下面是关于关于在进行投资时对于融资需要考虑些什么的题， 由哪位强人能帮忙进行分析和指点一下。

Big company PLC is currently all equity financed with 12.5 million equity shares which currently trade at £20 each ex dividend. The company is currently considering a new investment project which will produce cash flows of £5 million in perpetuity and will cost £40 million.

The company is considering financing this project with £40 million of bonds which have a yield of 10%. Given its excellent credit rating the company will not have any difficulty raising this amount of money through a debt issue.

The company’s current cost of equity capital is 15%, and it is felt that this is appropriate as a cost of capital for the project if it were all equity financed, given the risk of the new project, which is in the same risk class as the company’s existing line of business. The Company does suffer tax, and you are told that the corporation tax rate is currently 30%.

Discuss the extent to which it is necessary to consider financing when making investment decisions.

给出本题的答案和详细分析，将获得100银子的奖励！

[此贴子已经被tagger于2006-4-23 9:22:00编辑过]