should be least likely to select.

请问老师是否可以详细解释一下 为什么A和B不能选?谢谢!

1 个答案

Debrah_品职答疑助手 · 2020年02月26日

同学你好。题目中提到,Sky公司的目标是最小化WACC。从表中可以看到,在D:E=50:50的时候,公司的WACC最小,等于8.4%。目前Sky公司的D:E=20:80,为了降低WACC,应该提高D/E。

A:派息,权益下降,D/E提升

B:回购股票,相当于股东出资减少,权益下降,D/E提升

C:偿还现有债务,D减少,D/E会降低。

因此选C。

WACC的计算公式需要掌握起来。可以计算验证一下。