Garth has announced that it plans to abandon the prior policy of all-equity financing by the issuance of £1 million in debt in order to buy back an equivalent amount of equity. Garth’s before-tax cost of debt is 6%
(Institute 120)
题目
Based on the MM propositions with corporate taxes, Garth’s cost of equity after the debt issuance is closest to:
10.00%.
10.85%.
11.33%
(Institute 121)
Institute, CFA. 2018 CFA Program Level II Volume 3 Corporate Finance. CFA Institute, 07/2017. VitalBook file.
所提供的引文是一个指南。请在使用之前查看每个引文以确保准确性。
答案
re=r0+(r0−rd)(1−t)(DE)VU=EBIT(1−t)r0=400,000(1−0.30)0.10=2,800,000VL=VU+tD=(2.8million)+(0.30)(1million)=3.10millionE=VL−D=(3.10million)−(1million)=2.10millionre=r0+(r0−rd)(1−t)(DE)=10+(10−6)(1−0.30)(12.10)=10+1.33=11.33%
(Institute 123)
Institute, CFA. 2018 CFA Program Level II Volume 3 Corporate Finance. CFA Institute, 07/2017. VitalBook file.
所提供的引文是一个指南。请在使用之前查看每个引文以确保准确性。
问题。这里说发行100万债务回购等额权益，那么完成后债务+权益不还是280万吗，怎么会变成310万呢
