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MWW · 2022年02月20日

看不懂解释

NO.PZ2021091701000026

问题如下:

Which of the following is most likely to occur as a company evolves from growth stage through maturity and seeks to optimize its capital structure?

选项:

A.

The company relies on equity to finance its growth

B.

Leverage increases as the company needs more capital to support organic expansion.

C.

Leverage increases as the company is able to support more debt.

解释:

C is correct. As cash flows become more predictable, the company is able to support more debt in its capital structure; the optimal capital structure includes a higher proportion of debt. While mature companies do borrow to support growth, this would typically not occur because the company is optimizing its capital structure. Likewise, while a mature company might issue equity to finance growth, this would not be the typical approach for a company optimizing its capital structure

答案说选C,但是助教解释B和C都不对,到底选项说的是什么意思,又哪里不对了?麻烦哪位老师解释一下,感谢!

1 个答案

王琛_品职助教 · 2022年02月21日

嗨,从没放弃的小努力你好:


1)答案说选C,但是助教解释B和C都不对,

我没说过 B 和 C 都不对呀?请问同学是在哪里看到的呢?

2)到底选项说的是什么意思,又哪里不对了?

题目问:当一个公司从成长期,发展到,成熟期,并寻求优化其资本结构时,以下哪种情况最有可能发生?

首先,从成长期到成熟期,收入和现金流的特点是两个都在增加,现金流为正,稳定可预测

不同的收入支持不同的债务水平,债务多了,好处是利息有税盾,所以单从税盾角度考虑,是借的越多越好;但是债务也有问题,就是可能会增加公司的破产风险,所以会有一个平衡,就是当处在最优资本结构时,公司的 WACC 最低

那么因为成熟期相比与成长期,收入和现金流都增加,所以成熟期所能支持的债务水平提升了,所以达到最优资本结构时的 D/E 比例,是大于成长期的比例

所以杠杆是提升的,但是这种提升,主要是因为更多的现金,支持了更多的债务,而不是因为要有机扩张去借更多的钱,所以选项 B 不对

选项 A 说公司依赖股权融资,说法是不对的,因为已经到成熟期的时候,可以通过成本更低的债务来融资

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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