开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

miaomiaoronger · 2021年02月21日

ro的取值

NO.PZ2018101501000065

问题如下:

Company M now is all equity-financed and the cost of capital is 12%. Management is considering changing the capital structure of the company. They intend to issue new debt to repurchase outstanding shares, which may lead the D/E ratio to increase from 0 to 0.4. The tax rate is 30% and the before-tax cost of debt is 8%. What’s the WACC after changing the capital structure according to the MM`s proposition with tax?

选项:

A.

10.17%

B.

10.86%

C.

10.97%

解释:

C is correct.

考点:Capital Structure Theory: with tax

解析根据公式re=r0+(r0rd)(1T)DEr_e=r_0+(r_0-r_d)\ast(1-T)\ast\frac DE

                =12%+(12%8%)(130%)0.4=13.12%=12\%+(12\%-8\%)\ast(1-30\%)\ast0.4=13.12\%

WACC=wdrd(1T)+wereWACC=w_d\ast r_d\ast(1-T)+w_e\ast r_e 

=278%(130%)+5713.12%=10.97%=\frac27\ast8\%\ast(1-30\%)+\frac57\ast13.12\%=10.97\%

老师视频里讲的ro是资产的要求回报率,请问ro与costofequity,costofcapital,wacc,之间的区别和关系?

1 个答案

王琛_品职助教 · 2021年02月22日

嗨,努力学习的PZer你好:


- r0 是一种特殊的资本成本,是全投资假设,即 all equity-financed 时的资本成本

- 公司一般除了股权,还有债权,所以 cost of equity 指的就是股权的成本,cost of debt 是债权的成本

- 一般情况下,cost of capital 和 WACC 可以理解为是一个意思

- 如果公司是全投资假设,即 all equity-financed ,则你问的四个指标,是一个意思哈

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!