某企业的预计的资本结构中，产权比率为2/3，债务税前资本成本为14%。目前市场上的无风险报酬率为8%，市场上所有股票的平均收益率为16%，公司股票的β系数为1.2，所得税税率为30%，则加权平均资本成本为( )。
A．14.48%
B．16%
C．18%
D．12%
参考答案：A
解析： 产权比率=负债/所有者权益=2/3，所以，负债占全部资产的比重为：2/(2+3)=0.4，所有者权益占全部资产的比重为1-0.4=0.6，债务税后资本成本=14%×(1-30%)=9.8%，权益资本成本=8%+1.2×(16%-8%)=17.6%，加权平均资本成本=0.4×9.8%+0.6×17.6%=14.48%。
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| Denny Crook was a famous photographer. He traveled all over the world, taking pictures for magazines and newspapers, and won many prizes. "I'll do anything to get a good photo," he often said. "I'll go anywhere at any time, even if it is 1 ." And he told the 2 . He had photos of earthquakes, forest fires, floods and even wars. If something interesting happened, Denny went to photo it. He was a married man and his wife often asked him to take her with him, but he always 3 . "I'll travel for my work, not for 4 ," he told her. "You won't enjoy yourself, and I won't have 5 to look after you. Sometimes there's not even anywhere to 6 , and I have to sleep outside. I often don't have a good 7 or a bath for days. You won't like it." "Denny, I'm not a child," his wife didn't 8 . "I can look after myself. Please take me with you the next time you go overseas." Denny did not say anything, but he 9 about it, and when he was asked to go to Africa he said to his wife,"You can come to Africa with me if you want to. I've got to take photos of wild 10 there. It should be interesting and not too uncomfortable." His wife was very 11 , and at first she had a very enjoyable time. Then Denny went off to 12 some lions to photo. His wife went with him, but before long they became separated. She walked down one path while he walked down the other. Suddenly, Denny heard her 13 . He ran back and saw her running toward him. A huge lion was chasing her. Quickly Denny took his camera out of its case and 14 it at his wife and the lion. Then he shouted, " 15 , woman! I can't get you both in the picture!" |
| ( )1. A. dangerous ( )2. A. lie ( )3. A. allowed ( )4. A. wealth ( )5. A. money ( )6. A. meet ( )7. A. meal ( )8. A. agree ( )9. A. worried ( )10. A. land ( )11. A. confused ( )12. A. find ( )13. A. singing ( )14. A. threw ( )15. A. Hurry up | B. natural B. reason B. refused B. prize B. time B. work B. picnic B. understand B. forgot B. flowers B. excited B. feed B. crying B. fired B. Look out | C. convenient C. news C. failed C. pleasure C. interest C. shop C. room C. reply C. asked C. animals C. surprised C. drive C. laughing C. showed C. Slow down | D. impossible D. truth D. joked D. luck D. ability D. stay D. party D. complain D. thought D. people D. disappointed D. shoot D. cheering D. pointed D. Go ahead |