老师好，这道题不太理解，可以从头讲一下吗，谢谢您

NO.PZ2023112701000065

问题如下：

Boulder, Inc., is a US-based unleveraged firm with a constant (perpetual) cash flow of $6 million per year before taxes. The firm has a market value of $45 million and a corporate tax rate of 30%. The WACC of the unleveraged firm, prior to the debt issue, is *closest* to:

选项：

A.4.00%. B.9.33%. C.13.33%.

解释：

Correct Answer: B

B is correct. The after-tax cash flows for the company are $6 million × (1 – 0.30) = $4.2 million. Since the cash flows are assumed to be perpetual, WACC is calculated as follows:

rWACC = CF(1 – t)/V = $4.2/$45 = 9.33%. Since this is an all-equity firm, the cost of equity is equal to WACC.

如题

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1 个答案

Kiko_品职助教 · 2024年11月07日

嗨，从没放弃的小努力你好：

这道题跟在 MM 理论的部分老师上课讲的一道例题几乎是一样的。即计算企业价值时，题目假设了是永续现金流（with a constant (perpetual) cash flow of $6 million……），所以可以使用现金流折现求现值，这道题因为告诉了税率，所以分子就使用税后现金流，即 CF(1-T)，同时告诉了公司价值V，求wacc，代入公式rWACC = CF(1 – t)/V 即可。

请参考基础班讲义墨迹版 P339

另外，关于永续现金流计算现值的公式推导，咱们是在数量学科专门介绍的哈

请参考【数量】学科基础班讲义墨迹版 P116

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ2023112701000065 问题如下 Boulr, Inc., is a US-baseunleveragefirm with a constant (perpetual) cash flow of $6 million per yebefore taxes. The firm ha market value of $45 million ana corporate trate of 30%. The WAof the unleveragefirm, prior to the issue, is *closest* to: A.4.00%. B.9.33%. C.13.33%. CorreAnswer: is correct. The after-tcash flows for the company are $6 million × (1 – 0.30) = $4.2 million. Sinthe cash flows are assumeto perpetual, WAis calculatefollows: rWA= CF(1 – t)/V = $4.2/$45 = 9.33%. Sinthis is all-equity firm, the cost of equity is equto WAC 老师好，这个公式好像没找到，在哪里有介绍

2024-07-24 15:14 2 · 回答