"Corporate Finance":Capital asset pricing model

来源: 正保会计网校编辑：小鞠橘桔 2020/11/16 09:25:27　字体：大小

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Questions 1:

A firm with a marginal tax rate of 40% has a weighted average cost of capital of 7.11%. The before-tax cost of debt is 6%, and the cost of equity is 9%. The weight of equity in the firm’s capital structure is closest to:

A 、79%.

B、 65%.

C 、37%.

Questions 2:

Which method of calculating the firm’s cost of equity is most likely to incorporate the long-run return relationship between the firm’s stock and the market portfolio?

A、 Capital asset pricing model

B 、Dividend discount model

C、 Bond yield plus risk premium approach

View answer resolution

【Answer to question 1】B

【analysis】

B is correct.

Corporate Finance:Capital asset pricing model

A is incorrect. It is calculated by dividing 7.11 by 9.

C is incorrect. It fails to adjust debt for taxes.

【Answer to question 2】A

【analysis】

A is correct. The capital asset pricing model uses the firm’s equity beta, which is computed from a market model regression of the company’s stock returns against market returns.

B is incorrect. Dividend discount model estimates the equity risk premium by adding the dividend yield and the growth rate in dividends.

C is incorrect. Cost of equity under this method is the additional of cost of debt and risk premium (the additional yield on a company’s stock relative to its bonds).

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