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shuangzili · 2022年03月22日

是不是所有的折现率都是cost of something( cost of equity, cost of debt, cost of the whole asset)?

  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.

是不是所有的折现率都是cost of something( cost of equity, cost of debt, cost of the whole asset)?

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王琛_品职助教 · 2022年03月23日

嗨，从没放弃的小努力你好：


是的，因为折现率，有很多别名，比如要求回报率，资本成本等

请参考基础讲义 P10

而资本成本，根据融资来源不同，又细分为比如债务的成本，普通股的资本成本，优先股的资本成本

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

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