皮皮学,免费搜题
登录
搜题
【简答题】
The statement of financial position of BKB Co provides the following information: BKB Co has an equity beta of 1·2 and the ex-dividend market value of the company’s equity is $125 million. The ex-interest market value of the convertible bonds is $21 million and the ex-dividend market value of the preference shares is $6·25 million. The convertible bonds of BKB Co have a conversion ratio of 19 ordinary shares per bond. The conversion date and redemption date are both on the same date in five years’ time. The current ordinary share price of BKB Co is expected to increase by 4% per year for the foreseeable future. The overdraft has a variable interest rate which is currently 6% per year and BKB Co expects this to increase in the near future. The overdraft has not changed in size over the last financial year, although one year ago the overdraft interest rate was 4% per year. The company’s bank will not allow the overdraft to increase from its current level. The equity risk premium is 5% per year and the risk-free rate of return is 4% per year. BKB Co pays profit tax at an annual rate of 30% per year. Required: (a) Calculate the market value after-tax weighted average cost of capital of BKB Co, explaining clearly any assumptions you make. (12 marks) (b) Discuss why market value weighted average cost of capital is preferred to book value weighted average cost of capital when making investment decisions. (4 marks) (c) Comment on the interest rate risk faced by BKB Co and discuss briefly how this risk can be managed. (5 marks) (d) Discuss the attractions to a company of convertible debt compared to a bank loan of a similar maturity as a source of finance. (4 marks)
拍照语音搜题,微信中搜索"皮皮学"使用
参考答案:
参考解析:
知识点:
.
..
皮皮学刷刷变学霸
举一反三
【多选题】飞轮的作用有:
A.
贮存动能
B.
使内燃机易于起动
C.
标有正时记号
D.
连接传动机构
【单选题】(第二章)应当为那个接口配置IP地址,以便管理员可以通过网络连接交换机进行管理?
A.
FastEthernet 0/1
B.
Console
C.
Line vty 0
D.
Vlan 1
【单选题】首次记载药物四气五味的中药学著作是:
A.
名医别录
B.
药性赋
C.
珍珠囊
D.
证类本草
E.
神农本草经
【多选题】飞轮的作用有()
A.
储存能量
B.
利用飞轮上的齿圈起动时传力
C.
将动力传给离合器。
D.
克服短暂的超负荷
【多选题】飞轮的作用有( )。
A.
把发动机动力传递给汽车传动系
B.
把做功能量储存起来用于克服其他行程阻力
C.
保证曲轴旋转角速度和输出扭矩尽可能均匀
【多选题】下列关于红细胞的叙述,正确的有( )。
A.
女性红细胞正常值为(3.5~5.O)×1012/L
B.
女性红细胞血沉正常值第一小时末为O~20Cmm
C.
女性红细胞血沉正常值为120~160g/L
D.
正常人红细胞的平均寿命为120d
E.
正常人红细胞数量可因性别、年龄、生活环境和机体功能状态不同而有差异
【单选题】应当为那个接口配置IP地址,以便管理员可以通过网络连接交换机进行管理?
A.
FastEthernet 0/1
B.
Console
C.
Line vty 0
D.
Vlan 1
【单选题】心功能分级3级活动时代谢当量(MET)水平相当于:
A.
<2
B.
2-5
C.
5-7
D.
7-9
E.
>10
【简答题】飞轮的作用有哪些?能否用飞轮来调节非周期性速度波动?
【单选题】女性红细胞正常值是
A.
(3.8~4.6)×1012/L
B.
(4.5~5.5)×1012/L
C.
(3.5~5.0)×1012/L
D.
(100~300)×109/L
E.
(3.5~5.0)×109/L
相关题目: