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德韵90 · 2019年12月16日

问一道题：NO.PZ2018101501000064

  1. CFA II
  2. Corporate Issuers

问题如下：

Company M, a manufacturer of automobile, is in the 25% tax bracket. The company is currently 37.5% debt-financed and 62.5% equity-financed, with the market value of debt and EBIT of $1 million and $0.5 million, respectively. What`s the WACC of Company M according to the MM`s proposition with tax?

选项：

A.

11.25%

B.

14.04%

C.

18.73%

解释：

B is correct.

考点：Capital Structure Theory: with tax

解析：根据公式 VL=VD+VE=EBIT∗(1−T)WACCV_L=V_D+V_E=\frac{EBIT\ast(1-T)}{WACC} 

VD = $1 million, D/E = 0.6, 求得VE = $1.67 million

代入VL = 2.67 =0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}  ，求得WACC = 14.04%

VL=EIBT(1-t)/WACC这个公式在讲义上没找到额？

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1 个答案

maggie_品职助教 · 2019年12月16日

这个其实就是从VU推出来的，因为VL是有杠杆的公司的价值，那么我们折现的时候分母用的就是公司加权融资成本。

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Company M, a manufacturer of automobile, is in the 25% tbracket. The company is currently 37.5% bt-financean62.5% equity-finance with the market value of anEBIT of $1 million an$0.5 million, respectively. What`s the WAof Company M accorng to the MM`s proposition with tax? 11.25% 14.04% 18.73% B is correct. 考点CapitStructure Theory: with t解析根据公式 VL=VVE=EBIT∗(1−T)WACCV_L=V_V_E=\frac{EBIT\ast(1-T)}{WACC}VL​=V+VE​=WACCEBIT∗(1−T)​ V= $1 million, E = 0.6, 求得VE = $1.67 million 代入VL = 2.67 = 0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}WACC0.5∗(1−25%)​ ，求得WA= 14.04% .Vul这个公式和题目用的Vl这两个长得很像，有什么关系吗？

2021-03-17 17:49 1 · 回答

14.04% 18.73% B is correct. 考点CapitStructure Theory: with t解析根据公式 VL=VVE=EBIT∗(1−T)WACCV_L=V_V_E=\frac{EBIT\ast(1-T)}{WACC}VL​=V+VE​=WACCEBIT∗(1−T)​ V= $1 million, E = 0.6, 求得VE = $1.67 million 代入VL = 2.67 = 0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}WACC0.5∗(1−25%)​ ，求得WA= 14.04% 这题跟mm理论什么关系啊

2020-11-28 18:55 1 · 回答

Company M, a manufacturer of automobile, is in the 25% tbracket. The company is currently 37.5% bt-financean62.5% equity-finance with the market value of anEBIT of $1 million an$0.5 million, respectively. What`s the WAof Company M accorng to the MM`s proposition with tax? 11.25% 14.04% 18.73% B is correct. 考点CapitStructure Theory: with t解析根据公式 VL=VVE=EBIT∗(1−T)WACCV_L=V_V_E=\frac{EBIT\ast(1-T)}{WACC}VL​=V+VE​=WACCEBIT∗(1−T)​ V= $1 million, E = 0.6, 求得VE = $1.67 million 代入VL = 2.67 = 0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}WACC0.5∗(1−25%)​ ，求得WA= 14.04% 这道题可以用VL=EBIT(1-T)/r0+T来求r0，然后r0=WACC来求吗？为什么实际求解是用VL=EBIT(1-T)/r0求r0，没有T，题目明显是有借债的啊。

2020-11-19 04:16 1 · 回答

Company M, a manufacturer of automobile, is in the 25% tbracket. The company is currently 37.5% bt-financean62.5% equity-finance with the market value of anEBIT of $1 million an$0.5 million, respectively. What`s the WAof Company M accorng to the MM`s proposition with tax? 11.25% 14.04% 18.73% B is correct. 考点CapitStructure Theory: with t解析根据公式 VL=VVE=EBIT∗(1−T)WACCV_L=V_V_E=\frac{EBIT\ast(1-T)}{WACC}VL​=V+VE​=WACCEBIT∗(1−T)​ V= $1 million, E = 0.6, 求得VE = $1.67 million 代入VL = 2.67 = 0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}WACC0.5∗(1−25%)​ ，求得WA= 14.04% 老师，您的解答中VL 可以从两个角度出发理解 - 无杠杆的价值, 加上有杠杆的税盾 - 资产负债表右边等于左边 。老师，这两个公式中的WACC含义不同是吗？第一个公式的WACC是假设全投资情况的，第二个公式的WACC不是全投资情况的是吗？所以两个公式求的都是VL，但公式相差，就是因为WACC的含义和数值不同对吗？

2020-09-15 09:08 1 · 回答

14.04% 18.73% B is correct. 考点CapitStructure Theory: with t解析根据公式 VL=VVE=EBIT∗(1−T)WACCV_L=V_V_E=\frac{EBIT\ast(1-T)}{WACC}VL​=V+VE​=WACCEBIT∗(1−T)​ V= $1 million, E = 0.6, 求得VE = $1.67 million 代入VL = 2.67 = 0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}WACC0.5∗(1−25%)​ ，求得WA= 14.04% 老师，为什么VL的公式中没有？不考虑税盾吗？MM有税理论不是VL=VU+吗？

2020-09-09 16:47 2 · 回答