使用以下数据计算公司的价值:税前收益(EBIT)= 500,000卢比/-债券(债务)= 250000卢比/-债务成本= 12%权益成本= 16%
解
解决方案如下-
Interest cost = 12% (250000) = 30000/- Earnings = EBIT – Interest cost = 50000 – 30000 = 20000/- (no tax rate) Shareholders earnings = earnings Shareholders earnings = 20000/- Market value (equity) E = shareholder’s earnings/ cost of equity Market value (equity) E = 20000/16%= 125000 Market value (Debt) D = 250000/- Market value (total) = E + D Market value (total) = 125000 + 250000= 375000/- Cost of capital = EBIT/ market value (total) Cost of capital = 50000/ 37500 = 13.33% Degree of financial leverage = market value (debt)/ market value (total) Degree of financial leverage = 250000/ 375000= 66.67%
现在,如果债务从250000增加到300000
利息成本=12%(250000)=30000/-
收入=EBIT–利息成本=50000–30000=20000/-(无税率)
股东收益=20000/-
市值(权益)E=125000
市值(债务)D=300000/-
市场值(总计)=E+D=125000+300000=425000/-
资金成本=息税前利润/市值(总计)=50000/425000=11.76%
财务杠杆程度=市场值(债务)/市场值(总计)=250000/425000=58.82%
从以上两种情况可以得出结论,如果债务增加,则企业值将增加,资本成本将减少。