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米其林 · 2022年02月26日

为什么electric utility就一定有能力还很多债呀？

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000025

问题如下：

Which of the following mature companies is most likely to employ a high proportion of debt in its capital structure？

选项：

A.

A mining company with a large, fixed asset base

B.

A software company with very stable and predictable revenues and an assetlight business model

C.

An electric utility

解释：

C is correct. An electric utility has the capacity to support substantial debt, with very stable and predictable revenues and cash flows. The software company also has these attributes, but it would have been much less likely to have raised debt during its development and may have raised equity. The mining company has fixed assets, which it would have needed to finance, but the cyclical nature of its business would limit its debt capacity

如果这道题的题目问a high proportion of equity，是不是就可以选software company，还是说不一定

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王琛_品职助教 · 2022年02月26日

嗨，从没放弃的小努力你好：


1）为什么electric utility就一定有能力还很多债呀？

因为在三个选项当中，electric utility 属于资本密集行业，本身有大类的资产，可供抵押借债，且商业模式决定其营收等现金流稳定、可预测，所以资本结构中，支持大量的债务，毕竟债务融资要比股权融资，成本更低

2）如果这道题的题目问a high proportion of equity，是不是就可以选software company，还是说不一定

我个人认为是不一定

原版书对比了资本密集行业、周期性行业、轻资产商业模式下，债务融资比例的高低情况

以这道题为例，我们可以根据原版书介绍的内容，判断出选项 C 的债务融资比例最有可能最大

选项 A 和 B，虽然债务融资比例，都相比于选项 C 是较小，但是哪个哪个更小，就不太好说了。而且分类标准也不同，一种分类是侧重行业是否属于周期性行业，另一种分类是侧重资本投入的强度

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

米其林 · 2022年02月26日

谢谢老师，没注意看到讲义里面密集型包括utilities。所以这道题其实很简单，就因为密集型然后对应讲义的high level of leverage，所以可以举比较高杠杆，从而得出结论。

王琛_品职助教 · 2022年02月26日

嗨，从没放弃的小努力你好：


没注意看到讲义里面密集型包括utilities。所以这道题其实很简单，就因为密集型然后对应讲义的high level of leverage，所以可以举比较高杠杆，从而得出结论。

是的，解题套路正如同学所分析的

这道题是资本结构章节课后题第 5 题 

通过题目，咱们可以了解关于这个知识点的考查形式，这也是咱们要多做课后题多总结的原因

考试有可能将选项改成房地产，或者航空，咱们也要能反应过来~

企业发行人的学科特点，是考法常规，所以一定要把握好课后题和经典题，加油！

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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