第八章单元测试
Which of the following statements is most correct? ( )
- Which of the following statements about capital structure theory is most correct? ( )
- As a general rule, the capital structure that ( )
- Which of the following statements is most correct? ( )
- Which of the following statements is most correct?( )
A:The capital structure that maximizes stock price is generally the capital structure that also maximizes earnings per share.
B:Statements a and c are correct.
C:Statements a and b are correct.
D:When a company increases its debt ratio, the costs of equity and debt capital both increase. Therefore, the weighted average cost of capital (WACC)must also increase. E:All else equal, an increase in the corporate tax rate would tend to encourage a company to increase its debt ratio.
答案:The capital structure that maximizes stock price is generally the capital structure that also maximizes earnings per share.
A:All of the statements above are correct.
B:According to the “trade-off theory,” an increase in the costs of bankruptcy would lead firms to reduce the amount of debt in their capital structures.
C:Statements a and c are correct.
D:Signaling theory suggests firms should in normal times maintain reserve borrowing capacity that can be used if an especially good investment opportunity comes along.
E:In general, an increase in the corporate tax rate would cause firms to use less debt in their capital structures.
A:Maximizes the price per share of common stock also minimizes the weighted average cost of capital.
B:None of the statements above is correct.
C:Minimizes the interest rate on debt also maximizes the expected EPS.
D:Maximizes expected EPS also maximizes the price per share of common stock.
E:Minimizes the required rate on equity also maximizes the stock price.
A:None of the statements above is correct.
B:Firms with a high operating leverage are more likely to rely on debt financing.
C:Firms whose sales are very sensitive to changes in the business cycle are more likely to rely on debt financing.
D:Firms with large tax loss carry forwards are more likely to rely on debt financing.
E:Statements a and c are correct.
A:Increasing the amount of debt in a firm’s capital structure is likely to increase the costs of both debt and equity financing
B:Statements b and c are correct
C:The optimal capital structure minimizes the WACC
D:If the after-tax cost of equity financing exceeds the after-tax cost of debt financing, firms are always able to reduce their WACC by increasing the amount of debt in their capital structure
E:Statements a and c are correct
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