问题如下图：
选项：
A. 
B. 
C. 
解释：
请问这道题里的“If Trumpit issues up to 2.5million of new bonds, the bonds will be priced at par and have a yield of 13.65percent”该如何理解呢？为什么在最开始计算债券市场价值的时候I/Y用的是13.65，以及如果是以面值计价，PV不应该就是面值吗，为什么还要计算呢？
发亮_品职助教 · 2018年11月01日
同学你好！
在融资的时候，Cost of Capital会随着融资金额的上升而上升；但是Cost of Capital并不是时时刻刻都随着融资量的增加而上升；呈现的是一个阶梯型，在某个区域融资Cost是多少，超过了这个金额进入下一个区域融资成本才会上升；
If Trumpit issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65
percent;
也就是说如果Debt融资的金额在2.5million以下时，Bond平价发行的Yield是13.65，也就是融资的成本是13.65%；
if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent.
超过了2.5million，用Debt融资，成本是16%；所以这家公司用Debt的融资成本可以用下图表示：
所以你提到的两句话是在告诉Debt融资的成本。
题干最后一句说融资7.5million，这个资本结构和公司当前的资本结构（Debt/Equity Ratio）一样。
算当前公司的资本结构是用Market Value
股票的MV好算；债券的MV要求一下现值；债券的面值是FV哈，因为是未来到期偿还额；两者的MV知道后，可以算出Debt/Equity的比例；这个比例就是当前公司的资本结构；也是这笔新融资的资本结构。
计算债券PV时，答案上写的是13.65这个是错误的；应该是 13.65/2；不过答案里算出来的PV是正确的。
NO.PZ2016021705000030问题如下 Happy Resorts Company currently h1.2 million common shares of stooutstanng anthe stoha beta of 2.2. It also h$10 million favalue of bon thhave five years remaining to maturity an8 percent coupon with semi-annupayments, anare priceto yiel13.65 percent. If Happy issues up to $2.5 million of new bon, the bon will pricepanhave a yielof 13.65 percent; if it issues bon beyon$2.5 million, the expecteyielon the entire issuanwill 16 percent. Happy hlearnethit cissue new common sto$10 a share. The current risk-free rate of interest is 3 percent anthe expectemarket return is 10 percent. Happy's margintrate is 30 percent. If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio, its weighteaverage cost of capitis closest to: A.14.5 percent.B.15.5 percent.C.16.5 percent.is correct.Capitstructure:Market value of bt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanng $10 = $12,000,000To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent.r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%issue up to 2.5不是指大於2. 5的規模，而issue beyoon則是小於嗎？不是很理解這里的意思
NO.PZ2016021705000030 问题如下 Happy Resorts Company currently h1.2 million common shares of stooutstanng anthe stoha beta of 2.2. It also h$10 million favalue of bon thhave five years remaining to maturity an8 percent coupon with semi-annupayments, anare priceto yiel13.65 percent. If Happy issues up to $2.5 million of new bon, the bon will pricepanhave a yielof 13.65 percent; if it issues bon beyon$2.5 million, the expecteyielon the entire issuanwill 16 percent. Happy hlearnethit cissue new common sto$10 a share. The current risk-free rate of interest is 3 percent anthe expectemarket return is 10 percent. Happy's margintrate is 30 percent. If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio, its weighteaverage cost of capitis closest to: A.14.5 percent. B.15.5 percent. C.16.5 percent. is correct.Capitstructure:Market value of bt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanng $10 = $12,000,000To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent.r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52% 这道题我按计算器算的债券的现值是8.193million是我哪里算错了么？
NO.PZ2016021705000030 问题如下 Happy Resorts Company currently h1.2 million common shares of stooutstanng anthe stoha beta of 2.2. It also h$10 million favalue of bon thhave five years remaining to maturity an8 percent coupon with semi-annupayments, anare priceto yiel13.65 percent. If Happy issues up to $2.5 million of new bon, the bon will pricepanhave a yielof 13.65 percent; if it issues bon beyon$2.5 million, the expecteyielon the entire issuanwill 16 percent. Happy hlearnethit cissue new common sto$10 a share. The current risk-free rate of interest is 3 percent anthe expectemarket return is 10 percent. Happy's margintrate is 30 percent. If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio, its weighteaverage cost of capitis closest to: A.14.5 percent. B.15.5 percent. C.16.5 percent. is correct.Capitstructure:Market value of bt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanng $10 = $12,000,000To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent.r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%
NO.PZ2016021705000030 15.5 percent. 16.5 percent. B is correct. Capitstructure:Market value of bt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanng $10 = $12,000,000 To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent. r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2% re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4% WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52% 1. 算PV的时候为什么N=10？ 我理解的semi-annu下都应该乘以2？ 2.第二步计算r re 的时候，re 用的是什么公式啊？
NO.PZ2016021705000030问题如下 Happy Resorts Company currently h1.2 million common shares of stooutstanng anthe stoha beta of 2.2. It also h$10 million favalue of bon thhave five years remaining to maturity an8 percent coupon with semi-annupayments, anare priceto yiel13.65 percent. If Happy issues up to $2.5 million of new bon, the bon will pricepanhave a yielof 13.65 percent; if it issues bon beyon$2.5 million, the expecteyielon the entire issuanwill 16 percent. Happy hlearnethit cissue new common sto$10 a share. The current risk-free rate of interest is 3 percent anthe expectemarket return is 10 percent. Happy's margintrate is 30 percent. If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio, its weighteaverage cost of capitis closest to: A.14.5 percent. B.15.5 percent. C.16.5 percent. is correct.Capitstructure:Market value of bt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanng $10 = $12,000,000To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent.r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%Happy Resorts Company currently h1.2 million common shares of stooutstanng anthe stoha beta of 2.2. It also h$10 million favalue of bon thhave five years remaining to maturity an8 percent coupon with semi-annupayments, anare priceto yiel13.65 percent. If Happy issues up to $2.5 million of new bon, the bon will pricepanhave a yielof 13.65 percent; if it issues bon beyon$2.5 million, the expecteyielon the entire issuanwill 16 percent. Happy hlearnethit cissue new common sto$10 a share. The current risk-free rate of interest is 3 percent anthe expectemarket return is 10 percent. Happy's margintrate is 30 percent. If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio, its weighteaverage cost of capitis closest to:您的回答正确答案是: BA不正确14.5 percent.B15.5 percent.C16.5 percent.To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent.r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%问题17,999,688我算出来了，1.2millions of common shares of stock是指市值还是股票数量，我看老师回答里面有人问，老师回答是股票数量，但这里奇怪，Happy hlearnethit cissue new common sto$10 a share，这里应该用的是债券和股票的market value对吗?，发行价10元是primary market，二级市场可高可低，一级市场的股票价格算market value of stoprice吗？问题2我没看懂后面40% 60%，股债比应该是7999688/12000000把？这个结果是0.66，和40% 60%没关系？这数字哪里来的？问题3If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio。那就是股债比和之前一样是0.66？ new capital指的是股票+债券对吗？因为这里没有明确说raise 啥问题416%不是entire issuance吗？应该是债加股才对？这里答案怎么用到债券上了？谢谢，请讲下求出7999688以后的解题思路