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Pavel Korchagin · 2023年06月10日

股价变化是怎么影响资本结构的?

NO.PZ2021091701000021

问题如下:

Which of the following is least likely to affect the capital structure of Longdrive Trucking Company? Longdrive has moderate leverage today.

选项:

A.

The acquisition of a major competitor for shares

B.

A substantial increase in share price

C.

The payment of a stock dividend

解释:

C is correct. Stock dividends, like stock splits, have no impact on the value of a company’s equity. Issuing shares to acquire a competitor would increase equity relative to debt in the capital structure. Share price appreciation would also increase the market value of equity, thus increasing equity relative to debt.

没理解股价怎么影响资本结构,公司在算自己的目标资本结构时不也是用book value吗?能不能请老师讲讲股价影响资本结构的原理?

2 个答案

王琛_品职助教 · 2023年06月12日

嗨,从没放弃的小努力你好:


第二个问题明白了,但是第一个问题,公司自己内部算资本结构应该就是用book value,讲义280页 financing considerations里面有写

同学的这个问题问的很好哈

其实我之前也专门总结过,请同学先参考一下:https://class.pzacademy.com/qa/125365

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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06月12日

嗨,努力学习的PZer你好:


1)没理解股价怎么影响资本结构,公司在算自己的目标资本结构时不也是用book value吗?

计算目标资本结构时,使用的是 market value,而不是 book value 哈

2)能不能请老师讲讲股价影响资本结构的原理?

关于选项 B,我之前刚好总结过,请同学先参考一下:https://class.pzacademy.com/qa/90643

如果同学还有疑问,可以追问或者评论,我再回答同学的后续疑问哈

3)

另外,这道题我个人认为出的不是特别好,建议咱们了解一下即可,不建议深究具体表述哈

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加油吧,让我们一起遇见更好的自己!

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