单选题
Oriency Company is considering a project that requires $56 million cash outlay and is expected to produce cash flow of $15 million per year for the next three years. Oriency"s tax rate is 35%, and the before-tax cost of debt is 6%. The current share price of Oriency"s stock is $27 and the expected dividend next year is $1.8 per share. Oriency"s expected growth rate is 2%. Assume that Oriency finances the project with 70% equity and 30% debt, and the flotation cost for equity is 3%. The appropriate discount rate is the weighted average cost of capital (WACC). Which of the following choices is closest to the dollar amount of the flotation costs and the NPV for project?
dollar amount of the flotation costs NPV for project
① $1176000 $2003910
② $1176000 $3435268
③ $1680000 $3435268
dollar amount of the flotation costs NPV for project
① $1176000 $2003910
② $1176000 $3435268
③ $1680000 $3435268
【正确答案】
A
【答案解析】[解析] 发行成本(flotation cost)是指当厂商对外发行新股时，向投资银行支付的相关费用。投资银行一般按照股本总额收取一定比例的费用，上述发行成本通常占全部股本总额的2%～7%。
在本题中，需要筹集的权益金额为56000000×70%=39200000(美元)。
由于权益发行成本为3%，从而可知权益发行成本金额为39200000×3%=1176000(美元)。
税后债务成本=6%×(1-35%)=3.9%
WACC=2.7%×70%+3.9%×30%=3.06%
在本题中，需要筹集的权益金额为56000000×70%=39200000(美元)。
由于权益发行成本为3%，从而可知权益发行成本金额为39200000×3%=1176000(美元)。
税后债务成本=6%×(1-35%)=3.9%
WACC=2.7%×70%+3.9%×30%=3.06%