答案和详解如下！ Question 75 The value of a firm and shareholder wealth are maximized under which of the following conditions? Capital projects are accepted at any point along a firm’s investment opportunity schedule that is: A) below the firm’s marginal cost of capital curve. B) above the firm’s average cost of capital curve. C) above the firm’s marginal cost of capital curve. D) below the firm’s average cost of capital curve.
The correct answer was C) above the firm’s marginal cost of capital curve. At points on the investment opportunity schedule that are above the marginal cost of capital curve, projects have higher IRRs than the cost of capital and these projects should be accepted. The amount of the optimal capital budget is at the intersection of a firm’s investment opportunity schedule and its marginal cost of capital curve. Capital project investment up to this point creates firm value and increases shareholder wealth. Capital project investment beyond this amount would mean accepting projects with IRRs less than the marginal cost of capital. This question tested from Session 11, Reading 45, LOS d | 
发表于 2008-5-10 15:28
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