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求题目中企业融资方法的顺序
【试题内容】
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】
这里主要是根据啄序理论认为:如果需要筹资,公司倾向于首先采用内部筹资,因之不会传导任何可能对股价不利的信息,如果需要外部筹资,公司将先选择债权筹资,再选择其他外部股权筹资,这种筹资顺序的选择也不会传递对公司股价产生不利影响的信息。也就是①内源融资；②外源融资；③间接融资；④直接融资；⑤债券融资；⑥股票融资。即，在内源融资和外源融资中首选内源融资；在外源融资中的直接融资和间接融资中首选间接融资；在直接融资中的债券融资和股票融资中首选债券融资。
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