羊同學(xué)
2023-07-17 22:21麻煩老師講解一下這道題，謝謝
所屬：CFA Level I > Corporate Issuers 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Alex助教
2023-07-18 10:38
該回答已被題主采納
你好同學(xué)
參考MM理論，股權(quán)人的風(fēng)險(xiǎn)會(huì)隨著債務(wù)的提高而提高。
According to Modigliani and Miller, the company’s cost of capital
depends not on its capital structure but, rather, on its business risk as reflected in the
firm’s WACC. As the level of debt rises, however, the risk of the company defaulting
on its debt increases. This risk is borne by the equityholders. So, as the proportionate
use of debt rises, the equity’s beta, βe, also rises.
βe = βa + ( βa ? βd ) ( D/E ).
總資產(chǎn)風(fēng)險(xiǎn)跟財(cái)務(wù)杠桿使用情況無關(guān)，只與經(jīng)營情況有關(guān)。
所以選B
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