使用以下数据计算公司的价值：税前收益(EBIT)= 500,000卢比/-债券（债务）= 250000卢比/-债务成本= 12％权益成本= 16％
解
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。