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zhouyu · 2020年11月01日

问一道题:NO.PZ2016021706000025

问题如下:

TAT Company has a target capital structure of 30% debt and 70% equity. And the company's marginal tax rate is 20%. The information about the bond and the equity is shown in the following tables. Using the dividend discount model, what's the cost of equity?

选项:

A.

9%.

B.

16%.

C.

19%.

解释:

B is correct.

Using the dividend discount model: D1=D0(1+g)=3*(1.07)=3.21;kce=(D1/P0)+g=(3.21/36)+0.07=16%.

TAT Company has a target capital structure of 30% debt and 70% equity.,结果不用乘以70%吗?

1 个答案

王琛_品职助教 · 2020年11月01日

- 不用呀
- 题目是问 the cost of equity,如果是求 WACC,需要乘以 70%,且还要加上 rd x wd x (1-T)