Page 55 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0649%u0644 %u062d%u0642 %u0627%u0645%u0644%u0624%u0644%u0641 55 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u06292- The Cost of Debt:The cost of debt is affected across different countries as follows:- The risk-free rate varies from one country to another, and this affects the cost of borrowing in these countries. The risk-free return may vary between countries due to differences in monetary policies, economic conditions, and the interaction between supply and demand for financing. The higher the risk-free return, the higher the cost of borrowing from that country.- The process of differing debt costs between countries also affects the choice of the optimal debt ratio within the financial structure of international companies.Cost of debt = risk-free rate + debt premiumExample 2:If the risk-free rate in the United States is 3%, the risk premium of US debt is 6%, and the corporate tax rate is 30%. A company is considering investing in Mexico. The risk-free rate in Mexico is 10%, the risk premium of Mexican debt is 5%, and the corporate tax rate is 30%. If you know that the cost of ownership for the US company is 18%, then: Determine the ideal financial structure for the company from the following scenarios:1. 30% US debt, 70% equity.2. 50% US debt, 50% equity.3. 20% US debt, 50% equity, 30% Mexican debt.4. 50% Mexican debt, 50% US equity.Answer:Cost of debt = Risk-free return + Debt premium Cost of debt in the US = (3% + 6%) = 9%After tax cost of debt in the US = 9% * (1 - 30%) = 6.3% Cost of debt in Mexico = (5% + 10%) = 15%After tax cost of debt in Mexico = 15% * (1 - 30%) = 10.5%*Note that the cost of debt in Mexico is higher than the cost of debt in the US, due to the higher risk-free rate in Mexico and the higher risk premium.WACC = weRe + wdRd (1-T)1. (30%*6.3%) + (70%*18%) = 14.49%2. (50%*6.3%) + (70%*18%) = 12.15%3. (20%*6.3%) + (50%*18%) + (30%*10.5%) = 13.41%4. (50%*10.5%) + (50%*18%) = 14.25%