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anyewumian · 2022年11月02日

解释一下这道题

NO.PZ2021091701000021

问题如下:

Which of the following is least likely to affect the capital structure of Longdrive Trucking Company? Longdrive has moderate leverage today.

选项:

A.

The acquisition of a major competitor for shares

B.

A substantial increase in share price

C.

The payment of a stock dividend

解释:

C is correct. Stock dividends, like stock splits, have no impact on the value of a company’s equity. Issuing shares to acquire a competitor would increase equity relative to debt in the capital structure. Share price appreciation would also increase the market value of equity, thus increasing equity relative to debt.

老师,能解释一下这道题是什么意思吗

1 个答案

王琛_品职助教 · 2022年11月03日

嗨,爱思考的PZer你好:


1

题目问:以下哪项最不可能影响 L 公司的资本结构?今天 L 公司有适度的杠杆,不高也不低

考查的是影响资本结构 D/E 比例的因素

2

选项 A 说发新股收购一个大的竞争者。因为发新股,会导致 equity 上升,所以会影响资本结构

选项 B 说股价大幅上涨,所以也会导致 equity 上升,影响资本结构

选项 C 说支付股票股利,权益总额不会改变,只会改变权益的内部结构,只是股东权益内部科目的调整,留存收益下降,总股本上升,股东权益没变。所以不会影响资本结构

所以这道题是选 C

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