R25 练习: 资本结构
考纲范围
calculate and interpret WACC · explain factors affecting capital structure · explain the Modigliani–Miller propositions · describe optimal and target capital structures
LOS: Calculate and interpret the WACC
Q1.
ABC Inc. currently finances its capital structure entirely with common equity. Analysts forecast that ABC will produce stable annual after-tax cash flows of CNY9 million perpetually. ABC has a current market value of CNY78 million and its effective tax rate is 36%. ABC’s target capital structure is 40% financed with debt and the rest with common equity and its cost of debt financing is 3.6%. The unleveraged WACC (weighted-average cost of capital) of ABC is closest to:
A. 11.54%.
B. 7.38%.
C. 7.85%.
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答案：A
计算过程：
ABC 目前全部用权益融资（unlevered），因此：
Unlevered WACC = = After-tax CF / Market Value
注意：题目问的是 unleveraged WACC，即全权益情况下的资本成本，等于当前收益率。
选项 判断 解析 A ✓ 9/78 = 11.54%，unlevered WACC B ✗ 可能是计算了 levered WACC C ✗ 计算错误 关联：R25: 资本结构
Q2.
Which of the following statements is most likely accurate?
A. Managers have the ability to lower the firm’s overall cost of capital by adjusting the costs of debt and equity used directly in their capital allocation process.
B. The target capital structure weights provided by management are typically measured by market value.
C. When evaluating the capital structure, market value weights are the more prevalent method used.
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答案：C
解析：在评估资本结构时，市场价值权重是更常用的方法，因为它反映了证券的当前经济价值。
选项 判断 解析 A ✗ 管理层不能直接”调低”债务和权益的市场成本，只能通过改变资本结构比例影响 WACC B ✗ 目标资本结构可以用 book value 也可以用 market value，并非”typically”用 market value C ✓ 评估资本结构时，market value weights 比 book value weights 更常用、更准确 关联：R25: 资本结构
LOS: Explain factors affecting capital structure and WACC
Q3.
Barrow HE, an equity analyst, recently does his research on the relationship between the capital structure and the company life cycle. He reads several statements as follows and wonders if they are correct.
Statement 1: A start-up company would initially have negative cash flows, but soon the net cash flows would rise to be positive, before it enters into the growth stage.
Statement 2: Typically, the business risk will decline as a company matures, but the cash flows of a mature company would typically be negative.
Statement 3: Profitable companies growing rapidly may have negative cash flows, but still could obtain bank loans with fixed assets or receivables collateralized.
Which of the above statements is most likely correct?
A. Statement 1
B. Statement 2
C. Statement 3
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答案：C
解析：快速增长的盈利公司可能因大量资本支出导致现金流为负，但仍可用固定资产或应收账款作为抵押获得银行贷款。
选项 判断 解析 A ✗ Statement 1 错误：初创公司现金流转正通常发生在成长阶段之后，不是之前 B ✗ Statement 2 错误：成熟公司现金流通常是正的（不是负的），业务风险下降是正确的 C ✓ Statement 3 正确：高增长公司可用资产抵押获得贷款，即使当前现金流为负 关联：R25: 资本结构
Q4.
Which of the following is least likely to be a characteristic of a typical company in the mature stage?
A. Revenue growth decline
B. Maintain a relatively high level of leverage
C. Equity capital dominant
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答案：C
解析：成熟期公司通常有稳定的现金流，可以承受更高的债务杠杆，因此不是以权益资本为主，而是有较高的债务比例。
选项 判断 解析 A ✗ 正确——成熟期收入增速放缓 B ✗ 正确——成熟公司现金流稳定，可维持较高杠杆 C ✓ 不太可能 成熟公司通常有较高的 debt/equity 比，不是以权益为主导 关联：R25: 资本结构
LOS: Explain the Modigliani–Miller propositions
Q5.
Which of the following statements is not an assumption about Modigliani-Miller Proposition?
A. All investors have the same expectations of cash flows.
B. Managers always act to maximize stakeholder wealth.
C. The investment decision is irrelevant to the financing decision.
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答案：B
解析：MM 假设管理层以股东财富最大化为目标，而不是更广泛的”stakeholder wealth”。
选项 判断 解析 A ✗ 正确——MM 假设同质预期（homogeneous expectations） B ✓ 不是假设 MM 假设管理层最大化 shareholder wealth，不是 stakeholder wealth C ✗ 正确——MM 假设投资决策与融资决策独立 关联：R25: 资本结构
Q6.
According to the theory of Modigliani and Miller’s proposition I without tax, which of the following is most likely correct?
A. The main conclusion is that the value of the levered firm does not equal that of the unlevered firm.
B. One of the assumptions states that the management will work for the maximization of stockholders’ wealth, and thus no agency costs exist.
C. The inference includes that the cost of equity is a linear function of the company’s debt-to-equity ratio.
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答案：B
解析：MM Prop I（无税）的假设之一是管理层以股东财富最大化为目标，无代理成本。
选项 判断 解析 A ✗ MM Prop I（无税）的结论是 （levered = unlevered），不是不相等 B ✓ 正确——假设之一是无代理成本，管理层追求股东利益最大化 C ✗ Cost of equity 与 D/E 成线性关系是 Prop II 的结论，不是 Prop I 关联：R25: 资本结构
Q7.
Sunny Company, which currently has no debt in its capital structure, has a market value of CNY 150 million. The corporate tax rate is 25%. The management intends to change its capital structure to consist of 40% debt and 60% equity by issuing new debt to repurchase stock, without altering the overall size of the company. The present value of the financial distress cost is approximately CNY 16.8 million. After issuing the debt, Sunny’s new market value will be closest to (in CNY million):
A. 193.2
B. 133.2
C. 148.2
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答案：C
计算过程：
MM with tax + distress costs:
新公司总价值不变（repurchase 不改变公司规模），但税盾增加价值：
- 公司总价值约 150M（调整后）
- Debt = 40% × 新价值 → 需要迭代求解
简化方法：
因为 D = 40% × : \times V_L = 133.2V_L = 148.0 \approx$ CNY 148.2M
选项 判断 解析 A ✗ 可能未扣除 financial distress costs B ✗ 可能未加入税盾效应 C ✓ 正确考虑了税盾收益和 distress cost 关联：R25: 资本结构
LOS: Describe optimal and target capital structures
Q8.
Alice, an analyst, believes there is an optimal financial leverage ratio whereas her colleague Simon does not agree. Simon believes the gearing decision never affect the value of the business. Which capital structure theory would most likely reflect their beliefs?
| Alice | Simon | |
|---|---|---|
| A. | Static trade-off theory | MM (with tax) |
| B. | MM (with tax) | Pecking order theory |
| C. | Static trade-off theory | MM (without tax) |
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答案：C
解析：Alice 认为存在最优杠杆比率 → Static trade-off theory（在税盾收益和破产成本之间找平衡点）。Simon 认为资本结构不影响价值 → MM without tax（Prop I：）。
选项 判断 解析 A ✗ MM with tax 认为 100% 债务最优（税盾越多越好），不是 Simon 的观点 B ✗ Pecking order theory 描述融资顺序偏好，不是说资本结构无关 C ✓ Static trade-off（有最优点）+ MM without tax（资本结构无关） 关联：R25: 资本结构
Q9.
Which of the following statements is least likely to be a reason for expressing target capital structure by the book value of equity and debt?
A. Lenders, debt investors, and rating agencies commonly use the book value of debt and equity as a primary factor in their calculations of companies’ capital structure.
B. Normally, the market value and book value of equity and debt are the same and remain very stable.
C. For management, the primary focus is on the source and amount of funds.
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答案：B
解析：市场价值和账面价值通常不相同且会波动，这不是使用 book value 的理由。
选项 判断 解析 A ✗ 正确理由——贷款人和评级机构确实常用 book value 分析资本结构 B ✓ 不是理由 MV 和 BV 通常不相等也不稳定，这个说法本身就是错误的 C ✗ 正确理由——管理层关注资金来源和金额，book value 更直接反映融资规模 关联：R25: 资本结构
Q10.
Which of the following statements is least accurate?
A. Theoretically, the increased use of debt will reduce the agency costs of equity.
B. The costs incurred by the company’s board of directors in hiring an auditor are part of the components of agency costs.
C. Michael Jensen’s free cash flow hypothesis supports that higher leverage increases the managers’ opportunities to misuse cash.
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答案：C
解析：Jensen 的自由现金流假说认为更高的杠杆减少了管理层滥用现金的机会（因为必须偿还债务），而非增加。
选项 判断 解析 A ✗ 正确——更多债务 → 强制偿还义务 → 约束管理层行为 → 降低权益代理成本 B ✗ 正确——聘请审计师的费用是监督成本（monitoring costs），属于代理成本 C ✓ 错误 Jensen 假说认为高杠杆减少（不是增加）管理层滥用现金的机会 关联：R25: 资本结构