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aileen20180623 · 2020年03月29日

问一道题:NO.PZ2016012005000017

问题如下:

The current weighted average cost of capital (WACC) for Van der Welde is 10 percent. The company announced a debt offering that raises the WACC to 13 percent. The most likely conclusion is that for Van der Welde:

选项:

A.

the company’s prospects are improving.

B.

equity financing is cheaper than debt financing.

C.

the company’s debt/equity ratio has moved beyond the optimal range.

解释:

C is correct.

If the company’s WACC increases as a result of taking on additional debt, the company has moved beyond the optimal capital range. The costs of financial distress may outweigh any tax benefits to the use of debt.

A哪里不对?选项说的是improving,哪里看的出是最优资本结构才对,题目中并未说明最优资本结构啊?

1 个答案

Debrah_品职答疑助手 · 2020年03月30日

同学你好。

因为债券融资成本低于股权融资成本,一开始加杠杆,WACC会有个下降的过程,但是随着杠杆上升,破产风险也在上升,超过最优资本配置的比例后,WCC会出现反弹。所以A选项的“the company’s prospects are improving”是不对的,此时公司的杠杆比例已经太高了。C选项和题目中的描述 一样的。超过最优资本配置的比例后,WCC会出现反弹。所以选C。具体请看基础班讲义第95页: