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Helen 🎈 · 2023年03月21日

界定最优资本还有哪些条件？

  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.

我知道wacc 最小时 公司价值最大。那跟杠杆等有关系吗

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1 个答案

王琛_品职助教 · 2023年03月22日

嗨，从没放弃的小努力你好：


有关系呀，杠杆增加，公司价值是先增加，再减少，当达到最优资本结构时，公司价值最大

WACC 是反过来：杠杆增加，WACC 是先减少，再增加，当达到最优资本结构时，WACC 最小

请参考基础班讲义墨迹版 P357，图中横坐标就是杠杆

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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