罗斯《公司理财》英文习题答案DOCchap012

公司理财习题答案

第十二章

Chapter 12: Risk, Return, and Capital Budgeting

12.1 Cost of equity RS = 5 + 0.95 (9) = 13.55% NPV of the project

5

12.2

= -$1.2 million +

t 1

$340,0001.1355

t

= -$20,016.52

Do not undertake the project. a. b.

RD

= (-0.05 + 0.05 + 0.08 + 0.15 + 0.10) / 5 = 0.066 RM = (-0.12 + 0.01 + 0.06 + 0.10 + 0.05) / 5 = 0.02

R

- RD -0.116 -0.016 0.014 0.084 0.034

D

RM -RM

-0.14 -0.01 0.04 0.08 0.03

(RM -RM)2 0.0196 0.0001 0.0016 0.0064 0.0009 0.0286

(RD -RD)(RM -RM)

0.01624 0.00016 0.00056 0.00672 0.00102 0.02470

12.3

RS RB a. b.

Beta of Douglas = 0.02470 / 0.0286 = 0.864

= 6% + 1.15 10% = 17.5% = 6% + 0.3 10% = 9% Cost of equity = RS = 17.5% B / S = 0.25 B / (B + S) = 0.2 S / (B + S) = 0.8

WACC = 0.8 17.5% + 0.2 9% (1 - 0.35) = 15.17%

1

12.4 C = 0.04225 2 = 0.065

12.5

M = 0.01467

2 = 0.0383

1

Beta of ceramics craftsman = CM C M / M2 = CM C/ M = (0.675) (0.065) / 0.0383 = 1.146 a.

To compute the beta of Mercantile Manufacturing’s stock, you need the product of the deviations of Mercantile’s returns from their mean and the deviations of the market’s returns from their mean. You also need the squares of the deviations of the market’s returns from their mean.

Answers to End-of-Chapter Problems B-123