本次澳洲作业是商业金融代写的练习题
完美市场中的资本结构
以下信息适用于接下来的两个问题：
Lacuna Inc 是一家全股权医疗技术公司，专门从事医疗器械
通过有针对性的脑损伤来消除患者不需要的记忆。
该公司目前的总市值为 2.5 亿美元，其前
税收营业收入（即 EBIT）预计永远为每年 3675 万美元。
该公司历来有百分之一百的股息支付率和
打算继续保持这一政策。假设 Lacuna Inc 存在于
一个完美的资本市场世界。
Lacuna Inc 正在考虑通过借款进行杠杆资本重组
8000 万美元的债务用于回购其 1000 万股流通股中的一部分。
该公司可以以每年 4.20% 的利息成本安排这笔债务融资。
问题 1
Clementine 是目前拥有 Lacuna Inc 500 股股份的投资者。假设
克莱门汀没有被 Lacuna Inc 回购，其中包括
以下最接近她每年可以预期收到的总股息
在公司进行杠杆资本重组之后？
2,455.15 美元
2,702.21 美元
2,120.75 美元
1,929.48 美元
1,669.50 美元
问题2
假设 Lacuna Inc 继续进行杠杆资本重组提议，并且
Clementine 不喜欢公司的资本结构变化。
下列哪项是克莱门汀必须采取的行动
获得尽可能接近于她将拥有的年度现金流量
在 Lacuna Inc 的原始全股权资本结构下收到？
一种。借入 $5,875.00 并购买 235 股股票
湾出售 265 股股票并借出 6,625.00 美元
C。出售 235 股股票并借出 5,875.00 美元
d.借入 6,625.00 美元并购买 265 股股票
e.出售 230 股股票并借出 5,750.00 美元
F。借入 $4,000.00 并购买 160 股股票
G。出售 340 股股票并借出 8,500.00 美元
H。出售 160 股股票并借出 $4,000.00
一世。借入 $8,500.00 并购买 340 股股票
Capital Structure in Perfect Markets
The following information applies to the next TWO questions:
Lacuna Inc is an all-equity medical technology firm that specializes in devices used
for the erasure of a patient’s unwanted memories through targetted brain damage.
The firm currently trades at a total market value of $250.00 million with its pre-
tax operating income (i.e. EBIT) projected to be $36.75 million each year forever.
The firm has historically had a one-hundred percent dividend payout ratio and
intends to maintain this policy going forward. Assume that Lacuna Inc exists in
a world of perfect capital markets.
Lacuna Inc is considering undertaking a leveraged recapitalization by borrowing
$80.00 million of debt to repurchase some of its 10.0 million shares outstanding.
The firm can arrange this debt financing at an interest cost of 4.20% per annum.
Question 1
Clementine is an investor that currently owns 500 shares of Lacuna Inc. Assuming
that Clementine has none of her shares repurchased by Lacuna Inc, which of the
following is closest to the total dividends that she can expect to receive each year
after the firm has conducted the leveraged recapitalization?
a. $2,455.15
b. $2,702.21
c. $2,120.75
d. $1,929.48
e. $1,669.50
Question 2
Assume that Lacuna Inc proceeds with the leveraged recapitalization proposal and
that Clementine does not like the firm’s capital structure change.
Which of the following are the actions that Clementine must take in order to
receive as close as possible to the same annual cash flows that she would have
received under Lacuna Inc’s original, all-equity capital structure?
a. borrowing $5,875.00 and buying 235 shares of stock
b. selling 265 shares of stock and lending $6,625.00
c. selling 235 shares of stock and lending $5,875.00
d. borrowing $6,625.00 and buying 265 shares of stock
e. selling 230 shares of stock and lending $5,750.00
f. borrowing $4,000.00 and buying 160 shares of stock
g. selling 340 shares of stock and lending $8,500.00
h. selling 160 shares of stock and lending $4,000.00
i. borrowing $8,500.00 and buying 340 shares of stock