老师 ，请问为什么higher leverage raises the cost of equity

NO.PZ2023090507000014 问题如下 MM Proposition II without taxes ffers from MM Proposition I without taxes sinit conclus that: A.WAis unaffectecapitstructure. B.the value of the leverefirm is equto thof the unleverefirm. C.higher leverage raises the cost of equity, whiexactly offsets the lower cost of bt. C is correct. MM Proposition II without taxes ffers from MM Proposition I without taxes in ththe cost of equity will rise with leverage ancompletely offset the lower cost of bt. ha lower cost relative to equity because btholrs have a priority claim on the cash flow of the firm. So, one woulexpeWAto cline with more bt. MM Proposition II without taxes argues ththe cost of equity is a linefunction of the bt-to-equity ratio. The aition of more low-cost to the capitstructure will increase the bt-to-equity ratio anraise the cost of equity, offsetting the lower cost. a result, the firm’s WAis unchange AB分别错在哪里

NO.PZ2023090507000014问题如下 MM Proposition II without taxes ffers from MM Proposition I without taxes sinit conclus that: A.WAis unaffectecapitstructure.B.the value of the leverefirm is equto thof the unleverefirm.C.higher leverage raises the cost of equity, whiexactly offsets the lower cost of bt. C is correct. MM Proposition II without taxes ffers from MM Proposition I without taxes in ththe cost of equity will rise with leverage ancompletely offset the lower cost of bt. ha lower cost relative to equity because btholrs have a priority claim on the cash flow of the firm. So, one woulexpeWAto cline with more bt. MM Proposition II without taxes argues ththe cost of equity is a linefunction of the bt-to-equity ratio. The aition of more low-cost to the capitstructure will increase the bt-to-equity ratio anraise the cost of equity, offsetting the lower cost. a result, the firm’s WAis unchange 我认为无税条件下 MM II说的是增加了融资杠杆 增加了equity成本 那不就说明资本结构改变了吗，所以MM I和MM II不一样的原因是MM I里 MV不受capitstructure影响

NO.PZ2023090507000014问题如下 MM Proposition II without taxes ffers from MM Proposition I without taxes sinit conclus that: A.WAis unaffectecapitstructure.B.the value of the leverefirm is equto thof the unleverefirm.C.higher leverage raises the cost of equity, whiexactly offsets the lower cost of bt. C is correct. MM Proposition II without taxes ffers from MM Proposition I without taxes in ththe cost of equity will rise with leverage ancompletely offset the lower cost of bt. ha lower cost relative to equity because btholrs have a priority claim on the cash flow of the firm. So, one woulexpeWAto cline with more bt. MM Proposition II without taxes argues ththe cost of equity is a linefunction of the bt-to-equity ratio. The aition of more low-cost to the capitstructure will increase the bt-to-equity ratio anraise the cost of equity, offsetting the lower cost. a result, the firm’s WAis unchange 同标题 b 为什么不对呢

NO.PZ2023090507000014 问题如下 MM Proposition II without taxes ffers from MM Proposition I without taxes sinit conclus that: A.WAis unaffectecapitstructure. B.the value of the leverefirm is equto thof the unleverefirm. C.higher leverage raises the cost of equity, whiexactly offsets the lower cost of bt. C is correct. MM Proposition II without taxes ffers from MM Proposition I without taxes in ththe cost of equity will rise with leverage ancompletely offset the lower cost of bt. ha lower cost relative to equity because btholrs have a priority claim on the cash flow of the firm. So, one woulexpeWAto cline with more bt. MM Proposition II without taxes argues ththe cost of equity is a linefunction of the bt-to-equity ratio. The aition of more low-cost to the capitstructure will increase the bt-to-equity ratio anraise the cost of equity, offsetting the lower cost. a result, the firm’s WAis unchange 没太明白c。。。。