Post on 02-Jan-2016
description
*
* (Cost of Capital) (Weighted Average Cost of Capital, WACC)
*9.1
*9.2 (Cost of Capital)()()
*
RD1g ()P0
* 9.1 10%NTD 1.13NTD 21.75
* ()()1%1%
* ()
E(Re) RfE(RM) e
* 9.2 ABC6%NTD 2NTD 151.56%15%
* ()
* (Cost of Debt)(YTM)YTM()YTM
* 9.3 ABC52.6%NTD 100,000NTD 102,825ABC
* (Cost of Preferred Stock)
P0DRp
* 9.4 ABCNTD 40NTD 2ABC
*9.3 (Weighted Average Cost of Capital)()
*
RERDRP
* 9.5 ABCNTD 100NTD 50NTD 50ABC
*RD(1TC)9.3ABC2%25%1.5% ( 2%(1-25%) )
* 9.6 ABC2%19.5%5%0.250.500.2525%WACCD/VRDE/VREP/VRP 0.252%0.519.5%0.255%11.5%WACCD/VRD(1-TC)E/VREP/VRP 0.252%(1-25%)0.519.5%0.255% 11.375%
*9.4 ABC
$100$50$25$25$200 ($100/$200)0.8($50/$200)1.2 ($25/$200)1.0($25/$200)2.0 1.075
(NTD)1000.80501.20251.00252.00
* ()1.7%9.0%ABCE(RABC)RfABC(E(RM) Rf) 1.7%1.075 9.0%11.375%11.375%ABC
*ABC10%XYZX0.5Y1.0Z1.52%8%XWACC2%0.58%6%YWACC2%18%10%ZWACC2%1.58%14%
* ()9.1 XYZIRRNPVXYZXYZ
* ()WACCWACC
*WACC9.2
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