问题如下：
Company M`s current D/E ratio is 0.25 and the tax rate is 30%. The management wants to take some actions to reduce the WACC.
Which of the following may not fulfill the objective? Relevant information regarding the cost of capital is shown in the above table.
选项：
A.Decreasing the outstanding shares.
B.Borrowing more funds.
C.Decreasing the outstanding debt.
解释：
C is correct.
考点：Summary of Capital Structure Theories
解析：现阶段公司的WACC等于20%*5.5%*(1-30%) + 80%*10.0% = 8.77%，当负债比例上升至30%，权益比例下降到70%时，WACC = 30%*6.0%*(1-30%) + 70%*10.5% = 8.61%，WACC可以降低。
本题答案是否有误，应该是选A吧，课后的解析也应该是增加债务权重，降低股权权重。
