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XIUGINGMAN · 2022年12月11日

A具体错在哪里，原因是什么？能详细讲一下吗

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000019

问题如下：

SebCoe plc, a British firm, is evaluating an investment in a £50 million project that will be financed with 50% debt and 50% equity. Management has already determined that the NPV of this project is £5 million if it uses internally generated equity. However, if the company uses external equity, it will incur flotation costs of 5.8%. Assuming flotation costs are not tax deductible, the NPV using external equity would be:

选项：

A.

less than £5 million because we would discount the cash flows using a higher weighted average cost of capital that reflects the flotation costs.

B.

£3.55 million because flotation costs reduce NPV by $1.45 million.

C.

£5 million because flotation costs have no impact on NPV.

解释：

B is correct. Since the project will be financed with 50% equity, the company will issue £25 million of new stock. The flotation cost of external equity is (0.058 × 25,000,000) = 1,450,000. The NPV of the project using external equity is the NPV using internal equity less the flotation cost. Adjusting the cost of capital to reflect the flotation cost is not a preferred way to account for flotation costs.

A具体错在哪里，原因是什么？能详细讲一下吗

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1 个答案

王琛_品职助教 · 2022年12月12日

嗨，从没放弃的小努力你好：


1

这道题考查发行成本的处理，咱们介绍了两种处理方法，推荐使用第二种，即把发行费用考虑到期初现金流当中

因为这种处理方法，不改变期间现金流和折现率，只减少了期初现金流

所以相当于在不考虑发行成本的 NPV 5 million 的基础上，减去发行成本即可

2

又因为是单选题，我们要选出最符合题意的一项

上课已经介绍过，把发行费用考虑到期初现金流，是一种推荐的处理方法。所以在有选项 B 的情况下，是不能选 A 的

如果同学想选 A，除非选项 B 说的也是考虑到折现率，然后说的不是 less than，而是 more than，相当于错的更离谱，那三个选项里比较下来，只能选 A 了

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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