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乔。 · 2023年12月26日

请问VL=W+tD,就是在有税的情况下?是C选择?

NO.PZ2023090507000007

问题如下:

Under Modigliani and Miller (MM), if one assumes no taxes and no financial distress cost, among other assumptions, the value of the company is:

选项:

A.

determined by its capital structure.

B.

determined solely by its expected future cash flows

C.

set so the value of levered company is greater than that of the unlevered company

解释:

B is correct.

MM showed that under a set of restrictive assumptions, including zero taxes, the firm’s value is unaffected by its financing mix or capital structure. It is the firm’s cash flow that is the primary determinant of value. If the market value of the company is not affected by its financing mix, then the value of the levered firm is equal to the value of the unlevered firm.

set so the value of levered company is greater than that of the unlevered company



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已采纳答案

王琛_品职助教 · 2023年12月27日

嗨,努力学习的PZer你好:


是的,同学的理解是正确的

也请参考基础班讲义墨迹版 P340

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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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