罗豆花Lori · 2022年09月02日
NO.PZ2021091701000030
问题如下：
According to the static trade-off theory：
选项：
A.debt should be used only as a last resort.
companies have an optimal level of debt.
the capital structure decision is irrelevant.
解释：
B is correct. The static trade-off theory indicates that there is a trade-off
between the tax shield from interest on debt and the costs of financial distress,
leading to an optimal amount of debt in a company’s capital structure.
老师好 A选项看不懂 请问是什么意思
王琛_品职助教 · 2022年09月04日
嗨，爱思考的PZer你好：
1
站在出题人的角度，这道题想考查考生对于不同理论结论的理解
题干问的是 static trade-off theory，所以只有选项 B 对应其结论
另外两个选项，在编题目的时候，出题人考查了另外两个理论的结论
选项 A 涉及的是 pecking order theory 的理解
选项 C 涉及的是 MM 理论无税的结论
这是一种常见的出题形式，就是除了正确选项之外的两个选项，属于答非所问型
2
在 pecking order theory 中
结论是：先考虑内部融资，再考虑外部融资；外部融资中，先考虑债务融资，再考虑股权融资
所以不选 A
因为两个原因
首先，答非所问，题目问的是 static trade-off theory，但是选项 A 涉及的是另外一个理论
其次，结论也说错了，管理层倾向的融资顺序，应该是：内部股权融资，外部债务融资，外部股权融资
最后考虑的融资方式，并不是外部债务融资，而是外部股权融资
所以，综上所述，不选 A
----------------------------------------------努力的时光都是限量版，加油！
NO.PZ2021091701000030 问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. RT
NO.PZ2021091701000030 问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. 静态权衡理论不是说这个点只是理论上的，不能被精确计算，B的意思是这个点可以被计算出来，所以不选B.
NO.PZ2021091701000030问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. 如题
NO.PZ2021091701000030 老师，我实在不理解static tra-off theory, 能否帮忙简单讲解一下？
