公司理财Submission to ch1617分析和总结.docx

Ch16-17

Submissionto

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Student:朱,喜

Score:98outof102(96%)

Date:06/07/201520:58

Duration:*2:11:01*

Workstation:172.19.166.8

(2)

1. Afirmhaszerodebtinitscapitalstructure.Itsoverallcostofcapitalis9%.Thefirmisconsideringanewcapitalstructurewith40%debt.Theinterestrateonthedebtwouldbe4%.Assumingthatthecorporatetaxrateis34%,whatwouldthecostofequitycapitalwiththenewcapitalstructurebe?

11.2%

10.3%

Noneofthese.11.0%

13.9%

Rs=Ro+(B/S)(1-Tc)(Ro-rB)

Rs=.09+(.4/.6)(1-.34)(.09-.04)=.09+.022=.112=11.2%

(2) 2. Theoptimalcapitalstructure:

isunaffectedbychangesinthefinancialmarkets.

willremainconstantovertimeunlessthefirmmakesanacquisition.

ofafirmwillvaryovertimeastaxesandmarketconditionschange.

willbethesameforallfirmsinthesameindustry.

(2)

placesmoreemphasisontheoperationsofafirmratherthanthefinancingofafirm.

3. Theunleveredcostofcapitalis:

thecostofcapitalforafirmwithnoequityinitscapitalstructure.

equaltotheprofitmarginforafirmwithsomedebtinitscapitalstructure.

thecostofcapitalforafirmwithnodebtinitscapitalstructure.

theinteresttaxshieldtimespretaxnetincome.

(2)

thecostofpreferredstockforafirmwithequalpartsdebtandcommonstockinitscapitalstructure.

4. Thepeckingorderstateshowfinancingshouldberaised.Inordertoavoidasymmetricinformationproblemsandmisinterpretationofwhethermanagementissendingasignalonsecurityovervaluation,thefirmsfirstruleisto:

alwaysissuedebtthenthemarketwontknowwhenmanagementthinksthesecurityisovervalued.

issuenewequityfirst.Noneofthese.

issuedebtfirst.

financewithinternallygeneratedfunds.

(2) 5. ThompsonThomsonisanallequityfirmthathas500,000sharesofstockoutstanding.Thecompanyisintheprocessofborrowing$8