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一只可爱的猪 · 2020年10月10日

问一道题:NO.PZ2016021705000029 [ CFA I ]

问题如下:

Brandon Wiene is a financial analyst covering the beverage industry. He is evaluating the impact of DEF Beverages new product line of flavored waters. DEF currently has a debtto- equity ratio of 0.6. The new product line would be financed with $50 million of debt and $100 million of equity. In estimating the valuation impact of this new product line on DEF's value, Wiene has estimated the equity beta and asset beta of comparable companies. In calculating the equity beta for the product line, Wiene is intending to use DEF's existing capital structure when converting the asset beta into a project beta. Which of the following statements is correct?

选项:

A.

Using DEFs debt-to-equity ratio of 0.6 is appropriate in calculating the new product line's equity beta.

B.

Using DEFs debt-to-equity ratio of 0.6 is not appropriate, but rather the debt-toequity ratio of the new product, 0.5, is appropriate to use in calculating the new product lines equity beta.

C.

Wiene should use the new debt-to-equity ratio of DEF that would result from the additional $50 million debt and $100 million equity in calculating the new product line's equity beta.

解释:

B  is correct.

The debt-to-equity ratio of the new product should be used when making the adjustment from the asset beta, derived from the comparables, to the equity beta of the new product.

没有看sing,为什么c 不对
2 个答案

王琛_品职助教 · 2020年10月13日

问一下啊这个原回答中的0.6基础上再借50m的debt和100M的equity之后算的def不就是新的project的D/E吗 差别再哪里呢?

  • 你的 “原回答” 是指?”新的 project” 是指?
  • 题干的关键词是
    • He is evaluating the impact of DEF Beverage’s new product line of flavored waters
    • The new product line would be financed with $50 million of debt and $100 million of equity
    • In calculating the equity beta for the product line
  • 所以 debt-to-equity ratio 就是 new product line 的,即 50 / 100

王琛_品职助教 · 2020年10月10日

ZhouJo · 2020年10月13日

C选项中说additional,意思是在0.6的基础上再借50M的debt,100M的equity之后,算的DEF的D/E,我们应该用的是new project line的D/E,所以C是错误的。要仔细审题,加油~ 问一下啊这个原回答中的0.6基础上再借50m的debt和100M的equity之后算的def不就是新的project的D/E吗 差别再哪里呢?

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