解决方案如下-
Interest cost = 12% (250000) = 30000/- Earnings = EBIT – Interest cost = 50000 – 30000 = 20000/- (no tax rate) Shareholders earnings = earnings Shareholders earnings = 20000/- Market value (equity) E = shareholder’s earnings/ cost of equity Market value (equity) E = 20000/16%= 125000 Market value (Debt) D = 250000/- Market value (total) = E + D Market value (total) = 125000 + 250000= 375000/- Cost of capital = EBIT/ market value (total) Cost of capital = 50000/ 37500 = 13.33% Degree of financial leverage = market value (debt)/ market value (total) Degree of financial leverage = 250000/ 375000= 66.67%
现在，如果债务从250000增加到300000
利息成本= 12％(250000)= 30000 /-
收入= EBIT –利息成本= 50000 – 30000 = 20000 /-（无税率）
股东收益= 20000 /-
市值（权益）E = 125000
市值（债务）D = 300000 /-
市场值（总计）= E + D = 125000 + 300000 = 425000 /-
资金成本=息税前利润/市值（总计）= 50000/425000 = 11.76％
财务杠杆程度=市场值（债务）/市场值（总计）= 250000/425000 = 58.82％
从以上两种情况可以得出结论，如果债务增加，则企业值将增加，资本成本将减少。