Which capital structure theory argues that there is an optimal level of debt for a firm?a.Net income approachb.Net operating income approachc.Traditional approachd.Modigliani-Miller model
Question
Which capital structure theory argues that there is an optimal level of debt for a firm?a.Net income approachb.Net operating income approachc.Traditional approachd.Modigliani-Miller model
Solution
Para responder a la pregunta sobre cuál teoría de la estructura de capital argumenta que existe un nivel óptimo de deuda para una empresa, sigamos los siguientes pasos:
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Net income approach (Enfoque de ingresos netos): Este enfoque sugiere que el valor de la empresa puede aumentar con el aumento de la deuda debido a la deducción de intereses fiscales. Sin embargo, no establece un nivel óptimo de deuda.
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Net operating income approach (Enfoque de ingresos operativos netos): Este enfoque sostiene que la estructura de capital no afecta el valor de la empresa. Por lo tanto, no sugiere un nivel óptimo de deuda.
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Traditional approach (Enfoque tradicional): Este enfoque argumenta que hay un nivel óptimo de deuda. Según esta teoría, una empresa puede beneficiarse de la deuda hasta cierto punto, después del cual el costo de la deuda adicional supera los beneficios.
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Modigliani-Miller model (Modelo de Modigliani-Miller): Este modelo, en su forma básica, sostiene que en un mercado perfecto, la estructura de capital no afecta el valor de la empresa. Sin embargo, en presencia de impuestos y costos de quiebra, el modelo sugiere que puede haber un nivel óptimo de deuda, pero esto no es el enfoque principal del modelo.
Por lo tanto, la respuesta correcta es:
c. Traditional approach
Similar Questions
he net income approach to capital structure theory suggests that the value of a firm is maximized when:a.The debt-equity ratio is zerob.The debt-equity ratio is maximizedc.The debt-equity ratio is minimizedd.The debt-equity ratio is equal to one
Which of the following statements is correct regarding capital structure theories? Select one:a.Capital Structure is the mix or proportion of a firm’s permanent long-term financing represented by debt and preferred stock onlyb.Modigliani and Miller approach states that the financing decision of a firm affects the market value of a firm in a perfect capital market.c.Traditional approach is known as the intermediate approach synonymous d.The capital structure decision is irrelevant to the valuation of the firm in the net income approach
Which approach to capital structure focuses on the relationship between net income and earnings per share (EPS)?a.Net operating income approachb.Traditional approachc.Modigliani-Miller approachd.Pecking order theory approach
Which of the following is NOT a capital structure theory?a.Net income approachb.Net operating income approachc.Traditional approachd.Weighted average cost of capital (WACC) approach
Modigliani-Miller propositions I and II support which of the following conclusion(s)?Select one or more alternatives:The total value of a firm is irrelevant to its capital structure if tax is considered.The cost of debt is usually lower than the cost of equity because equity holders need to pay taxes.Equity beta increases with debt financing level, but asset beta does not change regardless of capital structure.The cost of equity of a levered firm increases because there is additional compensation for insolvency risk arising from debt.In a perfect capital market, the weighted average cost of capital decreases because interest is tax deductible.
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