NO.PZ2023090507000009
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
In calculating WACC for Company X, the weight for debt using book values for the balance sheet components is likely to be ________________ than the weight for debt using market values for the balance sheet components.
选项:
A.
lower
B.
the same
C.
higher
解释:
C 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 $20 × 40,000 shares = $800,000.
The market value weights are computed as follows:
Wd = $400,000/$1,200,000 = 0.33.
We = $800,000/$1,200,000 = 0.67.
Thus, the book value weight for debt (0.40) is higher than the market value weight (0.33).
这种类型的题是否可以不计算出最终数值,比较We 和We 权重大小,再看R&D 和Re的大小从而判断?