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phoebeqp · 2023年09月10日

No.PZ2021091701000021

  1. CFA I
  2. Corporate Issuers

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.

竞争公司可以认为资本结构相似 收购了竞争公司 那竞争公司的债务也会并表 发新股并购是收购方发新股跟目标公司的股票交换 那合并后的公司应该资本结构也没有太大变化呀

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已采纳答案

王琛_品职助教 · 2023年09月11日

嗨，努力学习的PZer你好：


1

同学的考虑是合理的

但是毕竟为了收购，Longdrive 公司是发了新股的，所以 E 是增加的

即使并表，也要考虑 E 增加的影响

2

比如按照同学的假设，L 公司的 D/E 和竞争对手的 D/E 相似，假设都是 1 比 1

L 公司的 D 和 E 分别是 100，100

竞争对手的 D 和 E 分别是 50，50

为了收购竞争对手，L 公司新发股票融资 50

那么收购后的公司的 D 和 E 分别是 150, 200

所以资本结构是有影响的 

3

另外，这道题其实出题人没有多想，咱们也不建议深究哈

我个人认为，出题人对应选项 A 的设计，其实 acquisition 和 major competitor 只是使得案例更丰满的点缀

本质是发了新股，所以 E 增加了，所以资本结构影响了

咱们了解到这点即可，不建议再去考虑收购并表以及竞争对手资本结构相似等分析哈

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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！

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