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王二狗 · 2021年10月14日

D/E比率是如何求出两个WEIGHT的？

  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.

D/E比率是如何求出两个WEIGHT的？ 1.5是怎么求出 60% + 40%的？

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1 个答案

lynn_品职助教 · 2021年10月21日

嗨，努力学习的PZer你好：


因为D+E = Asset, 这里假设Asset = 100%

结合题目已知的 D/E = 1.5 ,就算出 weight of debt = 60%, weight of equity = 40%


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