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Guan · 2023年12月25日

2.2哪里来

NO.PZ2023090507000016

问题如下:

Company Z announces that a debt-to-equity ratio of 1.2 is consistent with its target capital structure. Given this value, the weight for equity in the WACC calculation is:

选项:

A.

45%.

B.

55%.

C.

83%.

解释:

A is correct.

A simple way of transforming a debt-to-equity ratio (D/E) into a weight—that is, D/(D + E)—is to divide D/E by 1 + D/E.

Therefore, a debt-to-equity ratio of 1.2 represents a weight on debt of 1.2/2.2 = 0.5455, so wd = 0.5455 and we = 1 − 0.5455 = 0.4545. Thus, the weight for equity in the WACC calculation is 45%.

2.2哪里来的。。。。。。

1 个答案

王琛_品职助教 · 2023年12月25日

嗨,努力学习的PZer你好:


1

既然 D/E = 1.2,不妨假设 D = 1.2,E = 1

所以 A = D + E = 2.2

则 we = 1/ 2.2 = 45%

2

咱们在课上介绍过上述的简便算法

也请参考基础班讲义墨迹版 P358

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努力的时光都是限量版,加油!

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