沐沐的方盒 · 2022年04月17日
NO.PZ2021091701000028
问题如下：
According to Modigliani and Miller’s Proposition II without taxes:
选项：
A.the capital structure decision has no effect on the cost of equity.
investment and the capital structure decisions are interdependent
the cost of equity increases as the use of debt in the capital structure
increases.
解释：
C is correct. The cost of equity rises with the use of debt in the capital structure
(e.g., with increasing financial leverage).
如题
王琛_品职助教 · 2022年04月18日
嗨，从没放弃的小努力你好：
1
是的，是在描述杠杆
杠杆增加，re 会增加
定性理解是因为杠杆增加，增加了风险，所以要求回报率也要增加
定量理解是写出 MM 理论有税情况下 re 的公式，和 D/E 成正比。所以杠杆增加，re 增加
2
关于 MM 理论的理解，也请参考：https://class.pzacademy.com/qa/93125
----------------------------------------------加油吧，让我们一起遇见更好的自己！
沐沐的方盒 · 2022年04月18日
老师，我理解D/E上升，则re上升。但我没理解as the use of debts 是财务杠杆的意思
NO.PZ2021091701000028 问题如下 Accorng to Mogliani anMiller’s Proposition II without taxes: A.the capitstructure cision hno effeon the cost of equity. B.investment anthe capitstructure cisions are interpennt C.the cost of equity increases the use of in the capitstructure increases. C is correct. The cost of equity rises with the use of in the capitstructure (e.g., with increasing financileverage). a说的是re的变化对资本结构影响。不是说在no taxes的情况下左右两边互不影响的嘛，那re的变化也不会影响到资本结构啊
NO.PZ2021091701000028问题如下 Accorng to Mogliani anMiller’s Proposition II without taxes: A.the capitstructure cision hno effeon the cost of equity.B.investment anthe capitstructure cisions are interpenntC.the cost of equity increases the use of in the capitstructure increases. C is correct. The cost of equity rises with the use of in the capitstructure (e.g., with increasing financileverage). MM2不就是说稅盾好处会带来asset value增加吗？那资本结构和investment就是有关系的吖
NO.PZ2021091701000028 问题如下 Accorng to Mogliani anMiller’s Proposition II without taxes: A.the capitstructure cision hno effeon the cost of equity. B.investment anthe capitstructure cisions are interpennt C.the cost of equity increases the use of in the capitstructure increases. C is correct. The cost of equity rises with the use of in the capitstructure (e.g., with increasing financileverage). B的意思不太理解。
NO.PZ2021091701000028 investment anthe capitstructure cisions are interpennt the cost of equity increases the use of in the capitstructure increases. C is correct. The cost of equity rises with the use of in the capitstructure (e.g., with increasing financileverage). MOM proposition需要展开讲解下，
