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CFA冲冲 · 2021年04月09日

I/Y就是rd吗？10.6算出来，为什么选6.6

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000022

问题如下：

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

选项：

A.

6.2 percent.

B.

6.4 percent.

C.

6.6 percent.

解释：

C is correct.

FV = $1,000; PMT = $40; N = 10; PV = -$900

Solve for i. The six-month yield, i, is 5.3149%

YTM = 5.3149% × 2 = 10.62985%

r d (1−t) = 10.62985%(1−0.38) = 6.5905%

I/Y就是rd吗？10.6算出来，为什么选6.6

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1 个答案

王琛_品职助教 · 2021年04月10日

嗨，努力学习的PZer你好：


是的，题目求 after-tax cost，因此用 rd 再乘以（1-t），即 10.62% x (1-38%) = 6.59%

计算债权的资本成本，咱们介绍了两种方法

1. Yield to maturity approach：题目会提供债券的相关信息，比如期限，记息方式等，然后让我们计算 YTM，比如这道题。但是要注意，题目是求税后，所以还要考虑税负影响

2. debt-rating approach：如果债券的相关信息不知道，我们可以找可比公司，使用比如评级相同、期限相同的债券收益率

这里如果有疑问，可以再看一下课后题第 4 和 23 题哈，加油！

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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