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sparkle · 2024年04月14日

C选项为何不对?

NO.PZ2023040301000165

问题如下:

A company's management may choose not to use financial leverage because the company has:

选项:

A.

an investment-grade credit rating

B.

a high degree of operating leverage

C.

a lower net debt to EBITDA ratio than its peers

解释:

B is correct. The degree of financial leverage and the degree of operating leverage together equal the degree of total leverage in the business. If the company already has a high degree of operating leverage, using financial leverage may increase total leverage and risk to too high a level.

A is incorrect. An investment-grade credit rating generally indicates that the company could borrow economically, which would be a reason to use financial leverage.

C is incorrect. A lower net debt to EBITDA ratio than its peers is an indicator of borrowing capacity, which would be a reason to use financial leverage.

C选项为何不对?

lower net debt to ebitda ratio说明负债少,ebitda高,公司靠赚的钱就能运转,而不需要多负债,这个逻辑有问题吗?谢谢!

1 个答案

王园圆_品职助教 · 2024年04月14日

同学你好,

你理解的角度不是题目想要考察的角度

本题问的是以下三个情况下的哪一种条件下,公司会选择不使用财务杠杆(而不是让我们做计算)

C既然说公司负债相比同行低,EBITDA还比同行高,说明公司有更多的能力去借债,且有能力比同行更好的应对负债,所以此时公司就可以去借债

B说公司的经营杠杆已经很高了——此时如果公司再使用更高的财务杠杆,那就是杠杆加太多风险太大。同时面临经营风险(经营杠杆)和财务风险(财务杠杆),公司风险就会太高。所以公司一旦有很高的经营杠杆,就不能再有很高的财务杠杆了,此时一定不能使用财务杠杆。

确实C选项下你可以说公司可以选择不用财务杠杆,而B选项是一定不能使用杠杆,两个选项比,肯定是C更对,只能选C

另外,这道题是基础班讲义上的原题,老师上课的时候是有特意讲过的。同学可以听一下基础班这里老师的讲解。因为助教的讲解肯定不如老师上课讲的详细清晰的,听老师讲解理解会更深刻哦

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