为什么不直接用Re做折现因子？而还要再算一下WACC，用WACC做折现因子？
问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ201602170500003106 €28 million an€25 million. €30 million an€27 million. is correct. Cost of equity without the country risk premium: re = 0.0425 + 3.686 (0.0482) = 0.2202 or 22.02% Cost of equity with the country risk premium: re= 0.0425 + 3.686 (0.0482 + 0.0188) = 0.2895 or 28.95% Weighteaverage cost of capitwithout the country risk premium: WA= [0.80 (0.0925) (1 − 0.375) ] + [0.20 (0.2202)] = 0.04625 + 0.04404 = 0.09038 or 9.03 percent Weighteaverage cost of capitwith the country risk premium: WA= [0.80 (0.0925) (1 − 0.375) ] + [0.20 (0.2895)] = 0.04625 + 0.0579 = 0.1042 or 10.42 percent NPV without the country risk premium: NPV= €48million (1+0.0903) 1 + €52million (1+0.0903) 2 + €54.4million (1+0.0903) 3 −€100million =€44.03million+43.74million+41.97million−€100million =€29.74million NPV with the country risk premium: NPV= €48million (1+0.1042) 1 + €52million (1+0.1042) 2 + €54.4million (1+0.1042) 3 −€100million =€43.47million+42.65million+40.41million−€100million =€26.53million 如题。。。。。。。。。
为何npv要减去100?
老师，第一个式子的equity beta是第四题求出来的，但是第四题是默认if finance80% is bt, 为什么可以这道题可以直接用这个beta呢？
中国债券市场的风险也可以用0.0925那个吗？
