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吴超 Cassie · 2022年07月07日

Rd不应该是market interest rate吗？

  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%.

老师上课的时候提到了Rd应该是market interest rate，而不是coupon rate，这题是不是不太严谨？

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1 个答案

王琛_品职助教 · 2022年07月08日

嗨，爱思考的PZer你好：


1）老师上课的时候提到了Rd应该是market interest rate，而不是coupon rate

是的，同学的理解完全正确

2）这题是不是不太严谨？

严谨的，因为题干有一个关键词：issued at par value

平价发行，就是债券的价格，「等于」债券的面值；如果题目有这个条件，其实是想说，折现率等于 coupon rate

这个问题我之前刚好总结过，请同学先参考一下：https://class.pzacademy.com/qa/101572

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

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