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HL · 2022年03月03日

麻烦讲解一下Re = 2.5/50+ 0.05= 10%

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021706000031

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation cost is $3000 for the equity of this project. What's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

麻烦讲解一下Re = 2.5/50+ 0.05= 10%

和方法一的公式不一样，请问这个知识点在哪？

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1 个答案

王琛_品职助教 · 2022年03月04日

嗨，努力学习的PZer你好：


1

这道题中，计算 re 的公式，用的就是 GGM 模型哈

这道题，其实是用处理发行成本的第二种方法，将发行费用考虑在期初的现金流中，不考虑在 re 中

所以计算 re 时，直接用 GGM 模型即可

请参考基础班视频 

2

方法一，是将发行成本考虑在了 re 中，所以分母是 P0-F，或者 P0(1-f)

考试如果考查发行成本，如果是定性，问发行成本的推荐的处理方法，是方法二

如果是定量，有可能计算 re，此时是用方法一

也有可能是计算考虑发行成本的 NPV，此时一般都会告诉不考虑发行成本的 NPV，然后直接减去发行成本即可

之后上线的经典题中，我们都会包含这几种常见考法，同学把经典题中的题目掌握好，发行成本这个知识点绝对没问题的

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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