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𝒜𝒩𝒥𝒜 安雅🎃 · 2021年12月04日

A选项为什么不对？

  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.

老师，请您帮我解答：


  1. 解析里说的The costs of financial distress may outweigh any tax benefits to the use of debt（破产的代价远远大于税盾的好处），这话跟题目有什么关系？
  2. A选项为啥不对？我的理解是公司前景变好，有信心及能力支持更多债务，就像是基础班讲义110页写的mature business-leverage may increase as company is able to support more debt.


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王琛_品职助教 · 2021年12月05日

嗨，努力学习的PZer你好：


1）解析里说的The costs of financial distress may outweigh any tax benefits to the use of debt（破产的代价远远大于税盾的好处），这话跟题目有什么关系？

这道题考查的是 Static Trade-Off Theory

公司通过负债方式进行融资带来的税盾作用，使公司价值增加

负债不断增加，导致公司陷入财务困境的风险变大，公司陷入财务困境的成本增加并最终导致公司价值减少

理论认为，在公司杠杆增加的初期，税盾作用超过破产成本的增加，因此，公司价值增加，WACC 下降

但超过临界值后，杠杆增加带来的税盾作用小于破产成本的增加，因此，公司价值减少，WACC 增加

题目背景是，WACC 从 10% 变成了 13%，增加了，说明 D/E 比例超过了最优资本结构对应的 D/E 比例，因为杠杆增加带来的税盾作用小于破产成本的增加

请参考基础班讲义 P125-P126

2）A选项为啥不对？我的理解是公司前景变好，有信心及能力支持更多债务，就像是基础班讲义110页写的mature business-leverage may increase as company is able to support more debt.

因为 WACC 增加了，公司的价值在减少，所以前景没有变好。如果变好，应该是 WACC 减小，公司价值增加

同学引用的基础班讲义，涉及的知识点是：资本结构和公司生命周期

如果题目要考查公司生命周期，会在题干中，列出具体的生命周期阶段，比如 start-ups, growth, mature。也请参考资本结构章节的课后题第 3 题至第 6 题

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