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K · 2023年01月07日

B选项想说什么？

  1. CFA II
  2. Corporate Issuers

NO.PZ2022101402000002

问题如下：

Which of the following is not the reason that determines a company’s WACC is a challenging task?

选项：

A.

Different methods can be used to calculate the costs of different capital

B.

Assumptions of the current capital structure.

C.

The company’s marginal tax rate must be estimated instead of average or effective tax rate.

解释：

B is correct.

Assumptions are needed regarding long-term target capital structure, which might or might not be the current capital structure.

并非WACC难算的原因：

A.可以有很多种算法，所以难

C.边际税率要自己算，不能用现成的平均税率或者有效税率，所以难


可以排除得到B，问题是B的解释


长期资本结构需要假设，所以……也难？看起来怎么也像是WACC难算的原因呢？这里到底想说什么？

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1 个答案

王琛_品职助教 · 2023年01月09日

嗨，爱思考的PZer你好：


1

其实三个选项，刚好对应计算 WACC 的三个部分

选项 A 对应资本成本，选项 B 对应权重，选项 C 对应税率

也请参考基础班讲义墨迹版 P83

2

关于权重，其实严谨的说，咱们是在一级企业发行人学科，重点辨析过

代入 WACC 的权重，一定要用「目标」资本结构 target capital structure，而目标资本结构，通常不一定是当前的资本结构 current capital structure  

3

举例说明

比如当前的资本结构是，普通股，优先股，债券，各 1/3

然后现在有一笔投资，需要我们融资来实现

融资之后的资本结构，变成了：普通股和优先股，均为 1/6；债券变成 2/3

那么此时这个结构，就是目标资本结构，用于计算 WACC 时确定权重

也请参考一级企业发行人学科基础班讲义 P218

4

关于权重，其实是一级的重点，二级咱们简单了解一下即可，我个人认为二级不会再当成重点重复考查

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