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Spencer · 2020年05月16日

问一道题:NO.PZ201601200500002106

* 问题详情,请 查看题干

问题如下:

6. According to the pecking order theory, MBG’s announced capital structure change:

选项:

A.

is optimal because debt is cheaper than equity on an after-tax basis.

B.

may be optimal if new debt is issued after new equity is made complete use of as a source of capital.

C.

may be optimal if new debt is issued after internally generated funds are made complete use of as a source of capital.

解释:

C is correct.

If internally generated funds have already been fully used, the use of new debt may be optimal, according to the pecking order theory of capital structure.

老师请问A为何错了,根据Packing Order Theory: Debt排在Equity之前,那应该指Debt Cost比Equity Cost更便宜,对吧?

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年05月17日

同学你好,pecking order theory是指公司管理层偏好内部融资>债券融资>股权融资,因为内部融资披露的信息最少。这个理论是从信息披露角度看,和融资成本无关。