※ 引述《yaevna (yaevna)》之銘言： : 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. : 總共有四小題，但前兩小題沒什麼相關就不打出來了，想要問的是第四小題。 : 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 股東權益價值（SL）＝(EBIT-I)(1-T)/股東要求之必要報酬率 ＝(1000000-400000*7％)(1-0.4)/0.11 ＝392727 新D-舊D＝多舉的D 400000-200000＝200000 400000元的舉新債，200000拿去買回（替換）舊債，200000拿去買回流通在外股 但還不曉得買回幾股 設新股價X 假設市場效率 股價立即反應此舉債訊息 200000/X 為買回的流通在外之股「數」 B （10000-20000/X）*X=392727 (原流通在外股數-買回之股數）*新股價＝股東權益（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 此題為舉債「至」400000元 不把舊債替換掉 等於直接多舉200000的新債 而舊債利率為6% 新債利率為7% 故利息分兩段討論 而多舉的200000之新債 一樣跟上題買回流通在外股 故A部分得知結果為403636 B部分公式不變 得X＝60.36 此題亦可看出債權人之代理問題-債權稀釋 希望你看得懂... : 因為之前筆記這題的算法是把債拆成兩部份，一個6%、一個7%， : 題目那個all不是指全部債都是7%嗎?! : 還有這題也是有買回股票嗎?!有點不太懂... : 請教教我第四小題該怎麼算?謝謝各位~~ --

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