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临江仙 · 2023年11月05日

对于C不理解

NO.PZ2022101402000003

问题如下:

Which of the following statements concerning cost of capital factors is least likely correct?

选项:

A.

Developed economies typically have more established, liquid capital markets with greater capital availability than those of developing economies.

B.

The ERP demanded by investors tends to increase during recessions and decrease during expansionary times.

C.

The lower a company’s marginal income tax rate, the greater the tax benefit associated with using debt in the capital structure.

解释:

C is correct.

The higher a company’s marginal income tax rate, the greater the tax benefit associated with using debt in the capital structure

对于C很容易想到税盾的公式 rd(1-T)

那么T变大的话,上式是变小的。这个逻辑就跟C不匹配。

请教老师,从上面的公式出发,如何可以得到C不正确的结论

1 个答案
已采纳答案

王琛_品职助教 · 2023年11月06日

嗨,爱思考的PZer你好:


同学写的其实是税后债务成本的公式哈

但是选项 C 问的对象,是 tax benefit,也就是借债的好处

其实是 rd x Tax

也请参考:https://class.pzacademy.com/qa/115552

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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