喬同學
2017-05-07 06:37Which of the following situations is the least likely reason why the marginal cost of capital schedule for a company rises as additional funds are raised? [a] The company deviates from its target capital structure because of the economies of scale associated with flotation costs and market conditions. [b] The cost of additional funds from various sources rises as higher levels of financing are achieved. [c] The company seeks to issue less senior debt because it violates the debt incurrence test of an existing debt covenant. 解釋 The WACC does not necessarily increase as more funds are being raised. Higher amounts of funding would not change the WACC if everything were in proportion to the old target capital structure - it is the changes in relative proportions of sources of funding that could make a difference because of interest deductibility and financial risk.請問這題什么意思，解釋我看不懂
所屬： 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Irene助教
2017-05-08 09:23
該回答已被題主采納
同學你好。
這題的意思是，wacc不一定會隨著融資總額的增長而增長。
因為wacc針對的是marginal cost。也就是說只有當變量不是成比例變動是，wacc才會增加。
例如，如果D/A ratio是2：3， 如果保持不變，再舉債，同時債務成本和稅收都不變的情況下，其實WACC是不變的。
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