NO.PZ2023040402000043
问题如下：
Michael is a junior analyst researching two companies that are in the same industry but headquartered, and seeking to raise capital, in different countries. Michael gathers the following information.
Which features most likely justify that company B has a lower cost of capital?
选项：
A.
Financial leverage and proportion of liquid assets
B.
Legal systems and revenue concetration
C.
Business model and debt features
解释：
A is incorrect. Company A with highly liquid assets, such as cash and marketable securities, are likely to have access to lower cost capital.
B is incorrect. Countries with common law–based legal systems tend to be more mature, so it offers greater investor protections, leading to lower costs of capital for company A.
C is correct.
Company B has subscription-based, recurring revenue that leads to fairly stable earnings and cash flow streams, resulting in a lower cost of capital.
The put option of company B is a benefit to investors, leading to a lower cost of capital.
为什么 B business model 是融资成本更低
