问题如下:
According to Modigliani and Miller’s Proposition I without taxes:
选项:
A. managers cannot change the cost of equity by changing the capital structure.
B. managers cannot change the value of the company by changing the capital structure.
C. the WACC rises with higher D/E.
解释:
B is correct.
考点:Capital Structure Theory: without tax
解析:无税MM理论命题 :如果不考虑公司所得税和破产风险,且资本市场有效运行,公司资本结构的变动,不会影响到公司的市场价值。
没看懂上一问的解答,MM1 R0=Re=WACC, 那麼A選項就是正確的呀。前面同學的問題裡解答貼的是MMII的圖。