题目
Fran McClure of Alba Advisers is estimating the cost of capital of Frontier Corporation as part of her valuation analysis of Frontier. McClure will be using this estimate, along with projected cash flows from Frontier's new projects, to estimate the effect of these new projects on the value of Frontier. McClure has gathered the following information on Frontier Corporation:
「huixue_img/importSubject/1564548383966892032.jpeg」The weights that McClure should apply in estimating Frontier’s cost of capital for debt and equity are, respectively:
选项
A.wd = 0.200; we = 0.800.
B.wd = 0.185; we = 0.815.
C.wd = 0.223; we = 0.777.
答案
C
解析
wd = $63/($220 ＋ 63) = 0.223.we = $220/($220 ＋ 63) = 0.777.Market values should be used in cost of capital calculations, and forecasted market values should be used in this case given that the cost of capital will be applied to projected cash flows in McClure’s analysis. wd=63美元/（220 63美元）=0.223。we=$220/（$220＋63）=0.777。在资本成本计算中应使用市场价值，在这种情况下应使用预测市场价值，因为资本成本将应用于McClure分析中的预测现金流。