作者cirejessie (yin)
看板Grad-ProbAsk
標題[商管] [財管] 資本結構
時間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）
想了很久還是不懂
麻煩各位囉
謝謝
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1F：推 hchs31705:根據MM有關理論 舉債公司價值=未舉債+負債稅盾現值 01/17 15:02
2F：→ hchs31705:1700000=Vu + 500000*0.34 --> Vu = 1530000 01/17 15:03
3F：推 hchs31705:根據MM有關的定理II 有舉債的股東要求報酬率 = 未舉債+ 01/17 15:05
4F：→ hchs31705:(未舉債 - 負債要求報酬率)*(1-T)*(D/S) 01/17 15:06
5F：→ hchs31705:所以報酬率 = 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:然後由題目知道1700000公司價值分成500000的D跟剩餘的S 01/17 15:07
8F：→ hchs31705:五樓打錯了........................是(500000/1200000) 01/17 15:08
9F：→ hchs31705:所以我們知道現在股東權益的價值式1200000 01/17 15:08
10F：→ hchs31705:而股東權益就是NI永續年金現值(報酬率前面算過是0.2275) 01/17 15:09
11F：→ hchs31705:1200000=NI/0.2275 NI=273000 01/17 15:10
12F：→ cirejessie:打得好詳細喔 謝謝你喔 01/17 15:21