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Bruce & Co. 预计其每年的息税前利润将永远达到 100,000 英镑。该公司拥有良好的信用评级,可以以 10% 的利率借款,但目前没有债务,其股本成本为 20%。税率为21%。如果布鲁斯借入 80,000 英镑并用所得款项回购股票,其价值是多少?问题12选择一项:A。 411,800英镑b.434,500英镑C。535,000d.495,400

Question

Bruce & Co. 预计其每年的息税前利润将永远达到 100,000 英镑。该公司拥有良好的信用评级,可以以 10% 的利率借款,但目前没有债务,其股本成本为 20%。税率为21%。如果布鲁斯借入 80,000 英镑并用所得款项回购股票,其价值是多少?问题12选择一项:A。 411,800英镑b.434,500英镑C。535,000d.495,400

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Solution

首先,我们需要计算公司的无杠杆价值。无杠杆价值是指公司如果没有债务时的价值。这可以通过将公司的息税前利润(EBIT)除以股本成本来计算。在这个例子中,EBIT为100,000英镑,股本成本为20%。所以,无杠杆价值= 100,000 / 0.20 = 500,000英镑。

然后,我们需要计算公司的杠杆价值。杠杆价值是指公司如果有债务时的价值。这可以通过将公司的债务税后成本加到无杠杆价值上来计算。在这个例子中,债务为80,000英镑,债务成本为10%,税率为21%。所以,债务税后成本= 80,000 * 0.10 * (1 - 0.21) = 6,320英镑。所以,杠杆价值= 500,000 + 6,320 = 506,320英镑。

所以,如果布鲁斯借入80,000英镑并用所得款项回购股票,其价值将为506,320英镑。但是这个答案并没有在选项中,可能是因为我们的计算方法或者给出的数据有误。

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