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🌊Yuri🌊 · 2023年05月31日

NO.PZ2021091701000028

问题如下:

According to Modigliani and Miller’s Proposition II without taxes:

选项:

A.

the capital structure decision has no effect on the cost of equity.

B.

investment and the capital structure decisions are interdependent

C.

the cost of equity increases as the use of debt in the capital structure increases.

解释:

C is correct. The cost of equity rises with the use of debt in the capital structure (e.g., with increasing financial leverage).

a选项说的是re的变化对资本结构影响。不是说在no taxes的情况下左右两边互不影响的嘛,那re的变化也不会影响到资本结构啊

1 个答案

王琛_品职助教 · 2023年06月01日

嗨,爱思考的PZer你好:


1

同学对选项 A 的理解有误哈

选项 A 本身是在说:D/E 比例,对 re 没有影响 (句式简化形式为:A has no effect on B)

这个说法是错误的

2

因为根据 MM 理论,D/E 比例增加,re 是增加的

也请参考基础班讲义墨迹版 P342

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