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欢欢 · 2021年12月06日

哪句话说了中国的期初投资是100?

NO.PZ201602170500003106

问题如下:

6. In his report, Sandell would like to discuss the sensitivity of the project's net present value to the estimation of the cost of equity. The China project's net present value calculated using the equity beta without and with the country risk premium are, respectively:

选项:

A.

26 million and 24 million.

B.

28 million and 25 million.

C.

30 million and 27 million.

解释:

C  is correct.

Cost of equity without the country risk premium:

re = 0.0425 + 3.686 (0.0482) = 0.2202 or 22.02%

Cost of equity with the country risk premium:

re= 0.0425 + 3.686 (0.0482 + 0.0188) = 0.2895 or 28.95%

Weighted average cost of capital without the country risk premium:

WACC = [0.80 (0.0925) (1 0.375) ] + [0.20 (0.2202)] = 0.04625 + 0.04404 =

0.09038 or 9.03 percent

Weighted average cost of capital with the country risk premium:

WACC = [0.80 (0.0925) (1 0.375) ] + [0.20 (0.2895)] = 0.04625 + 0.0579 = 0.1042 or 10.42 percent

NPV without the country risk premium:

NPV= 48million (1+0.0903) 1 + 52million (1+0.0903) 2 + 54.4million (1+0.0903) 3 100million =44.03million+43.74million+41.97million100million =29.74million  

NPV with the country risk premium:

NPV= 48million (1+0.1042) 1 + 52million (1+0.1042) 2 + 54.4million (1+0.1042) 3 100million =43.47million+42.65million+40.41million100million =26.53million

如题。。。。。。。。。
2 个答案
已采纳答案

王琛_品职助教 · 2021年12月07日

嗨,从没放弃的小努力你好:


我这边系统好像看不到这道题了,能麻烦助教把这句的出处在题干中截图给我吗?

题目是资本成本章节的课后题 13-17 的 Case

提到 100 million 的句子是表格上方的最后一句话:Knudsen is asked to evaluate Kruspa’s planned financing of the required €100 million in Sweden with an €80 million public offering of 10- year debt and the remainder with an equity offering.

这道题 2022 的教材已经删除了,咱们不需要掌握

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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!

王琛_品职助教 · 2021年12月06日

嗨,爱思考的PZer你好:


请参考表格上的最后一句话:"... required €100 million ...",即期初投资需要 100 million

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加油吧,让我们一起遇见更好的自己!

欢欢 · 2021年12月06日

我这边系统好像看不到这道题了,能麻烦助教把这句的出处在题干中截图给我吗?