Amy2017-09-18 10:16:42

1.用金融计算器算出现有bond的market value：N=10 (five years, semi-annual), I/Y=6.825 (13.65/2), PMT=400,000 (10m*8%/2), FV=10,000,000. CPT FV= -7,999,688; 计算出equity的market value：1.2m* $10= $12m. 总价值= $12,000,000+$7,999,688 =19,999,688. 2. 算出bond和equity的weights：bond所占比例=7,999,688/19,999,688=0.4， equity比例= 12,000,000/19,999,688= 0.6. 3. Re= 0.03+2.2*(0.1-0.03)=0.184; 7.5*0.4= 3 >2.5, 所以Rd= 0.16. 3. WACC = Re*We + Rd*Wd*(1-T)= 0.184*0.6 + 0.16*0.4(1-0.3) = 0.1552.