他得税后成本为什么不是把老一笔负债和新得一笔加起来综合求一个平均收益8%，再乘以税率1-t
---------------------------
No.PZ2016021705000033 (选择题)
来源: 原版书
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:
您的回答B, 正确答案是: A
A
4.2%.
B
不正确4.8%.
C
5.4%.
数据统计(全部)
做对次数: 1107
做错次数: 1154
正确率: 48.96%
数据统计(个人)
做对次数: 0
做错次数: 1
正确率: 0.00%
解析
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%.
