问题如下:
Company M, a manufacturer of automobile, is in the 25% tax bracket. The company is currently 37.5% debt-financed and 62.5% equity-financed, with the market value of debt and EBIT of $1 million and $0.5 million, respectively. What`s the WACC of Company M according to the MM`s proposition with tax?
选项:
A. 11.25%
B. 14.04%
C. 18.73%
解释:
B is correct.
考点:Capital Structure Theory: with tax
解析:根据公式
VD = $1 million, D/E = 0.6, 求得VE = $1.67 million
代入VL = 2.67 = ,求得WACC = 14.04%
这题跟mm理论什么关系啊