问题如下图：
选项：
A. 
B. 
C. 
解释：
请问为什么equity valve随着debt增加而减少了？没有杠杆的firm value不应该是equity value吗
NO.PZ2018101501000067 Company M now is all equity-financeanthe cost of capitis 12%. EBIT of Company M is $0.6 million. Management is consiring changing the capitstructure so they intento issue 2 million new to repurchase outstanng shares. The trate is 30% anthe before-tcost of is 8%. What’s the cost of equity after changing the capitstructure accorng to the MM`s proposition with tax? 17.60% 15.73% 14.67% C is correct. 考点CapitStructure Theory: with t解析 VU=EBIT(1−T)r0=0.6∗(1−30%)12%V_U=\frac{EBIT(1-T)}{r_0}=\frac{0.6\ast(1-30\%)}{12\%}VU=r0EBIT(1−T)=12%0.6∗(1−30%) = $3.5 million VL = VU + T*= 3.5 + 30%*2 = $4.1 million E = VL –= 4.1 – 2 = $2.1 million 根据公式 re=r0+(r0−r∗(1−T)∗r_e=r_0+(r_0-r_\ast(1-T)\ast\frre=r0+(r0−r)∗(1−T)∗E = 12% + (12% -8%) * (1-30%) * (2/2.1) = 14.67% 这道题是要把Proposal1和2的公式结合起来用吗 两个proposal不是相互独立吗？
NO.PZ2018101501000067 Company M now is all equity-financeanthe cost of capitis 12%. EBIT of Company M is $0.6 million. Management is consiring changing the capitstructure so they intento issue 2 million new to repurchase outstanng shares. The trate is 30% anthe before-tcost of is 8%. What’s the cost of equity after changing the capitstructure accorng to the MM`s proposition with tax? 17.60% 15.73% 14.67% C is correct. 考点CapitStructure Theory: with t解析 VU=EBIT(1−T)r0=0.6∗(1−30%)12%V_U=\frac{EBIT(1-T)}{r_0}=\frac{0.6\ast(1-30\%)}{12\%}VU=r0EBIT(1−T)=12%0.6∗(1−30%) = $3.5 million VL = VU + T*= 3.5 + 30%*2 = $4.1 million E = VL –= 4.1 – 2 = $2.1 million 根据公式 re=r0+(r0−r∗(1−T)∗r_e=r_0+(r_0-r_\ast(1-T)\ast\frre=r0+(r0−r)∗(1−T)∗E = 12% + (12% -8%) * (1-30%) * (2/2.1) = 14.67% 在原来全投资的情况下Equity=0.6/12%=5, 债券回购股票2million，这样Equity就是3million，而不是答案的2.1million，想知道思路哪里错了？
Company M now is all equity-financeanthe cost of capitis 12%. EBIT of Company M is $0.6 million. Management is consiring changing the capitstructure so they intento issue 2 million new to repurchase outstanng shares. The trate is 30% anthe before-tcost of is 8%. What’s the cost of equity after changing the capitstructure accorng to the MM`s proposition with tax? 17.60% 15.73% 14.67% C is correct. 考点CapitStructure Theory: with t解析 VU=EBIT(1−T)r0=0.6∗(1−30%)12%V_U=\frac{EBIT(1-T)}{r_0}=\frac{0.6\ast(1-30\%)}{12\%}VU=r0EBIT(1−T)=12%0.6∗(1−30%) = $3.5 million VL = VU + T*= 3.5 + 30%*2 = $4.1 million E = VL –= 4.1 – 2 = $2.1 million 根据公式 re=r0+(r0−r∗(1−T)∗r_e=r_0+(r_0-r_\ast(1-T)\ast\frre=r0+(r0−r)∗(1−T)∗E = 12% + (12% -8%) * (1-30%) * (2/2.1) = 14.67% 老师，如果已知中没有repurchase outstanng shares这个条件，对计算过程有影响吗？
Company M now is all equity-financeanthe cost of capitis 12%. EBIT of Company M is $0.6 million. Management is consiring changing the capitstructure so they intento issue 2 million new to repurchase outstanng shares. The trate is 30% anthe before-tcost of is 8%. What’s the cost of equity after changing the capitstructure accorng to the MM`s proposition with tax? 17.60% 15.73% 14.67% C is correct. 考点CapitStructure Theory: with t解析 VU=EBIT(1−T)r0=0.6∗(1−30%)12%V_U=\frac{EBIT(1-T)}{r_0}=\frac{0.6\ast(1-30\%)}{12\%}VU=r0EBIT(1−T)=12%0.6∗(1−30%) = $3.5 million VL = VU + T*= 3.5 + 30%*2 = $4.1 million E = VL –= 4.1 – 2 = $2.1 million 根据公式 re=r0+(r0−r∗(1−T)∗r_e=r_0+(r_0-r_\ast(1-T)\ast\frre=r0+(r0−r)∗(1−T)∗E = 12% + (12% -8%) * (1-30%) * (2/2.1) = 14.67% 如果8%是after tcost of bt，该如何做？是要先用8%除以1-t，求出税前bt成本再带入公式么？
