NO.PZ201601200500004404
问题如下：
4. Given its objective and the three possible corporate actions, Skylark is least likely to select:
选项：
A.Corporate action 1.
B.Corporate action 2.
C.Corporate action 3.
解释：
C is correct.
At the current debt weight of 20%, the WACC is declining with increases in debt. If you calculate the WACC, it is currently 8.7% and would decline to 8.5% if the debt weight is 30%. Repurchasing shares or paying a dividend would increase the debt weight, which would reduce the WACC. Reducing debt would increase the WACC, so this is the corporate action that Skylark should be least likely to select.
老师这道题看着理解又好像不理解，我觉得回购和发放股利都是在equity科目里面转，相当于股东左口袋进右口袋，所以我理解的是equity不变，不影响wacc。
