问一道题：NO.PZ2018101501000065

问题如下：

Company M now is all equity-financed and the cost of capital is 12%. Management is considering changing the capital structure of the company. They intend to issue new debt to repurchase outstanding shares, which may lead the D/E ratio to increase from 0 to 0.4. The tax rate is 30% and the before-tax cost of debt is 8%. What’s the WACC after changing the capital structure according to the MM`s proposition with tax?

选项：

10.17%

10.86%

10.97%

解释：

C is correct.

考点：Capital Structure Theory: with tax

解析：根据公式$r_e=r_0+(r_0-r_d)\ast(1-T)\ast\frac DE$

                $=12\%+(12\%-8\%)\ast(1-30\%)\ast0.4=13.12\%$

$WACC=w_d\ast r_d\ast(1-T)+w_e\ast r_e$ 

$=\frac27\ast8\%\ast(1-30\%)+\frac57\ast13.12\%=10.97\%$