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momo · 2023年12月23日

2

NO.PZ2023090507000014

问题如下:

MM Proposition II without taxes differs from MM Proposition I without taxes since it concludes that:

选项:

A.

WACC is unaffected by capital structure.

B.

the value of the levered firm is equal to that of the unlevered firm.

C.

higher leverage raises the cost of equity, which exactly offsets the lower cost of debt.

解释:

C is correct.

MM Proposition II without taxes differs from MM Proposition I without taxes in that the cost of equity will rise with leverage and completely offset the lower cost of debt. Debt has a lower cost relative to equity because debtholders have a priority claim on the cash flow of the firm. So, one would expect WACC to decline with more debt. MM Proposition II without taxes argues that the cost of equity is a linear function of the debt-to-equity ratio. The addition of more low-cost debt to the capital structure will increase the debt-to-equity ratio and raise the cost of equity, offsetting the lower debt cost. As a result, the firm’s WACC is unchanged.

没太明白c。。。。

1 个答案

王琛_品职助教 · 2023年12月25日

嗨,从没放弃的小努力你好:


这道题其实考查的是 MM 无税的两个推论的结论

推论 1 研究的是企业价值

推论 2 研究的是资本成本 cost of equity,也就是需要咱们掌握计算的 re 的公式

所以三个选项中,选项 C 可以看成是公式的定性表达

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努力的时光都是限量版,加油!

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