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椰子鸡 · 2024年01月20日

stock的价格不是涨到25了么为什么不用25作为MV

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090507000010

问题如下：

Company X has the following on the right-hand side of its balance sheet:

  • Bonds $400,000
  • Common stock (40,000 shares) $600,000
  • Total liabilities and equity $1,000,000
The price of Company X stock is currently $20 per share. The required return before tax on debt is 5%, and the required return on equity is 10%.

If the marginal corporate tax rate is 20% and the stock price increases to $25, the WACC for Company X is closest to:

选项：

A.

7.60%.

B.

8.26%.

C.

8.55%.

解释：

B is correct.

The book value weights are computed as follows:

Wd = $400,000/$1,000,000 = 0.40.

We = $600,000/$1,000,000 = 0.60.

The market value of equity is equal to $25 × 40,000 shares = $1,000,000.

The market value weights are computed as follows:

Wd = $400,000/$1,400,000 = 0.29.

We = $1,000,000/$1,400,000 = 0.71.

The appropriate weights for the WACC calculation are the market weights Company X’s WACC, using the market weights, is calculated as follows:

WACC = (weighting of debt * cost of debt) + (weighting of equity * cost of equity)

= (0.29) (5%)(1-0.2) +(0.71)(10%) = 8.26%

如题。

另外题目图中的4000+6000，是账面价值吗？这种在B/S表中的数值，不会因为股票价格的变动而变动吗？

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1 个答案

王琛_品职助教 · 2024年01月22日

嗨，从没放弃的小努力你好：


1）stock的价格不是涨到25了么为什么不用25作为MV

股票的市场价值，就是基于股价 25 计算的哈

请参考解析第四行

The market value of equity is equal to $25 × 40,000 shares = $1,000,000.

2）另外题目图中的4000+6000，是账面价值吗？这种在B/S表中的数值，不会因为股票价格的变动而变动吗？

是的，是账面价值 book value

不会随股票和债券的市场价值的波动而波动

所以目标资本结构，一般用的都是账面价值

而计算 WACC 时，权重用的都是市场价值

也请参考基础班讲义墨迹版 P356

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努力的时光都是限量版，加油！

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NO.PZ2023090507000010问题如下 Company X hthe following on the right-hansi of its balansheet:Bon $400,000Common sto(40,000 shares) $600,000Totliabilities anequity $1,000,000The priof Company X stois currently $20 per share. The requirereturn before ton is 5%, anthe requirereturn on equity is 10%.If the margincorporate trate is 20% anthe stopriincreases to $25, the WAfor Company X is closest to: A.7.60%.B.8.26%.C.8.55%. B is correct.The book value weights are computefollows:W= $400,000/$1,000,000 = 0.40.We = $600,000/$1,000,000 = 0.60.The market value of equity is equto $25 × 40,000 shares = $1,000,000.The market value weights are computefollows:W= $400,000/$1,400,000 = 0.29.We = $1,000,000/$1,400,000 = 0.71.The appropriate weights for the WAcalculation are the market weights Company X’s WACusing the market weights, is calculatefollows:WA= (weighting of * cost of bt) + (weighting of equity * cost of equity)= (0.29) (5%)(1-0.2) +(0.71)(10%) = 8.26% 股票价格的变动是二级市场的事情，并不影响股本，企业的股权成本只与实收资本有关，wacc应该不受二级市场影响吧

2024-06-19 21:24 1 · 回答

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