下面这一道财管题,有没人会做?或者该在哪里贴这个贴,可以得到正确答案?

Ralph & Company: Funding Growth


Ralph & Company, manufacturer of Brown Thumbs plant food, is considering various positive NPV capital budgeting proposals.  With an increasing number of people trying to reduce their food bill, the market for plant food is growing rapidly as consumers grow increasing amounts of vegetables in their own home gardens.  
儸伕公司，一個生産食物的加工企業，正在考慮用不同的有正值的NPV的資本預算方案。
The firm has historically had a very generous dividend policy, and as a result, does not have very much cash on hand to fund growth.  Thus, Ralph & Co. is contemplating issuing $6,575,000 of new capital.  Ralph & Co. is currently all-equity financed and has 450,000 shares outstanding that are trading at $51 per share.  The company went public several years ago, with the intent of raising capital to fund its rapid growth.  Since then, the firm has experienced very good financial performance.  In the last three years, sales have grown at an average annual rate of 8%, and net income has grown 5% per year.  These growth rates are slightly above industry averages.
這個公司的有不錯紅利政策，所以呢，手頭沒有多少現金去融資來發展。因此，儸伕公司很嚴格考慮發放6575000美元的新的資本（來融資）。儸伕公司現在是個完全股本資產的企業，擁有450000的股票，每股市值51美元。公司爲了資本的增長來適應企業發展，才在最近幾年上市的。 因此呢，公司的財務表現很不錯。 在最近的三年裏面，銷售每年增長8%， 淨利（net income）每年增長5%, 這些增長率比同行企業略微高出。
Ralph Morganston, founding member of the board of directors, strongly prefers that the firm raise additional equity capital and remain debt-free.  His standard response to any suggestion that the firm incur debt is, “My great-grandfather always said that you are slave to your lender.  I think it’s better to be your own boss and not owe people money.”  However, other members of executive management argue that current market conditions are not favorable for an equity issue because investors do not seem to understand the opportunities inherent in an expansion of the plant food market.  Thus, they recommend that the firm issues debt to raise the required capital.
儸伕•摩根斯通， 董事會的其中一個創始人，更願意用發放更多的資本來融資。 但是其他公司的執行董事認爲用債券來融資更好。

Your firm has been brought in to help resolve the difference of opinion between Mr. Morganston and other members of management, and to make a recommendation concerning how the capital should be raised.  Ralph & Co. anticipates needing the additional funds only for a relatively short period of time because the proposed new projects return large amounts of cash quite early in their life cycle.  Thus, if the firm does issue debt, it will amortize it in equal annual installments over the next 6 years.
你的公司受僱于他們來建議他們用哪种融資方式更好。儸伕公司預計只會需要這些格外的資金在想對短的一段時期，因爲新的項目在短期會有很大的資金回報。因此呢，假設公司發放債券，就會用接下來的6年時間來分期付款還清。


Based on your analysis of the company’s financial health and current market conditions, you believe that the firm can borrow at an interest rate of 7%, while you observe that the current rate on 30-year treasury bonds is 4.5% and the beta of comparable publicly traded firms (with an average debt to equity ratio of 40%) is 2.3.  Using the proposed six-year amortization schedule, the annual payments of principal and interest on the loan will be $1,358,186.65 for each of the next 6 years.  The firm is in the 40% tax bracket.  
根據你對公司的財務狀況和市場的狀況分析，你認爲公司可以在利率7%借債，並且你知道現在30年期的政府債券是4.5%利率，一個項類似的公司的beta貝塔值是2.3（但是這個公司的債務和權益的比是40%， debt/equity=40%）。通過6年期的分期付款計劃表得出，每年的支付會是$1358,186.65（其中包含利息和本金）。公司的稅率是40%。



If Ralph is able to raise the full amount of $6,575,000, it will be able to accept all the proposed projects, which have a combined NPV of $4,000,000.  This NPV is not currently impounded into the stock price (investors will become aware of these investment opportunities only after the new capital is issued).  Assume that all new projects will be accepted immediately after the new capital is issued.  Assume also that, if the firm issues debt, the probability of financial distress is negligible.
如果儸伕公司可以融到6575000的資本，它將有能力接受所有的提案，總共會有4000000的淨現值。這個淨現值還沒有反映到現在的股價裏面（投資者只有在新的資產發放以後才會知道新的投資機會）假設所有的項目在資本發放以後會立刻接受。
並且假設，如果公司發放債券，財政危機的幾率忽略不計。




Guidelines for Case Analysis
The case analysis is to be completed in groups of up to four students.
It is a violation of academic integrity to do any of the following:
(1) Free-ride on the work of other group members;
(2) Copy all or part of the work of another group;
(3) Discuss any aspect of the case with another person outside of your own group, whether or not he/she is currently enrolled in FIN425.

Refer to the document, “Guidelines for ALL Case Write-ups” for specific instructions about the format of your written report.  Your analysis of “Ralph & Company” should include answers to the following questions:

1)   What arguments could you make to the board in support of issuing equity to fund growth?  What problems, if any, might the firm encounter if it issued equity?

2)   What arguments could you make to the board in support of issuing debt to fund growth?  What problems, if any, might the firm encounter if it issued debt?

3)   Suppose Ralph decides to raise the additional capital using debt, and you wanted to value the firm using the weighted average cost of capital approach.  Explain carefully what additional information you would need (i.e., other than what is provided in the case description above) in order to compute firm value using WACC.  Why is Adjusted Present Value the preferred valuation approach?

4)   Suppose the firm decides to issue debt.  Estimate the value of Ralph & Co. after the issue of the debt.  Assume the debt is issued on the day of your valuation, and that debt repayments begin exactly one year after your valuation date.

5)   Given your answer in (4) above, what will be the price per share after the debt issue?  If your answer is different from the current share price of $51, explain why it is different.  If your answer is $51, explain why the share price is unchanged.

1）   什麽論證你可以給出讓董事會支持發放權益，同時假設他們發放權益的話會有什麽問題？
2）   什麽論證你可以給出讓董事會支持發放債券，同時假設他們發放債券的話會有什麽問題？
3）   假設儸伕公司用債券來增加資本，你想用加權平均資本成本來對公司估值（WACC）,仔細的解釋下所有的用來求答WACC參數? (怎麽選擇貼現率R)
爲什麽用調整后現值的方法更加好？
4）   假設公司決定發放債券，估計發放債券以後公司的價值，假設債券在你估值那天發放的，並且在整整一年以後開始還債。
5）   每股價值多少在債券發放以後，假設你的求出的價錢不是51.，解釋爲什麽，假設仍然是51，解釋你的價錢爲什麽沒有變化