问一道题：NO.PZ201602170500003204

NO.PZ201602170500003204 问题如下 4. The margincost of capitfor TagOn, baseon average asset beta of 2.27 for the instry anassuming thnew stocissue$8 per share, is closest to: A.20.5 percent. B.21.0 percent. C.21.5 percent. is correct.For bt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000Solve for i. i = 0.07748. YTM = 15.5%Before-tcost of = 15.5%Market value of equity = 1 million shares outstanng + 1 million newly issueshares= 2 million shares $8 = $16 millionTotmarket capitalization = $2.156 million + $16 million = $18.156 millionLeverebeta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%weight = $2.156/$18.156 = 0.1187Equity weight = $16/$18.156 = 0.8813TagOn’s M= [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)]= 0.01417 + 0.20083= 0.2150 or 21.50% 我的步骤都是对的 但是发现计算器按出来结果错了 导致后面的结果错了 主要是关于百分号的地方在计算Re的时候，应该是5.25%+βe*7% βe=2.5056我是这么按的 2.5056-- x -- 7 -- % -- + -- 5.25 -- % -- = 最后结果是0.1846 我发现主要问题出在算加法这部分 2.5056*7%这里都是正确的，算出来时0.1754 但是如果我直接用0.1754+5.25然后再按%，最后结果就不对了，就算我加上括号0.1754 -- + -- ( -- 5.25 -- % -- ) 这样算下来还是0.1846 我应该怎么按才对呢？

NO.PZ201602170500003204 问题如下 4. The margincost of capitfor TagOn, baseon average asset beta of 2.27 for the instry anassuming thnew stocissue$8 per share, is closest to: A.20.5 percent. B.21.0 percent. C.21.5 percent. is correct.For bt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000Solve for i. i = 0.07748. YTM = 15.5%Before-tcost of = 15.5%Market value of equity = 1 million shares outstanng + 1 million newly issueshares= 2 million shares $8 = $16 millionTotmarket capitalization = $2.156 million + $16 million = $18.156 millionLeverebeta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%weight = $2.156/$18.156 = 0.1187Equity weight = $16/$18.156 = 0.8813TagOn’s M= [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)]= 0.01417 + 0.20083= 0.2150 or 21.50% 考试如果真有这种题 我能直接放弃么

NO.PZ201602170500003204问题如下4. The margincost of capitfor TagOn, baseon average asset beta of 2.27 for the instry anassuming thnew stocissue$8 per share, is closest to: A.20.5 percent. B.21.0 percent. C.21.5 percent. is correct.For bt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000Solve for i. i = 0.07748. YTM = 15.5%Before-tcost of = 15.5%Market value of equity = 1 million shares outstanng + 1 million newly issueshares= 2 million shares $8 = $16 millionTotmarket capitalization = $2.156 million + $16 million = $18.156 millionLeverebeta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%weight = $2.156/$18.156 = 0.1187Equity weight = $16/$18.156 = 0.8813TagOn’s M= [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)]= 0.01417 + 0.20083= 0.2150 or 21.50%请问下Leverebeta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055是怎么得来的？

NO.PZ201602170500003204 21.0 percent. 21.5 percent. is correct. For bt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000 Solve for i. i = 0.07748. YTM = 15.5% Before-tcost of = 15.5% Market value of equity = 1 million shares outstanng + 1 million newly issueshares= 2 million shares $8 = $16 million Totmarket capitalization = $2.156 million + $16 million = $18.156 million Leverebeta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055 Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79% weight = $2.156/$18.156 = 0.1187 Equity weight = $16/$18.156 = 0.8813 TagOn’s M= [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)] = 0.01417 + 0.20083 = 0.2150 or 21.50% 老师，这里的margincost of capital为什么是总的wacc而不是新发1m股票的成本呢？

NO.PZ201602170500003204 Market value of equity = 1 million shares outstanng + 1 million newly issueshares= 2 million shares $8 = $16 million 每股8块钱是哪里来的