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This paper has derived an impedance formula for conductor's semiconducting layer based on a conventional circuit theory. The formula is confirmed to be identical to an accurate one derived by solving Maxwell's equation. A wave-propagation characteristic and a transient voltage on a cable having the semiconducting layer on the conductor's surface are evaluated by applying the derived formula, and are compared with those on a cable with no semiconducting layer. The semiconducting layer increases the conductor impedance, and thus, the attenuation constant is increased, and the propagation velocity and the characteristic impedance are decreased for a coaxial mode by the semiconducting layer, but the inter-phase mode of propagation is not affected. A transient voltage is attenuated more and its oscillating period becomes greater than those on a cable with no semiconducting layer. The effect of the semiconducting layer impedance on the wave-propagation characteristic and the transient voltage is rather minor when the layer thickness is small and the resistivity is high, and the semiconducting layer effect is dominated by its admittance.