问题如下:
2. Based on MM propositions with corporate taxes, what is Bema’s weighted average cost of capital after the completion of its announced debtfinanced share repurchase program?
选项:
A.6.52%.
B.7.83%.
C.8.88%.
解释:
C is correct.
lre=r0+(r0−rd)(1−t)(ED),andrwacc=(VD)rd(1−t)+(VE)re
re=r0+(r0−rd)(1−t)(ED) =10+(10-6)(1-0.30)(0.60)=10+1.68=11.68%
Therefore,
rwacc=(VD)rd(1−t)+(VE)re
(1.60.6)(6)(1−0.3)+(1.61.0)(11.68)=1.58+7.3=8.88%
老师请问,这题解题思路为何不能和第一小题类似,先用VL=EBIT(1-T)/wacc算出没有Debt时的Value, 用600,000(1-0.3)/0.1=4,200,000为Equity Value; 再用D/E=0.6算出资产结构改变后的Debt为4,200,000*0.6=2,520,000, 再用4,200,000+2,520,000=6,720,000得到新的VL, 新wacc=600,000(1-0.3)/6,720,000=6.25%