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小e · 2020年03月03日

问一道题:NO.PZ2018101501000059

问题如下:

Matt, CFA, is investigating the capital structure of Company M, a manufacturer of automobile. The company is in the 25% tax bracket. He has collected the relevant financial information in the following table. What`s the cost of debt after tax?

选项:

A.

2.5%

B.

5.6%

C.

7.5%

解释:

B is correct.

考点:Capital Structure Theory: with tax

解析:rd * (1 – t) = 7.5% * (1 – 25%) = 5.625%

请问 all equity-financed是什么意思?谢谢


1 个答案

Debrah_品职答疑助手 · 2020年03月04日

同学你好。cost of equity if all equity-financed意思就是D/E=0,公司全部资金都是权益融资的时候的Re(李老师上课讲的“全投资假设”时的R0),此时根据有税时候的MM理论,Re=R0=WACC