开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Nicole Xiang · 2024年06月17日

请问如果问题换成：The WACC of book value 与 the WACC of market value

  1. CFA I
  2. Corporate Issuers

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).

请问如果问题换成：The WACC of book value 与 the WACC of market value 

是不是： The WACC of book value

定性理解： 当market value 大于book value时， equity 的权重更大，那么WACC就会更倾向于rate of requity. 对吗？

添加评论
1 个答案
已采纳答案

王琛_品职助教 · 2024年06月17日

嗨，从没放弃的小努力你好：


1

是的，可以这么理解

2

因为本题不涉及税率

所以使用账面价值和市场价值所计算的 WACC 分别如下

WACC (账面价值) = 0.40×5%+0.60×10%=2%+6%=8%

WACC (市场价值) = 0.33×5%+0.67×10%=1.65%+6.7%=8.35%

3

通过计算也可以验证

当权益的市场价值大于账面价值时，确实会导致权益的权重增加

由于权益的成本通常高于债务成本，所以基于市场价值所计算的 WACC，会更倾向于权益的成本

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

  • 1

    回答

  • 0

    关注

  • 204

    浏览
相关问题

NO.PZ2023090507000009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%.In calculating WAfor Company X, the weight for using book values for the balansheet components is likely to ________________ ththe weight for using market values for the balansheet components. A.lowerB.the sameC.higher C 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 $20 × 40,000 shares = $800,000.The market value weights are computefollows:W= $400,000/$1,200,000 = 0.33.We = $800,000/$1,200,000 = 0.67.Thus, the book value weight for (0.40) is higher ththe market value weight (0.33). 如果要计算bon市场价值，是不是需要先了解当前市场的无风险利率？再以未来现金流折现求和得出？

2024-10-21 21:39 1 · 回答

NO.PZ2023090507000009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%.In calculating WAfor Company X, the weight for using book values for the balansheet components is likely to ________________ ththe weight for using market values for the balansheet components. A.lowerB.the sameC.higher C 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 $20 × 40,000 shares = $800,000.The market value weights are computefollows:W= $400,000/$1,200,000 = 0.33.We = $800,000/$1,200,000 = 0.67.Thus, the book value weight for (0.40) is higher ththe market value weight (0.33). 120万怎么来的？………

2024-07-03 20:38 1 · 回答

NO.PZ2023090507000009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%.In calculating WAfor Company X, the weight for using book values for the balansheet components is likely to ________________ ththe weight for using market values for the balansheet components. A.lowerB.the sameC.higher C 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 $20 × 40,000 shares = $800,000.The market value weights are computefollows:W= $400,000/$1,200,000 = 0.33.We = $800,000/$1,200,000 = 0.67.Thus, the book value weight for (0.40) is higher ththe 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 和Re的大小从而判断？

2024-02-16 17:39 1 · 回答