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Susie · 2023年03月24日

债不是可税盾吗?

NO.PZ2021091701000036

问题如下:

Vega Company has announced that it intends to raise capital next year, but it is unsure as to the appropriate method of raising capital. White, the CFO, has concluded that Vega should apply the pecking order theory to determine the appropriate method of raising capital. Based on White’s conclusion, Vega should raise capital in the following order:

选项:

A.

debt, internal financing, equity

B.

equity, debt, internal financing

C.

internal financing, debt, equity

解释:

C is correct. According to the pecking order theory, managers prefer internal financing. If internal financing is insufficient, managers next prefer debt, then equity in order of increasing visibility to outsiders



1 个答案

王琛_品职助教 · 2023年03月26日

嗨,爱思考的PZer你好:


对于不同融资方式的选择,有多种考虑角度哈,但是题目已经明确了考点,是基于 pecking order theory 来决策

pecking order theory 是说,公司管理层更倾向于选择,信息披露较少的融资方式进行融资

按照管理层偏好的融资方式排序如下:内部融资(优先选择,信息披露最少)、债务融资、股权融资(信息披露最多,最后的选择),即选项 C

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