静宜大学企管系『财务管理—资本结构』基本練习题.PDFVIP

靜宜大學企管系『財務管理—資本結構』基本練習題 2006 年 9 月 9 日 最後修改 1. 15-1(p427) 。 Alpha Corporation and Beta Corporation are identical in every way except their capital structures. Alpha Corporation, an all-equity firm, has 5,000 shares of stock outstanding, currently worth $20 per share. Beta Corporation uses leverage in its capital structure. The market value of Beta’s debt is $25,000. The cost of this debt is 12 percent per annum. Each firm is expected to have earnings before interest of $350,000 in perpetuity. Neither firm pays taxes. Assume that every investor can borrow at 12 percent per annum. a. What is the value of Alpha Corporation? b. What is the value of Beta Corporation? c. What is the market value of Beta Corporation’s equity? d. How much will it cost to purchase 20 percent of each firm’s equity? e. Assuming each firm meets its earnings estimates, what will be the dollar return to each position in part (d) over the next year? f. Construct an investment strategy in which an investor purchases 20 percent of Alpha’s equity and replicates both the cost and dollar return of purchasing 20 percent of Beta’s equity. g. Is Alpha’s equity more or less risky than Beta’s equity? Explain. 【解】 (a) V 股價 =×股數 $20=×5,000 $100,000 Alpha (b) V V =+T ×B V $100,000 Beta Alpha c Alpha (c) SBeta VBeta =−B $100,000 =−$25,000 $75,000 SAlpha VAlpha $100,000 (d) S +S ×20% $100,000 =+$75,000 ×20% $35,000 ( Alpha Beta ) ( ) (e) Alpha :EBIT ×20% $350,000 =×20% $70,000 Beta : EBIT −B ×12% ×20% $350,000 =−$3,000 ×20% $69,400 ( ) ( ) (f ) 方案 A ：