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HOHO · 2021年10月22日

B为什么不对

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000029

问题如下：

The current weighted average cost of capital (WACC) for Van der Welde is 10%. The company announced a debt offering that raises the WACC to 13%. The most likely conclusion is that for Van der Welde:

选项：

A.

the company’s prospects are improving.

B.

equity financing is cheaper than debt financing

C.

the company’s debt/equity has moved beyond the optimal range.

解释：

C is correct. If the company’s WACC increases as a result of taking on additional debt, the company has moved beyond the optimal capital range. The costs of financial distress may outweigh any tax benefits to the use of debt.

这题B为什么不对？

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王琛_品职助教 · 2021年10月26日

嗨，从没放弃的小努力你好：


还想问下，那可转债的融资成本和债权以及股权比较呢？有没有一种极端情况，某一时刻的可转债融资成本低于债权，之后转股权了？

首先给同学举一反三、关联思考的习惯点赞；其次，我个人偏见是，就这道题而言，咱们其实不需要往这方面关联

因为在一级公司理财的考纲中，原版书只有一个地方出现过 convertible debt，是在 R29 Sources of Capital 的 Other Hybrid Securities 中，且并未提到关于融资成本的大小比较

另外，选项 B 只是说债务融资 debt financing，并未明确提及某一特殊的类型，所以不建议咱们使用某一种特殊的金融产品的特殊情况去考虑

因为咱们现在是一级考试，可能刚接触题目不久；等同学题目做多了，就会慢慢有感觉了，会逐渐熟悉协会的出题风格和考查套路，加油！

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2021年10月26日

嗨，努力学习的PZer你好：


因为股东的求偿顺序排在债权人之后，承担的风险高于债权人，所以融资成本不能低于债权的融资成本

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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