,分 5年投资,每年末投入 300000 元,试计算该利率为 10% ,投资项目 5年后的投资总额。普通年金终值=年金×年金终值系数?= 300000 × (FA ,10%,5) ? = 300000 × ? =1831530 ( 元) Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. : (1)从银行借入长期借款 100 万元,期限 10 年, 年利率为 10% 。(2)公司发行面值 600 万元债券,票面年利率为 12% ,每年末付息一次,债券筹资费率为 3% 。(3)公司计划发行普通股 400 万股,普通股的每股面值为 1元,发行价格为每股 20 元,发行费用为每股市价的 3% ,预期明年的现金股利为每股 2 元,以后每年固定按 6% 递增。 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. ?(4)公司普通股股票的贝他系数为 ,政府发行的国库券年利息率为 5% ,本年度证券市场平均报酬率为 10% 。?(5)公司今年留存收益 400 万元,明年打算再筹集资金 50 万,全部使用新增加未分配利润。股利支付率 10% ,每年固定按 6% 递增。?要求计算(1)长期借款资本成本?长期借款的资本成本=利息率×(1-所得税率) ? =10% ×(1- 25% ) ? =% Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. ?(2) 债券的资本成本? KD=600 × 12%(1-25%)/600 ×( 1-3% ) =% (3)普通股成本?股利增长模型 KC=2/20 ×( 1-3% ) +6%=% ?预期报酬率 KC=5%+ × (10%-5%)=% ?普通股平均成本? KC=(%+%)/2=% Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. ?(4)留存收益资本成本?=50 × 10%/50 +6%=16% ?(5) 计算加权平均资本成本?? KW=100/1550 × %+600/1550 × % +400/1550 × %+450/1550 × 16%=12. 4% Evaluation only. Evaluation only. Created with Client Profile . Created with for
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