题目
Which of the following statements is most accurate? If two equity issues have the same market risk but the first issue has higher leverage, greater liquidity, and a higher required return, the higher required return is most likely the result of the first issue’s:
选项
A.greater liquidity.
B.higher leverage.
C.higher leverage and greater liquidity.
答案
B
解析
All else equal, the first issue’s greater liquidity would tend to make its required return lower than the second issue’s. However, the required return on equity increases as leverage increases. The first issue’s higher required return must result from its higher leverage, more than offsetting the effect of its greater liquidity, given that both issues have the same market risk. 在其他条件相同的情况下，第一次发行的流动性更强，其所需回报率往往低于第二次发行。然而，所需的股本回报率随着杠杆率的增加而增加。鉴于两次发行具有相同的市场风险，第一次发行所需的较高回报必须来自其较高的杠杆率，而不仅仅是抵消了其较高流动性的影响。