NO.PZ2023112701000063
问题如下：
According to Modigliani and Miller's Proposition II without taxes, a higher proportion of debt in the capital structure of a company results in:
选项：
A.the same WACC. B.a lower cost of equity. C.a greater company value.解释：
Correct Answer: A
A is correct because the more debt the company uses, the greater the cost of equity, but the total value of the company does not change and neither does the weighted average cost of capital.
B is incorrect because the cost of equity increases.
C is incorrect because the value of the company remains the same.
请问MM 1 和MM2 两个理论的总结是否正确：
MM1 理论里： value of company 不受D/E的结构影响
但是D 越大， re 会越大。 所以整个公司的WACC=ro+(ro-rd)D/E 会变大
MM2 理论里： value of company 会变大，当D变大时。 当100%债权时，公司的value最大。
D 越大， re 会越大, 但是整个公司的WACC确会下降，因为税盾的作用。