公司理财习题答案
第二十二章
Payoff at expiration (million) 1. Call
2. Buy N shares Borrow Net payoff
22.27
$250 $0 $250N -$250N $0
$650 $350 $650N -$250N $400N
To equate, $400N = $350 N = 0.875 shares of assets.
Thus, borrowing amount = $250 ? 0.875 / 1.07 = $204.44 million
Call value = Value of 0.875 shares of the asset + Borrowing $204.44 million = $350 million - $204.44 million = $145.56 million The value of the equity = $145.56 million The value of the debt = $400 - $145.56 = $254.44 million
Payoff at expiration (million) 1. Call
2. Buy N shares Borrow Net payoff
$100 $0 $100N -$100N $0
$800 $500 $800N -$100N $700N
To equate, $700N = $550 N = (5 / 7) shares of assets.
Thus, borrowing amount = $100 ? (5 / 7) / 1.07 = $66.76 million
Call value = Value of (5 / 7) shares of the asset + Borrowing $66.76 million = $285.71 million - $66.76 million = $218.95 million The value of the equity = $218.95 million The value of the debt = $400 - $218.95 = $181.05 million
Thus, bondholders prefer the less risky project.
Answers to End-of-Chapter Problems B-201
