推 hchs31705:推推推 12/25 03:55
推 Nocp:推一個~~~ 12/25 12:02
推 yaevna:謝謝你^^ 12/25 20:52
※ 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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