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· 2021年05月10日

请问flotation cost is $3000 for the equity是什么意思？

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021706000031

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation cost is $3000 for the equity of this project. What's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

为什么不直接说flotation cost is $3000而要加for the equity呢？我还以为是equity的部分是3000，要按照debt to equity的比值对应求出总的flotation cost。麻烦老师解答一下，这个是固定表达么？

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1 个答案

王琛_品职助教 · 2021年05月11日

嗨，爱思考的PZer你好：


直接说也可以的，但是因为 debt 和 preferred stock 并不是没有发行成本，只是因为成本比较小所以一般就忽略不计了，这里相当于更明确的说是 equity 的发行成本

不是固定表达，同学知道计算发行成本时，咱们一般考虑的是 equity 即可，也请参考基础班讲义 P80 

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