题目
Other factors being equal, in which of the following situations are debt–equity conflicts likely to increase?
选项
A.Financial leverage is low.
B.The company’s debt is secured.
C.The company’s debt is long-term.
答案
C
解析
Long-term debt is more exposed than short-term debt to the risk of a management decision that is not debtholder-friendly. Secured debt is less exposed than unsecured debt to such a risk, and with low leverage, the risk of debt–equity conflict is reduced, not increased, relative to high leverage. 长期债务比短期债务更容易受到不利于债权人的管理决策的风险。与无担保债务相比，有担保债务较少面临此类风险，并且在杠杆率较低的情况下，与高杠杆率相比，债务-股权冲突的风险减少，而不是增加。