NO.PZ2016021705000030
问题如下：
Happy Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have five years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Happy issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65 percent; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent. Happy has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10 percent. Happy's marginal tax rate is 30 percent. If Happy raises $7.5 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital is closest to:
选项：
A.14.5 percent.
B.15.5 percent.
C.16.5 percent.
解释：
B is correct.
Capital structure:Market value of debt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanding at $10 = $12,000,000
To raise $7.5 million of new capital while maintaining the same capital structure, the company would issue $7.5 million × 40% = $3.0 million in bonds, which results in a before-tax rate of 16 percent.
rd(1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%
re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%
WACC = [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%
我记得李老师在讲WACC的时候特地讲了一下成本的概念是机会成本、要求回报率或者是风险补偿，并不是预期expected return/yield 的概念，所以这里bond的成本Rd为什么是用16%，而不是原来的13.65%。主要Bond的market value是用13.65%折现求出来的，如果要求回报率是16%，不应该用16%来折吗？
