问题如下:
1. Based on the Modigliani and Miller (MM) propositions with corporate taxes, Aquarius’s WACC is closest to:
选项:
A. 3.38%.
B. 7.87%.
C. 11.25%.
解释:
B is correct.
VL=rwaccEBIT(1−t)
Because D/E = 0.60 and D = £2m, then E = £2m/(0.60) = £3,333,333
So, Value of company ( VL ) = D + E = £2,000,000 + £3,333,333 = £5,333,333
VL=rwaccEBIT(1−t)=rwacc(600,000)(1−0.3)=5,333,333
So,rwacc=5,333,333(600,000)(1−0.3)=0.0787=7.87%
为什么不能用WACC=wd*(1-t)*rd+we*re 与re=r0+(ro-rd)*d/e*(1-t)这两个公式计算