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zoran · 2020年04月26日

问一道题:NO.PZ2018101501000061 [ CFA II ]

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. Matt expects that a change in financial leverage may result in different WACC. He has estimated different situations in the following table. Under which of the following situations, Company M`s WACC is smallest?

选项:

A.

E/A = 75%

B.

E/A = 70%

C.

E/A = 60%

解释:

B is correct.

考点Static Trade-Off Theory

解析根据公式WACC=DArd(1T)+EAreWACC=\frac DA\ast r_d\ast(1-T)+\frac EA\ast r_e

D/A = 25%, E/A = 75%,代入得WACC = 0.25 * 7% * (1-25%) + 0.75 * 10% = 8.8125%

D/A = 30%, E/A = 70%,代入得WACC = 0.3 * 7.2% * (1-25%) + 0.7 * 10.25% = 8.795%

D/A = 40%, E/A = 60%,代入得WACC = 0.4 * 8.5% * (1-25%) + 0.6 * 11.5% = 9.45%

total capital 是E吧,为什么答案把debt to total capital等同于E/A

zoran · 2020年04月26日

更正一下我的问题:total capital 是E吧,为什么答案把debt to total capital等同于D/A

1 个答案

Debrah_品职答疑助手 · 2020年04月27日

同学你好,total capital指的是总资本,包括股权和债权投入,因为A=E+L,所以total capital的数字等于total asset。这里千万不要弄错了。