37风险筹资决策.xls

息税前利润5无风险报酬率10%平均风险必要报酬率14%所得税率40%债务市场价值债务资本成本权益b值00%1.2210%1.25410%1.3612%1.4814%1.551016%2.1债务规模为6时的资本结构为公司最佳资本结构，取得最小资本成本13.36%,最大企业价值22.4615105013%13%14%14%15%15%1919.52020.52121.52222.523债务规模资本成本企业价值资本成本企业价值债务市场价值权益市场价值企业价值资本成本权益资本成本权益市场价值企业价值020.2720.2714.80%14.80%20.2720.27219.2021.2014.15%15.00%19.2021.20418.1622.1613.54%15.20%18.1622.16616.4622.4613.36%15.60%16.4622.46814.3722.3713.41%16.20%14.3722.371011.0921.0914.23%18.40%11.0921.09.101440-1201012510130121401415516210资本成本14.80%14.15%13.54%13.36%13.41%14.23%