问题 问答题

德惠公司去年的销售收入为20000万元,净营运资本为200万元,今年是预测期的第一年,今年销售收入增长率为8%,以后每年的销售收入增长率将逐年递减2%直至销售增长率达到2%,以后可以长期保持2%的增长率。基于公司过去的盈利能力和投资需求。预计EBIT为销售收入的5%,净营运资本为销售收入的1%,资本支出等于折旧费用。公司的D/E保持不变,一直为0.4,税后债务资本成本等于债券的税后年资本成本,债券的面值为1000元,票面利率为8%,期限为6年,每半年付息一次,发行价格为963.3元,筹资费率为3%,公司的所得税税率为25%。公司的股票收益率与市场组合收益率的协方差为30%,市场组合收益率的方差为20%,无风险利率为4.784%,市场风险溢价为6%。
要求:

计算税后债务资本成本;

答案

参考答案:假设债券的半年税后资本成本为i,则:
963.3×(1-3%)=1000×4%×(1-25%)×(P/A,i,12)+1000×(P/S,i,12)
即:934.4=30×(P/A,i,12)+1000×(P/S,i,12)
当i=4%时,30×(P/A,i,12)+1000×(P/S,i,12)=30×9.3851+1000×0.6246=906.15
当i=3%时,30×(P/A,i,12)+1000×(P/S,i,12)=30×9.9540+1000×0.7014=1000.02
根据(1000.02-906.15)/(3%-4%)=(1000.02-934.40)/(3%-i)
得到:i=3.70%
债券的税后年资本成本=(1+3.70%)2-1=7.54%

阅读理解

Cellphones: is there a cancer link?

Could your cellphone give you cancer? Whether it could or not, some people are worrying about the possibility that phones, power lines and wi-fi could be responsible for a range of illnesses, from rashes to brain tumors.

Some say there is evidence to support the growing anxieties. David Carpenter, a professor of environmental health sciences at the university at Albany, in New York, thinks there’s a greater than 95 percent chance that power lines can cause childhood leukemia(白血病). Also there’s a greater than 90 percent chance that cellphones can cause brain tumors. “It’s apparent now that there’s a real risk,” said Carpenter.

But others believe these concerns are unjustified. Dr Martha Linet, the head of radiation epidemiology(流行病学) at the US National Cancer Institute, has looked at the same research as Carpenter but has reached a different conclusion. “I don’t support warning labels for cellphones,” said Linet. “We don’t have the evidence that there’s much danger.”

Studies so far suggest a weak connection between EMFs(电磁场) and illness — so weak that it might not exist at all. A multinational investigation of cellphones and brain cancer, in 13 countries outside the US, has been underway for several years. It’s funded in part by the European Union, in part by a cellphone industry group. The final report should come out later this year, but data so far don’t suggest a strong link between cellphone use and cancer risk.

小题1:From the passage we can learn that some people are worried because   .

A.they have evidence the use of cellphone can lead to cancer.

B.they make a fuss over cellphone use.

C.some expert has given a warning.

D.cellphones are responsible for brain tumors.小题2:By saying “I don’t support warning labels for cellphones,” Dr Martha Linet has the idea that   .

A.the worrying is unnecessary.

B.cancer-warning labels should be on cellphones.

C.there is a link between cellphones and cancer.

D.cellphones have nothing to do with cancer.小题3:The underlined word “underway” is closest in meaning to   .

A.started.

B.kept on.

C.gone on.

D.in progress.小题4:Which of the following best describes the attitude of the author towards the debate?

A.Optimistic.

B.Objective.

C.Disapproving.

D.Casual.

单项选择题