NO.PZ201601200500002204
问题如下:
4. Based on the MM propositions with corporate taxes, Garth’s cost of equity after the debt issuance is closest to:
选项:
A.10.00%.
B.10.85%.
C.11.33%.
解释:
C is correct.
re=r0+(r0−rd)(1−t)(ED)
lVU=r0EBIT(1−t)=0.10400,000(1−0.30)=2,800,000VL=VU+tD=(2.8million)+(0.30)(1million)=3.10millionE=VL−D=(3.10million)−(1million)=2.10million
re=r0+(r0−rd)(1−t)(ED) = 10+(10−6)(1−0.30)(2.101)=10+1.33=11.33%
老师,我想问一下,我知道VL=VU+D*t
可是我想知道为什么是这样
发债后的价值应该加上D,为什么要乘t
不要回答税盾的作用,这么简单哦!我要知道为什么!