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Eva · 2021年02月06日

请用中文解释一下B和C的意思

2020 Mock B 下午 67题

Which of the following situations is the least likely reason why the marginal cost of capital schedule for a company rises as additional funds are raised?

  • The company seeks to issue less senior debt because it violates the debt incurrence test of an existing debt covenant.
  • The cost of additional funds from various sources rises as higher levels of financing are achieved.
  • The company deviates from its target capital structure because of the economies of scale associated with flotation costs and market conditions.

Solution

B is correct. The WACC does not necessarily increase as more funds are being raised. Higher amounts of funding would not change the WACC if everything were in proportion to the old target capital structure. It is the changes in relative proportions of sources of funding that could make a difference because of interest deductibility and financial risk.

A is incorrect. The debt incurrence test may restrict a company’s ability to incur additional debt at the same seniority based on financial tests or conditions. They will have to issue a less senior debt (or even equity) which would have higher cost.

C is incorrect. A company does not necessarily raise more funds according to its target capital structure because of the economies of scale in raising new capital and market conditions. These short-run deviations are due to the “lumpiness” of security issuance. The marginal cost of capital may increase, reflecting these deviations.


2 个答案

王琛_品职助教 · 2021年02月09日

> 谢谢!请问何旋老师的经典题讲解里面有这道题的视频吗?请问在哪一部分呢?

- 请参考李老师讲解的经典题视频 Reading 33 Cost of Capital 的 Cost of Stock, The Optimal Capital Budget and Marginal Cost of Capital, Flotation Cost,23:30,2 倍速播放
- 这道题考查 MCC,建议同学再多熟悉一下框架图哈,尽量看到关键知识点,就能回忆起来在框架图的位置哈,加油!

王琛_品职助教 · 2021年02月07日

- 亲好,选项 B:随着融资水平的提高,从各种渠道获得额外资金的成本也会上升。不一定哦,你看原版书 P103 的图 4,只要没有突破 break point,其实 WACC 并没有上升哈
- 选项 C:由于与发行成本和市场状况相关的规模经济,该公司偏离了其目标资本结构
- 选项 A 和 C,其实就是两个原因,对应原版书 P102,选项 B 还是很好排除哒
- 这道题在经典题中也有收录哈,有答案版 P19 的 4.3 题

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