问题如下:
6. According to the pecking order theory, MBG’s announced capital structure change:
选项:
A.is optimal because debt is cheaper than equity on an after-tax basis.
B.may be optimal if new debt is issued after new equity is made complete use of as a source of capital.
C.may be optimal if new debt is issued after internally generated funds are made complete use of as a source of capital.
解释:
C is correct.
If internally generated funds have already been fully used, the use of new debt may be optimal, according to the pecking order theory of capital structure.
老师请问A为何错了,根据Packing Order Theory: Debt排在Equity之前,那应该指Debt Cost比Equity Cost更便宜,对吧?