开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

甜甜 · 2022年11月04日

达到最优资本结构时WACC是不是最小

  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.

RT

添加评论
1 个答案

王琛_品职助教 · 2022年11月05日

嗨，从没放弃的小努力你好：


是的，这是最优资本结构的特点

当资本结构达到最优资本结构时，WACC 最小，公司价值最大

这道题的解题思路，也请参考：https://class.pzacademy.com/qa/110645

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 0

    关注

  • 500

    浏览
相关问题

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 根据WACC的公式WACC=W1-t)+WeRe，题中说公司新发了债权导致WACC上升至13%，同时随着W上升，We应该随之下降。根据尝试股权投资要求收益率是高于债权的，也即Re R所以随着债权的权重升高，股权的权重降低，WACC应该随着降低才对。但是题中说了WACC上升了3%，所以这家公司的R应该大于Re的才会导致这个结果。不知道我的这个逻辑错在哪里？也即B错在哪里？

2023-08-10 20:04 1 · 回答

NO.PZ2021091701000029问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving.B.equity financing is cheaper thfinancingC.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 老师好，B为什么不对

2023-04-13 12:28 1 · 回答

NO.PZ2021091701000029问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving.B.equity financing is cheaper thfinancingC.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 我知道wa最小时 公司价值最大。那跟杠杆等有关系吗

2023-03-21 06:21 1 · 回答

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 本题如何能界定10%就是最优？

2022-10-13 23:03 2 · 回答