chp14资本成本分解.ppt

12.* 12.* 12.* 12.* 12.* 12.* 12.* 12.* 12.* 12.* 12.* 12.* 12.* 17 12.* 12.* 12.* 12.* /s?__biz=MjM5Mzg0NDkyMA==mid=206517713idx=1sn=7f13f6c0b05dba6674a9e0ba44ea5541#rd 12.* /s?__biz=MjM5Mzg0NDkyMA==mid=206517713idx=1sn=7f13f6c0b05dba6674a9e0ba44ea5541#rd 12.* D/E = .6; Let E = 1; then D = .6 V = .6 + 1 = 1.6 D/V = .6 / 1.6 = .375; E/V = 1/1.6 = .625 PMT = 250,000; N = 7; I/y = 15; CPT PV = 1,040,105 12.* 负债的市场价值 = 10,000 x $1,100 = $11,000,000 负债成本率 = YTM: 8年期; -1,100 PV; 60 PMT; 1,000 FV; 可解出市场利率为 = 4.48% 优先股的市场价值 = 100,000 x $30 = $3,000,000 优先股成本率= 3/30 = 10% 普通股的市场价值 = 500,000 x $25 = $