Systematic risk VS Debt/Equity ratio

答案是 A

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Total systematic risk of the firm's equity has 2 parts
firm's systematic risk = business risk + financial risk

Business risk depends on the firm's assets and operation and is not affected by capital structure

Financial risk depends on the financial policy (i.e. capital structure of the firm.)

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Systematic risk is risk that affects most assets in the market. It is also called non-diversifiable risk or market risk.

Risks such as change in GDP, inflation, interest rates are systematic risk

一般的systematic risk is not equal to firm's systematic risk

2006-12-15 03:31:59 補充：
經過一輪思考. 我認為答案應該係e我唔知你有冇關於 m&m proposition 的圖表. 有就易講好多. 否則在此較難溝通

2006-12-15 03:32:10 補充：
簡單d講. 其實firm's sys risk = busi risk financial risk其實係l由 Ra=(E/V)Re (D/V)Rd 轉化而成...經少少轉動...條式變為變成 Re= Ra (Ra-Rd)(D/E)就咁睇ra 如果唔變...(D/E) 不斷上升...Re 係會不斷上升但如果睇番未變位之前那條式...如果(D/V) 越來越大...Ra 會增加...但(E/V)亦都會越黎越細...咁樣..最後Ra 係會先升後跌的...

2006-12-15 03:32:39 補充：
----------------------------------------------------------------D= amount of debtE= amount of equity capitalV=D ERe=cost of capital Rd=cost of debtRa=weighted average cost of capital

2006-12-15 03:32:49 補充：
最起初...要計公司的資金成本...一間公司..資金成本 係有equity 和 debt 組成的所以...Ra = (E/V)*Re (D/V)*Rd ............. (如果有TAX RATE, (D/V)*Rd (1-TAX RATE)希望幫到你...答案係E!!!

2006-12-15 12:50:11 補充：
其實係l由 Ra=(E/V)Re 加 (D/V)Rd...轉化而成...經少少轉動...條式變為變成 Re= Ra 加 (Ra-Rd)(D/E)...Ra = (E/V)*Re 加 (D/V)*Rd ............. (如果有TAX RATE, (D/V)*Rd (1-TAX RATE)sorry 唔知點解會冇左d 加號