NO.PZ2023090507000010
问题如下:
Company X has the following on the right-hand side of its balance sheet:
- Bonds $400,000
- Common stock (40,000 shares) $600,000
- Total liabilities and equity $1,000,000
If the marginal corporate tax rate is 20% and the stock price increases to $25, the WACC for Company X is closest to:
选项:
A.7.60%.
8.26%.
8.55%.
解释:
B is correct.
The book value weights are computed as follows:
Wd = $400,000/$1,000,000 = 0.40.
We = $600,000/$1,000,000 = 0.60.
The market value of equity is equal to $25 × 40,000 shares = $1,000,000.
The market value weights are computed as follows:
Wd = $400,000/$1,400,000 = 0.29.
We = $1,000,000/$1,400,000 = 0.71.
The appropriate weights for the WACC calculation are the market weights Company X’s WACC, using the market weights, is calculated as follows:
WACC = (weighting of debt * cost of debt) + (weighting of equity * cost of equity)
= (0.29) (5%)(1-0.2) +(0.71)(10%) = 8.26%
老师好,为什么题中的Bonds $400,000可以直接与market value of equity相加?