题目
If investors have homogeneous expectations, the market is efficient, and there are no taxes, no transaction costs, and no bankruptcy costs, Modigliani and Miller’s Proposition I states that:
选项
A.bankruptcy risk rises with more leverage.
B.managers cannot change the value of the company by changing the amount of debt.
C.managers cannot increase the value of the company by employing tax-saving strategies.
答案
B
解析
B is correct. Proposition I, or the capital structure irrelevance theorem, states that in perfect markets the level of debt versus equity in the capital structure has no effect on company value. B是正确的。Proposition I,或资本结构无关定理指出，在完美市场中，资本结构中的债务与股权水平对公司价值没有影响。