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tammie · 2020年11月28日

问一道题:NO.PZ2018101501000064 [ CFA II ]

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 VL=VD+VE=EBIT(1T)WACCV_L=V_D+V_E=\frac{EBIT\ast(1-T)}{WACC}

VD = $1 million, D/E = 0.6, 求得VE = $1.67 million

代入VL = 2.67 =0.5(125%)WACC\frac{0.5\ast(1-25\%)}{WACC}求得WACC = 14.04%

这题跟mm理论什么关系啊
1 个答案

王琛_品职助教 · 2020年11月29日

- 亲这道题考察的是 VL = EBIT(1-T)/WACC
- 请参考基础班讲义 P86 的例题哈

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Company M, a manufacturer of automobile, is in the 25% tbracket. The company is currently 37.5% bt-financean62.5% equity-finance with the market value of anEBIT of $1 million an$0.5 million, respectively. What`s the WAof Company M accorng to the MM`s proposition with tax? 11.25% 14.04% 18.73% B is correct. 考点CapitStructure Theory: with t解析根据公式 VL=VVE=EBIT∗(1−T)WACCV_L=V_V_E=\frac{EBIT\ast(1-T)}{WACC}VL​=V+VE​=WACCEBIT∗(1−T)​ V= $1 million, E = 0.6, 求得VE = $1.67 million 代入VL = 2.67 = 0.5∗(1−25%)WACC\frac{0.5\ast(1-25\%)}{WACC}WACC0.5∗(1−25%)​ ,求得WA= 14.04% .Vul这个公式和题目用的Vl这两个长得很像,有什么关系吗?

2021-03-17 17:49 1 · 回答

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2020-11-19 04:16 1 · 回答

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2020-09-15 09:08 1 · 回答

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2020-09-09 16:47 2 · 回答