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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
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