《公司金融案例分析》PPT课件.ppt

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Contents Question1: 假设: Question 2: How should Ron go about figuring out the cost of debt? Calculate the firm’s cost of debt? 按照美国标准债券计算,面值$1000,半年付息一次,票面利率12%(已知),r′为半年的到期收益率,r为到期收益率,T为税率。 Question 2: 求得r′=4.38% 则债务成本Cb =4.38%×2=8.76% Question 3: Why is there a cost associated with a firm’s retained earnings? How can Ron estimate the firm’s cost of retained earnings? 留存收益是股东权益的一部分,属于股东对公司的追加投资。股东放弃一定的股利,期望将来获得更多股利。因此要求与直接购买普通股的投资者一样的收益。假定对股利不征税,公司使用这部分资本的最低成本和普通股成本相同。 Question 3: 法一:股利增长模型 Question 3: Question4: What are NuChem’s costs of new common stock when the firm raises less than $50 million, between $50million and 200 million, and more than $200 million worth of new equity? Question4: Equity Cost =10%(0-50million) Question5: What are Nuchem’s weighted average costs of capital (WACC

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