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ruby5ltc · 2022年05月06日

B为什么错?

  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.

根据WACC公式，债的权重上升了，导致资金成本上升了，这说明借债成本比发行股票成本高，所以B我认为是正确的。

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1 个答案

王琛_品职助教 · 2022年05月07日

嗨，爱思考的PZer你好：


因为股东的求偿顺序排在债权人之后，且承担的风险高于债权人，所以一般情况下，融资成本不能低于债权的融资成本

这道题的考点并不是 WACC 的公式，而是 Static Trade-Off Theory

解题思路，也请参考：https://class.pzacademy.com/qa/90030

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