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DDDJT · 2023年05月07日

可是长期债务的利息不是一般比短期利息高吗?那financial leveage 不应该增加?

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.

A is incorrect. Cutting prices reduces the profit margin for the business, thereby increasing operating leverage.

B is incorrect. Replacing short-term debt with long-term debt does not change financial leverage: Debt, irrespective of maturity, is simply debt.

可是长期债务的利息不是一般比短期利息高吗?那financial leveage 不应该增加?

2 个答案

王琛_品职助教 · 2023年08月28日

嗨,从没放弃的小努力你好:


@x1x1

B项解释有点牵强啊,这种有争议的题要不修改一下要不删了吧 

这道题是第三章的课后题第 13 题

关于备考建议,我们也有建议同学:关于 DOL,DFL,DTL 等内容,以第八章杠杆衡量章节的考查角度为准哈

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王琛_品职助教 · 2023年05月08日

嗨,爱思考的PZer你好:


同学的考虑是合理的,从利息的多少角度考虑,确实存在同学所说的现象

只不过从出题人的角度出发,想考查的是考生对 D/E 比例的理解

选项 B 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

所以选项 B 虽然涉及的是财务杠杆,但不符合题意

因为题目要选的是「增加」财务杠杆的选项,而选项 B 的结论是财务杠杆「不变」

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

x1x1 · 2023年08月25日

B项解释有点牵强啊,这种有争议的题要不修改一下要不删了吧

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