(求救finance jj入)WACC and MM proposition

assume no tax rate
喺我的理解，rs = r0 + (B/SL ) (r0 – rB) 應該由上面條式調換出嚟(r0=wacc)


但係到with tax呢條式，調換之後根本得唔出

rs = r0 + (B/SL ) (1 – TC) (r0 – rB)

我嘗試reposit WACC with tax條formula
r0 =( SL /(B+SL )) rs +(B/(B+SL )) rB (1 – TC)
r0(B+SL )= SL rs+ B rB (1 – TC)
B r0 + SL r0 = SL rs+ B rB (1 – TC)
B r0– B rB (1 – TC)= SL rs– SL r0
B(r0- rB (1 – TC))= SL(rs–r0)
(B/ SL )(r0- rB (1 – TC))= rs–r0
r0 + (B/ SL )(r0- rB (1 – TC))= rs
rs= r0 + (B/ SL )(r0- rB (1 – TC))
最後條式唔同。點解without tax條式可以得出formula，但係到with tax就唔得?

推，問咗lecturer，佢都係答廢話，全能的連登巴打救我

想問埋
return on equity=cost of equity
return on asset 係咪=WACC?

呢題佢用直接計return on equity=cost of equity
我可唔可以計咗return on asset=WACC先，再用WACC formula計返cost of equity?

但係出黎個答案同就咁計cost of equity唔一樣，點解的

推

Fina2320

小弟唔係hku，想請問ching讀過類似的嘢可以指教小弟嗎

唔會係 FINA5010 呱！

非三大，小弟廢柴poly仔，多謝ching推po

咩大都係教得咁廢，上 YouTube 聽人講解好過

有時候覺得自己冇腦apply條formula咪算搞咁多做咩，但係個腦又控制唔倒自己係咁諗。根本可以好快温完的一科，自己就卡住自己，諗唔明就無心機温下一課

youtube睇咗好多了，d片都係就咁講條formula。第二條問題上網search過問埋lecturer但係都係模稜兩可

推

推

推

推

邊個教你咁計WACC
做咩減interest

因為你用net profit 搵果個value 係for equity only

why don't you just read the original paper of MM theorem
https://www.jstor.org/stable/1809167
formula 12.c in the paper is MM proposition II with tax, the paper shows the derivation.

perpetuity唔係cf/(wacc-g)咩？佢都冇俾g你咁點計

清 你conecept都未清出post想比人屌嗎？
return on equity = cost of equity
Return on asset = wacc

Mm proposition 係assume efficient market, no tax no asymmetric info, 姐你當mm 係fairytale
你第一條wacc式先成立

第2式 係mm assumptions don’t hold, 有tax
咁你有tax, cost of debt 變左要adjust tax, 你重點會有同一條式？

Perpetuity 可以係 cf/r
Cf / (r-g) 係constant growth model

佢條題目有話冇growth?

唔該ching咁多回覆入面你最有料
return on equity = cost of equity
Return on asset = wacc
學後份notes完全無寫，我都係睇youtube片估返黎
另外mm proposition 2嗰part上面有位ching畀咗link,我聽朝睇下個original paper
想問下點評價#3用wacc條式計唔返cost of equity個數
條題目直接用net income/equity揾cost of equity
我用net income/asset 再sub落wacc條式計cost of equity，但兩個方法得出唔同結果，點解的

唔該各位巴打，mm proposition條式的問題我會自己再研究下，宜家我個疑惑去咗#3條問題
我用wacc條式計唔返cost of equity個數
條題目標準答案直接用net income/equity揾cost of equity
我用net income/asset 再sub落wacc條式計cost of equity，但兩個方法得出唔同結果，點解的

揾net income/asset=wacc