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大太阳 · 2021年04月13日

为什么是MV不是Book value?

  1. CFA II
  2. Corporate Issuers

NO.PZ2018101501000058

问题如下：

Matt, CFA, is investigating the capital structure of Company M, a manufacturer of automobile. The company is in the 25% tax bracket. He has collected the relevant financial information in the following table.

According to the above table, what’s the D/E ratio for Company M?

选项：

A.

1/2

B.

1/3

C.

3/4

解释：

A is correct.

考点：Capital Structure Objective

解析：权益的市场价值为$25*4 = $100 million，债券的市场价值为$50 million。

所以D/E为1/2。

想问下这里为什么不是计算Book value而是market value呢？

还有就是Re=R0+(R0-Rd)*D/E*(1-T)这里面的D/E是Book value还是market value?

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王琛_品职助教 · 2021年04月14日

嗨，努力学习的PZer你好：


咱们在介绍 MM 理论时，提到的都是 market value 哈

MM 无税 Proposition I: The market value of a company is not affected by the capital structure of the company.

原版书 P97 的公式符号说明：D = the market value of debt，E = the market value of equity，V = the value of the company, which is equal to D + E

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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