坏呼呼嘿嘿 · 2021年08月17日
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： 1/2
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。
请问真题有可能这样出吗？一堆迷惑项目，其实答案很简答。
王琛_品职助教 · 2021年08月19日
嗨，爱思考的PZer你好：
这道题的背景，其实对应三道小题：题号最后的序号为 58-60
如果是真题难度，我个人认为更有可能是题号为 60 的题目，请参考：https://class.pzacademy.com/qa/53316
这里我们拆成三道小题，是发现大家对基础知识掌握的不是很扎实，所以三道小题分别考查 D/E ratio、after-tax cost of debt、cost of equity
----------------------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
NO.PZ2018101501000058 Matt, CFis investigating the capitstructure of Company M, a manufacturer of automobile. The company is in the 25% tbracket. He hcollectethe relevant financiinformation in the following table. Accorng to the above table, what’s the E ratio for Company M? 1/2 1/3 3/4 A is correct. 考点CapitStructure 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-R*E*(1-T)这里面的E是Book value还是market value?
Matt, CFis investigating the capitstructure of Company M, a manufacturer of automobile. The company is in the 25% tbracket. He hcollectethe relevant financiinformation in the following table. Accorng to the above table, what’s the E ratio for Company M? 1/2 1/3 3/4 A is correct. 考点CapitStructure 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E为1/2。 老师，这道题table里好多数据信息都用不着啊，是迷惑项么？我以为是要用r0+(r0-r(1-t)E=re的公式来反推E呢？另外我知道bt的价值是与其市场价值相等的，但E的MV与其实际价值就不一定相等，所以我的问题是E ratio计算的时候，E的价值是可以用mv的么？题目table里给的信息可以求出E的mv。求指导，多谢！
Matt, CFis investigating the capitstructure of Company M, a manufacturer of automobile. The company is in the 25% tbracket. He hcollectethe relevant financiinformation in the following table. Accorng to the above table, what’s the E ratio for Company M? 1/2 1/3 3/4 A is correct. 考点CapitStructure 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E为1/2。 老师，后面的MM有税的理论求VL的时候加了T*那个是假设公式是永续经营所以是用永续年金，因为用的是一个bt一直不变，所以就是假设一直往后的 mkt value of bt不变是么?
Matt, CFis investigating the capitstructure of Company M, a manufacturer of automobile. The company is in the 25% tbracket. He hcollectethe relevant financiinformation in the following table. Accorng to the above table, what’s the E ratio for Company M? 1/2 1/3 3/4 A is correct. 考点CapitStructure 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E为1/2。 老师 您好 这道题table没有显示出来
