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

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

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

 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。