作者cirejessie (yin)
看板Grad-ProbAsk
标题[商管] [财管] 资本结构
时间Sun Jan 17 14:44:03 2010
The market value of a firm with $500,000 of debt is $1,700,000 EBIT
are expected to be a perpetuity. The pretax interest rate on debt is
10 percent. The company is in the 34-percent tax bracket. If the company
was 100 percent equity financed,the equity holders would require a 20
percent return.
(1)What would the value of the firm be if it was financed entirely with
equity?
(A)1,000,000
(B)1,200,000
(C)1,530,000
(D)1,630,000
答案是（C）
（2）What is the net income to the stockholders of this levered firm?
(A)163,000
(B)263,000
(C)373,000
(D)273,000
答案是（D）
想了很久还是不懂
麻烦各位罗
谢谢
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1F：推 hchs31705:根据MM有关理论 举债公司价值=未举债+负债税盾现值 01/17 15:02
2F：→ hchs31705:1700000=Vu + 500000*0.34 --> Vu = 1530000 01/17 15:03
3F：推 hchs31705:根据MM有关的定理II 有举债的股东要求报酬率 = 未举债+ 01/17 15:05
4F：→ hchs31705:(未举债 - 负债要求报酬率)*(1-T)*(D/S) 01/17 15:06
5F：→ hchs31705:所以报酬率 = 0.2+(0.2-0.1)*(1-0.34)*(500000/1700000) 01/17 15:06
6F：→ hchs31705:=0.2275 01/17 15:07
7F：→ hchs31705:然後由题目知道1700000公司价值分成500000的D跟剩余的S 01/17 15:07
8F：→ hchs31705:五楼打错了........................是(500000/1200000) 01/17 15:08
9F：→ hchs31705:所以我们知道现在股东权益的价值式1200000 01/17 15:08
10F：→ hchs31705:而股东权益就是NI永续年金现值(报酬率前面算过是0.2275) 01/17 15:09
11F：→ hchs31705:1200000=NI/0.2275 NI=273000 01/17 15:10
12F：→ cirejessie:打得好详细喔 谢谢你喔 01/17 15:21