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karweillas · 2024年08月23日

debt增加部分不用考虑cost of debt吗？

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

NO.PZ202403050100000106

问题如下：

The best answer to Carlyle’s question about the potential violation of the debt covenants is that the covenant:

选项：

A.will be violated if Avignon uses debt to finance the repurchase. B.will be violated if Avignon uses the surplus cash to finance the repurchase. C.is not violated if Avignon repurchases shares.

解释：

A is correct. The debt-financed repurchase increases the debt-to-equity ratio above the 35% threshold and thus violates the debt covenant.


B is incorrect. The D/E stays below 35% when the company uses the surplus cash to finance the repurchase.

C is incorrect. The D/E is above the 35% threshold when the repurchase is financed with debt.

我理解是155是需要借款的金额，after tax cost of debt=5%，那整个借贷增加应该是155*（1+5%）=162.75m

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1 个答案

王琛_品职助教 · 2024年08月26日

嗨，努力学习的PZer你好：


1

不用加哦

我们现在讨论的是资产负债表

在计算 D/E 比率时，我们关注的是借款的本金增加，而不是借款的成本增加

2

5% 的税后债务成本，指的是借款的利息成本

利息费用影响的是利润表（EPS），但不会直接影响到 D/E 比率的计算

因此，借款金额就是 155 百万加元，而不是 162.75 百万加元

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