陆同学2020-06-14 22:20:30
陆同学绿皮书175页，22题，这道题问到了MCC，是不是在一级里面考这个其实可以理解成wacc吗？考场遇到这种题目，计算复杂，该用什么思路，答案我看晕了
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Sophie2020-06-15 11:03:59
Sophie同学你好
MCC就是WACC,原版书原话："The WACC is also referred to as the marginal cost of capital (MCC) because it is the cost that a company incurs for additional capital."
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这道题目确实计算量比较大
这道题目问的是根据行业平均资产贝塔值2.27，并假设新股票可以以每股8美元的价格发行，TagOn的资本边际成本最接近于:
债券: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000
求解i. i = 0.07748. YTM = 15.5%
债务的税前成本= 15.5%
股票市值 = 1 million shares outstanding + 1 million newly issued shares = 2 million shares at $8 = $16 million
总市值= $2.156 million + $16 million = $18.156 million
Levered beta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055
股权成本= 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%
债务权重= $2.156/$18.156 = 0.1187
股票权重= $16/$18.156 = 0.8813
TagOn’s MCC = [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)]
= 0.01417 + 0.20083
= 0.2150 or 21.50%
因此C选项正确
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