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Sophie · 2022年10月24日

7是怎么算出来的？

  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%.

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%.

如题

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1 个答案

王琛_品职助教 · 2022年10月25日

嗨，爱思考的PZer你好：


同学好，这道题我之前总结过，请同学先参考一下「文字版」解题思路：https://class.pzacademy.com/qa/95518

另外，在最近的错题本直播课中，我也讲解了这道题，同学如果偏好「视频版」解题思路，可以参考视频回放：https://live.polyv.cn/watch/3446519

讲解题目时间在视频 40 分钟左右，同学可以加速播放

请同学先参考一下上述链接，如果对解题过程还有疑问，可以追问或者评论，我再回答同学的具体疑问

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

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