开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Anny Yang · 2022年05月03日

对解答的理解

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000033

问题如下：

Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company's weighted average cost of capital, the appropriate after-tax cost of debt is closest to:

选项：

A.

4.2%.

B.

4.8%.

C.

5.4%.

解释：

A  is correct.

The relevant cost is the marginal cost of debt. The before-tax marginal cost of debt can be estimated by the yield to maturity on a comparable outstanding. After adjusting for tax, the after-tax cost is 7(1 − 0.4) = 7(0.6) = 4.2%.

请问这道题的解法是否可以理解为：WACC中用的都是marginal cost of capital. 在平价发行的情况下，additional的这20m相对应的cost of Dey就直接是7%，因为是additional。请问这样理解逻辑成立吗？

添加评论
1 个答案

王琛_品职助教 · 2022年05月05日

嗨，爱思考的PZer你好：


可以的

完整的分析思路，也请参考：https://class.pzacademy.com/qa/95518

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

  • 1

    回答

  • 0

    关注

  • 529

    浏览
相关问题

NO.PZ2016021705000033 问题如下 Two years ago, a company issue$20 million in long-term bon pvalue with a coupon rate of 9 percent. The company hcito issue aition$20 million in bon anexpects the new issue to pricepvalue with a coupon rate of 7 percent. The company hno other outstanng anha trate of 40 percent. To compute the company's weighteaverage cost of capital, the appropriate after-tcost of is closest to: A.4.2%. B.4.8%. C.5.4%. is correct.The relevant cost is the margincost of bt. The before-tmargincost of cestimatethe yielto maturity on a comparable outstanng. After austing for tax, the after-tcost is 7(1 − 0.4) = 7(0.6) = 4.2%.这道题比较综合，将几个考点放到一起考查了，下面逐一首先，题目问，要计算公司的 WACC，其中税后债务成本为多少？在计算税后债务成本时，我们介绍过一个大前提，一定要用新债的市场利率，而不能用 coupon rate新债的市场利率，我们又介绍了两种方法YTM 方法 和 bt-rating 方法但是这道题只提供了 coupon rate 耶，我们怎么算呢？好在题干提供了一个关键词expects the new issue to pricepvalue即债券是平价发行，所以 YTM = coupon rate，所以计算债券的税后成本时，代入 YTM，也就是 coupon rate 但是题目提供了两笔债务的数据，到底代入哪个 coupon rate 呢？应该代入现在即将发行的债务的 coupon rate 7%，而不是两年前那笔债务的 coupon rate 9%为什么呢？因为我们代入 WA公式中的各项资本成本，都是边际成本 margincost of capital综上所述，确定了 YTM = coupon rate = 7%，代入税后债务成本的公式即可这道题比较综合，我个人认为考试时出原题的概率比较小，但是任意一个小的考点拿出来，单独出一道题的概率还是有的。所以如果这道题的原理都理解清楚了，相当于做了多道题目，性价比还是很高的 这题为什么不是如下计算{[20/(20+20)]*9%+[20/(20+20)]*7%}*(1-40%)=4.8%

2023-07-19 09:44 1 · 回答

NO.PZ2016021705000033 问题如下 Two years ago, a company issue$20 million in long-term bon pvalue with a coupon rate of 9 percent. The company hcito issue aition$20 million in bon anexpects the new issue to pricepvalue with a coupon rate of 7 percent. The company hno other outstanng anha trate of 40 percent. To compute the company's weighteaverage cost of capital, the appropriate after-tcost of is closest to: A.4.2%. B.4.8%. C.5.4%. is correct.The relevant cost is the margincost of bt. The before-tmargincost of cestimatethe yielto maturity on a comparable outstanng. After austing for tax, the after-tcost is 7(1 − 0.4) = 7(0.6) = 4.2%.这道题比较综合，将几个考点放到一起考查了，下面逐一首先，题目问，要计算公司的 WACC，其中税后债务成本为多少？在计算税后债务成本时，我们介绍过一个大前提，一定要用新债的市场利率，而不能用 coupon rate新债的市场利率，我们又介绍了两种方法YTM 方法 和 bt-rating 方法但是这道题只提供了 coupon rate 耶，我们怎么算呢？好在题干提供了一个关键词expects the new issue to pricepvalue即债券是平价发行，所以 YTM = coupon rate，所以计算债券的税后成本时，代入 YTM，也就是 coupon rate 但是题目提供了两笔债务的数据，到底代入哪个 coupon rate 呢？应该代入现在即将发行的债务的 coupon rate 7%，而不是两年前那笔债务的 coupon rate 9%为什么呢？因为我们代入 WA公式中的各项资本成本，都是边际成本 margincost of capital综上所述，确定了 YTM = coupon rate = 7%，代入税后债务成本的公式即可这道题比较综合，我个人认为考试时出原题的概率比较小，但是任意一个小的考点拿出来，单独出一道题的概率还是有的。所以如果这道题的原理都理解清楚了，相当于做了多道题目，性价比还是很高的 在计算税后债务成本时，我们介绍过一个大前提，一定要用新债的市场利率，而不能用 coupon rate Q: 我理解之前的有更高的coupon且不会改变， 为什么算整体的cost的时候需要用最新的yiel而不是weighteaverage

2023-07-09 11:06 1 · 回答

NO.PZ2016021705000033问题如下Two years ago, a company issue$20 million in long-term bon pvalue with a coupon rate of 9 percent. The company hcito issue aition$20 million in bon anexpects the new issue to pricepvalue with a coupon rate of 7 percent. The company hno other outstanng anha trate of 40 percent. To compute the company's weighteaverage cost of capital, the appropriate after-tcost of is closest to: A.4.2%.B.4.8%.C.5.4%.is correct.The relevant cost is the margincost of bt. The before-tmargincost of cestimatethe yielto maturity on a comparable outstanng. After austing for tax, the after-tcost is 7(1 − 0.4) = 7(0.6) = 4.2%.请问这题从哪里看出来是平价发行？

2023-05-09 22:10 1 · 回答

NO.PZ2016021705000033 问题如下 Two years ago, a company issue$20 million in long-term bon pvalue with a coupon rate of 9 percent. The company hcito issue aition$20 million in bon anexpects the new issue to pricepvalue with a coupon rate of 7 percent. The company hno other outstanng anha trate of 40 percent. To compute the company's weighteaverage cost of capital, the appropriate after-tcost of is closest to: A.4.2%. B.4.8%. C.5.4%. is correct.The relevant cost is the margincost of bt. The before-tmargincost of cestimatethe yielto maturity on a comparable outstanng. After austing for tax, the after-tcost is 7(1 − 0.4) = 7(0.6) = 4.2%. 问题如下Two years ago, a company issue$20 million in long-term bon pvalue with a coupon rate of 9 percent. The company hcito issue aition$20 million in bon anexpects the new issue to pricepvalue with a coupon rate of 7 percent. The company hno other outstanng anha trate of 40 percent. To compute the company's weighteaverage cost of capital, the appropriate after-tcost of is closest to:A.4.2%.B.4.8%.C.5.4%.A is correct.The relevant cost is the margincost of bt. The before-tmargincost of cestimatethe yielto maturity on a comparable outstanng. After austing for tax, the after-tcost is 7(1 − 0.4) = 7(0.6) = 4.2%.如题

2022-10-24 14:26 1 · 回答

NO.PZ2016021705000033 问题如下 Two years ago, a company issue$20 million in long-term bon pvalue with a coupon rate of 9 percent. The company hcito issue aition$20 million in bon anexpects the new issue to pricepvalue with a coupon rate of 7 percent. The company hno other outstanng anha trate of 40 percent. To compute the company's weighteaverage cost of capital, the appropriate after-tcost of is closest to: A.4.2%. B.4.8%. C.5.4%. is correct.The relevant cost is the margincost of bt. The before-tmargincost of cestimatethe yielto maturity on a comparable outstanng. After austing for tax, the after-tcost is 7(1 − 0.4) = 7(0.6) = 4.2%. 如题

2022-08-20 18:07 1 · 回答