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404 not found · 2024年06月19日

股票市场价格的变动关公司wacc什么事呢？

  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%

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

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1 个答案

王琛_品职助教 · 2024年06月20日

嗨，爱思考的PZer你好：


1

不是哦

公司的加权平均资本成本（WACC），不仅仅与账面价值有关，更重要的是与市场价值相关

WACC 的计算，通常使用市场价值权重，因为其更能准确地反映投资者的机会成本和要求回报率

2

在资本市场上，债务和权益的成本是由市场决定的，而不是由公司管理层决定的

投资者根据市场风险和预期回报，来决定他们愿意支付的价格

因此，使用市场价值计算 WACC，能够更准确地反映公司实际的资本成本和融资成本

3

关于 WACC 要使用市场价值，而不是账面价值

咱们在课上其实也详细分析过哈

请参考基础班讲义墨迹版 P305 至 P306 页

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努力的时光都是限量版，加油！

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2024-01-20 17:10 1 · 回答

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2023-12-12 16:44 1 · 回答