开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

AgnesWu · 2024年02月16日

关于解题技巧

NO.PZ2023090507000009

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%.

In calculating WACC for Company X, the weight for debt using book values for the balance sheet components is likely to be ________________ than the weight for debt using market values for the balance sheet components.

选项:

A.

lower

B.

the same

C.

higher

解释:

C 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 $20 × 40,000 shares = $800,000.

The market value weights are computed as follows:

Wd = $400,000/$1,200,000 = 0.33.

We = $800,000/$1,200,000 = 0.67.

Thus, the book value weight for debt (0.40) is higher than the market value weight (0.33).

这种类型的题是否可以不计算出最终数值,比较We 和We 权重大小,再看R&D 和Re的大小从而判断?

1 个答案
已采纳答案

王琛_品职助教 · 2024年02月16日

嗨,爱思考的PZer你好:


1

首先题目问的是权重的比较,所以其实不涉及资本成本 rd re

2

接着,比较权重时

确实得分别计算用账面价值和用市场价值的结果

所以也没有什么简便算法,就还是得逐一计算哈

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 330

    浏览
相关问题

NO.PZ2023090507000009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%.In calculating WAfor Company X, the weight for using book values for the balansheet components is likely to ________________ ththe weight for using market values for the balansheet components. A.lowerB.the sameC.higher C 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 $20 × 40,000 shares = $800,000.The market value weights are computefollows:W= $400,000/$1,200,000 = 0.33.We = $800,000/$1,200,000 = 0.67.Thus, the book value weight for (0.40) is higher ththe market value weight (0.33). 如果要计算bon市场价值,是不是需要先了解当前市场的无风险利率?再以未来现金流折现求和得出?

2024-10-21 21:39 1 · 回答

NO.PZ2023090507000009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%.In calculating WAfor Company X, the weight for using book values for the balansheet components is likely to ________________ ththe weight for using market values for the balansheet components. A.lowerB.the sameC.higher C 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 $20 × 40,000 shares = $800,000.The market value weights are computefollows:W= $400,000/$1,200,000 = 0.33.We = $800,000/$1,200,000 = 0.67.Thus, the book value weight for (0.40) is higher ththe market value weight (0.33). 120万怎么来的?………

2024-07-03 20:38 1 · 回答

NO.PZ2023090507000009 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%.In calculating WAfor Company X, the weight for using book values for the balansheet components is likely to ________________ ththe weight for using market values for the balansheet components. A.lower B.the same C.higher C 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 $20 × 40,000 shares = $800,000.The market value weights are computefollows:W= $400,000/$1,200,000 = 0.33.We = $800,000/$1,200,000 = 0.67.Thus, the book value weight for (0.40) is higher ththe market value weight (0.33). 请问如果问题换成The WAof book value 与 the WAof market value 是不是 The WAof book value the WAof market value 呢? 定性理解 当market value 大于book value时, equity 的权重更大,那么WACC就会更倾向于rate of requity. 对吗?

2024-06-17 15:14 1 · 回答