问题 问答题

ABC公司正在着手编制明年的财务计划,公司财务主管请你协助计算其加权资本成本。有关信息如下:

(1)公司银行借款利率当前是10%,明年将下降为8.93%;

(2)公司债券目前市价580万元,面值为650万元,票面利率为8%,尚有5年到期,分期付息;

(3)公司普通股面值为1元,本年派发现金股利0.35元,股票市价5.5元/股,预计每股收益增长率维持7%,并保持25%的股利支付率;

(4)公司当前(本年)的资本结构为:

银行借款 150万元

长期债券 650万元

普通股 400万元

保留盈余 420万元

(5)公司所得税税率为25%;

(6)公司普通股预期收益的标准差为4.708,整个股票市场组合收益的标准差为2.14,公司普通股与整个股票市场间的相关系数为0.5;

(7)当前国债的收益率为5.5%,整个股票市场上普通股组合收益率为13.5%。

要求:

如果仅靠内部融资增加资金总额,明年不增加外部融资规模,按照账面加权法计算加权平均的资本成本。 (计算时单项资本成本百分数保留2位小数)

答案

参考答案:

保留盈余数额:

因为:股利支付率=每股股利/每股收益25%=0.35/每股收益

明年每股净收益=(0.35/25%)×(1+7%)=1.498(元/股)

预计明年留存收益增加=1.498×400×(1-25%)=449.4(万元)

保留盈余数额=420+449.4=869.4(万元)

计算加权平均资本成本:

判断题
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