问题如下:
Modigliani and Miller’s Proposition II without taxes states that:
选项:
A.managers cannot change the cost of equity by changing the capital structure.
B.the WACC rises with higher D/E.
C.the cost of equity rises with higher D/E.
解释:
C is correct.
考点:Capital Structure Theory: without tax
解析解析:无税MM理论命题Ⅱ:有负债企业的权益资本成本会随着财务杠杆的提高而增加。尽管负债资本成本较低,由于负债增加所降低的资本成本,会被权益资本成本的上升所抵销,因此企业加权平均资本成本保持不变。
D/E上升,即E的数量就下降了,所以Equity少了,那就变相降低cost of equity 啊,为啥不可以这么理解呢?