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.
£3.55 million because flotation costs reduce NPV by $1.45 million.
£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.
选项A不是相当于Rd增大 WACC增大，NPV减小应该也没什么问题
