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Anthony Wong · 2020年11月14日

问一道题：NO.PZ201601200500004404

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

问题如下：

4. Given its objective and the three possible corporate actions, Skylark is least likely to select:

选项：

A.

Corporate action 1.

B.

Corporate action 2.

C.

Corporate action 3.

解释：

C is correct.

At the current debt weight of 20%, the WACC is declining with increases in debt. If you calculate the WACC, it is currently 8.7% and would decline to 8.5% if the debt weight is 30%. Repurchasing shares or paying a dividend would increase the debt weight, which would reduce the WACC. Reducing debt would increase the WACC, so this is the corporate action that Skylark should be least likely to select.

派息为什么d/e提升？

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1 个答案

王琛_品职助教 · 2020年11月15日

- 亲因为分红和回购，会降低 equity，所以会提升 D/E

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NO.PZ201601200500004404 老师这道题看着理解又好像不理解，我觉得回购和发放股利都是在equity科目里面转，相当于股东左口袋进右口袋，所以我理解的是equity不变，不影响wacc。

2021-11-12 23:26 1 · 回答

NO.PZ201601200500004404 为什么E提升，WACC就减少 是因为bt有减税的作用，所以，的比重越大，会导致WACC减少吗？

2021-04-17 11:05 1 · 回答

请问老师是否可以详细一下 为什么A和B不能选？谢谢！

2020-02-25 17:07 1 · 回答

Corporate action 2. Corporate action 3. C is correct. the current weight of 20%, the WAis clining with increases in bt. If you calculate the WACit is currently 8.7% anwoulcline to 8.5% if the weight is 30%. Repurchasing shares or paying a vinwoulincrease the weight, whiwoulrethe WACRecing woulincrease the WACso this is the corporate action thSkylark shoulleast likely to select. 为什么分红会降低equity？

2020-02-12 18:39 1 · 回答