[求助] level 1 corporate finace 里的一道题，对于题目本身不太理解 investment, corporate, following, decrease, expected

lindsaylee

 which of the following would most likely lead to an increase in a typical firm's capital investment for the current period?

A   a need to increase inventory

B   an increase in the firm's expected marginal tax rate

C   a decrease in the market value of the firm's debt

 

 

answer: B

 

EXPLANATION

 since a typical firm has both equity and debt financing, an increase in the firm's tax rate will decrease the after-tax cost of debt and consequently decrease the firm's WACC, which can change a project's NPV from negative to positive. A decrease in the market value of the firm's debt will increase the market yield on the debt, which will increase the after-tax cost of debt and the firm's WACC. Increase in inventory increase current assets and working capital needs, not capital investment.

 

请问，1 题目中标注颜色的地方应怎样理解。为什么WACC降低了，就导致 increase in a typical firm's capital investment

         2 解释中标注蓝色的部分，为什么公司债务市场价值降低了，债务的市场收益率就会升高

 

hitman1986

这个题目貌似是note上的吧，我记得，呵呵，首先回答你第二个问题，这个解释很简单呀，就是说债券的价值与利率是反向关系啊，利率升高，价格降低啊，如果还是不懂，想想最基本的公式，利率是在分母里面，上面是票面利息，贴现后得到价格，分母增加，价格减小啊

第一个问题，这个题问的是哪种会导致投资的增加，WACC就是成本啊，成本低当然要增加投资啊，而第三个选项对于债券的融资成本会增加的，WACC会增加，就可能要减少投资了，如果还是不明白，就想未来的现金流折现的话，如果选择wacc折现，那么你说是高的wacc折现出来的值高呢还是低的wacc折现出来的值比较高，当然是低的

chjsh

 think about how to calculate NPV. the discount rate for a project is WACC, if wacc decrease, then some projects with -tive NPV previously might turn to be profitable which is worth investing. is this answer your 1st question?

next, bond yield is inversely related to its price. when bond price decrease, the yield thus increase which in turn increase the wacc. according to above explanation, the # of +tive NPV projects decrease.

lindsaylee

非常感谢两位的讲解。很受用。

随着复习的深入，现在能比较能熟练运用 价值和利率的反向关系了。

 

但是还有一点，债券的价值和利率关系是否有一个因果呢？还是互为因果，我觉得一般不是 利率升高 才会导致价值降低吗？可以反过来因果吗？因为题中是说   A decrease in the market value of the firm's debt will increase the market yield on the debt

sinowonder

 which of the following would most likely lead to an increase in a typical firm's capital investment for the current period?

A   a need to increase inventory

B   an increase in the firm's expected marginal tax rate

C   a decrease in the market value of the firm's debt

 

是不是可以这样解释:

1、存货增加属于流动资产，不是资本成本；

2、税收减少，未来费用支出会减少，成本减少，则可以增加投资；

3、债务市值下降，则说明A、可能公司运营不正常，则融资成本会提高，公司融不到资金，投资会减少；b、市场利率提高，导致外部资金逐利而去，同样提高公司融资成本，增加投资困难。