问一道题：NO.PZ2018101501000067

问题如下：

Company M now is all equity-financed and the cost of capital is 12%. EBIT of Company M is $0.6 million. Management is considering changing the capital structure so they intend to issue 2 million new debt to repurchase outstanding shares. The tax rate is 30% and the before-tax cost of debt is 8%. What’s the cost of equity after changing the capital structure according to the MM`s proposition with tax?

选项：

17.60%

15.73%

14.67%

解释：

C is correct.

考点：Capital Structure Theory: with tax

解析： $V_U=\frac{EBIT(1-T)}{r_0}=\frac{0.6\ast(1-30\%)}{12\%}$ = $3.5 million

V_L = V_U + T*D = 3.5 + 30%*2 = $4.1 million

E = V_L –D = 4.1 – 2 = $2.1 million

根据公式 $r_e=r_0+(r_0-r_d)\ast(1-T)\ast\frac DE$

= 12% + (12% -8%) * (1-30%) * (2/2.1) = 14.67%

老师，如果已知中没有repurchase outstanding shares这个条件，对计算过程有影响吗？

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王琛_品职助教 · 2020年09月16日

嗨，爱思考的PZer你好：

同学你好，

有影响
可以参考李老师在基础班上讲解的例题展开部分，参考基础班视频
Capital Structure Theory: with tax

-------------------------------
加油吧，让我们一起遇见更好的自己！

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问一道题：NO.PZ2018101501000067

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