李同学2019-02-21 20:23:59
06.单选题 收藏 标记 纠错 Freytag Company currently has assets on its balance sheet that are financed with 60% equity and 40% debt. The company can issue debt at the yield of 8% when the value of the debt doesn't exceed 1 million. If larger amounts of debt are issued by the company, the yield of the debt will be 9%. Calculate the break points for the company. A 1 million. B 1.67 million. C 2.5 million. 查看解析 上一题 提交试卷 正确答案C 您的答案A本题平均正确率:41% Breakeven analysis难度:一般 推荐: 答案解析 When the value of the debt exceeds 1 million, the yield of the bonds issued changed. So the break point for the company occurs when 40% of the whole capital exceeds 1 million. Break point = 1 million/40% = 2.5 million. 问:这是什么奇特的公式,怎么一步就做出来了,正课里边没有讲吧?能否给出完整公式
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Amy2019-02-22 09:26:24
同学你好,正课里面有讲,在cost of capital部分,公式:各融资额的临界点/对应的占比,讲义如下图:
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公式看懂了,反向除比例可以得到 breakeven point 但是经济含义是什么呢?
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同学你好,因为融资包括债务融资和股权融资,所以任何一种融资成本的变化都会引起总融资成本的变化。截图中,债务和股权的融资突破点各有两个,所以总融资突破点共有四个。以债务为例,如果总债务融资达到$50 million,债务成本会发生一次变化,那么总融资成本也会发生改变。用50/债务占比,可知此次变化发生时,总融资额是多少。也就是说:当总融资额达到该值时,总融资成本会发生改变。


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