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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？

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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！

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