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呜啦啦 · 2022年03月01日

老师，能不能详细讲下这道题，用external时为什么可以用internal的50000-14500。感觉概念混淆了

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000019

问题如下：

SebCoe plc, a British firm, is evaluating an investment in a £50 million project that will be financed with 50% debt and 50% equity. Management has already determined that the NPV of this project is £5 million if it uses internally generated equity. However, if the company uses external equity, it will incur flotation costs of 5.8%. Assuming flotation costs are not tax deductible, the NPV using external equity would be:

选项：

A.

less than £5 million because we would discount the cash flows using a higher weighted average cost of capital that reflects the flotation costs.

B.

£3.55 million because flotation costs reduce NPV by $1.45 million.

C.

£5 million because flotation costs have no impact on NPV.

解释：

B is correct. Since the project will be financed with 50% equity, the company will issue £25 million of new stock. The flotation cost of external equity is (0.058 × 25,000,000) = 1,450,000. The NPV of the project using external equity is the NPV using internal equity less the flotation cost. Adjusting the cost of capital to reflect the flotation cost is not a preferred way to account for flotation costs.

​老师，能不能详细讲下这道题，用external时为什么可以用internal的50000-14500。感觉概念混淆了

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2 个答案

王琛_品职助教 · 2022年08月31日

嗨，努力学习的PZer你好：


@chen

可是这个内部的NPV和外部的NPV不一样，怎么可以减外部的融资成本呢？

1

首先，咱们在分析题干的时候，不能只纠结于关键词本身的表述

建议要拨开云雾见天日，去揣摩关键词的本质，想表达什么知识点

通过之前的答复，我们分析得出，所谓内外部 equity，只是为了表达：不考虑发行成本，和考虑发行成本时，两个不同的 NPV 而已

2

如果能分析到这里，那么后面的就好办了，直接将发行成本考虑在期初的现金流中

用不考虑发行成本的 NPV，直接减去发行成本即可哈

本质不是内外部 equity，本质是是否考虑发行成本

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2022年03月03日

嗨，从没放弃的小努力你好：


1

原版书对使用 internally generated equity 和使用 external equity 的区别，描述如下

如果使用 internally generated equity，即使用留存收益，所以不用发行新股，也就没有发行成本 "stock is not issued and flotation costs are not incurred"

如果使用 external equity，需要发新股，也就会产生发行成本 ""new shares are issued and flotation costs are incurred"

2

有了上述理解，我们可以换个角度理解这道题

题干说：Management has already determined that the NPV of this project is £5 million if it uses internally generated equity.

可理解为：如果不考虑发行成本，NPV 为 5 million

题目问：the NPV using external equity would be

可以理解为：如果考虑发行成本，NPV 为多少

所以使用发行成本的第二种处理方法，即将发行成本体现在期初现金流中，直接用不考虑发行成本的 NPV 5 million，减去发行成本即可

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努力的时光都是限量版，加油！

chen · 2022年08月30日

可是这个内部的NPV和外部的NPV不一样，怎么可以减外部的融资成本呢？

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