Adada · 2021年10月14日
NO.PZ2021091701000030
问题如下：
According to the static trade-off theory：
选项：
A.debt should be used only as a last resort.
companies have an optimal level of debt.
the capital structure decision is irrelevant.
解释：
B is correct. The static trade-off theory indicates that there is a trade-off
between the tax shield from interest on debt and the costs of financial distress,
leading to an optimal amount of debt in a company’s capital structure.
老师，我实在不理解static trade-off theory, 能否帮忙简单讲解一下？
lynn_品职助教 · 2021年10月21日
嗨，爱思考的PZer你好：
先介绍下MM理论：
无税的MM理论：企业的资金结构不会影响企业的价值和资金成本。
有税的MM理论：由于debt有抵税的效果，所以当debt最大时，企业价值最大。
有税的MM理论忽略了，随着企业借债的增多，企业破产风险也随之加大~
Static trade-off theory 介于有税和无税MM理论之间，并且考虑了企业的破产风险。理论认为，负债的抵税效果和企业的破产风险之间存在着一个最优的平衡点，可以达到企业价值最大化，并且这个点不是资产=100%负债的时候~
----------------------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2021091701000030 问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. RT
NO.PZ2021091701000030 问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. 老师好 A看不懂 请问是什么意思
NO.PZ2021091701000030 问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. 静态权衡理论不是说这个点只是理论上的，不能被精确计算，B的意思是这个点可以被计算出来，所以不选B.
NO.PZ2021091701000030问题如下 Accorng to the static tra-off theory A.shouluseonly a last resort. B.companies have optimlevel of bt. C.the capitstructure cision is irrelevant. B is correct. The static tra-off theory incates ththere is a tra-off between the tshielfrom interest on anthe costs of financistress, leang to optimamount of in a company’s capitstructure. 如题
