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顾思伦 Sierra · 2022年10月14日

为什么第一步的Re是用2.5/50+0.05，请问这是在哪里学的？

  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 costs is $3000 for the equity of this project.

If floatation costs are incorporated as an adjustment to the initial-period cash flows, 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.

我不太能理解为什么第一步的Re是用2.5/50+0.05，请问这是在哪里学的？

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1 个答案

王琛_品职助教 · 2022年10月16日

嗨，努力学习的PZer你好：


计算 re 的公式，用的就是权益学科重点介绍的 GGM 模型，知识点位于权益学科 R38 Equity Valuation: Concept and Basic Tool

也请参考：https://class.pzacademy.com/qa/95184

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