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🌊Yuri🌊 · 2023年05月28日

提问

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000028

问题如下：

Wang Securities had a long-term stable debt-to-equity ratio of 0.65. Recent bank borrowing for expansion into South America raised the ratio to 0.75. The increased leverage has what effect on the asset beta and equity beta of the company?

选项：

A.

The asset beta and the equity beta will both rise.

B.

The asset beta will remain the same and the equity beta will rise.

C.

The asset beta will remain the same and the equity beta will decline.

解释：

B is correct.

Asset risk does not change with a higher debt-to-equity ratio. Equity risk rises with higher debt.

如果D/E 比例增加 (由 0.65 增加到 0.75) 那代表debt增加 equty不变或者变小的话值才能增加啊。为啥equty要跟着变大

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1 个答案

王琛_品职助教 · 2023年05月29日

嗨，从没放弃的小努力你好：


1

同学可能把几个概念混淆了哈

题目问的不是 equity 的变化，而是 equity beta 的变化

相当于 D/E 比例增加，另外两个变量：asset beta 和 equity beta 的变化

2

这道题我之前刚好总结过，请同学先参考一下：https://class.pzacademy.com/qa/120719

如果还有疑问，可以追问或者评论，我再回答同学的后续疑问哈

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努力的时光都是限量版，加油！

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