题目
Which of the following is most likely to occur as a company evolves from growth stage through maturity and seeks to optimize its capital structure?
选项
A.The company relies on equity to finance its growth.
B.Leverage increases as the company needs more capital to support organic expansion.
C.Leverage increases as the company is able to support more debt.
答案
C
解析
C is correct. As cash flows become more predictable, the company is able to support more debt in its capital structure; the optimal capital structure includes a higher proportion of debt. While mature companies do borrow to support growth, this would typically not occur because the company is optimizing its capital structure. Likewise, while a mature company might issue equity to finance growth, this would not be the typical approach for a company optimizing its capital structure. C是正确的。随着现金流变得更加可预测，公司能够在其资本结构中支持更多的债务；最优资本结构包括较高比例的债务。虽然成熟公司确实会借钱支持增长，但这通常不会发生，因为该公司正在优化其资本结构。类似地，虽然一家成熟的公司可能会发行股票为增长融资，但这不是一家公司优化其资本结构的典型方法。