公司理财(罗斯)第15章(英文).pptVIP

15-* 3. A firm has a debt-to-equity ratio of 1. Its cost of equity is 16%, and its cost of debt is 8%. If there are no taxes or other imperfections, what would be its cost of equity if the debt-to-equity ratio were 0? A) 8% B) 10% C) 12% D) 14% E) 16% 15-* Answer: C Rationale: when d/s=1,rs = .16 = r0 + 1(r0 -.08) .16 =2r0 - .08 .24 = 2r0 r0 = .12 = 12% When d/s=0, rs=r0 +0*(r0 –rb)=12% 15-* 4. In a world of no corporate taxes if the use of leverage does not change the value of the levered firm relative to the unlevered firm this is known as A) MM Proposition III