求題目中企業融資方法的順序

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來源: 正保會計網校編輯：小編 2020/07/06 17:22:21　字體：大小

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【試題內容】

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 5million.Themarketvalueofeach100 bond is $103·42. Redemption will be at nominal value.
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】

這里主要是根據啄序理論認為:如果需要籌資,公司傾向于首先采用內部籌資,因之不會傳導任何可能對股價不利的信息,如果需要外部籌資,公司將先選擇債權籌資,再選擇其他外部股權籌資,這種籌資順序的選擇也不會傳遞對公司股價產生不利影響的信息。也就是①內源融資；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，在內源融資和外源融資中首選內源融資；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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