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QE_erica · 2022年08月08日

Re = 2.5/50+ 0.05= 10%，？？？不需要考虑floating cost？

  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.

为什么这里的分母50，不需要减去F？不是应该2.5/50-3000+0.05吗

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已采纳答案

王琛_品职助教 · 2022年08月09日

嗨，从没放弃的小努力你好：


1

因为单位不一样，不能直接减去

50 是「每股」的股价，而 3000 是「总」的发行费用，并不是「每股」发行费用 F，所以不能直接用 50 - 3000

2

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

原理，也请参考：https://class.pzacademy.com/qa/101781

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

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