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5．Mario＇s has 18,000 shares of stock outstanding with a par value of $ 1 $ 1 $1\$ 1 per share and a market price of $ 4 $ 4 $4\$ 4 a share．The balance sheet shows $ 18 , 000 $ 18 , 000 $18,000\$ 18,000 in the common stock account， $ 368 , 000 $ 368 , 000 $368,000\$ 368,000 in the paid in surplus account，and $ 64 , 000 $ 64 , 000 $64,000\$ 64,000 in the retained earnings account．The firm just announced a 5 －for－1 stock split．What will the paid in surplus account value be after the split？
5．Mario 公司有 18,000 股流通股，票面价值为每股 $ 1 $ 1 $1\$ 1 ，市场价格为每股 $ 4 $ 4 $4\$ 4 。资产负债表显示普通股账户为 $ 18 , 000 $ 18 , 000 $18,000\$ 18,000 ，实收盈余账户为 $ 368 , 000 $ 368 , 000 $368,000\$ 368,000 ，留存收益账户为 $ 64 , 000 $ 64 , 000 $64,000\$ 64,000 。该公司刚刚宣布了 5 比 1 的股票分割。分割后，实收盈余账户的价值是多少？
A． $ 336 , 000 $ 336 , 000 $336,000\$ 336,000   $ 336 , 000 $ 336 , 000 $336,000\$ 336,000
B． $ 368 , 000 $ 368 , 000 $368,000\$ 368,000   $ 368 , 000 $ 368 , 000 $368,000\$ 368,000
C． $ 426 , 000 $ 426 , 000 $426,000\$ 426,000
D． $ 548 , 000 $ 548 , 000 $548,000\$ 548,000
E．\＄606，000  \$606，000
A stock split does not change the total value of the paid in surplus account．
股票分割不会改变实收盈余账户的总价值。
6．The Peace River Corporation has 62,000 shares of stock outstanding at a market price of $ 48 $ 48 $48\$ 48 a share．The company has just announced a 3 －for－2 stock split．How many shares of stock will be outstanding after the split？
6．Peace River 公司有 62,000 股流通股，市场价格为每股 $ 48 $ 48 $48\$ 48 。该公司刚刚宣布进行 3 拆 2 的股票分割。分割后将有多少股流通股？
A． 41,333 shares  A. 41,333 股
B． 54,333 shares  B. 54,333 股
C． 89,333 shares  C. 89,333 股
D．93，000 shares  D．93，000 股
E．100，500 shares  100，500股
Number of shares = 62 , 000 × 3 / 2 = 93 , 000 = 62 , 000 × 3 / 2 = 93 , 000 =62,000 xx3//2=93,000=62,000 \times 3 / 2=93,000 shares
股数 = 62 , 000 × 3 / 2 = 93 , 000 = 62 , 000 × 3 / 2 = 93 , 000 =62,000 xx3//2=93,000=62,000 \times 3 / 2=93,000 股

题型 4：Stock Split 对于其他账户的影响

Prezario＇s has 25,000 shares of stock outstanding with a par value of $ 1 $ 1 $1\$ 1 per share． The current market value of the firm is $ 847 , 000 $ 847 , 000 $847,000\$ 847,000 ．Currently，the retained earnings account balance is $ 428 , 000 $ 428 , 000 $428,000\$ 428,000 and the capital in excess of par value account balance is $ 187 , 000 $ 187 , 000 $187,000\$ 187,000 ．The company just announced a 3 －for－ 1 stock split．What is the common stock account balance after the stock split？
Prezario 公司有 25,000 股流通股，每股面值为 $ 1 $ 1 $1\$ 1 。该公司的当前市值为 $ 847 , 000 $ 847 , 000 $847,000\$ 847,000 。目前，留存收益账户余额为 $ 428 , 000 $ 428 , 000 $428,000\$ 428,000 ，超额资本账户余额为 $ 187 , 000 $ 187 , 000 $187,000\$ 187,000 。该公司刚刚宣布进行 3 拆 1 的股票分割。股票分割后，普通股账户余额是多少？
A． $ 8 , 333 $ 8 , 333 $8,333\$ 8,333   $ 8 , 333 $ 8 , 333 $8,333\$ 8,333
B． $ 25 , 000 $ 25 , 000 $25,000\$ 25,000   $ 25 , 000 $ 25 , 000 $25,000\$ 25,000
C． $ 75 , 000 $ 75 , 000 $75,000\$ 75,000
D． $ 77 , 333 $ 77 , 333 $77,333\$ 77,333
E． $ 232 , 000 $ 232 , 000 $232,000\$ 232,000   $ 232 , 000 $ 232 , 000 $232,000\$ 232,000
Common stock account value before the stock split = 25 , 000 × $ 1 = $ 25 , 000 = 25 , 000 × $ 1 = $ 25 , 000 =25,000 xx$1=$25,000=25,000 \times \$ 1=\$ 25,000
股票分割前的普通股账户价值 = 25 , 000 × $ 1 = $ 25 , 000 = 25 , 000 × $ 1 = $ 25 , 000 =25,000 xx$1=$25,000=25,000 \times \$ 1=\$ 25,000
A stock split does not change the total value of the common stock account
股票分割不会改变普通股账户的总价值

题型 5：除权价格计算

1．The Green Fiddle has declared a $ 5 $ 5 $5\$ 5 per share dividend．Suppose capital gains are not taxed，but dividends are taxed at 15 percent．New IRS regulations require that taxes be withheld at the time the dividend is paid．Green Fiddle stock sells for $ 71.50 $ 71.50 $71.50\$ 71.50 per share，and the stock is about to go ex－dividend．What will the ex－dividend price be？
1．Green Fiddle 公司宣布每股派息 $ 5 $ 5 $5\$ 5 。假设资本利得免税，但股息要缴纳 15% 的税。美国国税局的新规定要求在支付股息时预扣税款。Green Fiddle 股票售价为每股 $ 71.50 $ 71.50 $71.50\$ 71.50 ，该股票即将除息。除息价格是多少？
A． $ 67.25 $ 67.25 quad$67.25\quad \$ 67.25   $ 67.25 $ 67.25 quad$67.25\quad \$ 67.25
B． $ 67.90 $ 67.90 $67.90\$ 67.90   $ 67.90 $ 67.90 $67.90\$ 67.90
C． $ 78.30 $ 78.30 $78.30\$ 78.30
D． $ 79.50 $ 79.50 $79.50\$ 79.50
E． $ 82.23 $ 82.23 $82.23\$ 82.23   $ 82.23 $ 82.23 $82.23\$ 82.23
Ex－dividend price = $ 71.50 − [ $ 5 × ( 1 − 0.15 ) ] = $ 67.25 = $ 71.50 − [ $ 5 × ( 1 − 0.15 ) ] = $ 67.25 =$71.50-[$5xx(1-0.15)]=$67.25=\$ 71.50-[\$ 5 \times(1-0.15)]=\$ 67.25  除息价格 = $ 71.50 − [ $ 5 × ( 1 − 0.15 ) ] = $ 67.25 = $ 71.50 − [ $ 5 × ( 1 − 0.15 ) ] = $ 67.25 =$71.50-[$5xx(1-0.15)]=$67.25=\$ 71.50-[\$ 5 \times(1-0.15)]=\$ 67.25
2．Built Rite Corp．is evaluating an extra dividend versus a share repurchase．In either case， $ 5 , 500 $ 5 , 500 $5,500\$ 5,500 would be spent．Current earnings are $ 0.80 $ 0.80 $0.80\$ 0.80 per share，and the stock currently sells for $ 33 $ 33 $33\$ 33 per share．There are 250 shares outstanding．Ignore taxes and other imperfections．You own one share of stock in this company．If the company issues the dividend，your total investment will be worth qquad\qquad as compared to qquad\qquad if the company opts for a share repurchase．
2．Built Rite Corp．正在评估是额外分红还是股票回购。无论哪种情况，都需要花费 $ 5 , 500 $ 5 , 500 $5,500\$ 5,500 。当前每股收益为 $ 0.80 $ 0.80 $0.80\$ 0.80 ，股票当前售价为每股 $ 33 $ 33 $33\$ 33 。流通股数为 250 股。忽略税收和其他不完善因素。您拥有该公司一股股票。如果公司发放股息，您的总投资价值将为 qquad\qquad ，而如果公司选择股票回购，则价值为 qquad\qquad 。
A． $ 11 ; $ 11 $ 11 ; $ 11 $11;$11\$ 11 ; \$ 11   $ 11 ; $ 11 $ 11 ; $ 11 $11;$11\$ 11 ; \$ 11
B． $ 11 ; $ 22 $ 11 ; $ 22 $11;$22\$ 11 ; \$ 22   $ 11 ; $ 22 $ 11 ; $ 22 $11;$22\$ 11 ; \$ 22
C． $ 11 ; $ 33 $ 11 ; $ 33 $11;$33\$ 11 ; \$ 33
D． $ 23 ; $ 33 $ 23 ; $ 33 $23;$33\$ 23 ; \$ 33
E．\＄33；\＄33  \$33；\$33
Dividend per share = $ 5 , 500 / 250 = $ 22 = $ 5 , 500 / 250 = $ 22 =$5,500//250=$22=\$ 5,500 / 250=\$ 22  每股股息 = $ 5 , 500 / 250 = $ 22 = $ 5 , 500 / 250 = $ 22 =$5,500//250=$22=\$ 5,500 / 250=\$ 22
Ex－dividend stock price = $ 33 − $ 22 = $ 11 = $ 33 − $ 22 = $ 11 =$33-$22=$11=\$ 33-\$ 22=\$ 11
除息股票价格 = $ 33 − $ 22 = $ 11 = $ 33 − $ 22 = $ 11 =$33-$22=$11=\$ 33-\$ 22=\$ 11
Shareholder value with dividend option = $ 22 + $ 11 = $ 33 = $ 22 + $ 11 = $ 33 =$22+$11=$33=\$ 22+\$ 11=\$ 33
含股息期权的股东价值 = $ 22 + $ 11 = $ 33 = $ 22 + $ 11 = $ 33 =$22+$11=$33=\$ 22+\$ 11=\$ 33
Shares repurchased = $ 5 , 500 / $ 33 = 166.6667 = $ 5 , 500 / $ 33 = 166.6667 =$5,500//$33=166.6667=\$ 5,500 / \$ 33=166.6667  回购股份 = $ 5 , 500 / $ 33 = 166.6667 = $ 5 , 500 / $ 33 = 166.6667 =$5,500//$33=166.6667=\$ 5,500 / \$ 33=166.6667
Shareholder value with repurchase＝\＄33
回购后股东价值＝33美元
Shareholder value if shares held＝\＄33
股东价值（若持有股份）＝33美元

题型 6：Stock repurchase 对于 EPS／Number of shares 的影响
题型 6：股票回购对 EPS／股数的影响

1．Jenningston Mills has a market value equal to its book value．Currently，the firm has excess cash of $ 1 , 200 $ 1 , 200 $1,200\$ 1,200 ，other assets of $ 5 , 800 $ 5 , 800 $5,800\$ 5,800 ，and equity valued at $ 3 , 750 $ 3 , 750 $3,750\$ 3,750 ．The firm has 250 shares of stock outstanding and net income of $ 420 $ 420 $420\$ 420 ． What will the new earnings per share be if the firm uses 25 percent of its excess cash to complete a stock repurchase？
1．詹宁斯顿米尔斯公司的市值等于其账面价值。目前，该公司拥有剩余现金 $ 1 , 200 $ 1 , 200 $1,200\$ 1,200 ，其他资产 $ 5 , 800 $ 5 , 800 $5,800\$ 5,800 ，股权价值为 $ 3 , 750 $ 3 , 750 $3,750\$ 3,750 。该公司流通股为250股，净收入为 $ 420 $ 420 $420\$ 420 。如果该公司使用25%的剩余现金完成股票回购，每股收益将是多少？
A． $ 1.83 $ 1.83 $1.83\$ 1.83   $ 1.83 $ 1.83 $1.83\$ 1.83
B． $ 1.89 $ 1.89 $1.89\$ 1.89   $ 1.89 $ 1.89 $1.89\$ 1.89
C． $ 1.96 $ 1.96 $1.96\$ 1.96
D． $ 2.00 $ 2.00 $2.00\$ 2.00
E．\＄2．08  \＄2．08
Price per share = $ 3 , 750 / 250 = $ 15 = $ 3 , 750 / 250 = $ 15 =$3,750//250=$15=\$ 3,750 / 250=\$ 15  每股价格 = $ 3 , 750 / 250 = $ 15 = $ 3 , 750 / 250 = $ 15 =$3,750//250=$15=\$ 3,750 / 250=\$ 15
Number of shares repurchased = ( 0.25 × $ 1 , 200 ) / $ 15 = 20 = ( 0.25 × $ 1 , 200 ) / $ 15 = 20 =(0.25 xx$1,200)//$15=20=(0.25 \times \$ 1,200) / \$ 15=20 shares
回购股份数量： = ( 0.25 × $ 1 , 200 ) / $ 15 = 20 = ( 0.25 × $ 1 , 200 ) / $ 15 = 20 =(0.25 xx$1,200)//$15=20=(0.25 \times \$ 1,200) / \$ 15=20 股
New EPS = $ 420 / ( 250 − 20 ) = $ 1.83 = $ 420 / ( 250 − 20 ) = $ 1.83 =$420//(250-20)=$1.83=\$ 420 /(250-20)=\$ 1.83  新 EPS = $ 420 / ( 250 − 20 ) = $ 1.83 = $ 420 / ( 250 − 20 ) = $ 1.83 =$420//(250-20)=$1.83=\$ 420 /(250-20)=\$ 1.83
2．Tucker＇s National Distributing has a current market value of equity of $ 10 , 665 $ 10 , 665 $10,665\$ 10,665 ． Currently，the firm has excess cash of $ 640 $ 640 $640\$ 640 ，total assets of $ 22 , 400 $ 22 , 400 $22,400\$ 22,400 ，net income of $ 3 , 210 $ 3 , 210 $3,210\$ 3,210 ，and 500 shares of stock outstanding．Tucker＇s is going to use all of its excess cash to repurchase shares of stock．What will the stock price per share be after the stock repurchase is completed？
2．塔克全国分销公司（Tucker＇s National Distributing）的当前股权市值为 $ 10 , 665 $ 10 , 665 $10,665\$ 10,665 。目前，该公司拥有剩余现金 $ 640 $ 640 $640\$ 640 ，总资产 $ 22 , 400 $ 22 , 400 $22,400\$ 22,400 ，净收入 $ 3 , 210 $ 3 , 210 $3,210\$ 3,210 ，流通股数为 500 股。塔克计划用所有剩余现金回购股票。股票回购完成后，每股价格是多少？
A． $ 20.87 $ 20.87 $20.87\$ 20.87   $ 20.87 $ 20.87 $20.87\$ 20.87
B． $ 20.94 $ 20.94 $20.94\$ 20.94   $ 20.94 $ 20.94 $20.94\$ 20.94
C． $ 21.06 $ 21.06 $21.06\$ 21.06
D． $ 21.33 $ 21.33 $21.33\$ 21.33
E． $ 21.42 $ 21.42 $21.42\$ 21.42   $ 21.42 $ 21.42 $21.42\$ 21.42
Current price per share = $ 10 , 665 / 500 = $ 21.33 = $ 10 , 665 / 500 = $ 21.33 =$10,665//500=$21.33=\$ 10,665 / 500=\$ 21.33
当前每股价格 = $ 10 , 665 / 500 = $ 21.33 = $ 10 , 665 / 500 = $ 21.33 =$10,665//500=$21.33=\$ 10,665 / 500=\$ 21.33
Number of shares repurchased = $ 640 / $ 21.33 = 30 = $ 640 / $ 21.33 = 30 =$640//$21.33=30=\$ 640 / \$ 21.33=30
回购股份数量 = $ 640 / $ 21.33 = 30 = $ 640 / $ 21.33 = 30 =$640//$21.33=30=\$ 640 / \$ 21.33=30
New number of shares outstanding = 500 − 30 = 470 = 500 − 30 = 470 =500-30=470=500-30=470
新的流通股数 = 500 − 30 = 470 = 500 − 30 = 470 =500-30=470=500-30=470
New equity = $ 10 , 665 − $ 640 = $ 10 , 025 = $ 10 , 665 − $ 640 = $ 10 , 025 =$10,665-$640=$10,025=\$ 10,665-\$ 640=\$ 10,025  新股权 = $ 10 , 665 − $ 640 = $ 10 , 025 = $ 10 , 665 − $ 640 = $ 10 , 025 =$10,665-$640=$10,025=\$ 10,665-\$ 640=\$ 10,025
New price per share = $ 10 , 025 / 470 = $ 21.33 = $ 10 , 025 / 470 = $ 21.33 =$10,025//470=$21.33=\$ 10,025 / 470=\$ 21.33
新的每股价格 = $ 10 , 025 / 470 = $ 21.33 = $ 10 , 025 / 470 = $ 21.33 =$10,025//470=$21.33=\$ 10,025 / 470=\$ 21.33
3．Blasco＇s has a market value equal to its book value．Currently，the firm has excess cash of $ 1 , 332 $ 1 , 332 $1,332\$ 1,332 ，other assets of $ 11 , 674 $ 11 , 674 $11,674\$ 11,674 ，and equity of $ 7 , 200 $ 7 , 200 $7,200\$ 7,200 ．The firm has 1,200 shares of stock outstanding and net income of $ 838 $ 838 $838\$ 838 ．Blasco＇s has decided to spend one－third of its excess cash on a share repurchase program．How many shares of stock will be outstanding after the stock repurchase is completed？
3．Blasco＇s 的市场价值等于其账面价值。目前，该公司拥有剩余现金 $ 1 , 332 $ 1 , 332 $1,332\$ 1,332 ，其他资产 $ 11 , 674 $ 11 , 674 $11,674\$ 11,674 ，股东权益 $ 7 , 200 $ 7 , 200 $7,200\$ 7,200 。该公司拥有 1,200 股流通股，净收入为 $ 838 $ 838 $838\$ 838 。Blasco＇s 已决定将其剩余现金的三分之一用于股票回购计划。股票回购完成后，将有多少股流通股？
A． 937 shares  A. 937 股
B． 1,050 shares  B. 1,050 股
C． 1,126 shares  C． 1,126 股
D． 1,578 shares  D. 1,578 股
E．1，584 shares  1，584股
Price per share = $ 7 , 200 / 1 , 200 = $ 6 = $ 7 , 200 / 1 , 200 = $ 6 =$7,200//1,200=$6=\$ 7,200 / 1,200=\$ 6  每股价格 = $ 7 , 200 / 1 , 200 = $ 6 = $ 7 , 200 / 1 , 200 = $ 6 =$7,200//1,200=$6=\$ 7,200 / 1,200=\$ 6
Number of shares repurchased = [ ( 1 / 3 ) × $ 1 , 332 ] / $ 6 = 74 = [ ( 1 / 3 ) × $ 1 , 332 ] / $ 6 = 74 =[(1//3)xx$1,332]//$6=74=[(1 / 3) \times \$ 1,332] / \$ 6=74
回购股份数量 = [ ( 1 / 3 ) × $ 1 , 332 ] / $ 6 = 74 = [ ( 1 / 3 ) × $ 1 , 332 ] / $ 6 = 74 =[(1//3)xx$1,332]//$6=74=[(1 / 3) \times \$ 1,332] / \$ 6=74
New number of shares outstanding = 1 , 200 − 74 = 1 , 126 = 1 , 200 − 74 = 1 , 126 =1,200-74=1,126=1,200-74=1,126 shares
新的流通股数 = 1 , 200 − 74 = 1 , 126 = 1 , 200 − 74 = 1 , 126 =1,200-74=1,126=1,200-74=1,126 股

题型 7：支付 Cash dividend 后对于 share price 的影响

The equity of Blooming Roses has a total market value of \＄16，000．Currently，the firm has excess cash of $ 1 , 400 $ 1 , 400 $1,400\$ 1,400 and net income of $ 15 , 400 $ 15 , 400 $15,400\$ 15,400 ．There are 750 shares of stock outstanding．What will be the percentage change in the stock price per share if the firm pays out all of its excess cash as a cash dividend？
Blooming Roses 公司的股权总市值为 16，000 美元。目前，公司拥有 $ 1 , 400 $ 1 , 400 $1,400\$ 1,400 的剩余现金和 $ 15 , 400 $ 15 , 400 $15,400\$ 15,400 的净收入。流通股数为 750 股。如果公司将其全部剩余现金作为现金股利支付，每股股价的百分比变化是多少？
A．－9．40 percent 
B．-8.75 percent 
C．-7.50 percent 
D．-2.75 percent 
E． 0.00 percent 
Price per share before cash dividend = $ 16 , 000 / 750 = $ 21.33 = $ 16 , 000 / 750 = $ 21.33 =$16,000//750=$21.33=\$ 16,000 / 750=\$ 21.33 
Price per share after cash dividend = ( $ 16 , 000 − $ 1 , 400 ) / 750 = $ 19.47 = ( $ 16 , 000 − $ 1 , 400 ) / 750 = $ 19.47 =($16,000-$1,400)//750=$19.47=(\$ 16,000-\$ 1,400) / 750=\$ 19.47 
Percentage change in price = ( $ 19.47 − $ 21.33 ) / $ 21.33 = − 8.75 = ( $ 19.47 − $ 21.33 ) / $ 21.33 = − 8.75 =($19.47-$21.33)//$21.33=-8.75=(\$ 19.47-\$ 21.33) / \$ 21.33=-8.75 percent 

Chapter 16 （Weeks 6／7） 

题型 1 ：重点概念题

Homemade leverage is： 
A．the incurrence of debt by a corporation in order to pay dividends to shareholders． 
B．the exclusive use of debt to fund a corporate expansion project． 
C．the borrowing or lending of money by individual shareholders as a means of adjusting their level of financial leverage． 
D．best defined as an increase in a firm＇s debt－equity ratio． 
E．the term used to describe the capital structure of a levered firm． 
Which one of the following makes the capital structure of a firm irrelevant？ 
A．taxes 
B．interest tax shield 
C． 100 percent dividend payout ratio 
D．debt－equity ratio that is greater than 0 but less than 1 
E．homemade leverage 
The concept of homemade leverage is most associated with： 
A． M \＆ M Proposition I with no tax． 
B．M \＆M Proposition II with no tax． 
C．M \＆M Proposition I with tax． 
D．M \＆M Proposition II with tax． 
E．static theory proposition． 
Which one of the following states that the value of a firm is unrelated to the firm＇s capital structure？ 
A．Capital Asset Pricing Model 
B．M \＆M Proposition I 
C．M \＆M Proposition II 
D．Law of One Price 
E．Efficient Markets Hypothesis 
M \＆M Proposition I with no tax supports the argument that： 
A．business risk determines the return on assets． 
B．the cost of equity rises as leverage rises． 
C．the debt－equity ratio of a firm is completely irrelevant． 
D．a firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial distress． 
E．homemade leverage is irrelevant． 
M \＆M Proposition I with tax supports the theory that： 
A．a firm＇s weighted average cost of capital decreases as the firm＇s debt－equity ratio increases． 
B．the value of a firm is inversely related to the amount of leverage used by the firm． 
C．the value of an unlevered firm is equal to the value of a levered firm plus the value of the interest tax shield． 
D．a firm＇s cost of capital is the same regardless of the mix of debt and equity used by the firm． 
E．a firm＇s cost of equity increases as the debt－equity ratio of the firm decreases． 
Which one of the following states that a firm＇s cost of equity capital is directly and proportionally related to the firm＇s capital structure？ 
A．Capital Asset Pricing Model 
B．M \＆M Proposition 
C．M \＆M Proposition II 
D．Law of One Price 
E．Efficient Markets Hypothesis 
M \＆M Proposition II is the proposition that： 
A．the capital structure of a firm has no effect on the firm＇s value． 
B．the cost of equity depends on the return on debt，the debt－equity ratio，and the tax rate． 
C．a firm＇s cost of equity is a linear function with a slope equal to（ R A − R D R A − R D R_(A)-R_(D)R_{A}-R_{D} ）． 
D．the cost of equity is equivalent to the required rate of return on a firm＇s assets． 
E E EE ．the size of the pie does not depend on how the pie is sliced． 
Which of the following statements are correct in relation to M \＆M Proposition II with no taxes？ 
I．The required return on assets is equal to the weighted average cost of capital． 
II．Financial risk is determined by the debt－equity ratio． 
III．Financial risk determines the return on assets． 
IV．The cost of equity declines when the amount of leverage used by a firm rises． 
A．I and III only 
B．II and IV only 
C．I and II only 
D．III and IV only 
E．I and IV only 
Based on M \＆M Proposition II with taxes，the weighted average cost of capital： 
A．is equal to the aftertax cost of debt． 
B．has a linear relationship with the cost of equity capital． 
C．is unaffected by the tax rate． 
D．decreases as the debt－equity ratio increases． 
E E EE ．is equal to R u × ( 1 − T c ) R u × ( 1 − T c ) Ru xx(1-Tc)R u \times(1-T c) ． 
M \＆M Proposition II with taxes： 
A．has the same general implications as M \＆M Proposition II without taxes． 
B．states that a firm＇s capital structure is irrelevant． 
C．supports the argument that business risk is determined by the capital structure decision． 
D．supports the argument that the cost of equity decreases as the debt－equity ratio increases． 
E．concludes that the capital structure decision is irrelevant to the value of a firm． 
By definition，which of the following costs are included in the term＂financial distress costs＂？ 
I．direct bankruptcy costs 
II．indirect bankruptcy costs 
III．direct costs related to being financially distressed，but not bankrupt 
IV．indirect costs related to being financially distressed，but not bankrupt 
A．I only 
B．III only 
C．I and II only 
D．III and IV only 
E．I，II，III，and IV 
A firm should select the capital structure that： 
A．produces the highest cost of capital． 
B．maximizes the value of the firm． 
C．minimizes taxes． 
D．is fully unlevered． 
E．equates the value of debt with the value of equity． 
The value of a firm is maximized when the： 
A．cost of equity is maximized． 
B．tax rate is zero． 
C．levered cost of capital is maximized． 
D．weighted average cost of capital is minimized． 
E．debt－equity ratio is minimized． 

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The static theory of capital structure advocates that the optimal capital structure for a firm： 
A．is dependent on a constant debt－equity ratio over time． 
B．remains fixed over time． 
C．is independent of the firm＇s tax rate． 
D．is independent of the firm＇s weighted average cost of capital． 
E．equates the tax savings from an additional dollar of debt to the increased bankruptcy costs related to that additional dollar of debt． 
Which form of financing do firms prefer to use first according to the pecking－order theory？ 
A．regular debt 
B．convertible debt 
C．common stock 
D．preferred stock 
E．internal funds 
Which of the following are correct according to pecking－order theory？ 
I．Firms stockpile internally－generated cash． 
II．There is an inverse relationship between a firm＇s profit level and its debt level． 
III．Firms avoid external debt at all costs． 
IV．A firm＇s capital structure is dictated by its need for external financing． 
A．I and III only 
B．II and IV only 
C．I，III，and IV only 
D．I，II，and IV only 
E．I，II，III，and IV 
A firm is technically insolvent when： 
A．it has a negative book value． 
B．total debt exceeds total equity． 
C．it is unable to meet its financial obligations． 
D．it files for bankruptcy protection． 
E E EE ．the market value of its stock is less than its book value． 
A firm may file for Chapter 11 bankruptcy： 
I．in an attempt to gain a competitive advantage． 
II．using a prepack． 
III．while allowing the current management to continue running the firm． 
IV．only after the firm becomes insolvent． 
A．I and III only 
B．I and II only 
C．I，II，and IV only 
D．I，II，and III only 
E．I，II，III，and IV 

题型 2：更改杠杆水平以及 Share Repurchase

Wear Ever is expanding and needs $ 12.6 $ 12.6 $12.6\$ 12.6 million to help fund this growth．The firm estimates it can sell new shares of stock for $ 35 $ 35 $35\$ 35 a share．It also estimates it will cost an additional $ 340 , 000 $ 340 , 000 $340,000\$ 340,000 for filing and legal fees related to the stock issue．The underwriters have agreed to a 7 percent spread．How many shares of stock must Wear Ever sell if it is going to have $ 12.6 $ 12.6 $12.6\$ 12.6 million available for its expansion needs？ 
A．370，376 shares 
B． 385,127 shares 
C． 397,543 shares 
D．454，209 shares 
E． 461,806 shares 
Total value of issue = ( $ 12 , 600 , 000 + $ 340 , 000 ) / ( 1 − 0.07 ) = $ 13 , 913 , 978.49 = ( $ 12 , 600 , 000 + $ 340 , 000 ) / ( 1 − 0.07 ) = $ 13 , 913 , 978.49 =($12,600,000+$340,000)//(1-0.07)=$13,913,978.49=(\$ 12,600,000+\$ 340,000) /(1-0.07)=\$ 13,913,978.49 
Number of shares needed = $ 13 , 913 , 978.49 / $ 35 = 397 , 542.24 = $ 13 , 913 , 978.49 / $ 35 = 397 , 542.24 =$13,913,978.49//$35=397,542.24=\$ 13,913,978.49 / \$ 35=397,542.24 shares 
Miller＇s Dry Goods is an all equity firm with 48,000 shares of stock outstanding at a market price of $ 50 $ 50 $50\$ 50 a share．The company＇s earnings before interest and taxes are $ 128 , 000 $ 128 , 000 $128,000\$ 128,000 ．Miller＇s has decided to add leverage to its financial operations by issuing $ 250 , 000 $ 250 , 000 $250,000\$ 250,000 of debt at 8 percent interest．The debt will be used to repurchase shares of stock．You own 400 shares of Miller＇s stock．You also loan out funds at 8 percent interest．How many shares of Miller＇s stock must you sell to offset the leverage that Miller＇s is assuming？Assume you loan out all of the funds you receive from the sale of stock．Ignore taxes． 
A． 35.6 shares 
B． 40.0 shares 
C． 41.67 shares 
D． 47.5 shares 
E． 50.1 shares 
Miller＇s interest = $ 250 , 000 × 0.08 = $ 20 , 000 = $ 250 , 000 × 0.08 = $ 20 , 000 =$250,000 xx0.08=$20,000=\$ 250,000 \times 0.08=\$ 20,000 
Miller＇s shares repurchased = $ 250 , 000 / $ 50 = 5 , 000 = $ 250 , 000 / $ 50 = 5 , 000 =$250,000//$50=5,000=\$ 250,000 / \$ 50=5,000 
Miller＇s shares outstanding with debt = 48 , 000 − 5 , 000 = 43 , 000 = 48 , 000 − 5 , 000 = 43 , 000 =48,000-5,000=43,000=48,000-5,000=43,000 
Miller＇s EPS，no debt = $ 128 , 000 / 48 , 000 = $ 2.666667 = $ 128 , 000 / 48 , 000 = $ 2.666667 =$128,000//48,000=$2.666667=\$ 128,000 / 48,000=\$ 2.666667 
Miller＇s EPS，with debt = ( $ 128 , 000 − $ 20 , 000 ) / 43 , 000 = $ 2.511628 = ( $ 128 , 000 − $ 20 , 000 ) / 43 , 000 = $ 2.511628 =($128,000-$20,000)//43,000=$2.511628=(\$ 128,000-\$ 20,000) / 43,000=\$ 2.511628 
Miller＇s value of stock = 43 , 000 × $ 50 = $ 2 , 150 , 000 = 43 , 000 × $ 50 = $ 2 , 150 , 000 =43,000 xx$50=$2,150,000=43,000 \times \$ 50=\$ 2,150,000 
Miller＇s value of debt = $ 250 , 000 = $ 250 , 000 =$250,000=\$ 250,000 
Miller＇s total value = $ 2 , 150 , 000 + $ 250 , 000 = $ 2 , 400 , 000 = $ 2 , 150 , 000 + $ 250 , 000 = $ 2 , 400 , 000 =$2,150,000+$250,000=$2,400,000=\$ 2,150,000+\$ 250,000=\$ 2,400,000 
Miller＇s weight stock = $ 2 , 150 , 000 / $ 2 , 400 , 000 = 0.895833 = $ 2 , 150 , 000 / $ 2 , 400 , 000 = 0.895833 =$2,150,000//$2,400,000=0.895833=\$ 2,150,000 / \$ 2,400,000=0.895833 
Miller＇s weight debt = $ 250 , 000 / $ 2 , 400 , 000 = 0.104167 = $ 250 , 000 / $ 2 , 400 , 000 = 0.104167 =$250,000//$2,400,000=0.104167=\$ 250,000 / \$ 2,400,000=0.104167 
Your initial investment = 400 × $ 50 = $ 20 , 000 = 400 × $ 50 = $ 20 , 000 =400 xx$50=$20,000=400 \times \$ 50=\$ 20,000 
Your new stock position = 0.895833 × $ 20 , 000 = $ 17 , 916.67 = 0.895833 × $ 20 , 000 = $ 17 , 916.67 =0.895833 xx$20,000=$17,916.67=0.895833 \times \$ 20,000=\$ 17,916.67 
Your new number of shares = $ 17 , 916.67 / $ 50 = 358.3333 = $ 17 , 916.67 / $ 50 = 358.3333 =$17,916.67//$50=358.3333=\$ 17,916.67 / \$ 50=358.3333 
Number of shares sold = 400 − 358.3333 = 41.67 = 400 − 358.3333 = 41.67 =400-358.3333=41.67=400-358.3333=41.67 shares 

Check： 

Your new loans = 0.104167 × $ 20 , 000 = $ 2 , 083.33 = 0.104167 × $ 20 , 000 = $ 2 , 083.33 =0.104167 xx$20,000=$2,083.33=0.104167 \times \$ 20,000=\$ 2,083.33 
Your total unlevered income = 400 × $ 2.666667 = $ 1 , 066.67 = 400 × $ 2.666667 = $ 1 , 066.67 =400 xx$2.666667=$1,066.67=400 \times \$ 2.666667=\$ 1,066.67 
Your total levered income = ( 358.3333 × $ 2.511628 ) + ( $ 2 , 083.33 × 0.08 ) = = ( 358.3333 × $ 2.511628 ) + ( $ 2 , 083.33 × 0.08 ) = =(358.3333 xx$2.511628)+($2,083.33 xx0.08)==(358.3333 \times \$ 2.511628)+(\$ 2,083.33 \times 0.08)= \＄11，066．67 
You currently own 600 shares of JKL，Inc．JKL is an all equity firm that has 75，000 shares of stock outstanding at a market price of $ 40 $ 40 $40\$ 40 a share．The company＇s earnings before interest and taxes are $ 140 , 000 $ 140 , 000 $140,000\$ 140,000 ．JKL has decided to issue $ 1 $ 1 $1\$ 1 million of debt at 8 percent interest．This debt will be used to repurchase shares of stock． How many shares of JKL stock must you sell to unlever your position if you can loan out funds at 8 percent interest？ 
A． 120 shares 
B． 150 shares 
C． 180 shares 
D． 200 shares 
E． 250 shares 
JKL interest = $ 1 m × 0.08 = $ 80 , 000 = $ 1 m × 0.08 = $ 80 , 000 =$1mxx0.08=$80,000=\$ 1 \mathrm{~m} \times 0.08=\$ 80,000 
JKL shares repurchased = $ 1 m / $ 40 = 25 , 000 = $ 1 m / $ 40 = 25 , 000 =$1m//$40=25,000=\$ 1 \mathrm{~m} / \$ 40=25,000 
JKL shares outstanding with debt = 75 , 000 − 25 , 000 = 50 , 000 = 75 , 000 − 25 , 000 = 50 , 000 =75,000-25,000=50,000=75,000-25,000=50,000 
JKL EPS，no debt = $ 140 , 000 / 75 , 000 = $ 1.866667 = $ 140 , 000 / 75 , 000 = $ 1.866667 =$140,000//75,000=$1.866667=\$ 140,000 / 75,000=\$ 1.866667 
JKL EPS，with debt = ( $ 140 , 000 − $ 80 , 000 ) / 50 , 000 = $ 1.20 = ( $ 140 , 000 − $ 80 , 000 ) / 50 , 000 = $ 1.20 =($140,000-$80,000)//50,000=$1.20=(\$ 140,000-\$ 80,000) / 50,000=\$ 1.20 
JKL value of stock = 50 , 000 × $ 40 = $ 2 m = 50 , 000 × $ 40 = $ 2 m =50,000 xx$40=$2m=50,000 \times \$ 40=\$ 2 \mathrm{~m} 
JKL value of debt = $ 1 m = $ 1 m =$1m=\$ 1 \mathrm{~m} 
JKL total value = $ 2 m + $ 1 m = $ 3 m = $ 2 m + $ 1 m = $ 3 m =$2m+$1m=$3m=\$ 2 \mathrm{~m}+\$ 1 \mathrm{~m}=\$ 3 \mathrm{~m} 
JKL weight stock = $ 2 m / $ 3 m = 2 / 3 = $ 2 m / $ 3 m = 2 / 3 =$2m//$3m=2//3=\$ 2 \mathrm{~m} / \$ 3 \mathrm{~m}=2 / 3 
JKL weight debt = $ 1 m / $ 3 m = 1 / 3 = $ 1 m / $ 3 m = 1 / 3 =$1m//$3m=1//3=\$ 1 \mathrm{~m} / \$ 3 \mathrm{~m}=1 / 3 
Your initial investment = 600 × $ 40 = $ 24 , 000 = 600 × $ 40 = $ 24 , 000 =600 xx$40=$24,000=600 \times \$ 40=\$ 24,000 
Your new stock position = 2 / 3 ( $ 24 , 000 ) = $ 16 , 000 = 2 / 3 ( $ 24 , 000 ) = $ 16 , 000 =2//3($24,000)=$16,000=2 / 3(\$ 24,000)=\$ 16,000 
Your new number of shares = $ 16 , 000 / $ 40 = 400 = $ 16 , 000 / $ 40 = 400 =$16,000//$40=400=\$ 16,000 / \$ 40=400 
Number of shares sold = 600 − 400 = 200 = 600 − 400 = 200 =600-400=200=600-400=200 shares 
Check： 
Your new loans = 1 / 3 ( $ 24 , 000 ) = $ 8 , 000 = 1 / 3 ( $ 24 , 000 ) = $ 8 , 000 =1//3($24,000)=$8,000=1 / 3(\$ 24,000)=\$ 8,000 
Your unlevered income = 600 × $ 1.866667 = $ 1 , 120 = 600 × $ 1.866667 = $ 1 , 120 =600 xx$1.866667=$1,120=600 \times \$ 1.866667=\$ 1,120
您的无杠杆收入 = 600 × $ 1.866667 = $ 1 , 120 = 600 × $ 1.866667 = $ 1 , 120 =600 xx$1.866667=$1,120=600 \times \$ 1.866667=\$ 1,120
Your levered income = ( 400 × $ 1.20 ) + ( $ 8 , 000 × 0.08 ) = $ 1 , 120 = ( 400 × $ 1.20 ) + ( $ 8 , 000 × 0.08 ) = $ 1 , 120 =(400 xx$1.20)+($8,000 xx0.08)=$1,120=(400 \times \$ 1.20)+(\$ 8,000 \times 0.08)=\$ 1,120  您的杠杆收入 = ( 400 × $ 1.20 ) + ( $ 8 , 000 × 0.08 ) = $ 1 , 120 = ( 400 × $ 1.20 ) + ( $ 8 , 000 × 0.08 ) = $ 1 , 120 =(400 xx$1.20)+($8,000 xx0.08)=$1,120=(400 \times \$ 1.20)+(\$ 8,000 \times 0.08)=\$ 1,120
Naylor＇s is an all equity firm with 60，000 shares of stock outstanding at a market price of $ 50 $ 50 $50\$ 50 a share．The company has earnings before interest and taxes of $ 102 , 000 $ 102 , 000 $102,000\$ 102,000 ．Naylor＇s has decided to issue $ 750 , 000 $ 750 , 000 $750,000\$ 750,000 of debt at 7.5 percent．The debt will be used to repurchase shares of the outstanding stock．Currently，you own 500 shares of Naylor＇s stock．How many shares of Naylor＇s stock will you continue to own if you unlever this position？Assume you can loan out funds at 7.5 percent interest． Ignore taxes．
Naylor's 是一家纯股权公司，拥有 60,000 股流通股，市价为每股 $ 50 $ 50 $50\$ 50 。该公司息税前利润为 $ 102 , 000 $ 102 , 000 $102,000\$ 102,000 。Naylor's 已决定发行债券，利率为 7.5%。这些债券将用于回购流通股。目前，您拥有 500 股 Naylor's 股票。如果您解除此持仓的杠杆，您将继续持有多少股 Naylor's 股票？假设您可以以 7.5% 的利率借出资金。忽略税收。
A． 322 shares  A. 322 股
B． 350 shares  B． 350 股
C． 362 shares  C． 362 股
D． 425 shares  D. 425 股
E． 502 shares  E. 502 股
Naylor＇s interest = $ 825 , 000 × 0.075 = $ 61 , 875 = $ 825 , 000 × 0.075 = $ 61 , 875 =$825,000 xx0.075=$61,875=\$ 825,000 \times 0.075=\$ 61,875  Naylor 的兴趣 = $ 825 , 000 × 0.075 = $ 61 , 875 = $ 825 , 000 × 0.075 = $ 61 , 875 =$825,000 xx0.075=$61,875=\$ 825,000 \times 0.075=\$ 61,875
Naylor＇s shares repurchased = $ 825 , 000 / $ 50 = 16 , 500 = $ 825 , 000 / $ 50 = 16 , 500 =$825,000//$50=16,500=\$ 825,000 / \$ 50=16,500
Naylor 股票回购 = $ 825 , 000 / $ 50 = 16 , 500 = $ 825 , 000 / $ 50 = 16 , 500 =$825,000//$50=16,500=\$ 825,000 / \$ 50=16,500
Naylor＇s shares outstanding with debt = 60 , 000 − 16 , 500 = 43 , 500 = 60 , 000 − 16 , 500 = 43 , 500 =60,000-16,500=43,500=60,000-16,500=43,500
Naylor 的流通股及债务为 = 60 , 000 − 16 , 500 = 43 , 500 = 60 , 000 − 16 , 500 = 43 , 500 =60,000-16,500=43,500=60,000-16,500=43,500
Naylor＇s EPS，no debt＝\＄102，000／60，000＝\＄1．70
Naylor 的 EPS，无债务＝\$102，000／60，000＝\$1．70
Naylor＇s EPS，with debt = ( $ 102 , 000 − $ 61 , 875 ) / 43 , 500 = $ .9224138 = ( $ 102 , 000 − $ 61 , 875 ) / 43 , 500 = $ .9224138 =($102,000-$61,875)//43,500=$.9224138=(\$ 102,000-\$ 61,875) / 43,500=\$ .9224138
Naylor 的 EPS，负债为 = ( $ 102 , 000 − $ 61 , 875 ) / 43 , 500 = $ .9224138 = ( $ 102 , 000 − $ 61 , 875 ) / 43 , 500 = $ .9224138 =($102,000-$61,875)//43,500=$.9224138=(\$ 102,000-\$ 61,875) / 43,500=\$ .9224138
Naylor＇s value of stock = 43 , 500 × $ 50 = $ 2 , 175 , 000 = 43 , 500 × $ 50 = $ 2 , 175 , 000 =43,500 xx$50=$2,175,000=43,500 \times \$ 50=\$ 2,175,000
Naylor 的股票价值 = 43 , 500 × $ 50 = $ 2 , 175 , 000 = 43 , 500 × $ 50 = $ 2 , 175 , 000 =43,500 xx$50=$2,175,000=43,500 \times \$ 50=\$ 2,175,000
Naylor＇s value of debt = $ 825 , 000 = $ 825 , 000 =$825,000=\$ 825,000
内勒的债务价值 = $ 825 , 000 = $ 825 , 000 =$825,000=\$ 825,000
Naylor＇s total value = $ 2 , 175 , 000 + $ 825 , 000 = $ 3 , 000 , 000 = $ 2 , 175 , 000 + $ 825 , 000 = $ 3 , 000 , 000 =$2,175,000+$825,000=$3,000,000=\$ 2,175,000+\$ 825,000=\$ 3,000,000  Naylor 的总价值 = $ 2 , 175 , 000 + $ 825 , 000 = $ 3 , 000 , 000 = $ 2 , 175 , 000 + $ 825 , 000 = $ 3 , 000 , 000 =$2,175,000+$825,000=$3,000,000=\$ 2,175,000+\$ 825,000=\$ 3,000,000
Naylor＇s weight stock = $ 2 , 175 , 000 / $ 3 , 000 , 000 = 0.725 = $ 2 , 175 , 000 / $ 3 , 000 , 000 = 0.725 =$2,175,000//$3,000,000=0.725=\$ 2,175,000 / \$ 3,000,000=0.725
内勒的权重股票 = $ 2 , 175 , 000 / $ 3 , 000 , 000 = 0.725 = $ 2 , 175 , 000 / $ 3 , 000 , 000 = 0.725 =$2,175,000//$3,000,000=0.725=\$ 2,175,000 / \$ 3,000,000=0.725
Naylor＇s weight debt = $ 825 , 000 / $ 3 , 000 , 000 = 0.275 = $ 825 , 000 / $ 3 , 000 , 000 = 0.275 =$825,000//$3,000,000=0.275=\$ 825,000 / \$ 3,000,000=0.275  内勒的体重债务 = $ 825 , 000 / $ 3 , 000 , 000 = 0.275 = $ 825 , 000 / $ 3 , 000 , 000 = 0.275 =$825,000//$3,000,000=0.275=\$ 825,000 / \$ 3,000,000=0.275
Your initial investment = 500 × $ 50 = $ 25 , 000 = 500 × $ 50 = $ 25 , 000 =500 xx$50=$25,000=500 \times \$ 50=\$ 25,000
您的初始投资 = 500 × $ 50 = $ 25 , 000 = 500 × $ 50 = $ 25 , 000 =500 xx$50=$25,000=500 \times \$ 50=\$ 25,000
Your new stock position = 0.725 × $ 25 , 000 = $ 18 , 125 = 0.725 × $ 25 , 000 = $ 18 , 125 =0.725 xx$25,000=$18,125=0.725 \times \$ 25,000=\$ 18,125
您的新股票头寸 = 0.725 × $ 25 , 000 = $ 18 , 125 = 0.725 × $ 25 , 000 = $ 18 , 125 =0.725 xx$25,000=$18,125=0.725 \times \$ 25,000=\$ 18,125
Your new number of shares = $ 18 , 125 / $ 50 = 362.5 = $ 18 , 125 / $ 50 = 362.5 =$18,125//$50=362.5=\$ 18,125 / \$ 50=362.5 shares
您的新股数为 = $ 18 , 125 / $ 50 = 362.5 = $ 18 , 125 / $ 50 = 362.5 =$18,125//$50=362.5=\$ 18,125 / \$ 50=362.5 股
题型 3：计算 Firm Value（ V u V u V_(u)V_{u} 和 V L V L V_(L)V_{L} 和 Total Value）
题型3：计算公司价值（ V u V u V_(u)V_{u} 和 V L V L V_(L)V_{L} 和总价值）
（1）All Equity Firm  （1）所有股权公司
Pewter \＆Glass is an all equity firm that has 80,000 shares of stock outstanding．The company is in the process of borrowing $ 600 , 000 $ 600 , 000 $600,000\$ 600,000 at 9 percent interest to repurchase 12,000 shares of the outstanding stock．What is the value of this firm if you ignore taxes？
Pewter \＆Glass 是一家全股权公司，拥有 80,000 股流通股。该公司正在以 9% 的利率借入 $ 600 , 000 $ 600 , 000 $600,000\$ 600,000 以回购 12,000 股流通股。如果不考虑税收，这家公司的价值是多少？
A． $ 2.5 $ 2.5 $2.5\$ 2.5 million  A． $ 2.5 $ 2.5 $2.5\$ 2.5 百万
B． $ 4.0 $ 4.0 $4.0\$ 4.0 million  B． $ 4.0 $ 4.0 $4.0\$ 4.0 百万
C． $ 5.0 $ 5.0 $5.0\$ 5.0 million  C． $ 5.0 $ 5.0 $5.0\$ 5.0 百万
D． $ 5.5 $ 5.5 $5.5\$ 5.5 million  D． $ 5.5 $ 5.5 $5.5\$ 5.5 百万
E． $ 6.0 $ 6.0 $6.0\$ 6.0 million   $ 6.0 $ 6.0 $6.0\$ 6.0 百万
Firm value = 80 , 000 × ( $ 600 , 000 / 12 , 000 ) = $ 4 = 80 , 000 × ( $ 600 , 000 / 12 , 000 ) = $ 4 =80,000 xx($600,000//12,000)=$4=80,000 \times(\$ 600,000 / 12,000)=\$ 4 million
公司价值 = 80 , 000 × ( $ 600 , 000 / 12 , 000 ) = $ 4 = 80 , 000 × ( $ 600 , 000 / 12 , 000 ) = $ 4 =80,000 xx($600,000//12,000)=$4=80,000 \times(\$ 600,000 / 12,000)=\$ 4 百万
Jefferson \＆Daughter has a cost of equity of 14.6 percent and a pre－tax cost of debt of 7.8 percent．The required return on the assets is 13.2 percent．What is the firm＇s debt－equity ratio based on M \＆ M II with no taxes？
Jefferson \＆Daughter 的股权成本为 14.6%，税前债务成本为 7.8%。资产的必要回报率为 13.2%。基于 M \＆ M II（不含税），该公司的债务股权比率是多少？
A． 0.26  A. 0.26
B． 0.33  0.33
C． 0.37
D． 0.43
E． 0.45  0.45
R E = 0.146 = 0.132 + ( 0.132 − 0.078 ) × D / E ; D / E = 0.26 R E = 0.146 = 0.132 + ( 0.132 − 0.078 ) × D / E ; D / E = 0.26 R_(E)=0.146=0.132+(0.132-0.078)xx D//E;D//E=0.26R_{E}=0.146=0.132+(0.132-0.078) \times D / E ; D / E=0.26
L．A．Clothing has expected earnings before interest and taxes of \＄48，900，an unlevered cost of capital of 14.5 percent，and a tax rate of 34 percent．The company also has $ 8 , 000 $ 8 , 000 $8,000\$ 8,000 of debt that carries a 7 percent coupon．The debt is selling at par value．What is the value of this firm？
L．A．Clothing 公司的预期息税前利润为 48,900 美元，无杠杆资本成本为 14.5%，税率为 34%。该公司还有 $ 8 , 000 $ 8 , 000 $8,000\$ 8,000 的债务，票面利率为 7%。这些债务按票面价值出售。这家公司的价值是多少？
A． $ 222 , 579.31 $ 222 , 579.31 $222,579.31\$ 222,579.31   $ 222 , 579.31 $ 222 , 579.31 $222,579.31\$ 222,579.31
B． $ 223 , 333.33 $ 223 , 333.33 $223,333.33\$ 223,333.33   $ 223 , 333.33 $ 223 , 333.33 $223,333.33\$ 223,333.33
C． $ 224 , 108.16 $ 224 , 108.16 $224,108.16\$ 224,108.16
D． $ 225 , 299.31 $ 225 , 299.31 $225,299.31\$ 225,299.31
E． $ 225 , 476.91 $ 225 , 476.91 $225,476.91\$ 225,476.91   $ 225 , 476.91 $ 225 , 476.91 $225,476.91\$ 225,476.91
V u = [ $ 48 , 900 × ( 1 − 0.34 ) ] / 0.145 = $ 222 , 579.31 V u = [ $ 48 , 900 × ( 1 − 0.34 ) ] / 0.145 = $ 222 , 579.31 V_(u)=[$48,900 xx(1-0.34)]//0.145=$222,579.31V_{u}=[\$ 48,900 \times(1-0.34)] / 0.145=\$ 222,579.31
V L = $ 222 , 579.31 + 0.34 ( $ 8 , 000 ) = $ 225 , 299.31 V L = $ 222 , 579.31 + 0.34 ( $ 8 , 000 ) = $ 225 , 299.31 V_(L)=$222,579.31+0.34($8,000)=$225,299.31V_{L}=\$ 222,579.31+0.34(\$ 8,000)=\$ 225,299.31
Hanover Tech is currently an all equity firm that has 320，000 shares of stock outstanding with a market price of $ 19 $ 19 $19\$ 19 a share．The current cost of equity is 15.4 percent and the tax rate is 34 percent．The firm is considering adding $ 1.2 $ 1.2 $1.2\$ 1.2 million of debt with a coupon rate of 8 percent to its capital structure．The debt will be sold at par value．What is the levered value of the equity？
汉诺威科技目前是一家全股权公司，拥有 320，000 股流通股，市场价格为每股 $ 19 $ 19 $19\$ 19 。当前股权成本为 15.4%，税率为 34%。该公司正在考虑在其资本结构中增加 $ 1.2 $ 1.2 $1.2\$ 1.2 百万的债务，票面利率为 8%。这些债务将按票面价值出售。股权的杠杆价值是多少？
A． $ 5.209 $ 5.209 $5.209\$ 5.209 million  A． $ 5.209 $ 5.209 $5.209\$ 5.209 百万
B． $ 5.288 $ 5.288 $5.288\$ 5.288 million  B． $ 5.288 $ 5.288 $5.288\$ 5.288 百万
C． $ 5.312 $ 5.312 $5.312\$ 5.312 million  C． $ 5.312 $ 5.312 $5.312\$ 5.312 百万
D． $ 6.512 $ 6.512 $6.512\$ 6.512 million  D． $ 6.512 $ 6.512 $6.512\$ 6.512 百万
E． $ 6.708 $ 6.708 $6.708\$ 6.708 million   $ 6.708 $ 6.708 $6.708\$ 6.708 百万
V L = ( 320 , 000 × $ 19 ) + ( 0.34 × $ 1.2 m ) = $ 6.488 m V L = ( 320 , 000 × $ 19 ) + ( 0.34 × $ 1.2 m ) = $ 6.488 m V_(L)=(320,000 xx$19)+(0.34 xx$1.2 m)=$6.488 mV_{L}=(320,000 \times \$ 19)+(0.34 \times \$ 1.2 m)=\$ 6.488 m
V E = $ 6.488 m − $ 1.2 m = $ 5.288 m V E = $ 6.488 m − $ 1.2 m = $ 5.288 m V_(E)=$6.488 m-$1.2 m=$5.288 mV_{E}=\$ 6.488 m-\$ 1.2 m=\$ 5.288 m
Bright Morning Foods has expected earnings before interest and taxes of $ 48 , 600 $ 48 , 600 $48,600\$ 48,600 ， an unlevered cost of capital of 13.2 percent，and debt with both a book and face value of $ 25 , 000 $ 25 , 000 $25,000\$ 25,000 ．The debt has an 8.5 percent coupon．The tax rate is 34 percent． What is the value of the firm？
Bright Morning Foods 公司的预期息税前利润为 $ 48 , 600 $ 48 , 600 $48,600\$ 48,600 ，无杠杆资本成本为 13.2%，债务的账面价值和票面价值均为 $ 25 , 000 $ 25 , 000 $25,000\$ 25,000 。该债务的票面利率为 8.5%。税率为 34%。该公司的价值是多少？
A． $ 245 , 500 $ 245 , 500 $245,500\$ 245,500   $ 245 , 500 $ 245 , 500 $245,500\$ 245,500
B． $ 247 , 600 $ 247 , 600 $247,600\$ 247,600   $ 247 , 600 $ 247 , 600 $247,600\$ 247,600
C． $ 251 , 500 $ 251 , 500 $251,500\$ 251,500
D． $ 264 , 800 $ 264 , 800 $264,800\$ 264,800
E． $ 271 , 300 $ 271 , 300 $271,300\$ 271,300   $ 271 , 300 $ 271 , 300 $271,300\$ 271,300
V u = [ $ 48 , 600 × ( 1 − 0.34 ) ] / 0.132 = $ 243 , 000 V u = [ $ 48 , 600 × ( 1 − 0.34 ) ] / 0.132 = $ 243 , 000 Vu=[$48,600 xx(1-0.34)]//0.132=$243,000V u=[\$ 48,600 \times(1-0.34)] / 0.132=\$ 243,000
V L = $ 243 , 000 + ( 0.34 × $ 25 , 000 ) = $ 251 , 500 V L = $ 243 , 000 + ( 0.34 × $ 25 , 000 ) = $ 251 , 500 V_(L)=$243,000+(0.34 xx$25,000)=$251,500V_{L}=\$ 243,000+(0.34 \times \$ 25,000)=\$ 251,500
Exports Unlimited is an unlevered firm with an aftertax net income of $ 52 , 300 $ 52 , 300 $52,300\$ 52,300 ．The unlevered cost of capital is 14.1 percent and the tax rate is 36 percent．What is the value of this firm？
Exports Unlimited 是一家无杠杆公司，税后净收入为 $ 52 , 300 $ 52 , 300 $52,300\$ 52,300 。无杠杆资本成本为 14.1%，税率为 36%。这家公司的价值是多少？
A． $ 270 , 867 $ 270 , 867 $270,867\$ 270,867   $ 270 , 867 $ 270 , 867 $270,867\$ 270,867
B．\＄339，007  \$339，007
C． $ 370 , 922 $ 370 , 922 $370,922\$ 370,922
D． $ 378 , 444 $ 378 , 444 $378,444\$ 378,444
E．\＄447，489  \＄447，489
V u = $ 52 , 300 / 0.141 = $ 370 , 922 V u = $ 52 , 300 / 0.141 = $ 370 , 922 Vu=$52,300//0.141=$370,922V u=\$ 52,300 / 0.141=\$ 370,922
An unlevered firm has a cost of capital of 17.5 percent and earnings before interest and taxes of $ 327 , 500 $ 327 , 500 $327,500\$ 327,500 ．A levered firm with the same operations and assets has both a book value and a face value of debt of $ 650 , 000 $ 650 , 000 $650,000\$ 650,000 with a 7.5 percent annual coupon． The applicable tax rate is 38 percent．What is the value of the levered firm？
一家无杠杆公司的资本成本为 17.5%，息税前利润为 $ 327 , 500 $ 327 , 500 $327,500\$ 327,500 。一家经营业务和资产相同的有杠杆公司，其账面价值和债务票面价值均为 $ 650 , 000 $ 650 , 000 $650,000\$ 650,000 ，年息票利率为 7.5%。适用税率为 38%。这家有杠杆公司的价值是多少？
A． $ 1 , 397 , 212 $ 1 , 397 , 212 $1,397,212\$ 1,397,212 
B． $ 1 , 398 , 256 $ 1 , 398 , 256 $1,398,256\$ 1,398,256 
C． $ 1 , 402 , 509 $ 1 , 402 , 509 $1,402,509\$ 1,402,509 
D． $ 1 , 407 , 286 $ 1 , 407 , 286 $1,407,286\$ 1,407,286 
E．\＄1，414，414 
V u = [ $ 327 , 500 × ( 1 − 0.38 ) ] / 0.175 = $ 1 , 160 , 285.71 V u = [ $ 327 , 500 × ( 1 − 0.38 ) ] / 0.175 = $ 1 , 160 , 285.71 V_(u)=[$327,500 xx(1-0.38)]//0.175=$1,160,285.71V_{u}=[\$ 327,500 \times(1-0.38)] / 0.175=\$ 1,160,285.71
V L = $ 1 , 160 , 285.71 + 0.38 ( $ 650 k ) = $ 1 , 407 , 286 V L = $ 1 , 160 , 285.71 + 0.38 ( $ 650 k ) = $ 1 , 407 , 286 V_(L)=$1,160,285.71+0.38($650 k)=$1,407,286V_{L}=\$ 1,160,285.71+0.38(\$ 650 k)=\$ 1,407,286
Bruce \＆Co．expects its EBIT to be $ 100 , 000 $ 100 , 000 $100,000\$ 100,000 every year forever．The firm can borrow at 10 percent．Bruce currently has no debt，and its cost of equity is 20 percent．The tax rate is 34 percent．What will the value of Bruce \＆Co．be if the firm borrows $ 54 , 000 $ 54 , 000 $54,000\$ 54,000 and uses the loan proceeds to repurchase shares？ 
A． $ 280 , 130 $ 280 , 130 $280,130\$ 280,130 
B． $ 346 , 600 $ 346 , 600 $346,600\$ 346,600 
C． $ 348 , 360 $ 348 , 360 $348,360\$ 348,360 
D． $ 378 , 900 $ 378 , 900 $378,900\$ 378,900 
E． $ 381 , 520 $ 381 , 520 $381,520\$ 381,520 
V V = $ 100 , 000 ( 1 − 0.34 ) / 0.20 ; V = $ 330 , 000 V V = $ 100 , 000 ( 1 − 0.34 ) / 0.20 ; V = $ 330 , 000 VV=$100,000(1-0.34)//0.20;V=$330,000V \mathrm{~V}=\$ 100,000(1-0.34) / 0.20 ; \mathrm{V}=\$ 330,000
V L = $ 330 , 000 + 0.34 ( $ 54 , 000 ) = $ 348 , 360 V L = $ 330 , 000 + 0.34 ( $ 54 , 000 ) = $ 348 , 360 V_(L)=$330,000+0.34($54,000)=$348,360V_{L}=\$ 330,000+0.34(\$ 54,000)=\$ 348,360
Country Markets has an unlevered cost of capital of 12 percent，a tax rate of 38 percent，and expected earnings before interest and taxes of $ 15 , 700 $ 15 , 700 $15,700\$ 15,700 ．The company has $ 12 , 000 $ 12 , 000 $12,000\$ 12,000 in bonds outstanding that have a 6 percent coupon and pay interest annually．The bonds are selling at par value．What is the cost of equity？ 
A． 12.61 percent 
B． 13.36 percent 
C． 13.64 percent 
D． 14.07 percent 
E． 14.29 percent 
V U = [ $ 15 , 700 × ( 1 − 0.38 ) ] / 0.12 = $ 81 , 116.67 V U = [ $ 15 , 700 × ( 1 − 0.38 ) ] / 0.12 = $ 81 , 116.67 V_(U)=[$15,700 xx(1-0.38)]//0.12=$81,116.67V_{U}=[\$ 15,700 \times(1-0.38)] / 0.12=\$ 81,116.67
V L = $ 81 , 116.67 + ( 0.38 × $ 12 , 000 ) = $ 85 , 676.67 V L = $ 81 , 116.67 + ( 0.38 × $ 12 , 000 ) = $ 85 , 676.67 V_(L)=$81,116.67+(0.38 xx$12,000)=$85,676.67V_{L}=\$ 81,116.67+(0.38 \times \$ 12,000)=\$ 85,676.67
V E = $ 85 , 676.67 − $ 12 , 000 = $ 73 , 676.67 V E = $ 85 , 676.67 − $ 12 , 000 = $ 73 , 676.67 V_(E)=$85,676.67-$12,000=$73,676.67V_{E}=\$ 85,676.67-\$ 12,000=\$ 73,676.67
R E = 0.12 + [ ( 0.12 − 0.06 ) × ( $ 12 , 000 / $ 73 , 676.67 ) × ( 1 − 0.38 ) ] = 12.61 R E = 0.12 + [ ( 0.12 − 0.06 ) × ( $ 12 , 000 / $ 73 , 676.67 ) × ( 1 − 0.38 ) ] = 12.61 R_(E)=0.12+[(0.12-0.06)xx($12,000//$73,676.67)xx(1-0.38)]=12.61R_{E}=0.12+[(0.12-0.06) \times(\$ 12,000 / \$ 73,676.67) \times(1-0.38)]=12.61 percent 

引申题目： ( V u V u (V_(u):}\left(\mathrm{V}_{\mathrm{u}}\right. 与 EBIT）

The SLG Corp．uses no debt．The weighted average cost of capital is 11 percent． The current market value of the equity is $ 31 $ 31 $31\$ 31 million and the corporate tax rate is 34 percent．What is EBIT？ 
A． $ 4 , 180 , 000 $ 4 , 180 , 000 $4,180,000\$ 4,180,000 
B． $ 4 , 821 , 194 $ 4 , 821 , 194 $4,821,194\$ 4,821,194 
C． $ 5 , 166 , 667 $ 5 , 166 , 667 $5,166,667\$ 5,166,667 
D．\＄6，230，018 
E．\＄6，568，500 
V u = $ 31 , 000 , 000 = V u = $ 31 , 000 , 000 = V_(u)=$31,000,000=V_{u}=\$ 31,000,000= EBIT（ 1 − 0.34 1 − 0.34 1-0.341-0.34 ）／0．11；EBIT = $ 5 , 166 , 667 = $ 5 , 166 , 667 =$5,166,667=\$ 5,166,667 

题型 4：求 Cost of equity（利用 R A R A R_(A)\mathbf{R}_{\mathbf{A}} 和 R E R E R_(E)\mathbf{R}_{\mathrm{E}} 关系）

Winter＇s Toyland has a debt－equity ratio of 0.65 ．The pre－tax cost of debt is 8.7 percent and the required return on assets is 16.1 percent．What is the cost of equity if you ignore taxes？ 
A． 19.31 percent  A. 19.31%
B． 19.74 percent  B. 19.74%
C． 20.29 percent  C. 20.29%
D． 20.46 percent  D. 20.46%
E． 20.91 percent  E. 20.91%
R E = 0.161 + ( 0.161 − 0.087 ) × 0.65 = 20.91 R E = 0.161 + ( 0.161 − 0.087 ) × 0.65 = 20.91 R_(E)=0.161+(0.161-0.087)xx0.65=20.91R_{E}=0.161+(0.161-0.087) \times 0.65=20.91 percent  百分之 R E = 0.161 + ( 0.161 − 0.087 ) × 0.65 = 20.91 R E = 0.161 + ( 0.161 − 0.087 ) × 0.65 = 20.91 R_(E)=0.161+(0.161-0.087)xx0.65=20.91R_{E}=0.161+(0.161-0.087) \times 0.65=20.91
Bob＇s Warehouse has a pre－tax cost of debt of 8.4 percent and an unlevered cost of capital of 14.6 percent．The firm＇s tax rate is 37 percent and the cost of equity is 18 percent．What is the firm＇s debt－equity ratio？
Bob's Warehouse 的税前债务成本为 8.4%，无杠杆资本成本为 14.6%。该公司的税率为 37%，权益成本为 18%。该公司的债务权益比率是多少？
A． 0.72  A. 0.72
B． 0.76  0.76
C． 0.79
D． 0.82  D. 0.82
E． 0.87  0.87
R E = 0.18 = 0.146 + ( 0.146 − 0.084 ) × D / E × ( 1 − 0.37 ) ; D / E = 0.87 R E = 0.18 = 0.146 + ( 0.146 − 0.084 ) × D / E × ( 1 − 0.37 ) ; D / E = 0.87 R_(E)=0.18=0.146+(0.146-0.084)xx D//E xx(1-0.37);D//E=0.87R_{E}=0.18=0.146+(0.146-0.084) \times D / E \times(1-0.37) ; D / E=0.87
Down Bedding has an unlevered cost of capital of 14 percent，a cost of debt of 7.8 percent，and a tax rate of 32 percent．What is the target debt－equity ratio if the targeted cost of equity is 15.51 percent？
Down Bedding 的无杠杆资本成本为 14%，债务成本为 7.8%，税率为 32%。如果目标权益成本为 15.51%，那么目标债务权益比率是多少？
A．． 24  答．． 24
B．． 29
C．． 36
D．． 52
E．． 71  71
R E = 0.1551 = 0.14 + ( 0.14 − 0.078 ) × D / E × ( 1 − 0.32 ) ; D / E = 0.358 R E = 0.1551 = 0.14 + ( 0.14 − 0.078 ) × D / E × ( 1 − 0.32 ) ; D / E = 0.358 R_(E)=0.1551=0.14+(0.14-0.078)xx D//E xx(1-0.32);D//E=0.358R_{E}=0.1551=0.14+(0.14-0.078) \times D / E \times(1-0.32) ; D / E=0.358
The Pizza Palace has a cost of equity of 15.3 percent and an unlevered cost of capital of 11.8 percent．The company has $ 22 , 000 $ 22 , 000 $22,000\$ 22,000 in debt that is selling at par value． The levered value of the firm is $ 41 , 000 $ 41 , 000 $41,000\$ 41,000 and the tax rate is 34 percent．What is the pre－tax cost of debt？
比萨宫的股权成本为 15.3%，无杠杆资本成本为 11.8%。该公司持有按票面价值出售的债务 $ 22 , 000 $ 22 , 000 $22,000\$ 22,000 。该公司的杠杆价值为 $ 41 , 000 $ 41 , 000 $41,000\$ 41,000 ，税率为 34%。税前债务成本是多少？
A． 4.73 percent  A. 4.73%
B． 6.18 percent  B. 6.18%
C． 6.59 percent  C． 6.59%
D． 7.22 percent  D. 7.22%
E． 9.92 percent  E. 9.92%
R E = 0.153 = 0.118 + ( 0.118 − R d ) × [ $ 22 , 000 / ( $ 41 , 000 − $ 22 , 000 ) ] × ( 1 − 0.34 ) ; R E = 0.153 = 0.118 + ( 0.118 − R d ) × [ $ 22 , 000 / ( $ 41 , 000 − $ 22 , 000 ) ] × ( 1 − 0.34 ) ; R_(E)=0.153=0.118+(0.118-Rd)xx[$22,000//($41,000-$22,000)]xx(1-0.34);R_{E}=0.153=0.118+(0.118-R d) \times[\$ 22,000 /(\$ 41,000-\$ 22,000)] \times(1-0.34) ;
R R = 7.22 R R = 7.22 RR=7.22R \mathrm{R}=7.22 percent  百分之 R R = 7.22 R R = 7.22 RR=7.22R \mathrm{R}=7.22
The Green Paddle has a cost of equity of 12.1 percent and a pre－tax cost of debt of 7.6 percent．The debt－equity ratio is 0.65 and the tax rate is 32 percent．What is Green Paddle＇s unlevered cost of capital？
Green Paddle 的股权成本为 12.1%，税前债务成本为 7.6%。债务股权比率为 0.65，税率为 32%。Green Paddle 的无杠杆资本成本是多少？
A． 10.72 percent  A. 10.72%
B． 11.85 percent  B. 11.85%
C． 14.29 percent  C. 14.29%
D． 14.46 percent  D. 14.46%
E． 15.08 percent  E. 15.08%
R E = 0.121 = R u + ( R u − 0.076 ) × 0.65 × ( 1 − 0.32 ) ; R u = 10.72 R E = 0.121 = R u + ( R u − 0.076 ) × 0.65 × ( 1 − 0.32 ) ; R u = 10.72 RE=0.121=Ru+(Ru-0.076)xx0.65 xx(1-0.32);Ru=10.72R E=0.121=R u+(R u-0.076) \times 0.65 \times(1-0.32) ; R u=10.72 percent  百分之 R E = 0.121 = R u + ( R u − 0.076 ) × 0.65 × ( 1 − 0.32 ) ; R u = 10.72 R E = 0.121 = R u + ( R u − 0.076 ) × 0.65 × ( 1 − 0.32 ) ; R u = 10.72 RE=0.121=Ru+(Ru-0.076)xx0.65 xx(1-0.32);Ru=10.72R E=0.121=R u+(R u-0.076) \times 0.65 \times(1-0.32) ; R u=10.72