国际财务管理,(2)
Exhibit 1 GRAND METROPLITAN Summary of Percentage Weights of the Various Classes of Capital £Weif inflation United Kingdom %annually United States %annually Germany %annually 1、kwacc=ke*E\V+kd*D\V*(1-t). Ke is the risk-adjusted cost of equity; Kd is the before tax cast of debt and t is the tax rate. V means D plus E. E is the arket valueof the firms equity. D is the market value of the firm’s debt. Kcs=Rf+β(Rm-Rf) =%+*% =% kwacc=kcs*Ecs\V+kps*Eps\V+ksud*Dsud\V*(1-t)+kcd*Dcd\V
=%*83%+%*%+%*(%+%)*(1-35%)+%*% =% 2、wacc based on the US market Kcs=Rf+β(Rm-Rf) =%+*% =% Kwacc=kcs*Ecs\V+kps*Eps\V+ksud*Dsud\V*(1-t)+kcd*Ecd\V =%*83%+%*%+%*(%+%)*(1-34%)+%*% =% 1+k£\1+k$=1+%/1+%≈ 1+π£\1+π$=1+%/1+%≈ Because ≠ So they are not the same. 3、
Exhibit 8 company D/V T T β Restaurant- - Retailing Natinal PIZZA 58% 36% Food Processing Cadbury- - SCHWEPPES(UK) 21% 28% Drinks Labatt(CANADA) 38% 34% 4、(1)Restaurant-Retailing ( select Natinal PIZZA Company) Rf=%(Ex9) Rm-Rf=%(Ex9) β=1(Ex8) t=36%(Ex8) D/V=58% E/V=42%(Ex8) Ke=Rf+β(Rm-Rf)=%+1*4.
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