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Nicole Xiang · 2024年06月17日

请问如果问题换成：The WACC of book value 与 the WACC of market value

  1. CFA I
  2. Corporate Issuers

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).

请问如果问题换成：The WACC of book value 与 the WACC of market value 

是不是： The WACC of book value

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？

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已采纳答案

王琛_品职助教 · 2024年06月17日

嗨，从没放弃的小努力你好：


1

是的，可以这么理解

2

因为本题不涉及税率

所以使用账面价值和市场价值所计算的 WACC 分别如下

WACC (账面价值) = 0.40×5%+0.60×10%=2%+6%=8%

WACC (市场价值) = 0.33×5%+0.67×10%=1.65%+6.7%=8.35%

3

通过计算也可以验证

当权益的市场价值大于账面价值时，确实会导致权益的权重增加

由于权益的成本通常高于债务成本，所以基于市场价值所计算的 WACC，会更倾向于权益的成本

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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