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Pavel Korchagin · 2023年06月10日

如果是算公司的,用哪个ratio?

NO.PZ2016021705000029

问题如下:

Brandon Wiene is a financial analyst covering the beverage industry. He is evaluating the impact of DEF Beverages new product line of flavored waters. DEF currently has a debt-to-equity ratio of 0.6. The new product line would be financed with $50 million of debt and $100 million of equity. In estimating the valuation impact of this new product line on DEF's value, Wiene has estimated the equity beta and asset beta of comparable companies. In calculating the equity beta for the product line, Wiene is intending to use DEF's existing capital structure when converting the asset beta into a project beta. Which of the following statements is correct?

选项:

A.

Using DEFs debt-to-equity ratio of 0.6 is appropriate in calculating the new product line's equity beta.

B.

Using DEFs debt-to-equity ratio of 0.6 is not appropriate, but rather the debt-toequity ratio of the new product, 0.5, is appropriate to use in calculating the new product lines equity beta.

C.

Wiene should use the new debt-to-equity ratio of DEF that would result from the additional $50 million debt and $100 million equity in calculating the new product line's equity beta.

解释:

B is correct.

The debt-to-equity ratio of the new product should be used when making the adjustment from the asset beta, derived from the comparables, to the equity beta of the new product.

题干里说是要算project 的β,所以选B, 要用new project的β。

我的问题是,如果要算的是公司包括new project后的新的β',那么是不是选C?

1 个答案

王琛_品职助教 · 2023年06月12日

嗨,爱思考的PZer你好:


是的,如果按照同学的假设,是选 C

因为对象不同,题目问的是新的生产线,所以选 B;而选项 C 的计算过程,对应的是公司

同时,还要更新选项的表述,把 "in calculating the new product line's equity beta." 改成 "in calculating the DEF's equity beta."

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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