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秀子 · 2020年05月24日

问一道题:NO.PZ2016021705000036

问题如下:

An analyst gathered the following information about a private company and its publicly traded competitor:

Using the pure-play method, the estimated equity beta for the private company is closest to:

选项:

A.

1.029.

B.

1.104.

C.

1.877.

解释:

C  is correct.

Inferring the asset beta for the public company: unlevered beta = 1.75/[1 + (1 0.35) (0.90)] = 1.104. Relevering to reflect the target debt ratio of the private firm: levered beta = 1.104 × [1 + (1 0.30) (1.00)] = 1.877.

请教老师,为什么计算pure-play method时候,W asset*贝塔asset=W equity*贝塔equity里的两个权重都考虑了debt的税盾,但算WACC时,每一项的权重系数W里不需要考虑debt的税盾?

1 个答案

Olive_品职助教 · 2020年05月25日

嗨,从没放弃的小努力你好:


因为算WACC的时候税盾是体现在rd上的,权重中不需要重复考虑了


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