公司理财精要版原书第12版习题库答案Ross12e_Chapter16_TB_图文.pdfVIP

FundamentalsofCorporateFinance,12e(Ross)

Chapter16FinancialLeverageandCapitalStructurePolicy

1)Whichoneofthesestatementsiscorrect?

A)Capitalstructurehasnoeffectonshareholdervalue.

B)Theoptimalcapitalstructureoccurswhenthecostofequityisminimized.

C)Theoptimalcapitalstructuremaximizesshareholdervalue.

D)ShareholdervalueismaximizedwhenWACCisalsomaximized.

E)Unleveredfirmshavemorevaluethanleveredfirmswhenfirmsareprofitable.

2)Afirmshouldselectthecapitalstructurethat:

A)producesthehighestcostofcapital.

B)maximizesthevalueofthefirm.

C)minimizestaxes.

D)isfullyunlevered.

E)equatesthevalueofdebtwiththevalueofequity.

3)Thevalueofafirmismaximizedwhenthe:

A)costofequityismaximized.

B)taxrateequalsthecostofcapital.

C)leveredcostofcapitalismaximized.

D)weightedaveragecostofcapitalisminimized.

E)debt-equityratioisminimized.

4)Theoptimalcapitalstructurehasbeenachievedwhenthe:

A)debt-equityratioisequalto1.

B)weightofequityisequaltotheweightofdebt.

C)costofequityismaximizedgivenapretaxcostofdebt.

D)debt-equityratioissuchthatthecostofdebtexceedsthecostofequity.

E)debt-equityratioresultsinthelowestpossibleweightedaveragecostofcapital.

interestandtaxes(EBIT).Thesteepertheslopeoftheplottedlinethe:

A)lowertheimpactoffinancialleverage.

B)lowerthedebt-equityratio.

C)higherthetaxrate.

D)greaterthesensitivityofEPStochangesinEBIT.

E)lowertheprobabilityofanegativeEPS.

6)Youhavecomputedthebreak-evenpointbetweenaleveredandanunleveredcapital

structure.Ignoretaxes.Atthebreak-evenlevel,the:

A)companyisearningjustenoughtopayforthecostofthedebt.

B)companysearningsbeforeinterestandtaxesareequaltozero.

D)advantagesofleverageexceedthedisadvantagesofleverage.

E)companyhas