yy · 2022年04月24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).
B的意思不太理解。
王琛_品职助教 · 2022年04月24日
嗨，努力学习的PZer你好：
1
选项 B 说：投资决策和融资决策是相互「依赖」的 "interdependent"
说反了，MM 理论的假设之一是：投资决策和融资决策是相互「独立」的 "independent of each other"
2
投资决策涉及投资哪个项目，项目会产生未来的预期现金流，现金流折现对应企业价值
融资决策涉及 D 和 E 的比例
投资决策和融资决策相互独立，是说：不管资本结构如何，是全股权结构，还是 D/E 按照某一比例，都不影响投资项目未来的预期现金流，所以不会影响企业价值
也请参考基础班讲义笔记版 P172
----------------------------------------------努力的时光都是限量版，加油！
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). 如题
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，
