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為什么business risk上升了,？

請(qǐng)問如果business risk=asset \beta是企業(yè)的經(jīng)營風(fēng)險(xiǎn),，那當(dāng)調(diào)整前的\beta>調(diào)整后的\beta時(shí)：說明經(jīng)過調(diào)整把風(fēng)險(xiǎn)變小了，所以business risk應(yīng)該是下降了才對(duì)啊,，為什么會(huì)上升呢,？

Comments on cost of capital 2021-03-10 21:51:53

問題來源：

Comments on the cost of capital for different businesses

Business Risk	Before>After (B>A)	Implementing the proposal would increase the asset beta of [Coeden Co] because [B] industry has a higher business risk than [A] industry.
Business Risk	Before<After	Implementing the proposal would increase the asset beta of [Coeden Co] because [B] industry has a lower business risk than [A] industry.

Cost of Equity

(However)

Before>After

the equity beta and cost of equity both decrease because of the fall in the level of debt and the consequent reduction in the company’s financial risk.

Before<After

the equity beta and cost of equity both increase because of the increase in the level of debt and the consequent increase in the company’s financial risk.

Project cost of capital	Before>After	The company’s cost of capital decreases because the higher debt level increases the extent to which the weighted average cost of capital can be reduced due to the lower cost of debt.
Project cost of capital	Before<After	The company’s cost of capital increases because the lower debt level reduces the extent to which the weighted average cost of capital can be reduced due to the lower cost of debt.