问题 问答题

C公司正在研究一项生产能力扩张计划的可行性,需要对资本成本进行估计。估计资本成本的有关资料如下:

(1)公司现有长期负债:面值1000元,票面利率6%,是每半年付息一次的不可赎回债券,该债券还有5年到期,当前市价1000.01元,假设新发行长期债券时采用私募方式,不用考虑发行成本。

(2)公司现有优先股:面值100元,股息率10%,属于每季付息的永久性优先股。其当前市价112.15元。如果新发行优先股,需要承担每股2元的发行成本。

(3)公司现有普通股:当前市价50元,最近一次支付的股利为4.19元/股,预期股利的永续增长率为5%,该股票的β系数为1.2,公司不准备发行新的普通股。

(4)资本市场:国债收益率为7%,市场平均风险溢价估计为6%。

(5)公司所得税税率:40%。

要求:

计算普通股资本成本:用资本资产价模型和股利增长模型两种方法估计,以两者的平均值作为普通股资本成本。

答案

参考答案:

按照股利折现模型

K=4.19×(1+5%)/50+5%=13.80%

按照资本资产定价模型

Ks=7%+1.2×6%=14.2%

普通股资本成本=(13.80%+14.2%)÷2=14%

单项选择题
单项选择题

In one very long sentence, the introduction to the U. N. Charter expresses the ideals and the common aims of all the people whose governments joined together to form the U. N.

"We, the people of the U. N. , determined to save succeeding generations from the scourge of war which twice in our lifetime has brought untold suffering to mankind, and to reaffirm faith in fundamental rights, in the dignity and worth of the human person, in the equal rights of men and women and of nations, large and small, and to establish conditions under which justice and respect for the obligations arising from treaties and other sources of international law can be maintained, and to promote social progress and better standards of life in larger freedom, and for these ends, to practise tolerance and live together in peace with one another as good neighbours, and to unite our strength to maintain international peace and security, and to ensure, by the acceptance of principles and the institution of methods, that armed force shall not be used, save in the common interest, and to employ international machinery for the promotion of economic and social advancement of all peoples, have resolved to combine our efforts to accomplish these aims."

The name "United Nations" is accredited to U. S. President Franklin D. Roosevelt, and the first group of representatives of member States met and signed a declaration of common intent on New Year’s Day in 1942. Representatives of five powers worked together to draw up proposals, completed at Dumbarton Oaks in 1944. These proposals, modified after deliberation at the conference on International Organization in San Francisco which began in April 1945, were finally agreed on and signed as the U.N. Charter by 50 countries on 26 June 1945. Poland, not represented at the conference, signed the Charter later and was added to the list of original members. It was not until that autumn, however, after the Charter had been ratified by China, France, the U. S. S. R. U. , the U.K. and the U. S. and by a majority of the other participants that the U. N. officially came into existence. The date was 24 October, now universally celebrated as United Nations Day.

The essential functions of the U. N. are to maintain international peace and security, to develop friendly relations among nations, to cooperate internationally in solving international economic, social, cultural and human problems, promoting respect for human rights and fundamental freedoms and to be a centre for co-ordinating the actions of nations on attaining these common ends.

No country takes precedence over another in the U. N. Each member’s rights and obligations are the same. All must contribute to the peaceful settlement of international dispute, and members have pledged to refrain from the threat or use of force against other states.

Under its Charter, the first stated aim of the U.N. was()

A. to promote social progress

B. to prevent a third world war

C. to revise international laws

D. to maintain international peace