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Wheel · 2022年03月08日

不太理解这道题的考点

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000033

问题如下：

Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company's weighted average cost of capital, the appropriate after-tax cost of debt is closest to:

选项：

A.

4.2%.

B.

4.8%.

C.

5.4%.

解释：

A  is correct.

The relevant cost is the marginal cost of debt. The before-tax marginal cost of debt can be estimated by the yield to maturity on a comparable outstanding. After adjusting for tax, the after-tax cost is 7(1 − 0.4) = 7(0.6) = 4.2%.

如题

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2 个答案

王琛_品职助教 · 2022年07月27日

嗨，从没放弃的小努力你好：


@blade8932

一道题考了N个知识点，真题也这样就有点慌了

同学可以参考我之前回答的第 5 部分哈

这道题比较综合，我个人认为考试时出原题的概率比较小，但是任意一个小的考点拿出来，单独出一道题的概率还是有的

所以如果这道题的原理都理解清楚了，相当于做了多道题目，性价比还是很高的

----------------------------------------------
努力的时光都是限量版，加油！

王琛_品职助教 · 2022年03月09日

嗨，从没放弃的小努力你好：


这道题比较综合，将几个考点放到一起考查了，下面逐一解释哈

1

首先，题目问，要计算公司的 WACC，其中税后债务成本为多少

对应基础班讲义 P82 的公式

2

在计算税后债务成本时，我们介绍过一个大前提，一定要用新债的市场利率，而不能用 coupon rate

对应基础班讲义 P84

新债的市场利率，我们又介绍了两种方法：YTM 方法 和 Debt-rating 方法

但是这道题只提供了 coupon rate 耶，我们怎么算呢？

3

好在题干提供了一个关键词：expects the new issue to be priced at par value

即债券是平价发行，所以 YTM = coupon rate，所以计算债券的税后成本时，代入 YTM，也就是 coupon rate 

但是题目提供了两笔债务的数据，到底代入哪个 coupon rate 呢？

4

应该代入现在即将发行的债务的 coupon rate 7%，而不是两年前那笔债务的 coupon rate 9%

为什么呢？因为我们代入 WACC 公式中的各项资本成本，都是边际成本 marginal cost of capital，分析也请参考：https://class.pzacademy.com/qa/17756

5

综上所述，确定了 YTM = coupon rate = 7%，代入税后债务成本的公式即可

这道题比较综合，我个人认为考试时出原题的概率比较小，但是任意一个小的考点拿出来，单独出一道题的概率还是有的。所以如果这道题的原理都理解清楚了，相当于做了多道题目，性价比还是很高的

----------------------------------------------
努力的时光都是限量版，加油！

blade8932 · 2022年07月26日

一道题考了N个知识点，真题也这样就有点慌了

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