开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

HOHO · 2021年10月22日

B为什么不对

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000029

问题如下：

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

这题B为什么不对？

添加评论
2 个答案
已采纳答案

王琛_品职助教 · 2021年10月26日

嗨，从没放弃的小努力你好：


还想问下，那可转债的融资成本和债权以及股权比较呢？有没有一种极端情况，某一时刻的可转债融资成本低于债权，之后转股权了？

首先给同学举一反三、关联思考的习惯点赞；其次，我个人偏见是，就这道题而言，咱们其实不需要往这方面关联

因为在一级公司理财的考纲中，原版书只有一个地方出现过 convertible debt，是在 R29 Sources of Capital 的 Other Hybrid Securities 中，且并未提到关于融资成本的大小比较

另外，选项 B 只是说债务融资 debt financing，并未明确提及某一特殊的类型，所以不建议咱们使用某一种特殊的金融产品的特殊情况去考虑

因为咱们现在是一级考试，可能刚接触题目不久；等同学题目做多了，就会慢慢有感觉了，会逐渐熟悉协会的出题风格和考查套路，加油！

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2021年10月26日

嗨，努力学习的PZer你好：


因为股东的求偿顺序排在债权人之后，承担的风险高于债权人，所以融资成本不能低于债权的融资成本

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 2

    回答

  • 0

    关注

  • 415

    浏览
相关问题

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 根据WACC的公式WACC=W1-t)+WeRe，题中说公司新发了债权导致WACC上升至13%，同时随着W上升，We应该随之下降。根据尝试股权投资要求收益率是高于债权的，也即Re R所以随着债权的权重升高，股权的权重降低，WACC应该随着降低才对。但是题中说了WACC上升了3%，所以这家公司的R应该大于Re的才会导致这个结果。不知道我的这个逻辑错在哪里？也即B错在哪里？

2023-08-10 20:04 1 · 回答

NO.PZ2021091701000029问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving.B.equity financing is cheaper thfinancingC.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 老师好，B为什么不对

2023-04-13 12:28 1 · 回答

NO.PZ2021091701000029问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving.B.equity financing is cheaper thfinancingC.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 我知道wa最小时 公司价值最大。那跟杠杆等有关系吗

2023-03-21 06:21 1 · 回答

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. RT

2022-11-04 22:53 1 · 回答

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 本题如何能界定10%就是最优？

2022-10-13 23:03 2 · 回答