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 with the country risk premium:
如题。。。。。。。。。