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SEVEN澤🐻 · 2023年12月12日

老师好，为什么题中的Bonds $400,000可以直接与market value of equity相加？

  1. CFA I
  2. Corporate Issuers

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
The price of Company X stock is currently $20 per share. The required return before tax on debt is 5%, and the required return on equity is 10%.

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%.

B.

8.26%.

C.

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？

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1 个答案

王琛_品职助教 · 2023年12月13日

嗨，从没放弃的小努力你好：


1

首先，咱们在计算 WACC 时，股债的权重，肯定是用市场价值 market value

只不过这道题中，并没有告诉我们债的市场价值，只知道账面价值

所以只能退而求其次，使用账面价值了

2

考试如果既告诉了市场价值，又告诉了账面价值

权重肯定是用市场价值哈

3

也请参考基础班讲义墨迹版 P310 的例题

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NO.PZ2023090507000010问题如下 Company X hthe following on the right-hansi of its balansheet:Bon $400,000Common sto(40,000 shares) $600,000Totliabilities anequity $1,000,000The priof Company X stois currently $20 per share. The requirereturn before ton is 5%, anthe requirereturn on equity is 10%.If the margincorporate trate is 20% anthe stopriincreases to $25, the WAfor Company X is closest to: A.7.60%.B.8.26%.C.8.55%. B is correct.The book value weights are computefollows:W= $400,000/$1,000,000 = 0.40.We = $600,000/$1,000,000 = 0.60.The market value of equity is equto $25 × 40,000 shares = $1,000,000.The market value weights are computefollows:W= $400,000/$1,400,000 = 0.29.We = $1,000,000/$1,400,000 = 0.71.The appropriate weights for the WAcalculation are the market weights Company X’s WACusing the market weights, is calculatefollows:WA= (weighting of * cost of bt) + (weighting of equity * cost of equity)= (0.29) (5%)(1-0.2) +(0.71)(10%) = 8.26% 股票价格的变动是二级市场的事情，并不影响股本，企业的股权成本只与实收资本有关，wacc应该不受二级市场影响吧

2024-06-19 21:24 1 · 回答

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2024-01-20 17:10 1 · 回答