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

Olivia.W🌸 · 2024年07月03日

120万怎么来的？

  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).

120万怎么来的？………

添加评论
1 个答案

王琛_品职助教 · 2024年07月04日

嗨，从没放弃的小努力你好：


120 万是 debt 和 equity 的市场价值之和

debt 题目只告诉了账面价值，没告诉市场价值，所以就用账面价值 40 万

equity 的市场价值，等于股份数 4 万股，乘以股价 $20，等于 80 万

所以如果使用市场价值，则 40 万 + 80 万 = 120 万

----------------------------------------------
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

  • 105

    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.lower B.the same C.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). 请问如果问题换成The WAof book value 与 the WAof market value 是不是 The WAof book value the WAof market value 呢？ 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？

2024-06-17 15:14 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