公司金融学问题希望大佬帮我解答一下

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收藏 2020-06-14

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1. Amanufacture company is evaluating a new project. If the company issues $3,000 equityto finance the project, the project will return $3,750 or 25% in one year.Assuming the required rate of return is 16% and the tax rate is zero. Withoutthe project, the company is expected to generate $5,500 cash flow if theeconomy is in the best case, $4,000 if the economy is in an average case, and$2,000 if the economy is in the worst case. Each economic outcome has an equalpossibility to occur. There is a $4,000 debt due in one year. Do you recommendthe company to take the project? What isthe value of equity if the project is taken?

(一家制造公司正在评估一个新项目。如果公司发行3000美元的股权为项目融资，项目将在一年内获得3750美元或25%的回报。假设要求的回报率为16%，税率为零。如果没有这个项目，如果经济状况最好，公司预计将产生5500美元的现金流；如果经济状况一般，公司预计将产生4000美元的现金流；如果经济状况最差，公司预计将产生2000美元的现金流。每一个经济结果都有同等的可能性发生。一年内有4000美元的债务到期。你建议公司接受这个项目吗？如果项目被接受，股权权益的价值是多少？

2. Afirm is currently unlevered and is valued at$800,000. Assuming the current of cost of equityis 10%. If the firm is issuing $250,000 in new debt with an 7.6% interest rate.it would repurchase $250,000 of stock with the proceeds of the debt issue.There are currently 28,000 shares outstanding and its effective marginal tax bracket is 25%. If cost of equity increases to 12.82%, what will the firm’snew WACC be after debt issue?

(一家公司目前没有杠杆，价值80万美元。假设目前权益成本为10%。如果公司以7.6%的利率发行25万美元的新债。它将用发行债券的收益回购25万美元的股票。目前有28000股流通股，其有效边际税率为25%。如果股本成本增加到12.82%，公司在发债后的新加权平均资本成本是多少？)

3.Applehas initiated the Apple News and other services recently. Investors eager tofigure out the fair market value of Apple Inc. Suppose you want to estimatefirm value of Apple so as to answer an inquiry from a mysterious client who askedyour institution to evaluate the possibility of acquiring Apple.

Tohelp your firm valuation, your institution provides the following information:

a. Financialstatement (Annual Income statements and Balance sheets) information of AppleInc. (see the attached spreadsheet)

b. Forecastsfor Apple’s sales growth rate in next 5 years, the same as the average salesgrowth rate during 2017 to 2019 period;

c. Assumingthat risk-free rate is 1.75%, and market risk premium is 9.7%. Apple’s beta is1.17;

d. Inaddition, this investor has never held an investment for more than five years.For the exiting price, you can use Amazon Inc as a benchmark company. Currently,Amazon’s enterprise value/revenue and enterprise value/EBITDA is 4.22, and 33.9,respectively.

Based on the information given, youneed to estimate firm value of Apple.

(苹果最近推出了苹果新闻和其他服务。投资者急于计算出苹果公司的公平市场价值。假设你想估计苹果公司的公司价值，以便回答一位神秘客户的询问，他要求你的机构评估收购苹果的可能性。

为帮助估值，贵机构提供以下信息：

a、 苹果公司的财务报表（年度损益表和资产负债表）信息（见所附电子表格）

b、 对苹果未来5年销售增长率的预测，与2017年至2019年期间的平均销售增长率相同；

c、假设无风险利率为1.75%，市场风险溢价为9.7%。苹果的beta是1.17；

d、 此外，该投资者从未持有过超过5年的投资。对于现有的价格，您可以使用亚马逊公司作为基准公司。目前，亚马逊的企业价值/收入和企业价值/息税折旧摊销前利润分别为4.22和33.9。

根据给出的信息，你需要估计苹果的公司价值.

4.

Basedon firm valuation, you believe the acquirer has to pay at least 15% premium.Please design a strategy to convince your client to acquire Apple Inc. This client always uses debt to improve itsinvestment return. The required rate of return for this client is at least 20%.It can borrow a five-year loan at 4% interest rate. The lender requires aseries of principal payments: 5% in year one and year two, 7% in year three,10% in year four, and the rest principal pay-off in year five. You need to workon the spreadsheet and show your client that based on capital budgetingcriteria this investment can meet the client’s requirement if the clientapplies the strategy you recommend.

根据公司估值，你认为收购方必须支付至少15%的溢价。请设计一个策略来说服你的客户收购苹果公司。这个客户总是用债务来提高投资回报。该客户要求的回报率至少为20%。它可以以4%的利率借5年期的贷款。贷款人需要支付一系列本金：第一年和第二年支付5%，第三年支付7%，第四年支付10%，其余本金在第五年支付。你需要制作电子表格，并向你的客户展示，如果客户采用你推荐的策略，根据资本预算标准，这项投资可以满足客户的要求。