185****19972025-05-31 01:00:02

最后一题，解释income based方法不行的时候，说分母不好预测他的答案是这么写的：This is because the cost of debt in WACC is based on the yield-to-maturity on the firm’s debt rather than the expected rate of return, which uses expected loss E(L)。这句话貌似不仅仅说折现率不好确定，好像还在说：WACC in income-based approaches uses yield-to-maturity (YTM) for debt cost, which ignores expected loss [E(L)]. This leads to mispricing risk, especially for distressed debt。也就是说：收益法中的WACC使用债务的到期收益率（YTM）计算资本成本，但忽略了预期损失[E(L)]，导致风险定价不准确，尤其对困境债务。 请问是这样吗？