开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

9747814 · 2022年01月09日

根据老师的解析再问个问题

  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.

https://class.pzacademy.com/qa/90030

这个里面老师提到：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

为什么wacc才从10变到13就超过了对应最优资本结构的d/e?

添加评论
2 个答案

王琛_品职助教 · 2022年01月14日

嗨，从没放弃的小努力你好：


老师这个题讲解的视频在哪没找到啊？

在「原版书习题课」中哈，进入位置请见下方截图

----------------------------------------------
努力的时光都是限量版，加油！

王琛_品职助教 · 2022年01月11日

嗨，努力学习的PZer你好：


因为随着 D/E 比例的增加，WACC 是先减小再增加

如果 WACC 从 10% 减少到 8%，可能不好说超过了最优资本结构，因为有可能最优资本结构对应的 WACC 为 6%，比 8% 还小

但是如果 WACC 是从 10% 增加到了 13%，那一定是超过了最优资本结构了

这道题是 Capital Structure 章节课后题第 9 题，同学也可以再听一下课后题的讲解

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 2

    回答

  • 1

    关注

  • 586

    浏览
相关问题

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 根据WACC的公式WACC=W1-t)+WeRe，题中说公司新发了债权导致WACC上升至13%，同时随着W上升，We应该随之下降。根据尝试股权投资要求收益率是高于债权的，也即Re R所以随着债权的权重升高，股权的权重降低，WACC应该随着降低才对。但是题中说了WACC上升了3%，所以这家公司的R应该大于Re的才会导致这个结果。不知道我的这个逻辑错在哪里？也即B错在哪里？

2023-08-10 20:04 1 · 回答

NO.PZ2021091701000029问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving.B.equity financing is cheaper thfinancingC.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 老师好，B为什么不对

2023-04-13 12:28 1 · 回答

NO.PZ2021091701000029问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving.B.equity financing is cheaper thfinancingC.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 我知道wa最小时 公司价值最大。那跟杠杆等有关系吗

2023-03-21 06:21 1 · 回答

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. RT

2022-11-04 22:53 1 · 回答

NO.PZ2021091701000029 问题如下 The current weighteaverage cost of capit(WACfor Vr Wel is 10%. The company announcea offering thraises the WAto 13%. The most likely conclusion is thfor Vr Wel: A.the company’s prospects are improving. B.equity financing is cheaper thfinancing C.the company’s bt/equity hmovebeyonthe optimrange. C is correct. If the company’s WAincreases a result of taking on aitionbt, the company hmovebeyonthe optimcapitrange. The costs of financistress moutweigh any tbenefits to the use of bt. 本题如何能界定10%就是最优？

2022-10-13 23:03 2 · 回答