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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：

debt, internal financing, equity

equity, debt, internal financing

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

pecking order theory 中不是也考虑了使用成本低的融资方式吗？那债的成本比股的成本高啊

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王琛_品职助教 · 2023年05月18日

嗨，努力学习的PZer你好：

1）pecking order theory 中不是也考虑了使用成本低的融资方式吗？

从原版书的介绍来看，并没有提到成本高低的角度哈

主要是从信息披露的角度排序

2）那债的成本比股的成本高啊

不是呀，如果是股，还得看是 internal 还是 external

如果是 internal financing，相当于用留存收益，可以认为没有成本

而借债还有利息，所以从成本角度考虑，也是 internal financing 小于 debt

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NO.PZ2021091701000036 问题如下 Vega Company hannouncethit inten to raise capitnext year, but it is unsure to the appropriate methoof raising capital. White, the CFO, hconcluthVega shoulapply the pecking orr theory to termine the appropriate methoof raising capital. Baseon White’s conclusion, Vega shoulraise capitin the following orr: A.bt, internfinancing, equity B.equity, bt, internfinancing C.internfinancing, bt, equity C is correct. Accorng to the pecking orr theory, managers prefer internfinancing. If internfinancing is insufficient, managers next prefer bt, then equity in orr of increasing visibility to outsirs

2023-03-24 09:34 1 · 回答

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