[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

 

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