求助大神~~~



按照书上所说的WACC中的cost of debt 应该是债券的YTM.
就以下例子，对于半年付息的债券，r=2.342%，所以YTM = 2* 2.342% =4.684%

但是个人觉得，债务资金成本应该是按照EAR 来计算：(1+2.342%)^2    EAR考虑了再投资的机会成本， 所以应该使用EAR。 但是书上并未对于使用YTM方法做出任何解释。 请教大神~~

Valence Industries issues a bond to finance a new project. It offers a 10-year, 5 percent semi-annual coupon bond. Upon issue, the bond sells at $1,025. What is Valence’s before-tax cost of debt? If Valence’s marginal tax rate is 35 percent, what is Valence’s after-tax cost of debt?
Solution:

Use a financial calculator to solve for i, the six-month yield. Because i = 2.342 percent, the before-tax cost of debt is rd = 2.342 percent × 2 = 4.684 percent, and Valence’s after-tax cost of debt is rd (1 − t) = 0.04684 (1 − 0.35) = 0.03045 or 3.045 percent.