题目
Which of the following mature companies is most likely to employ a high proportion of debt in its capital structure?
选项
A.A mining company with a large, fixed asset base
B.A software company with very stable and predictable revenues and an asset-light business model
C.An electric utility
答案
C
解析
C is correct. An electric utility has the capacity to support substantial debt, with very stable and predictable revenues and cash flows. The software company also has these attributes, but it would have been much less likely to have raised debt during its development and may have raised equity. The mining company has fixed assets, which it would have needed to finance, but the cyclical nature of its business would limit its debt capacity. C是正确的。电力公司有能力支持大量债务，收入和现金流非常稳定和可预测。这家软件公司也有这些特点，但它在开发过程中举债的可能性要小得多，而且可能已经筹集了股本。这家矿业公司拥有固定资产，需要融资，但其业务的周期性将限制其债务能力。