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Jena · 2023年11月05日

请问一下这题怎么做呀

NO.PZ2023091901000032

问题如下:

A manufacturing company has identified several growth opportunities and is seeking to raise capital in order to expand. The company currently has the following metrics:

Total debt: USD 100 million

Total equity: USD 100 million

Debt to equity ratio: 1

Levered equity beta: 1.75

Current effective tax rate: 25%

Management has submitted a proposal to issue additional debt in the amount of USD 100 million to pursue these opportunities. This strategy would also result in the company’s effective tax rate decreasing from 25% to 15%. Assuming there are no changes to the company’s unlevered asset beta or the market value of the company’s equity, the resulting levered equity beta would be within which of the following ranges?

选项:

A.

0.75 and 1.75

B.

1.75 and 2.50

C.

2.50 and 3.25

D.

3.25 and 4.00

解释:

  • 我没有经典题的课程,只有题目,麻烦老师教我一下这题怎么写,谢谢老师了。
1 个答案
已采纳答案

李坏_品职助教 · 2023年11月05日

嗨,努力学习的PZer你好:


这个公司计划额外增加100million的债务,问你这个公司新的levered β是多少。

levered β就是带杠杆的(考虑负债的影响)β,levered β = (1+(1-t)* D/E)× unleveraged β。 D指的是债务,E是权益。


题目一开始给的levered β对应的债务:权益是1:1,levered β = (1+(1-25%)* 1) * unlevered β = 1.75, 所以unlevered β = 1


新的债务/权益的比率是2:1,把unlevered β=1代入公式(新的tax rate应该是15%),所以levered β = (1+(1-15%)*2)* 1 = 2.7,正好是C选项的范围内。

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