国际财务管理,(2)

Exhibit 1 GRAND METROPLITAN Summary of Percentage Weights of the Various Classes of Capital £Weights Book Market Column number(1)(2)Specified debts 33.0% 15.6% Unsepecified debts 1.6% 0.8% Convertible debts 1.0% 0.5% Preferred stock 0.2% 0.1% Common stock 64.2% 83.0% Exhibit 2 GRAND METROPLITAN Estimation of average Cost of Debt and Preferred Stock £Yields Book Market Value Value Weighted-average cost of debt(pre-tax)8.69% 8.63% Subord convert bonds 2002(after-tax)6.25% 9.75% Weighted-average cost of pfd 5.31% 10.27% Exhibit 3 GRAND METROPLITAN Capital-market conditions,April 1992 U.K.Gilt and U.S.Treasury Bond Yeilds(April8,1992)U.K.Gilts，Term Yeild to matu rity 1 10.5% 2 10.4% 3 10.3% 5 10.00% 10 9.8% 15 9.6% 20 9.6% Equity Market Risk Premium Geometric Mean Historical market premium london 4.1% New york 5.6% Long--term expected rates of inflation United Kingdom 4.3%annually United States 2.7%annually Germany 4.0%annually 1、kwacc=ke*EV+kd*DV*(1-t).Ke is the risk-adjusted cost of equity;Kd is the before tax cast of debt and t is the tax rate.V means D plus E.E is the arket valueof the firms equity.D is the market value of the firm’s debt.Kcs=Rf+β(Rm-Rf)=9.6%+1.14*4.1% =14.274% kwacc=kcs*EcsV+kps*EpsV+ksud*DsudV*(1-t)+kcd*DcdV

=14.274%*83%+10.27%*0.1%+8.63%*(15.6%+0.8%)*(1-35%)+9.75%*0.5% =12.826398% 2、wacc based on the US market Kcs=Rf+β(Rm-Rf)=7.83%+0.8*5.6% =12.31% Kwacc=kcs*EcsV+kps*EpsV+ksud*DsudV*(1-t)+kcd*EcdV =12.31%*83%+8.57%*0.1%+6.96%*(15.6%+0.8%)*(1-34%)+8.07%*0.5% =11.01957% 1+k£1+k$=1+12.826398%/1+11.01957%≈1.01627486 1+π£1+π$=1+4.3%/1+2.7%≈1.01557936 Because 1.01627486≠1.01557936 So they are not the same.3、Exhibit 8 company D/V T T β Restaurant--Retailing Natinal PIZZA 58% 36% 0.95 Food Processing Cadbury--SCHWEPPES(UK)21% 28% 0.83 Drinks Labatt(CANADA)38% 34% 0.75 4、(1)Restaurant-Retailing(select Natinal PIZZA Company)Rf=9.6%(Ex9)Rm-Rf=4.1%(Ex9)β=1(Ex8)t=36%(Ex8)D/V=58% E/V=42%(Ex8)Ke=Rf+β（Rm-Rf)=9.6%+1*4.1%=13.7% Kd=9.75%(Ex7)Kwacc=ke*EV+kd*DV*(1-t)=13.7%*42%+9.75%*58%*64%=9.3732%(2)Food Processing(select Cadbury-SCHWEPPES(UK)Company)β=0.83(Ex8)Ke=Rf+β（Rm-Rf)=9.6%+0.83*4.1%=13.003% Kd=9.75%(Ex7)t=28%(Ex8)D/V=21% E/V=79%(Ex8)Kwacc=ke*EV+kd*DV*(1-t)=13.003%*79%+9.75%*21%*72%=11.74657%

(3)Drinks(select Labatt(CANADA)Company)β=0.75(Ex8)t=34%(Ex8)D/V=38% E/V=62%(Ex8)Ke=Rf+β（Rm-Rf)=9.6%+0.75*4.1%=9.63075% Kd=9.75%(Ex7)Kwacc=ke*EV+kd*DV*(1-t)=9.63075%*62%+9.75%*38%*66%=8.416365% Exhibit 8 company D/V T T β Restaurant--Retailing Wendy ’ s Intl 30% 34% % 1.15 Food Processing Tesco(UK)11% 32% 0.73 Drinks Molson(Canada)59% 34% 0.75 5、On the basis of Exhibit9 Rf=7.83%(Ex9)Rm-Rf=5.6%(Ex9)On the basis of Exhibit7 Kd=8.07%(1)Restaurant-Retailing(select Wendy’s Intl Company)On the basis of Exhibit8 β=1.15 t=34% D/V=30% E/V=70% Ke=Rf+β（Rm-Rf)=7.83%+1.15*5.6%=14.27% Kwacc=ke*EV+kd*DV*(1-t)=14.27%*70%+8.07%*30%*66%=11.58686%（2）Food Processing(select Tesco(UK)Company)On the basis of Exhibit8 β=0.73 t=32% D/V=11% E/V=89% Ke=Rf+β（Rm-Rf)=7.83%+0.73*5.6%=11.918%

Kwacc=ke*EV+kd*DV*(1-t)=11.918%*89%+8.07%*11%*68%=11.210656%(3)Drinks(select Molson(Canada)Company)On the basis of Exhibit8 β=0.75 t=34% D/V=59% E/V=41% Ke=Rf+β（Rm-Rf)=7.83%+0.75*5.6%=12.03% Kwacc=ke*EV+kd*DV*(1-t)=12.03%*41%+8.07%*59%*66%=8.074758%

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