求助 关于融资的一个题的分析

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下面是关于关于在进行投资时对于融资需要考虑些什么的题， 由哪位强人能帮忙进行分析和指点一下。

Big company PLC is currently all equity financed with 12.5 million equity shares which currently trade at £20 each ex dividend. The company is currently considering a new investment project which will produce cash flows of £5 million in perpetuity and will cost £40 million.

The company is considering financing this project with £40 million of bonds which have a yield of 10%. Given its excellent credit rating the company will not have any difficulty raising this amount of money through a debt issue.

The company’s current cost of equity capital is 15%, and it is felt that this is appropriate as a cost of capital for the project if it were all equity financed, given the risk of the new project, which is in the same risk class as the company’s existing line of business. The Company does suffer tax, and you are told that the corporation tax rate is currently 30%.

Discuss the extent to which it is necessary to consider financing when making investment decisions.

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[此贴子已经被tagger于2006-4-23 9:22:00编辑过]

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关键词：Considering appropriate CORPORATION Investment difficulty 求助 融资

我加你在 msn上了

不好意思刚刚没有看到你回答，又问了一边。

那就是说在回答Should the project be undertaken if it were all equity financed? 这一题时，npv应该是NPV=UCF/Rs-Co=3.5/.15-40=23.33-40=-16.66 so, we should reject this project .是这样吗？另外，楼上那位学长有msn吗,如果不介意能不能加一下我阿,peng084@hotmail.com小妹有不少问题想请教.

以下是引用poppyzhu84在2006-4-23 23:29:00的发言：
上面的那题我明白了,如果现在是换成下面这个问题

Should the project be undertaken if it were all equity financed? 那么它的npv 是

NPV=UCF/Rs-Co=5/.15-40=33.33-40=-6.66 还是

NPV=UCF/Rs-Co=3.5/.15-40=23.33-40=-16.66 ? 哪个是正确的

即使是用NPV的方法计算，也是一样，你所用的方法是在忽略税的情况下的，而在含税的情况下的公式是下面的

NPV=-I+ CF*(1-tax cor)/[1+r(1-tax per.)] +第2期+第三期。。。。。。。。。。

所以还是16.666对

题中说的cash flow 都是 税前的，如果是free cash flow，会在题中标明的，这里是corporation tax rate (德文köperschaftsteuer) 只是对cash flow 进行征税，如果题中还有person income tax（einkommen steuer）的时候，就要对利息进行征税了

这里我有个和重要的问题是在题中的cash flow是税后的还是税前的,这个我不是很清楚,有谁能帮我我说明并给我足够的理由,谢谢

上面的那题我明白了,如果现在是换成下面这个问题

Should the project be undertaken if it were all equity financed? 那么它的npv 是

NPV=UCF/Rs-Co=5/.15-40=33.33-40=-6.66 还是

NPV=UCF/Rs-Co=3.5/.15-40=23.33-40=-16.66 ? 哪个是正确的

各位学长先谢谢你的指导,在这里我还有些不懂想问,这里的V(l)<40 SO,我们能进行融资找个我同意,但是又说要用apv进行分析,可是我的apv计算是正的,这个不是证明我们可以进行融资吗?还是我的apv计算有错?可以再知道我一下吗?

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[此贴子已经被作者于2006-4-23 8:43:19编辑过]