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, · 2021年12月12日

但是考虑到折现率里时method 1,上课时候说不好,但也能用,为什么你就说不对了? 我考虑的是使用新的外部股票能不能直接在原来的npv上面减?

NO.PZ2021091701000019

问题如下:

SebCoe plc, a British firm, is evaluating an investment in a £50 million project that will be financed with 50% debt and 50% equity. Management has already determined that the NPV of this project is £5 million if it uses internally generated equity. However, if the company uses external equity, it will incur flotation costs of 5.8%. Assuming flotation costs are not tax deductible, the NPV using external equity would be:

选项:

A.

less than £5 million because we would discount the cash flows using a higher weighted average cost of capital that reflects the flotation costs.

B.

£3.55 million because flotation costs reduce NPV by $1.45 million.

C.

£5 million because flotation costs have no impact on NPV.

解释:

B is correct. Since the project will be financed with 50% equity, the company will issue £25 million of new stock. The flotation cost of external equity is (0.058 × 25,000,000) = 1,450,000. The NPV of the project using external equity is the NPV using internal equity less the flotation cost. Adjusting the cost of capital to reflect the flotation cost is not a preferred way to account for flotation costs.

但是考虑到折现率里时method 1,上课时候说不好,但也能用,为什A不对了?

我考虑的是使用新的外部股票能不能直接在原来的npv上面减?

1 个答案

王琛_品职助教 · 2021年12月12日

嗨,爱思考的PZer你好:


因为是单选题,我们要选出最符合题意的一项

上课已经介绍过,把发行费用考虑到期初现金流,是一种推荐的处理方法。既生瑜何生亮,在有选项 B 的情况下,是不能选 A 的

如果同学想选 A,除非选项 B 说的也是考虑到折现率,然后说的不是 less than,而是 more than,相当于错的更离谱,那三个选项里比较下来,只能选 A 了

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