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AgnesWu · 2024年02月16日

关于解题技巧

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
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%.

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?

1 个答案
已采纳答案

王琛_品职助教 · 2024年02月16日

嗨,爱思考的PZer你好:


1

首先题目问的是权重的比较,所以其实不涉及资本成本 rd re

2

接着,比较权重时

确实得分别计算用账面价值和用市场价值的结果

所以也没有什么简便算法,就还是得逐一计算哈

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