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闫旭 · 2021年12月18日

debt-to-equity ratio

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000028

问题如下：

Wang Securities had a long-term stable debt-to-equity ratio of 0.65. Recent bank borrowing for expansion into South America raised the ratio to 0.75. The increased leverage has what effect on the asset beta and equity beta of the company?

选项：

A.

The asset beta and the equity beta will both rise.

B.

The asset beta will remain the same and the equity beta will rise.

C.

The asset beta will remain the same and the equity beta will decline.

解释：

B  is correct.

Asset risk does not change with a higher debt-to-equity ratio. Equity risk rises with higher debt.

debt-to- equity ratio是什么意思呀？这个比率表示什么杠杆呀？
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王琛_品职助教 · 2021年12月19日

嗨，从没放弃的小努力你好：


debt-to-equity ratio，就是用负债除以所有者权益，一般表示财务杠杆

比如三个人买房，房款为 100 万

甲是全款一次性付清；乙是首付 20%，贷款 80%；丙是首付 80%，贷款 20%

我们会说，三个人中，杠杆最高的是乙。一种量化评估的标准是，乙的 D/E 比例最高，为 80 万 / 20 万 = 4

而甲没有杠杆（D=0）；丙的杠杆是 20 万 / 80 万 = 0.25

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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