推 hchs31705:有答案嗎@@ 12/24 23:29
推 hchs31705:我想第四題應該是要對比第三題 一個有refunding一個沒有 12/24 23:41
→ hchs31705:答案是E嗎~ 12/24 23:42
→ hchs31705:我是用第三小題然後利息多扣 那二十萬Debt比第三題多1% 12/24 23:44
→ yaevna:謝謝~答案是E沒錯~ 12/25 20:52
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
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
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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