Вы находитесь на странице: 1из 7

,

.
,
2
Annuity in advance

,

Decision tree analysis
3
.
( )

4
Scenario analysis
.
(
5
Sensitivity analysis
)
.
,
6
Underwriter

.
, ,


7 ( ,
nnuity
.
)
.

8
Arbitrage
.
,
,

.
9 (
Arbitrage pricing theory

)
.
,
10
Asymmetric information
. ,
.
, /
11
Underlying asse
.
.
12
Book
B k value
l share
h

.
, ,
, .

Sunk costs
13

( )
.
,

Perpetuity
14
.
()
,

Beta coefficient
.
15
( )
.
/ ,
16
Broker
.
, .
,

, .
,
.
" ",
17
Warrant
.
" -",
- .
, ,
"" .
,
18
Mutual1y exclusivc projects
.

,
( ,
Interna1 rate of retum IRR
19
.

)
,
20
Intrinsic value
.
Within-the-firm risk,
,
21
Corporate risk

Agents

22

23
24

25

26

27

28

29
30

31

32
33

34
35
36

37

38


, .

Time value of money
,
,
.

Secondary market
, .
.

Leveraged buyout LBO
,

.
,

Treasury stocks
.

,

,
( ll premium

)
.
,
,

Residual dividend approach


.
, ,

,
. ,

, .

Efficient market hypothesis :
(
),
() (
)
(

, , ).
Marginal cost of capital
,


.

perating cash flows



, ,

Diversification


.
me
Divestiture
, . .
, .
(.
,
Stock dividend
).


, , ry
.

Dealer
.
.

Discounting
.
, ,

, ,
Discounted payback period

,

(. ).
.

Variance
.
(
)

39
40


( )

Yield to maturity
Stock split
Sole proprietorship

2.
,

.

: .
,
.


(
41 ,
,
)

42

43


( )

pportunity cost

Investment banker

Profitability index (PI)

44

Insiders

45

Exercising the option

46

Covariance

47

Limited partnership

48


( )

Future value
Terminal value

49

Consol

50

Correlation

51

Correlation coefficient

52


53 (
)

54


55

56


57 (
)

58
( )

Inventory turniver ratio


, .

.
- ,
,
, ,
, ,
.

, .
.
,
. ,
10% .
, .
,
.
, ,

,
, ,

.
.
.
.
,
.
.

,
-1 +1..
,
,

.
- ,
:
: .

.

urrent ratio

Retention ratio

, .

Retum n assets - ROA


Retum n equity - ROE
Quick ratio
Acid-test
Profit margin n sales

59

Cumulative stocks

60

Coupon



,
.
.

-
.

.
,
,
.
,
.

.



Operation leverage
61
( )

.



.

. ,
.

Financial leverage
62
, le
( )

(. ).
,
63 JI
Salvage value

,
64
Security market line
,
.

. (

Safety margin
), (
)


Expected retum
65
, .
( )
,
66
Dividend growth mode
,
.


Capital Asset Pricing Model


67 (
.

,
,
,
)
,
, .


Agency costs
68
, ,
( )
.
.
,
69
Independent project
.
,

Debenture
70
.
( )
,
Non-normal project;
.
71
Unconventional project
.
,

.
( ,
Non-systematic risk
72
.
,
.
)
73 Nminl interest rate

,

Coupon rate
74
.
( )

,

: ,
75
Normal distribution
.

() ().
,

Capital rationing
76
.
( )

77

Bond


( )

Discount bond

79

Callable bond

78

80

Comn with limited


liability

81


( )

Cmmon stock

82

transaction costs

83

Option

84

Cll price of bond

85

Deferred taxes

86

Primary market

87

Payback period

88

()

89

90

( )

Takeover

Partnership

Portfolio

91

Marginal cost of capital


92 ( ,
)

Business risk

93

Preemptive right

94


(
)

Risk premium

,
. ,
,

,
. ,
,
.

.
,
. ,
, .
,
.
, ,
.

.
, .

, ,
, .

, ,
. ,

, ,
.
, , r
-,
.
( )
,
.
, -
.

.
,
,
,

, .
, ,
, ,
. II
,
, ,
.
,
.
,



,
.

.
. .
,
. - ,
.

.
,
. )

Compound interest

,
.

, , , ,
.
.
, , , . .,

(. ).
() ,
,
.

(. nn "
"), , (
) .
,

. ,
.
, .
,
.
,
.
, .
.
I .
,
.
.
,

.

.
.
.
,

apital budgeting

95

preferred stock

96

Capital gains

97


()

Derivative

98


" "

Best-effort underwriting

99


" "

Firm commitment
underwriting

100

Real interest rate

101

Capital markets

102

Market capitalization

103

Market portfoIio

104

SWAP

105

Undenvriting syndicate


106 ( ,
)

Systematic risk

107

108
(
)
109

110


( )

111

112
113

114

115


""

116


( )


117

.

.
,
Discount rate
.
, .

.
Risk-adjusted discount rate
,
.
, .
Hurdle rate
.
. .
Standard deviation
.
.

,
Capital structure

.
,
Dupont system
(ROA),
( ).
Weighted average cost of
capital

Present value

Agency theory

.
,

.

118

Signaling theory


( )

Break-even point

119

120

Break-even point


121 ( x
;

Annuity factor

122

Financial intermediaries

123

Financial risk

124


( )

Sinking fund

125

Forward contract

126

Utility function

127

Futures contract

128

Characteristic line

129

Hedging

130

Holding mn

131

Cost of capital

132

Cost of equity


133 ( ,
Net present value -NPV
)
Effective annual interest
134

rate
135

Efficient frontier

136

Efficient portfolio

137

Effective rate

,
, ,
. ,
. ,

.
.
,
, .
,
, ,
. ,

. . n .
,
, .

.
:
,
.
: ,
, .
,

.
,
.

. . .
,
.




.


. ,

. .
,
.
,
.
.
,
,
.

. .
,
.
.
.

.
,
.
,
,

.
,


,
, ,
.

Оценить