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求題目中企業(yè)融資方法的順序
【試題內(nèi)容】
2013 Dec Q2
project-specific cost of capital calculation
Dec 2013 Q2
Question
Card Co has in issue 8 million shares with an ex dividend market value of $7.16 per share. A dividend of 62 cents per share for 2013 has just been paid. The pattern of recent dividends is as follows:
Year | 2010 | 2011 | 2012 | 2013 |
Dividends per share （cents） | 55.1 | 57.9 | 59.1 | 62.0 |
Card Co also has in issue 8·5% bonds redeemable in five years’ time with a total nominal value of
Card Co is planning to invest a significant amount of money into a joint venture in a new business area. It has identified a proxy company with a similar business risk to the joint venture. The proxy company has an equity beta of 1·038 and is financed 75% by equity and 25% by debt, on a market value basis.
The current risk-free rate of return is 4% and the average equity risk premium is 5%. Card Co pays profit tax at a rate of 30% per year and has an equity beta of 1·6.
【答案】
這里主要是根據(jù)啄序理論認(rèn)為:如果需要籌資,公司傾向于首先采用內(nèi)部籌資,因之不會(huì)傳導(dǎo)任何可能對(duì)股價(jià)不利的信息,如果需要外部籌資,公司將先選擇債權(quán)籌資,再選擇其他外部股權(quán)籌資,這種籌資順序的選擇也不會(huì)傳遞對(duì)公司股價(jià)產(chǎn)生不利影響的信息。也就是①內(nèi)源融資；②外源融資；③間接融資；④直接融資；⑤債券融資；⑥股票融資。即，在內(nèi)源融資和外源融資中首選內(nèi)源融資；在外源融資中的直接融資和間接融資中首選間接融資；在直接融資中的債券融資和股票融資中首選債券融資。
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