[CFA错题笔记15-
corporatefinance&portfoliomanagement]
本次做的题目是bookshelf 的R36-R43共189道题，下面分享43道错题：
R36 cost of capital
2.Which of the following statements is correct?
A.The appropriate tax rate to use in the adjustment of the before-tax cost of debt to determine the after-tax cost of debt is the average tax rate because interest is deductible against the company's entire taxable income.
B.For a given company, the after-tax cost of debt is generally less than both the cost of preferred equity and the cost of common equity.
dorisC.For a given company, the investment opportunity schedule is upward sloping because as a company invests more in capital projects, the returns from investing increase.
正
确
答
案
：
B
考点：R36 2.1. Taxes and the Cost of Capital&2.3. Applying the Cost of Capital to Capital Budgeting and Security Valuation
【Doris 叨叨】
题目大意：
下面哪一个表述是正确的：
A.适当的税率用于调整债务的税前成本，以确定债务的税后成本是平均税率，因为利息可抵扣公司的全部应税收入；并不是全部，只能抵扣部分。
B.对于一个给定的公司来说，债务的税后成本通常低于优先股的成本和普通股的成本；税可以递减部分成本，因此税后成本低于税前成本。
C.对于一个给定的公司来说，投资机会表是向上倾斜的，因为在资本项目中投资越多，投资的回报就越大；投资机会表是向下倾斜的。
4.Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If
D ot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:
A.6.2 percent.
B.6.4 percent.
C.6.6 percent.
正
确
答
案
：
C
考点：R36 2.1. Taxes and the Cost of Capital 【Doris 叨叨】
题目大意：Dot.Com决定发行面值1000，息票率8%，半年付息一次，五年到期，价格900的债券，如果Dot.Com的税率是38%，它的税后债务成本是？
PV=-900,FV=1000，PMT=40(1000*8%/2)，N=10，CPT-1/Y=5.3149%
YTM=5.3149%*2=10.62985%
税后成本：10.62895%*（1-38%）=6.59%
10.Wang Securities had a long-term stable debt-to-equity ratio of 0.65. Recent bank borrowing for expansion into South America raised the ratio to 0.75. The increased leverage has what effect on the a
sset beta and equity beta of the company?
A.The asset beta and the equity beta will both rise.

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