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, · 2021年12月19日

我理解 股票价格上涨影响 market value, 不影响book value, 所以b 我感觉不会有影响capital structure. 能解释一下b为啥影响么

NO.PZ2021091701000021

问题如下:

Which of the following is least likely to affect the capital structure of Longdrive Trucking Company? Longdrive has moderate leverage today.

选项:

A.

The acquisition of a major competitor for shares

B.

A substantial increase in share price

C.

The payment of a stock dividend

解释:

C is correct. Stock dividends, like stock splits, have no impact on the value of a company’s equity. Issuing shares to acquire a competitor would increase equity relative to debt in the capital structure. Share price appreciation would also increase the market value of equity, thus increasing equity relative to debt.

我理解 股票价格上涨影响 market value, 不影响book value, 所以b 我感觉不会有影响capital structure. 能解释一下b为啥影响么

1 个答案

王琛_品职助教 · 2021年12月20日

嗨,努力学习的PZer你好:


如果 market value 改变,会影响 WACC 的计算

选项 B 的出处,可以参考原版书 P40 的一句话

由于我们考虑的是一个公司如何最大限度地降低其总的资本成本,这里的重点是债务和股权的市场价值

Since we are considering how a company minimizes its overall cost of capital, the focus here is on the market values of debt and equity.

因此,资本结构也受到公司证券的市场价值随时间变化的影响,特别是股价

Therefore, capital structure is also affected by changes in the market value of a company’s securities over time, particularly the share price.

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努力的时光都是限量版,加油!

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