答案和详解如下： Q1. For a firm financed with common stock and fixed-rate debt, an analyst should most appropriately adjust which of the following items for a change in market interest rates? A) Interest expense. B) Cash flow from financing. C) Debt-to-equity ratio. Correct answer is C) For the purpose of analysis, the value of debt should be adjusted for a change in interest rates. This will change the debt-to-equity ratio. Because changes in interest rates will change the market value of the debt, but not the coupon, interest expense will be unchanged. (However, if a firm has variable-rate debt, interest expense will change when interest rates change, but the market value of the variable-rate debt will not change significantly.) Q2. An increase in interest rates is most likely to benefit: A) firms that issued debt at a lower cost than current rates. B) firms with more equity than debt. C) firms with no debt. Correct answer is A) Firms that issued the debt at a lower cost than the current rates will benefit from an increase in interest rates. The higher interest rates will decrease the market value of their outstanding debt. | 
发表于 2009-1-19 11:37
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