一件事無(wú)論太晚或者太早，都不會(huì)阻攔你成為你想成為的那個(gè)人，備考CFA也是這樣，即便CFA考試知識(shí)點(diǎn)再難，也阻擋不了你學(xué)習(xí)的熱情，在CFA科目中公司金融也是很重要的知識(shí)點(diǎn)，那這個(gè)CFA公司金融科目中capital structure資本結(jié)構(gòu)的考題如何呢？是不是很難呢？

Flynn Company has a capital structure of 40% debt, 50% common equity, and 10%  preferred equity, based on market values. Firms in Flynn’s industry have on average 30%  debt, 55% common equity, and 15% preferred equity. Flynn’s management intends to issue equity shares to bring the proportion of common equity up to 55% and keep the proportion of preferred equity at 10%. To estimate Flynn’s WACC, an analyst should use a weight of debt:

A  equal to 35%.

B  less than 35%.

C  greater than 35%.


【答案以及解析】 A If a company’s target capital structure weights are known, an analyst should use them in estimating the company’s WACC. Flynn’s target weight of debt is 100 – 55 –10 = 35%.

【核心詞匯】

capital structure：資本結(jié)構(gòu)

是指一個(gè)公司長(zhǎng)期債務(wù)、優(yōu)先股、普通股之間的比例關(guān)系，也即公司債務(wù)性融資和權(quán)益性融資之間的比例關(guān)系。

所以在備考中不僅僅或做題，還要知道考題中的關(guān)鍵詞，這邊有CFA考試題，以及官網(wǎng)的MOCK。