[商管] [財管]-資本結構

看板Grad-ProbAsk作者 (yin)時間16年前 (2010/01/17 14:44), 編輯推噓2(2010)
留言12則, 2人參與, 最新討論串3/3 (看更多)
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 -- ※ 發信站: 批踢踢實業坊(ptt.cc) ◆ From: 118.160.200.42

01/17 15:02, , 1F
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, 1F

01/17 15:03, , 2F
1700000=Vu + 500000*0.34 --> Vu = 1530000
01/17 15:03, 2F

01/17 15:05, , 3F
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, 3F

01/17 15:06, , 4F
(未舉債 - 負債要求報酬率)*(1-T)*(D/S)
01/17 15:06, 4F

01/17 15:06, , 5F
所以報酬率 = 0.2+(0.2-0.1)*(1-0.34)*(500000/1700000)
01/17 15:06, 5F

01/17 15:07, , 6F
=0.2275
01/17 15:07, 6F

01/17 15:07, , 7F
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, 7F

01/17 15:08, , 8F
五樓打錯了........................是(500000/1200000)
01/17 15:08, 8F

01/17 15:08, , 9F
所以我們知道現在股東權益的價值式1200000
01/17 15:08, 9F

01/17 15:09, , 10F
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, 10F

01/17 15:10, , 11F
1200000=NI/0.2275 NI=273000
01/17 15:10, 11F

01/17 15:21, , 12F
打得好詳細喔 謝謝你喔
01/17 15:21, 12F
文章代碼(AID): #1BKh6svi (Grad-ProbAsk)
文章代碼(AID): #1BKh6svi (Grad-ProbAsk)