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简ying · 2021年04月18日

问题如下…………

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NO.PZ201601200500004405

问题如下:

5. If Skylark implements Lee’s proposal to issue $1 billion of debt and use the proceeds to repurchase common shares, its weighted average cost of capital following the buyback will most likely:

选项:

A.

increase to 8.50%.

B.

increase to 8.70%.

C.

decrease to 8.50%.

解释:

C is correct.

The WACC is the weight of debt times the after-tax cost of debt plus the weight of equity times the cost of equity. Skylark currently has a market value of $8 billion of equity and $2 billion of debt, for an 80/20 ratio. Using Exhibit 1, we find that this capital structure has a 5.5% pretax and 3.52% [5.5 × (1 – 0.36)] after-tax cost of debt and a 10.0% cost of equity. Thus the WACC equals (0.2 × 3.52) + (0.8 × 10.0) = 0.70 + 8.0 = 8.7%. After the buyback, Skylark’s capital structure will be 70/30, which results in a 6.0% pretax cost of debt (3.84% after tax) and a 10.5% cost of equity. Thus, the new WACC will be (0.3 × 3.84) + (0.7 × 10.5) = 1.15 + 7.35 = 8.5%, which is a decrease.

看了前面的提问和解答,还是不懂为什么这里就简单认为equity只减少了1billion……是不是做这种发债回购股份的题,仅仅在负债从无到有的时候才考虑加上D*T计算有杠杆时候的价值,负债由少变多的时候,就不用那种思路了?
1 个答案
已采纳答案

王琛_品职助教 · 2021年04月19日

嗨,爱思考的PZer你好:


同学好,我看了这道题的所有问答,大家会把这道题和另一道题 NO.PZ2016012005000022 做比较

后者是 R20 资本成本的课后题第 17 题

这两道题其实不用放到一起,因为你可以看第 14、15、17 题,题干前面都有说明 "Based on the MM propositions with corporate taxes",所以解答那三道题,都要用到 MM 理论的公式或者结论,而 MM 理论都是有前提假设的

这道题我理解就是考查 WACC 的公式,只不过通过发债回购,需要我们代入两次公式计算数据而已,不需要和 MM 理论关联起来哈

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