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แบบฝึ กหัดวิ ชากง. 201 การเงิ นธุรกิ จ
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หัวข้อที่ 5 โครงสร้างเงิ นทุนและต้นทุนของเงิ นทุน (Capital Structure and Cost of Capital)
(โจทย์เป็ นภาษาอังกฤษเตรียมรับ AEC แต่ให้ตอบเป็ นภาษาไทย)
1. Nabil Corporation has the following after-tax costs of individual capital sources, book weights and market
weights:
Security Type
Long-term debt
Preferred stock
Equity
Book Weight Market Weight Before-Tax Cost After-Tax Cost
20%
20%
10.5%
6.8%
40%
30%
14.2%
14.2%
40%
50%
18.0%
18.0%
1.1) Calculate Nabil’s marginal cost of capital.
1.2) Ideally, how much of the company’s capital budget should be financed from each source if the budget is
$200,000.
2. Western Industries expects to have $150,000 in net profit at the end of this year. Nick Mundy, the financial
manager, estimates the cost of internal equity to be 18% and that of external equity to be 20%. The cost of
preferred stock is 16%, before-tax cost of debt is 15%, and the tax rate is 20%. Debt, preferred stocks, and
equity are used in equal proportions.
2.1) What is the maximum size of the capital budget before the company must sell new common stock?
Assume that Western pays no dividend.
2.2) Calculate the marginal cost of capital of Western if it plans to raise $450,000?
2.3) What happens to Western’s marginal cost of capital if the company raised more than $450,000? Explain
your answer.
3. The MAX Corporation is preparing to evaluate the company’s capital expenditure proposals for next year. To
start the evaluation, management must estimate the cost of capital for the company. MAX Corporation’s
financial vice president provides you with the following information:
- The market price of common stock is $50 per share.
- The dividend expected at the end of the year is $4.
- Expected growth in dividends is a constant 10% annually.
- The current capital structure of 40% long-term debt and 60% common equity is considered optimal.
- New bonds can be issued at face value with a 13% before-tax cost to the company.
- Anticipated earnings to be retained in the coming year are $3,000,000.
- The company has a 40% marginal tax rate.
3.1) Calculate the after-tax cost of the new bond issue.
3.2) Calculate the cost of retained earnings.
3.3) If management expects a 10% flotation cost on new stock issues, then what is the cost of new common
stock issue?
3.4) If MAX Corporation plans a $7,000,000 capital budget, what is the marginal cost of capital?