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Kathy苏苏 · 2020年09月15日

问一道题:NO.PZ2018101501000067

问题如下:

Company M now is all equity-financed and the cost of capital is 12%. EBIT of Company M is $0.6 million. Management is considering changing the capital structure so they intend to issue 2 million new debt to repurchase outstanding shares. The tax rate is 30% and the before-tax cost of debt is 8%. What’s the cost of equity after changing the capital structure according to the MM`s proposition with tax?

选项:

A.

17.60%

B.

15.73%

C.

14.67%

解释:

C is correct.

考点:Capital Structure Theory: with tax

解析VU=EBIT(1T)r0=0.6(130%)12%V_U=\frac{EBIT(1-T)}{r_0}=\frac{0.6\ast(1-30\%)}{12\%} = $3.5 million

VL = VU + T*D = 3.5 + 30%*2 = $4.1 million

E = VL –D = 4.1 – 2 = $2.1 million

根据公式re=r0+(r0rd)(1T)DEr_e=r_0+(r_0-r_d)\ast(1-T)\ast\frac DE

                = 12% + (12% -8%) * (1-30%) * (2/2.1) = 14.67%

老师,如果已知中没有repurchase outstanding shares这个条件,对计算过程有影响吗?

1 个答案

王琛_品职助教 · 2020年09月16日

嗨,爱思考的PZer你好:


同学你好,

  • 有影响
  • 可以参考李老师在基础班上讲解的例题展开部分,参考基础班视频
    Capital Structure Theory: with tax


-------------------------------
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