ㄜ...來這邊問問題真的有點厚臉皮..
一一""不是台大又不是念財金的
不過..班上目前真的沒有一個人算得出來..Orz
原文題應該很簡單，事實證明我們是一堆笨蛋
去問老師，老師居然不肯說
所以拜託大家幫幫忙..>"<
我會很感激妳們的~
GCI, which consists of seven different subsidiaries around the world,
is 100 percent equity financed and has an overall corporate beta calculated
with respect to the world index of 1.3. GCI is in the middle of preparing its
capital budget for next year. The company risk adjusts its divisional WACCs
by 正負1.5 percentage points for project risk. One of its subsidiaries, a
communications equipment manufacturer, is considering Project M, which will
enhance manufacturing production in one of its plants.
Project M’s expected return is 8 percent. Analysts estimate that this
subsidiary has a beta calculated with respect to the world index of 0.6, and
Project M is considered to have lower risk than a typical project within this
subsidiary. One of its other subsidiaries, which is responsible for research
and development of new technology in the communications industry, has an
estimated beta of 1.6 calculated with respect to the world index. The R&D
subsidiary is considering Project T, which if successful will revolutionize
the telecommunications industry. Project T is considered an average-risk-free
rate is 5.96 percent and the return on an average stock in the global markets
is 11.5 percent. Assume that the firm has access to global capital markets,
is not capital constrained, and these are independent projects.
a.What is GCI’s overall corporate WACC?
b.What is the communications equipment subsidiary’s WACC?
c.What is the R&D subsidiary’s WACC?
d.Which project(s) should GCI include in its capital budget? Explain.
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