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請(qǐng)老師給出完整的過程和答案
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你好!
麻煩你稍等一下,我看下
2023 04/13 15:03
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何萍香老師 
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2023 04/13 15:30
長(zhǎng)期借款資本成本的計(jì)算:Kl=RI(l-T)/(I-F1),K—長(zhǎng)期借款資本成本;It—長(zhǎng)期借款年利息;T—所得稅率;L—長(zhǎng)期借款籌資額(借款本金);F1—長(zhǎng)期借款籌資費(fèi)用率。
1、長(zhǎng)期借款資本成本=年借款利息*(1-所得稅率)/(借款金額-借款費(fèi)用)=(200*7%)*(1-25%)/200*(1-2%)=5.36%
2、計(jì)算債券的資本成本={面值*票面利率*(1-所得稅率)}/{發(fā)行價(jià)格*(1-籌資費(fèi)率)}=300*10%*(1-25%)/300*(1-4%)=7.8%
普通股資金成本的計(jì)算公式為:Kc=Dc/Pc*(1-f)+G
Kc--普通股資金成本率;
Dc--第一年發(fā)放的普通股總額的股利;
Pc--普通股股金總額;
f--籌資費(fèi)率;
G--普通股股利預(yù)計(jì)每年增長(zhǎng)率。
3、計(jì)算普通股的資本成本=500*10%/500*(1-5%)+1%=11.4%
4、?計(jì)算綜合資本成本=5.36%*200/1000+7.8%*300/100+11.4%*500/1000=30.17%
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何萍香老師 
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2023 04/13 15:51
(1)計(jì)算長(zhǎng)期借款的資本成本7%*(1-25%)/(1-2%)*100%=5.36%
(2)計(jì)算債券的資本成本10%*(1-25%)/(1-4%)*100%=7.81%
3)計(jì)算普通股的資本成本10%/(1-5%)+1%=11.53%
(4) 計(jì)算綜合資本成本=(200*5.36%+300*7.81%+500*11.53%)/1000*100%=9.18%
以這個(gè)為準(zhǔn),剛綜合資本不對(duì)
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