(1)设长期债券资本成本为K:
1000×10%×(1-25%)×(P/A, K, 10) +1000×(P/F, K, 10) = 1051.19
75×(P/A, K,10) +1000×(P/F, K, 10) = 1051.19
估算债券投资收益率R= [75+ (1000-1051.19) /10]/[ (1000+1051.19) /2] =6.81%
K=6%时,75×(P/A, 6%,10) +1000×(P/F, 6%,10) = 1110.41 (元)
K=7%时,75×(P/A,7%,10) +1000×(P/F, 7%,10) = 1035.07 (元)
根据内插法,
长期债券资本成本=6.79%
(2)优先股资本成本= 100×12%/ (116. 79-2) = 10.45%
(3) 按照股利增长模型:普通股资本成本=4.19×(1+5%) /50+5%= 13.80%
按照资本资产定价模型:普通股资本成本= 7%+1.2×6%= 14.2%
普通股资本成本= (13.80%+14.2%) /2= 14%
(4)平均资本成本= 6.79%×30% + 10.45%×10%+ 14%×60%=11.48%。