算项目的beta为什么使用公司的Debt to equity ratio?题目中是不是应该给出项目的D/E？

问题如下：

Aldrich Company has a debt-to-equity ratio of 2.0, and a marginal tax rate of 30%. Aldrich is considering a project in the clothing distribution industry and planning to use TAT Company as a comparable firm.TAT Company is a publicly traded firm that operating clothing distribution business only, which has a debt-to-equity ratio of 1.5, a marginal tax rate of 30%, and an equity beta of 1.1. The project beta that Aldrich considering is most likely to be?

选项：

A.

0.44.

B.

0.88.

C.

1.29.

解释：

C is correct.

The project beta calculated using the following formulas:

β_asset = β_equity [1/(1+((1-t)*D/E)]

β_project = β_{asset$\lbrack1+((1-t)D/E)\rbrack$}

Beta asset=1.1*[1/(1+(1-30%)*1.5)]=0.537

Beta project= 0.537[1+(1-30%)*2]=1.29