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富雅楠 · 2021年02月28日

请问为什么不考虑第一笔的融资成本呢？

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000033

问题如下：

Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company's weighted average cost of capital, the appropriate after-tax cost of debt is closest to:

选项：

A.

4.2%.

B.

4.8%.

C.

5.4%.

解释：

A  is correct.

The relevant cost is the marginal cost of debt. The before-tax marginal cost of debt can be estimated by the yield to maturity on a comparable outstanding. After adjusting for tax, the after-tax cost is 7(1 − 0.4) = 7(0.6) = 4.2%.

前期同学的答案看了没明白，链接失效了也看不到详细信息
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1 个答案

王琛_品职助教 · 2021年03月01日

嗨，努力学习的PZer你好：


- 在一级 Corporate Finance 里 WACC 使用的都是边际成本（Marginal cost of capital）

- 因为第一笔债务是两年前发行的。WACC 是要用当前（最新）的融资成本来计算，前两年发行的债券已经不能反映公司当前的债务融资成本了，所以不用考虑第一笔

- 也请参考：https://class.pzacademy.com/qa/17756

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

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