參考答案

(1)海榮公司汽車制造項(xiàng)目的稅后債務(wù)資本成本=10%×(1-33%)=6.7%
(2)A的β資產(chǎn)=1.1000/[1+(1-15%)×2/3]=0.7021
B的β資產(chǎn)=1.2000/[1+(1-33%)×1]=0.7186
C的β資產(chǎn)=1.4000/[1+(1-30%)×3/2]=0.6829
β資產(chǎn)平均值=(0.7021+0.7186+0.6829)/3=0.7012
海榮公司的β權(quán)益=0.7012×[1+(1-33%)×2/3]=1.0144
海榮公司的權(quán)益資本成本=5%+1.0144×(10%-5%)=10.072%=10.07%
加權(quán)資本成本=10%×(1-33%)×40%+10.07%×60%=8.72%
(3)該項(xiàng)目的必要報(bào)酬率=6.7%×40%+10.07%×60%=8.72%