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苏·Xu · 2022年01月05日

问

  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.

如何知道13%就是超过了最优资本结构？也有可能是恰好到达最优呢？

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1 个答案

王琛_品职助教 · 2022年01月06日

嗨，努力学习的PZer你好：


如果按同学所说，恰好达到最优，那 WACC 不应该是增加到 13%，应该要比 10% 更低才行，才符合 optimal capital structure 的定义

这道题的解题思路，请参考：https://class.pzacademy.com/qa/90030

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努力的时光都是限量版，加油！

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