NO.PZ2023123001000009
问题如下:
Which statement best describes a possible bias in the WACC of the private target with a suboptimal debt ratio?
选项:
A.
Private
companies are likely to have WACC estimates below their optimal WACC because of a lower weight on debt
B.
Private
companies are likely to have WACC
estimates above their optimal
WACC because of a higher weight on
equity
C.
Private
companies are likely to have WACC
estimates above their optimal
WACC because of a higher weight on
debt
解释:
Recall the formula for WACC: rWACC = wdrd (1-t)+ were
First, a higher equity weight implies a lower debt weight, as these proportions combined must equal one. Also, re > rd, as equity is riskier than debt. Therefore, as wd falls, the WACC increases, approaching re as the debt ratio approaches zero. A suboptimal debt ratio translates to a higher than optimal WACC. A is incorrect because a lower debt ratio does not reduce WACC. C is incorrect because a higher debt weight likely lowers the WACC.
知识点在课件哪里?求解释