胡老师，你好！

想请教两道题：

Book6 PM p109 No.75

Which of the following statements regarding the weighted average cost of capital and the marginal cost of capital is TRUE?

Answer is D. When considering the marginal cost of capital schedule and the investment opportunity schedule, the maximum total capital budget before the firm must sell new shares of common stock and the dollar amount of retained earnings available are equal if the firm is financed solely with equity.

在没有发行新股，也没有发行债券的情况下：比如本来全部用equity融资100万，产生10万到Retained Earnings，这样，Maximum Capital Budget和Available Retained Earnings相等，均为10万。

那资本中一部分为负债呢？比如融资50万负债，50万股票，产生10万Earnings，即使支付掉一部分财务费用（假设1万），剩下的Available Retained Earnings是否仍然和Maximum Capital Budget相等，均为9万呢？

Book6 2AM P75 No. 35

An analyst gathers the following information about Monument State Bank:

Demand deposits $400million

Loans and securities $260million

Reserve requirement 10%

The bank has a total of $50 million in cash and depoists with the Federal Reserve.

Monument State Bank is in a position to make addition loans of:

Answer is B. $10 million.

为什么是50-400*10%=10而不是400-400*10%-260=100

如何理解这里的Loans and securities？银行的reserve必须存放在Federal Reserve吗？

谢谢！

麻烦胡老师回答一下

Book6 PM p109 No.75 答案D的意思是如果公司仅仅使用股权融资的话（注意，这里指的是追加资金的融资，而不是原有的资本结构全部是股权融资，我看你的理解是原有的全部用股权融资），在不发行新股的前提下，最大的资本预算应该等以留存收益。这句话是对的，这里实际上假设首先全部用留存收益融资。