*

* (Cost of Capital) (Weighted Average Cost of Capital, WACC)

*9.1

*9.2 (Cost of Capital)()()

*

RD1g ()P0

* 9.1 10%NTD 1.13NTD 21.75

* ()()1%1%

* ()

E(Re) RfE(RM) e

* 9.2 ABC6%NTD 2NTD 151.56%15%

* ()

* (Cost of Debt)(YTM)YTM()YTM

* 9.3 ABC52.6%NTD 100,000NTD 102,825ABC

* (Cost of Preferred Stock)

P0DRp

* 9.4 ABCNTD 40NTD 2ABC

*9.3 (Weighted Average Cost of Capital)()

*

RERDRP

* 9.5 ABCNTD 100NTD 50NTD 50ABC

*RD(1TC)9.3ABC2%25%1.5% ( 2%(1-25%) )

* 9.6 ABC2%19.5%5%0.250.500.2525%WACCD/VRDE/VREP/VRP 0.252%0.519.5%0.255%11.5%WACCD/VRD(1-TC)E/VREP/VRP 0.252%(1-25%)0.519.5%0.255% 11.375%

*9.4 ABC

$100$50$25$25$200 ($100/$200)0.8($50/$200)1.2 ($25/$200)1.0($25/$200)2.0 1.075

(NTD)1000.80501.20251.00252.00

* ()1.7%9.0%ABCE(RABC)RfABC(E(RM) Rf) 1.7%1.075 9.0%11.375%11.375%ABC

*ABC10%XYZX0.5Y1.0Z1.52%8%XWACC2%0.58%6%YWACC2%18%10%ZWACC2%1.58%14%

* ()9.1 XYZIRRNPVXYZXYZ

* ()WACCWACC

*WACC9.2

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