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咖啡巧克力 · 2024年10月21日

bond的市场价值

  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).

如果要计算bond的市场价值，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？

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1 个答案

Kiko_品职助教 · 2024年10月22日

嗨，从没放弃的小努力你好：


是的。你说的没错。如果债券是无风险债券（如国债），可以直接以当前市场的无风险利率作为折现率。但如果是有风险的债券（如公司债券），需要在无风险利率的基础上加上适当的风险溢价。

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努力的时光都是限量版，加油！

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