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Sissiwonglx · 2022年08月11日

wodetian

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NO.PZ201602170500003204

问题如下:

4. The marginal cost of capital for TagOn, based on an average asset beta of 2.27 for the industry and assuming that new stock can be issued at $8 per share, is closest to:

选项:

A.

20.5 percent.

B.

21.0 percent.

C.

21.5 percent.

解释:

C is correct.

For debt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000

Solve for i. i = 0.07748. YTM = 15.5%

Before-tax cost of debt = 15.5%

Market value of equity = 1 million shares outstanding + 1 million newly issued shares= 2 million shares at $8 = $16 million

Total market capitalization = $2.156 million + $16 million = $18.156 million

Levered beta = 2.27 {1 + [(1 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055

Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%

Debt weight = $2.156/$18.156 = 0.1187

Equity weight = $16/$18.156 = 0.8813

TagOns MCC = [(0.1187)(0.155)(1 0.23)] + [(0.8813)(0.2279)]

= 0.01417 + 0.20083

= 0.2150 or 21.50%

考试如果真有这种题 我能直接放弃么

1 个答案

王琛_品职助教 · 2022年08月12日

嗨,爱思考的PZer你好:


可以的,是我也会放弃

当然,我个人认为,考试不会有这种巨无霸式的题目哈,同学无需担心

更多还是短平快的题目,这种一道题综合考查多个知识点的情况,我个人认为不会出现

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加油吧,让我们一起遇见更好的自己!

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NO.PZ201602170500003204 问题如下 4. The margincost of capitfor TagOn, baseon average asset beta of 2.27 for the instry anassuming thnew stocissue$8 per share, is closest to: A.20.5 percent. B.21.0 percent. C.21.5 percent. is correct.For bt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000Solve for i. i = 0.07748. YTM = 15.5%Before-tcost of = 15.5%Market value of equity = 1 million shares outstanng + 1 million newly issueshares= 2 million shares $8 = $16 millionTotmarket capitalization = $2.156 million + $16 million = $18.156 millionLeverebeta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%weight = $2.156/$18.156 = 0.1187Equity weight = $16/$18.156 = 0.8813TagOn’s M= [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)]= 0.01417 + 0.20083= 0.2150 or 21.50% 我的步骤都是对的 但是发现计算器按出来结果错了 导致后面的结果错了 主要是关于百分号的地方在计算Re的时候,应该是5.25%+βe*7% βe=2.5056我是这么按的 2.5056-- x -- 7 -- % -- + -- 5.25 -- % -- = 最后结果是0.1846 我发现主要问题出在算加法这部分 2.5056*7%这里都是正确的,算出来时0.1754 但是如果我直接用0.1754+5.25然后再按%,最后结果就不对了,就算我加上括号0.1754 -- + -- ( -- 5.25 -- % -- ) 这样算下来还是0.1846 我应该怎么按才对呢?

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