李同学2019-02-21 11:03:52
11.单选题 已收藏 标记 纠错 Wang Securities had a long-term stable debt-to-equity ratio of 0.65. Recent bank borrowing for expansion into South America raised the ratio to 0.75. The increased leverage has what effect on the asset beta and equity beta of the company? A The asset beta and the equity beta will both rise. B The asset beta will remain the same and the equity beta will rise. C The asset beta will remain the same and the equity beta will decline. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率:68% WACC难度:容易 推荐: 答案解析 B is correct. Asset risk does not change with a higher debt-to-equity ratio. Equity risk rises with higher debt. 问:解释没有听懂,能不能进一步解释?和那个去杠杆 加杠杆的公式有没有关系?
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Amy2019-02-21 13:35:13
同学你好,和加杠杆的公式有关系。Asset beta不会受debt-to-equity ratio的影响,因为它跟debt-to-equity ratio无关,跟公司的商业环境有关,所以debt-to-equity ratio上升,asset beta不变。根据加杠杆的公式,asset beta不变,但是debt-to-equity ratio上升,所以equity beta会上升。
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