某公司适用的所得税率为50%，发行总面值为1000万元，票面利率为10%，偿还期限4年，发行费率4%的债券，该债券发行价为1075.3854万元，则债券税后资本成本为（）。
A.8%
B.9%
C.4.5%
D.10%
参考答案：C
解析：
本题考核债务成本。
1075.3854×（1－4%）＝1000×10%×（P/A，i，4）＋1000×（P/F，i，4）
即：1032.37＝100×（P/A，i，4）＋1000×（P/F，i，4）
用i＝9%进行测算：
100×（P/A，9%，4）＋1000×（P/F，9%，4）＝100×3.2397＋1000×0.7084＝1032.37
所以：债券税前资本成本＝9%，则债券税后资本成本＝9%×（1－50%）＝4.5%
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| Scientists find that hard-working people live longer than average men and women. Career women are 1 than housewives, Evidence shows that 2 are in poorer health than the job-holders. A study shows 3 the unemployment rate increases by 1%, the death rate increases correspondingly (相应地) by 2%. All this 4 one point: Work is helpful to health. Why is work good for health? It is because work keeps people busy, 5 loneliness and solitude. Researches show that people feel 6 and lonely when they have nothing to do. Instead, the happiest are those who are 7 . Many high achievers who love their careers feel that they are happiest when they are working hard. Work serves as 8 between man and reality. By work, people 9 each other. By collective activity, they find friendship and warmth. This is helpful to health. The loss of work 10 the loss of everything. It affects man spiritually and makes him liable to (易于) 11 . 12 , work gives one a sense of fulfillment and a sense of 13 . Work makes one feel his value and status in society. When 14 finishes his writing or a doctor successfully 15 a patient or a teacher sees his students 16 , they are happy 17 . From the above we can come to the conclusion 18 the more you work, 19 you will be. Let us work hard, 20 and live a happy and healthy life. | ||||
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