NO.PZ2016012005000015
问题如下：
According to Modigliani and Miller’s Proposition II without taxes:
选项：
A.the capital structure decision has no effect on the cost of equity.
B.investment and the capital structure decisions are interdependent.
C.the cost of equity increases as the use of debt in the capital structure increases.
解释：
C is correct.
The cost of equity rises with the use of debt in the capital structure, e.g., with increasing financial leverage
老师请教一下MM1理论是在无破产成本，无税收的情况下推导出来的，有杠杆和无杠杆的公司价值一样，股权的要求回报率等于全投资假设的要求回报率等于WACC（re=r0=WACC)
MM2理论是在无破产成本，有税收的情况下推导出来的，此时有杠杆的公司就等于无杠杆的公司+税盾。
所以我不理解题目问的是MM2理论下没有税收的情况，这不是和推导条件相悖吗？
