公司价值=公司债券+公司股权么？

问题如下：

Adam is asked to estimate the value of firm A’s equity under the Merton framework.

1)The value of firm A's asset is180.

2)Risk-free rate of 5%.

3)The firm issues one-year zero interest bonds with a face value of 100.

4)The value of a European put option on the firm's asset is 3.50 and the strike price is 100.

选项：

A.

$95.12.

B.

$91.62.

C.

$92.12

D.

$88.38.

解释：

D is correct.

考点：Merton Model

解析：无风险债券的现值=100*e^(-0.05)=95.12

公司债券的价值=95.12-3.50=91.62

公司的股权价值=180-91.62=88.38