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ypshen · 2022年05月30日

这道题为什么是不在re里考虑发行成本，我应该从题干中哪里能判断出来

  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.



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王琛_品职助教 · 2022年05月31日

嗨，从没放弃的小努力你好：


这道题没法使用方法一，因为题目只告诉了发行费用为 3000

既没有告诉每股发行费用 F 为多少，也没有告诉发行费用占发行价的比重 f

请参考原版书 P23

所以如果要在 re 里考虑发行成本，题目缺少相关数据，故使用方法二，将发行成本考虑在期初现金流中

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