NO.PZ2016012005000014
问题如下：
If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transactions costs, and no bankruptcy costs, the Modigliani and Miller Proposition I states that:
选项：
A. bankruptcy risk rises with more leverage.
B. managers cannot change the value of the company by using more or less debt.
C. managers cannot increase the value of the company by employing tax saving strategies.
解释：
B is correct.
Proposition I, or the capital structure irrelevance theorem, states that the level of debt versus equity in the capital structure has no effect on company value in perfect markets.
为什么c不对
