资本成本和长期财务政策答案(公司理财精简本)

151616171718181515.1Watta0.806%6%Watta1.208%45Watta15.2WACC15.1Watta50%9%35%WACC15.315.2Watta3000Watta2%16%15.1SMLWattaRE=Rf+βE(RMRf=6%+0.806%=10.80%D0(1+g)1.201.08=1.296RE=D1/P0+g=1.296/45+0.08=10.88%10.80%10.88%Watta10.84%15.20.501Watta0.50Watta1/32/3WACCWACC=(E/V)RE+(D/V)RD(1TC=2/310.84%+1/39%(10.35=9.177%15.3Watta15.22/3fA=(E/V)fE+(D/V)fD=2/316%+1/32%=11.33%Watta30003000/(1fA=3000/0.8867=33831.WACCWACC12%2.WACC3.6%6%4.WACC5.DCFDCF6.SMLSML7.8.BedlamProductsTomO’Bedlama.505Tom510%(=5/50b.BedlamProducts800100Tom800100100/800=12.5%c.Tom12.5%10%9.DowChemicalCompanySuperiorOilSuperior18%10022%NPV1101.25Superior0.758%12%10.WACC15105106119202122231.WindRider2.107%402.TubbyBall1.155%12%TubbyBall3.Parrothead1.108%5.5%2.205%32Parrothead4.DCFMassey0.6840.400.450.520.60125.Holdup5926.Legend12107%10%Legend35%7.Jiminy’sCricket8309%105%35%a.b.c.8.720005700061%9.WACCMullineaux50%5%45%18%6.5%8%35%a.MullineauxWACCb.Mullineaux10.WACCModigliani0.7518%10%35%ModiglianiWACC11.Fama’sLlamas12.5%15%8%35%12.Filer820525Filer70008%104%50007.5%97%106a.Filerb.Filerc.13.WACC1246%35%WACC14.WACCSniffles0.90WACC13%35%a.Sniffles18%b.7.5%15.WACCDunhill35%WACC30008%100020103%90000451.20130007%1088%6%16.WACCTitan800506%1000009%1000321.15671591%10%5%Titan35%a.b.Titan17.SMLWACC(%)W0.7011X0.9513Y1.0514Z1.60165%12%a.12%b.c.1510710818.6001.015%4%a.b.c.19.120060%10%30%12%6%4%20.WACCNPVSallinger14005%0.7516%6%+2%21.Salsman14010500010%3%Salsman22.NPVPhotochronographPC1.2400055031.8%18%2.203%9%3.WACC0.25NPVPC35%23.DEIDEI536009201400DEI100008%1592%1000250000701.4100006%958%5%DEIG.M.WhartonWhartonDEI9%7%4%WhartonWhartonDEIDEI35%900000a.0b.DEI+2%DEIc.8DEI5500d.35000010000104008500OCFe.DEIDEIf.DEICFOCFOIRRNPVDellComputerWACC15.1SEC10Q10KSEC(10.07=1500=1500/0.93=1612.9112.916.22520002000/25=8030040=1.220003801.4/380=36.844036.84=3.161.2.3.4.3NetscapeCommunications19958MorganStanleyNetscape285001.407158.25Netscape301.55.IPONetscapeIPO2814Netscape6.IPOIPONetscape161660Internet7.IPONetscape3800500330024MarcAndreessen1001658308.Ren-StimpyRen-StimpyRen-Stimpy9.IPO1980122210001012519802280%1284001000020%10.IPOPICCPestInvestigationControlCorporationPICCErlangerandRittera.PICCPICCb.PICCPICC200000PESTINVESTIGATIONCONTROLCORPORATIONPICC200000PICCSEC1611111211.001.109.902200000220000198000027000ErlangerandRitter2002712PICC2000002002630400000600000100063020002001200260.00120.00240.003.8015.9036.100.010.040.0920026308196151124644232376189151.LizardKing240000806060000a.b.c.d.e.2.Clifford6000500048060a.b.50c.d.10003.CalviniShoe7064.50[7064.50when-issued4513504.IPOWoodsDuval30IPO951000Woods1000Duval10005.MuddStereo2000288%6.SEC2500007.AttarAttar182001923Attar4000002000008.Raggio100000808000000200008070559.TomandJerry10002040TomandJerry10003100500000a.EPSb.TomandJerry10.MetallicaHeavyMetalMiningMHMM/96120006000000240000063000016113MHMMPE1100000MHMMROEEPSNPV11.96PEROENPV12.GatesWindowMfg4548400600013.=PROPX=(PROPS)/(N+1)PROPSPXN14.Boan3294200003025Boan6%600015.Mitsi4357063616.1=7201000EPSEBIT720)/1000125000.09=112545004500/45=100900EPSEBIT1125900EPSEBIT(EBIT7201000=(EBIT1125900(EBIT720)=1.11(EBIT1125)EBIT=4770EBIT4770EPS4.0517.2MMRE=RA+(RARD)(D/E=16%+(16%13%)2=22%17.3GypcoWACC17%10000(10.35)=6500VU=6500/0.17=38235Gypco38235TCD0.3515000=525038235+5250=434851.ABA2.MMMM3.4.17-75.6.7.8.9.ContinentalAirlines10.115161718211.EBITControl100000EBIT6000EBIT30%EBIT60%Control5%400002500116a.3EPSEPSb.Controla2.EBIT1Control35%1ab3.ROE11.0a.3ROEROEb.ac.35%ab4.EBITLinkinParkIIIILinkinPark10II515010%a.EBIT20EPSb.EBIT70EPSc.EBIT5.MM4MM6.EBITTaylorI8009000II7001350010%a.EBIT800010003EPSb.aEBITc.IIIEPSd.40%abcEBIT7.6III8.Zombie40%100070EBIT70007%a.Spears100100%b.Spears100c.ZombieSpearsd.cZombie9.WACCABCXYZABC600000XYZ30000010%EBIT85000a.Aaliyah45000XYZb.AaliyahABC17117c.ABCXYZd.ABCWACCXYZ10.MMJLo14%4000EBIT11.MM35%EBITWACC12.WACCNopay2WACC11%11%35%a.Nopayb.Nopayc.1.51.0013.WACCMolly9%WACC15%35%a.Mollyb.25%c.50%d.MollyWACCbc14.MMMariaEBIT8000014%Maria25%35%Maria5000015.MM14WACC16.MMBruinEBIT2600035%0.60600008%WACC12%MMBruinBruin17.BellevueEBIT6000Bellevue16%10%35%Bellevue50%100%18.WACCWACC=RU[1TC(D/V)]19.REMM20.RfβAβECAPMMMβE=βA(1+D/ED/E021.1.02001520118Pfizer,PFEFord,FMcDonald’s,MCD317.1yahoo.marketguide.comAmgenAMGMRatioComparisonAmgen500SouthernCaliforniaEdisonEdisonInternational,EIXAmgen17.2