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廖廖酱 · 2023年03月28日

关于c选项

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.

老师请问c选项错在哪里。

2 个答案

王琛_品职助教 · 2023年03月30日

嗨,爱思考的PZer你好:


老师请问下边际税率这里的意思是多增加以单位的负债会减少多少的税这样计算而得出的吗?

1

原版书并没有列出具体的税制明细,所以不清楚是否是同学所说的情况哈

这里我认为,重点并不是具体的税制,反而是区别「边际」,和「平均」或「有效」的概念

2

不光是税率使用边际,公式中的各项资本成本也是要使用边际的概念

因为 WACC 衡量的是,「当前」融资所承担的成本

3

最后说一下备考建议,其实这道题反映的考点,更像是一级企业发行人的内容

我们在一级其实有重点强调边际的概念,二级原版书放了一段文字,我认为是教材编写者的目的,是让考生简单复习一下即可,但更重要的考点,应该是后面计算股权成本等内容

如果我前面对边际的概念没有解释清楚,同学可以看一道一级的题目,简单了解一下思路即可哈:https://class.pzacademy.com/qa/96011

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王琛_品职助教 · 2023年03月29日

嗨,爱思考的PZer你好:


1

C 选项本身的表述是正确的,是计算 WACC 有挑战的原因之一

但是因为题目要选择的,是挑出不是原因的一项 "not the reason",所以才不选 C

2

我们在计算 WACC 时,税率要要使用边际税率,而不能使用有效或者平均税率

marginal tax rate,指 how much tax will be paid on additional income

比如收入 10 万以内,税率 10%,超过 10 万,税率 15%

如果现在收入是 15 万,那么 marginal tax rate 就是 15%,而 average tax rate =(100,000x10%+50,000x15%)/150,000=11.67%

也请参考基础班讲义墨迹版 P83

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