17-9 第二步:计算 Pearson的r B rs=+-(1-Tc(-rB) 为了计算债务股权比率BS,需要先计算债务资产比。因 此,项目的价值为: $125$250$375$500 19.20 Pv .10)(.102(10)(.10)4( 1.08) PV=$943.50+6359=$1,007.09 B=$600when=$1.007.09soS=$407.09 $600 s=.10+ (1-.4010-.08)=11.77% $407.0917-9 第二步：计算Pearson的rS • 为了计算债务股权比率B/S，需要先计算债务资产比。因 此，项目的价值为： (1 )( ) S 0 C 0 B T r r S B r = r + − − = = + + + + 4 1 2 3 4 (1.08) 19.20 (1.10) $500 (1.10) $375 (1.10) $250 (1.10) $125 t t PV • B = $600 when V = $1,007.09 so S = $407.09. (1 .40)(.10 .08) 11.77% $407.09 $600 rS = .10 + − − = PV = $943.50 + 63.59 = $1,007.09