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陆佳莹 · 2021年10月28日

A选项为啥不选

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000025

问题如下：

Which of the following mature companies is most likely to employ a high proportion of debt in its capital structure？

选项：

A.

A mining company with a large, fixed asset base

B.

A software company with very stable and predictable revenues and an assetlight business model

C.

An electric utility

解释：

C is correct. An electric utility has the capacity to support substantial debt, with very stable and predictable revenues and cash flows. The software company also has these attributes, but it would have been much less likely to have raised debt during its development and may have raised equity. The mining company has fixed assets, which it would have needed to finance, but the cyclical nature of its business would limit its debt capacity

A选项为啥不选，A也投资了很高比例的固定资产哇

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王琛_品职助教 · 2021年10月31日

嗨，努力学习的PZer你好：


因为在周期性行业（比如采矿、材料，以及许多工业企业），收入和现金流在经济周期中变化很大，这限制了债务融资能力

因此，周期性行业的企业在其资本结构中的债务，可能比其他周期性较弱的行业的公司少

也请参考基础班讲义

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