题目
Brandon Wiene is a financial analyst covering the beverage industry. He is evaluating the impact of DEF Beverage's new product line of flavored waters. DEF currently has a debt-to-equity ratio of 0.6. The new product line would be financed with $50 million of debt and $100 million of equity. In estimating the valuation impact of this new product line on DEF's value, Wiene has estimated the equity beta and asset beta of comparable companies. In calculating the equity beta for the product line, Wiene is intending to use DEF's existing capital structure when converting the asset beta into a project beta. Which of the following statements is correct?
选项
A.Using DEF's debt-to-equity ratio of 0.6 is appropriate in calculating the new product line's equity beta.
B.Using DEF's debt-to-equity ratio of 0.6 is not appropriate, but rather the debt-to-equity ratio of the new product, 0.5, is appropriate to use in calculating the new product line's equity beta.
C.Wiene should use the new debt-to-equity ratio of DEF that would result from the additional $50 million debt and $100 million equity in calculating the new product line's equity beta.
答案
B
解析
Answer: B B is correct. The debt-to-equity ratio of the new product should be used when making the adjustment from the asset beta, derived from the comparable, to the equity beta of the new product. 这道题目问的是布兰登维恩(Brandon Wiene)是一名负责饮料行业的财务分析师。他正在评估DEF Beverage的调味水新产品线的影响。DEF目前的负债权益比为0.6。新产品线将由50million美元的债务和100million美元的股权融资。在评估这一新产品线对DEF价值的影响时，Wiene评估了可比公司的股票贝塔系数和资产贝塔系数。在计算产品线的股权beta时，Wiene打算在将资产beta转换为项目beta时使用DEF现有的资本结构。下列哪个陈述是正确的? 要分析 beta值，需要用的资本结构是新产品的负债权益比率，应该为50/100=0.5。因此B选项正确