※ 引述《yaevna (yaevna)》之铭言： : Company ABC currently has $200,000 market value (and book value) of perpetual : debt outstanding carrying a coupon rate of 6%. : Its earnings before interest and taxes are $100,000, and it is a zero-growth : company. ABC's current cost of equity is 10%, and its tax rate is 40%. : The firm has 10,000 shares of common stock outstanding. : 总共有四小题，但前两小题没什麽相关就不打出来了，想要问的是第四小题。 : 3. The firm is considering recalling the 6% debt and issuing $400,000 of new : debt. The new funds would be used to replace the old debt and to repurchase : stock. It is estimated that the increase in riskness resulting from the : leverage increase would cause the required rate of return on debt to rise : to 7%, while the reqired rate of return on equity would increase to 11%. : If this plan were carried out, what would be ABC's new stock price? : A.50 B.52 C.52.8 D.59.27 E.60.36 : Ans:D A 股东权益价值（SL）＝(EBIT-I)(1-T)/股东要求之必要报酬率 ＝(1000000-400000*7％)(1-0.4)/0.11 ＝392727 新D-旧D＝多举的D 400000-200000＝200000 400000元的举新债，200000拿去买回（替换）旧债，200000拿去买回流通在外股 但还不晓得买回几股 设新股价X 假设市场效率 股价立即反应此举债讯息 200000/X 为买回的流通在外之股「数」 B （10000-20000/X）*X=392727 (原流通在外股数-买回之股数）*新股价＝股东权益（SL） X＝59.27 20000 : 4. Now assume that ABC can increase debt to $400,000 without refunding the : $200,000 of 6% debt. Further, assume that the required return on all : debt is 7%, and that the required rate of return on equity would again : increase 11%. : Under these assumptions, what would be ABC's new stock price. : A.50 B.52 C.52.8 D.59.27 E.60.36 此题为举债「至」400000元 不把旧债替换掉 等於直接多举200000的新债 而旧债利率为6% 新债利率为7% 故利息分两段讨论 而多举的200000之新债 一样跟上题买回流通在外股 故A部分得知结果为403636 B部分公式不变 得X＝60.36 此题亦可看出债权人之代理问题-债权稀释 希望你看得懂... : 因为之前笔记这题的算法是把债拆成两部份，一个6%、一个7%， : 题目那个all不是指全部债都是7%吗?! : 还有这题也是有买回股票吗?!有点不太懂... : 请教教我第四小题该怎麽算?谢谢各位~~ --

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