题目
Happy Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have five years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Happy issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65 percent; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent. Happy has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10 percent. Happy's marginal tax rate is 30 percent. If Happy raises $7.5 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital is closest to:
选项
A.14.5 percent.
B.15.5 percent.
C.16.5 percent.
答案
B
解析
Answer: BMarket value of debt: FV = $10,000,000, PMT = $400,000, N = 10, I/Y = 6.825%. Solving for PV gives the answer $7.999,688.Market value equity: 1.2 million shares outstanding at $10 = $12,000,000
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To raise $7.5 million of new capital while maintaining the same capital structure, the company would issue $7.5 million x 40% = $3.0 million in bonds, which results in a before-tax rate of 16 percent.rd(1-t)= 0.16(1-0.3) = 0.112 or 11.2%re = 0.03 2.2 (0.10 - 0.03) = 0.184 or 18.4%WACC = [0.40(0.112)]＋ [0.6(0.184)]=0.0448 ＋0.1104 =0.1552 or 15.52%
这道题目问的是Happy公司目前发行了1.2million股普通股，贝塔系数为2.2。该公司还有10million美元票面价值的债券，还有五年到期，票面利率为8%，每半年支付一次，收益率为13.65%。如果Happy发行至多2.5million美元的新债券，这些债券将按面值定价，收益率为13.65%;如果发行超过2.5million美元的债券，整个发行的预期收益率将为16%。Happy已经了解到，它可以以每股10美元的价格发行新的普通股。目前的无风险利率为3%，预期市场回报率为10%。Happy的边际税率是30%。如果Happy在保持相同的负债权益比率的情况下筹集7.5million美元的新资本，其加权平均资本成本最接近于: 首先要求出公司的资本结构： 债券市场价值: FV = $10,000,000, PMT = $400,000, N = 10, I/Y = 6.825%.求解PV:$7,999,688. 股权市场价值: 1.2 million shares outstanding at $10 = $12,000,000 债券和股票总市值$19,999,688，债券占比40%，股票占比60% 为了筹集7.5million美元的新资本，同时保持相同的资本结构，公司将发行7.5×40% = 3million 美元的债券，其税前收益率为16%。rd(1 - t) = 0.16(1 - 0.3) = 0.112 or 11.2% re = 0.03 2.2 (0.10 - 0.03) = 0.184 or 18.4% WACC = [0.40(0.112)]＋ [0.6(0.184)] = 0.0448＋ 0.1104 = 0.1552 or 15.52% 因此B选项正确