5.

5.2



, ..
.

, .. .
,
:
; , .
, .
0, , 350 . . 400 . .
, , = 400,
14,3%: (400 - 350)/350 = 0,143.
, ,
,
.
100 . .
250 . . , , 10% .
(10%), , ,
, .
,
, , , ,
.
. 100%-
14,3%, 100 . .
25%: 50 . - (0,1 250 .) /100.
.
(financial leverage).
"" (
) . ""
, (
, , , 400 .
.) ( ).
10%
, 20%.

.

:
10%.
14,3%, , ,
, 14,3%,
14,3%: (50 0,143 250)/100 = 0,143.
152

 5.

,
( ) . ,
,
. (
)
, .
( , , ,
), .
,
. (
) .
,

. ,
. ,
(D/V)
,
.
,
,
( ).

. ,
,
, ,
.

, , .

/5 :

153

 5.

. ,
400 . ., 405 ., .. 10% (405 - 350 =
55, (55 - 50)/50 = 0,1), 20%
( 10% (25 . .),
30 . (405 - 350 - 25 =
30), .. 20 % ((30 - 25) / 2 5 = 0,2 ).
.
, ..
,
.
25% - 14,3% = 10,7%.

( )

.
1. :
(R), .. / ;
, .. (I earnings before in terest
and tax) / ;
, .. / =
, / ,
2. .
- ,

, .

,
.
( ),
. ,
10 % 10%- . ,
154

 5.

, 10%
.
.
.
. 5.1.
( )
:

(I)
(I):
I = = QP Qv - F, Q
( ), , V
, F .

= (I- I)(1 - *), I , *

.
155

 5.

= ( I - I)(1-T*) = ( IT)(1-), I = 0 (
,
).

, ,
. ,
1,6, 8%
1,6 8% = 12,8%.

Z 35% (. 5.2).

:
1)

;
2)
= (1
I) = (1 /) / ;
3)
, .

156

 5.

.

.
:
(
).

.
:

t , - I/
/ , R = / .

V 1?

, (D/S)
. .
( )
, ,
.
, .
: =
( - %) D/S, % .
(14,3%
10%)(250/100) = 10,75%.
(1 t).
(1 0,35) (14,3% - 10%)(250/100) = 7%.

.: .. . .: , 1998.

157