NO.PZ2023090507000008
问题如下：
XYZ corporation has a capital structure of 30% debt and 70% equity, and interest expense is tax deductible. Debt investors require a before-tax return of 6%, and equity investors’ required return is 12%. If the marginal corporate tax rate rises from 20% to 25%, the change in the WACC is closest to:
选项：
A.
–0.09%.
B.
0.09%.
C.
0.30%.
解释：
A is correct. XYZ’s WACC at a tax rate of 20% is calculated as follows:
WACC = (Weighting of debt × Cost of debt) + (Weighting of equity × Cost of equity)
= (0.3)(6%)(1 – 0.2) + (0.70)(12%) = 9.84%.
XYZ’s WACC at a tax rate of 25% is calculated as follows:
WACC = (0.3)(6%)(1 – 0.25) +(0.70)(12%) = 9.75%.
Thus, WACC declines by 0.09% as the after after-tax cost of debt declines from 4.8% to 4.5%.
我算的debt cost在税率升高前后分别0.0144和0.0135。
