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jvniki · 2023年11月26日

能不能讲一下整体解题思路,最好是能画画图

* 问题详情,请 查看题干

NO.PZ202309050300000103

问题如下:

Consider the same all-equity-financed firm as in Question 1 and its choices for financing a new investment in LT assets of 40. The pertinent details in the firm’s initial balance sheet are shown below.


Revenue before the investment is 200, operating expenses are 140 and are expected to remain unchanged, interest on new debt financing is 20%, and the return on the new investment is 30%.

Calculate the ROE for the firm if it finances the investment with debt, the issuance of new shares, or cash on hand and compare the results.

Discuss the results of the comparison.

选项:

解释:


Financing the investment with new shares produces the lowest ROE among the three financing options. However, since the investment produced a return equal to the beginning ROE, there was no change in ROE from the initial case.

Financing with debt produced a higher ROE, because the interest rate on debt was lower than the return on the new investment and no new shares were issued, avoiding dilution.

The highest ROE was produced by using excess cash on hand, which avoids both dilution and the interest cost of debt.


蓝色框里的数字,都是如何甲酸得来的呢?

1 个答案
已采纳答案

王琛_品职助教 · 2023年11月27日

嗨,爱思考的PZer你好:


1

同学好,这道题是课后题第 3 题

我们在基础班中,放了一道改编题目

只是换了数字,解题思路是一致的

请参考基础班讲义墨迹版 P68

2

因为这道题基础班已经详细讲过,老师在讲解中也有提到,同学们可以按下暂停,再自己做一遍

如果我直接把过程和答案再用文字写出来,对同学的帮助可能有限

所以我个人建议:同学可以先听一下基础班例题的讲解,然后再自己做一下这道课后题,看同学标注的几个数字,自己能否根据题目做出来

如果哪个数字做的不对,可以再追问或者评论一下,说一下同学计算的过程和结果,我们再看具体分析,这样可能对同学备考帮助更大一些

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努力的时光都是限量版,加油!

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NO.PZ202309050300000103 问题如下 Consir the same all-equity-financefirm in Question 1 anits choices for financing a new investment in LT assets of 40. The pertinent tails in the firm’s initibalansheet are shown below. Revenue before the investment is 200, operating expenses are 140 anare expecteto remain unchange interest on new financing is 20%, anthe return on the new investment is 30%. Calculate the ROE for the firm if it finances the investment with bt, the issuanof new shares, or cash on hanancompare the results. scuss the results of the comparison. Financing the investment with new shares proces the lowest ROE among the three financing options. However, sinthe investment procea return equto the beginning ROE, there wno change in ROE from the initicase. Financing with procea higher ROE, because the interest rate on wlower ththe return on the new investment anno new shares were issue avoing lution. The highest ROE wproceusing excess cash on han whiavoi both lution anthe interest cost of bt. onsir the same all-equity-financefirm in Question 1 anits choices for financing a new investment in LT assets of 40. The pertinent tails in the firm’s initibalansheet are shown below.Revenue before the investment is 200, operating expenses are 140 anare expecteto remain unchange interest on new financing is 20%, anthe return on the new investment is 30%.Calculate the ROE for the firm if it finances the investment with bt, the issuanof new shares, or cash on hanancompare the results.scuss the results of the comparison.Financing the investment with new shares proces the lowest ROE among the three financing options. However, sinthe investment procea return equto the beginning ROE, there wno change in ROE from the initicase.Financing with procea higher ROE, because the interest rate on wlower ththe return on the new investment anno new shares were issue avoing lution.The highest ROE wproceusing excess cash on han whiavoi both lution anthe interest cost of bt.

2024-06-05 16:43 1 · 回答