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blade8932 · 2022年12月07日

B选项，老师能否也解析下，谢谢！

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090802000013

问题如下：

Which of the following is most likely to increase financial leverage?

选项：

A.Cutting prices B.Replacing short-term debt with long-term debt C.Entering a sale-leaseback transaction for the company's head office building

解释：

Solution

C is correct. Entering a sale–leaseback transaction for the company's head office building increases financial leverage. The company sells assets with the obligation to repurchase the assets in the future as well as make lease payments. These transactions increase its financial leverage. Additionally, sale and leaseback transactions reduce the business's overall asset base, which, in turn, reduces its ability to add more debt should the company need to raise debt. Cutting prices reduces the profit margin for the business, thereby increasing operating leverage. Replacing short-term debt with long-term debt does not change financial leverage: Debt, irrespective of maturity, is simply debt.

RT

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王琛_品职助教 · 2022年12月11日

嗨，从没放弃的小努力你好：


题目问，下列哪些最有可能增加财务杠杆，可以理解为 D/E 的比例

如果要增加财务杠杆，要么增加 D，要么减少 E

而选项 B 说将短期债替换为长期债，可以理解为是 D 内部的细项变化，不影响 D 的总量，所以不影响 D/E 比例

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