老师，请问这里的project beta不应该是asset beta吗？为什么是equity beta呢？

NO.PZ2016021706000032

问题如下：

Aldrich Company has a debt-to-equity ratio of 2.0, and a marginal tax rate of 30%. Aldrich is considering a project in the clothing distribution industry and planning to use TAT Company as a comparable firm.TAT Company is a publicly traded firm that operating clothing distribution business only, which has a debt-to-equity ratio of 1.5, a marginal tax rate of 30%, and an equity beta of 1.1. The project beta that Aldrich considering is most likely to be?

选项：

0.44.

0.88.

1.29.

解释：

C is correct.

The project beta calculated using the following formulas:

β_asset= β_equity [1/(1+((1-t)*D/E)]

β_project= β_{asset $\lbrack1+((1-t)D/E)\rbrack$}

Beta asset=1.1*[1/(1+(1-30%)*1.5)]=0.537

Beta project= 0.537[1+(1-30%)*2]=1.29

从project的角度来看，project的融资方式可以是debt，也可以是equity，所以这里问的project beta不应该是asset beta吗？还请老师解答一下。谢谢。

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王琛_品职助教 · 2021年03月07日

嗨，努力学习的PZer你好：

- Asset beta 反映的是整个公司资产承担的风险，不受公司杠杆结构的影响

- 题目中的 Project 融资方式既有债权也有股权，所以不能使用 Asset beta，要使用 equity beta

----------------------------------------------
努力的时光都是限量版，加油！

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NO.PZ2016021706000032 问题如下 AliCompany ha bt-to-equity ratio of 2.0, ana margintrate of 30%. Aliis consiring a projein the clothing stribution instry anplanning to use TCompany a comparable firm.TCompany is a publicly trafirm thoperating clothing stribution business only, whiha bt-to-equity ratio of 1.5, a margintrate of 30%, anequity beta of 1.1. The projebeta thAliconsiring is most likely to be? A.0.44. B.0.88. C.1.29. C is correct.The projebeta calculateusing the following formulas:βasset = βequity [1/(1+((1-t)*E)]βproje= βasset[1+((1−t)E)]\lbrack1+((1-t)E)\rbrack[1+((1−t)E)]Beta asset=1.1*[1/(1+(1-30%)*1.5)]=0.537Beta project= 0.537[1+(1-30%)*2]=1.29 如题

2022-07-11 22:54 1 · 回答

NO.PZ2016021706000032 老师这个是什么意思

2021-10-06 15:50 1 · 回答

助教您好，请麻烦用李老师自己写的公式算一下好吗？楼上的解答也依然是用教材的公式来算的。李老师的写法是A*Bet= E*BetaE. 谢谢。

2020-08-15 07:14 1 · 回答

B proje就是 B equity 可以这么理解么？

2019-10-21 06:01 1 · 回答

老师，请问这里的project beta不应该是asset beta吗？为什么是equity beta呢？

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