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Fundamentals of
Financial
Management
twelve edition
University
University of Tennessee
Prentice Hall
FINANCIAL TIMES
12-
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2008
()65.26
17
336.7
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ISBN 978-5-8459-1074-5 (.)
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All rights reserved. No part of this publication may be reproduced, stored in retrieval system, or transmitted in
any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior
written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the
Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W I T 4LP.
Authorized translation from the English language edition published by Prentice Hall, Inc., Copyright 2006.
Russian language edition published by Williams Publishing House according to the Agreement with R&I
Enterprises International, Copyright 2008.
ISBN 978-5-8459-1074-5 (pvc.)
ISBN 0-2736-8598-8 (.)
"", 2008.
Pearson Education Limited, 2005.
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(Michael Woatich),
, :
. 10.3 D & B Composite Rating Reference Book Key to Ratings. , D & B 2003, p. 269 "What is needed to make a 'just-in-time'
system work", Iron Age Magazine, June 7, 1982.
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Alice Magos, "Ask
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t o o l k i t . c c h . com. Business Owner's
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Web-
www.
n e w y o r k f e d . o r g / e d u c a t i o n / f x / i n d e x . h t m l ; Dell Inc.
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The Economist Newspaper
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Finance and Strategy Clash?" ( Barwise P., Marsh P. R. Wensley R.), Oc
tober 1989. 1989 Harvard
Business School Publishing Corporation; ; Institute of Man
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Finance ( Hurt S.), April 2003.
2003 I M A . . ; Interna
tional Business "Taking the Bite Out of Exporting",
International Business ( Resnick R.), April 1992;
33
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and Ownership Structure", Journal of Financial Economics 3 (October 1976), p. 305-360.
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Barfield, Richard, "Shareholder Value: Managig for the Long Term", Accountancy 108
(October 1991), p. 100-101.
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Jensen, Michael C, and Clifford W. Smith, Jr., "Stockholder, Manager, and Creditor
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b) - ,
, ,
: 600 . . - 36 . . = 564 .
.
, .
.
c)
.
: 263 . . - 90 . . =
173 . .,
.
(467 . . - 173 . . = 294 . .)
.
2.
.
20,00
3200,00
32,00
5120,00
(.)
19,20
3072,00
11,52
1843,20
11,52
1843,20
5,76
921,60
16 000,00
2. ,
99
3. ) 2 .
. 100 . .
2%. ,
,
,
2%-
.
, ,
3%, 7%
.
, Wallopalooza Financial
(
) ,
1%.
3,5%,
6,5%.
,
, .
) 1% 100 . .
1 . .
4. ) ,
, : 9% - 7,25% = 1,75%.
) ,
, : 7,25% - 6% = 1,25%.
, .
Choosing a Business Entity in the 1990's. (Washington, D.C.: Coopers & Lybrand, LLP, 1994).
Fleischman, Gary M., and Jeffrey J. Bryant, "C Corporation, LLC, or Sole Proprietorship:
What Form is Best for Your Business?" Management Accounting Quarterly 1 (Spring
2000), p. 14-21.
Hartman, Joseph C, "Technical Note New Depreciation Rules for the Job Creation and
Worker Assistance Act of 2002 and Their Impact on Capital Investment", The
Engineering Economist Al (Summer 2002), p. 354-367.
Kidwell, David S., Richard L. Peterson, and David Blackwell, Financial Institutions,
Markets, and Money, (5th ed. Fort Worth, TX: Dryden Press, 1993).
Rexner, Christian, and Timothy J. Sheehan, "Organizing the Firm: Choosing the Right
Business Entity" Journal of Applied Corporate Finance 7 (Spring 1994), p. 59-65.
Rose, Peter S., Money and Capital Markets. (5th ed. Homewood, IL: Richard D. Irwin, 1994).
Van Home, James C, "Of Financial Innovations and Excesses" Journal of Finance 40 (July 1985).
. Financial Market Rates and Flows (5th ed. Upper Saddle River, NJ: Prentice Hall,
1998).
I Web-, (Wachowicz's Web World),
"" Web-, ,
, , (web.utk.edu/~jwachowi/wacho
world.html)
II
3 :
,
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,
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;
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.
, ,
.
X. . " "
: 1000 . ?
, ,
, (time value to
money). 1000 .
(interest).
, ,
(rate of interest)
(time value of money) .
,
, ,
. ,
, , 1000 .
2000 . ? ,
(time adjusted)
( ) ,
.
1
(interest)
, () ,
,
. ,
, .. .
.
,
. 1 ,
,
, ,
. ,
, ,
, .. . ,
. ,
. ,
,
. . .
104
II.
.
. ,
,
, 8%.
,
. ,
, , n- :
, (1,05) (1,05) = ((1,05) (1,05)(1,05)),
; ,
, .
,
, .
. ,
, . (,
,) ,
-,
, ,
,
.
, ,
,
, .
3
(simple interest) ,
( ) , , (principal),
( ) .
: , ,
(principal), ( ) ;
; ,
( ) .
(simple Interest)
, () , ,
(principal), ( ) ,
:
SI = P (i)(n),
0
(3.1)
SI ;
, , , ( )
( 0 );
i ;
.
3.
105
, , 100 .,
8%,
10 .
:
$80 = $100(0,08)(10).
(
) (FV ),
, ,
.
t0
,
FV = $100 + $100(0,08)(10)] = $180.
l0
FV =P +SI
n
P +P (i)(n),
0
, ,
FV=P [i + (i)(n)].
(3.2)
.
, i ,
(, ) (PV = ).
0
() (present value)
-
, .
, , - (3.2),
PV =P =FV,ftl+(i)(n)].
0
(3-3)
,
, , , ,
, ,
.
.
.
106
II.
. . 3.1 ,
(,
,
). ,
.
(compound interest)
.
, , ()
(), .
,
. " "
. ,
.
(compound interest)
, () ()
, , ( ) .
3.1. 1 .
8%
( . )
(.)
1,16
1,17
20
2,60
4,66
200
17,00
4 838949,59
( ) . ,
100 .
8%, 100 .
? ,
(
),
FV = (1 + ) = $100(1,08) = $108.
{
, ,
.
.
, 100 .
? , 8%,
(100 .) 108 .
3.
107
108 . 116,64 .,
8 . 100 ., 0,64 .
8 . ,
. ,
( ). ,
:
FV = (1 + 0 =
(1 + 0(1 + 0 = ^(1 +
= $116,64.
:
FV = FV (1+0 =
3
0(1 + 0 = -(1 + ~
3
= $125,97.
, FVn, ()
:
FV =P (\ + i)
(3.4)
FV=P (FVIF ),
(3.5)
in
FVIF , .. i
, (1+'). . 3.2,
10
100 . ,
.
in
3.2.
( 100 . , 8 % )
(.)
,
(8% (FV) ( . )
) (.)
100,00
8,00
108,00
108,00
8,64
116,64
116,64
9,33
125,97
125,97
10,08
136,05
136,05
10,88
146,93
146,93
11,76
158,69
158,69
12,69
171,38
171,38
13,71
185,09
185,09
14,81
199,90
10
199,90
15,99
215,89
108
II.
(3.4)
. , (1+) FVIF
i . ,
() (Future Value
Interest Factor, Terminal Value Interest Factor),
(3.5). . 3.3
, 1 15%.
() ()
.
. ,
8% ( F V I F ) ,
8%, , 9, 1,999.
(1,999) , 1 ., 8% ,
2 .;
.
( . I ,
.)
jn
8%9
3.3. 1 .
/ (FVIFln)
(FVIFJ = (1+/)
()
(I)
1%
3%
5%
8%
10%
15%
1.010
1,030
1,050
1,080
1,100
1,150
1,020
1,061
1,102
1,166
1,210
1,322
1,030
1,093
1,158
1,260
1,331
1,521
1,041
1,126
1,216
1,360
1,464
1,749
1,051
1,159
1,276
1,469
1,611
2,011
1,062
1,194
1,340
1,587
1,772
2,313
1,072
1,230
1,407
1,714
1,949
2,660
1,083
1,267
1,477
1,851
2,144
3,059
1,094
1,305
1,551
1,999
2,358
3,518
10
1,105
1,344
1,629
2,159
2,594
4,046
25
1,282
2,094
3,386
6,848
10,835
32,919
50
1,645
4,384
11,467
46,902
117,391
1 083,657
FVIF 1 . 8%
100 ., (
), 100 .
. 3.2. , ,
3.
109
,
.
. . 3.1
,
100 ., 5,10 15%. ,
, ,
. , ,
, , ,
.
. 3.1. 100 ., 5,
10 15% ( )
.
, ,
: , ,
, . ,
, , 10 . ,
, ,
10%. ,
,
.
II.
1 10
(.)
(1,10)
11,00
(1,10)
12,10
(1,10)
13,31
(1,10)"
14,64
(1,10)
16,11
-
1790 58 . , ,
.
2005 , ,
58 . 5% ,
?
. I FVIF 1 , 208 5%
, / 1 . 50
11,467 FVIF 1 . 15 2,079, , ,
,
,
2
FV i5 = P x ( 1 - H )
2
2 1 5
= (1+ (1 + (1 + / ( 1 + ( 1 + / ) =
50
50
50
60
15
,
.
, .
( ) .
, , .. ,
, , ,
. (, )
,
"" .
, . : "*" = ".
3.
111
,
, : 1000 .
2000 . ? ,
, ,
(opportunity cost) 8%
( , , , 8%
). 1000 ., ,
: 1000 . ,
, 2000 .,
? ,
-: , 8% ,
2000 .
? (present value)
2000 ., 10
8%. ( )
() (
3
).
( )
(discount rate, capitalization rate)
, ()
.
( ) ,
. ,
(3.4)
FV =P (l
n
iy.
:
PV =P =FV /(l+iy
0
= FV [l/(l + i)"].
n
(3.6)
Tc-c-c! ?
" 72" ,
Chicago White Sox 10 . .,
20 . . , .
, ?
,
, " 72". :
72 ()
, , i,
. 1000 . (
10 8% ) 2000 .
II.
112
, .
:
72/ =
72/5 = 14,4%.
,
6% , ,
12 , :
72/ =
72/6 = 12 .
, ,
, " 72"
, .
. ,
14,87% ,
[(1 + 0487) = 2]; " 72" 14,4%. ,
, 6% , 11,9
[(1 + 0,06) = 2]; " 72" 12. ,
" 72",
.
3
11,9
: [ l / ( l + z ) ? 2 ] ,
i% (FVIF ).
:
i% (PVIFJ). ,
(3.6) :
jn
PV =FV (PVIF ).
0
(3.7)
in
,
PVIF ,
,
(3.7), ,
. . 3.4
. (. II , ,
.)
(3.7) . 3.4,
() 2000 .,
10 , 8%. 8%
10 . 3.4 PVIF , 0,463.
, 1 ., 10 , 46
. , :
in
S%10
PV =FV (PVIF )
0
l0
&xw
= $2000(0,463) = $926.
3.
113
, ,
(926 .) 1000 ., ,
.
74 . (1000 . - 926 .).
,
(handicapping). ,
( , )
( )
, . ,
,
46 .
,
(PVIF). . 3.2
.
. 3.2. 100 .
5, 10 15%
,
100 ., 1-10
: 5, 10 15%. ,
100 ., , , ,
. ,
, , ,
114
II.
,
. 15%- 100 .,
10 , 24,70 .,
25 .
3.4. 1 . /
(PVIFJ
(PVIFJ = 1/(1
+;)"
()
(/)
1%
3%
5%
87.
10%
15%
0,870
0,990
0,971
0,952
0,926
0,909
0,980
0,943
0,907
0,856
0,826
0,756
0,971
0,915
0,864
0,794
0,751
0,658
0,961
0,888
0,823
0,735
0,683
0,572
0,951
0,863
0,784
0,681
0,621
0,497
0,942
0,837
0,746
0,630
0,564
0,432
0,933
0,813
0,711
0,583
0,513
0,376
0,923
0,789
0,677
0,540
0,467
0,327
0,914
0,766
0,645
0,500
0,424
0,284
10
0,905
0,744
0,614
0,463
0,386
0,247
()
,
( , 1,25 ) ?
. , ,
() ,
, , 1000 . 6%
, ,
15 (.. 1,25 ). FV = (1 + 0",
15 :
n
FV
126
=$1000(1 + 0, )
125
=$1075,55,
( ) . ,
, ,
,
. ,
.
, , 1000 .,
3000 . ,
( ), ,
() .
, , (3.5) , :
3.
115
FV =P (FVIF )
s
iS
$3000 = $ 1 0 0 0 ( / )
8
/ = = $ 3 0 0 0 / $ 1 0 0 0 = 3.
8
. 3.3 ,
, (FVIF),
3. 3
3,059, ,
15%. 3,059 , 3,
,
15%.
, ,
FVIF (1 + )
8
iS
(1 + ) = 3
8
(1 + ) = 3
1 / 8
=3
0 2 5
=1,1472
= 0,1472.
(. ,
1/8, 0,125. 3
0,125, [] ,
3, [], 0,125 , , [ = ] . )
(
). , ,
, ,
. ,
, , 1000 .
1900 . 10%- ?
,
( ), ,
, ,
. ,
, (3.5) , :
FV =P (FVIF )
n
i0%n
$1900 = $ 1 0 0 0 ( i W
FVIF
iQ%n
1 0 %
=$1900/$1000 = 1,9.
. 3.3 , 10%,
(FVIF), 1,9.
1,9
1,949, , .
1,949 , 1,9, ,
.
116
II.
, FVIF
:
10%n
(1 + 0,10)
(1 + 0,10)" =1,9
(,1) = , 9
= (In 1,9) / ( I n 1,1) = 6,73 .
,
, .
(In) .
. (.
(In 1,9) (In 1,1), [LN]
: 1,9, [LN],
[+]; 1,1, [LN] , ,
[=].)
. (annuity)
( ),
(). (ordinary annuity)
. . 3.3
( , ).
(annuity)
( ),
(). (ordinary
annuity) ,
(annuity due)
.
0
I
I
$1000
I
$1000
3
I
$1000
. 3.3- ,
1000 .
, . 3.3 1000 .
. ,
8% ,
. ?
. 3.4 ( );
.
3.
117
FVA ,
(FVA () ; R
( ) ):
n
R[FVIF ^
t
+FVIF _
in
i0
, FVA
(R), "
i% 0 1".
, :
n
FVA=R
(1+
= ([(1+0"-1]/0,
(3.8)
, ,
FVA=R(FVIFA ),
(3.9)
IM
FVIFA "
".
in
, ,
,
. ,
.
FVIFA . 3.5.
FVIFA . I I I .
. 3.5 ,
. 3.4, :
FVA =$1000(FVIFA )
3
S%3
= $1000(3,246) = $3246
, . 3.4. (.
. (3.8),
40 . ,
, .)
118
II.
$1000
$1000
$1000
$1000
1
1080
1166
8% 3 (FVA3) = $3246
. 3.4. ()
( R = 1000.;i = 8% =3)
3.5. 1 .
/% (FVIFA )
ln
()
1
(0
1%
3%
5%
8%
10%
15%
1,000
1,000
1,000
1,000
1,000
1,000
2,150
2,010
2,030
2,050
2,080
2,100
3,030
3,091
3,153
3,246
3,310
3,473
4,060
4,184
4,310
4,506
4,641
4,993
5,101
5,309
5,526
5,867
6,105
6,742
6,152
6,468
6,802
7,336
7,716
8,754
7,214
7,662
8,142
8,923
9,487
11,067
8,286
8,892
9,549
10,637
11,436
13,727
9,369
10,159
11,027
12,488
13,579
16,786
10
10,462
11,464
12,578
14,487
15,937
20,304
. 3.3. ,
1000 . ,
8% ,
. ( 0)
, 1000 . ? . 3.5
.
3.
119
$926
857
794
$1000
$1000
$1000
1-
2-
3-
$2577 = 8% 3 (PVA3)
. 3.5. ()
( R = 1000 .;
i = 8% = 3 )
. 3.5,
. ,
(PVAJ :
1
PVA = [1/(1 + ) ] + W ( l + ] + +
= R[PVIF
Ll
+ PVIF
+ 0" ]
+... + PVIF ].
in
, , PVA
(R),
" i
1 ".
n
PVA. = R 1 / ( 1 +
0'
(3.10)
:
PVA =R(PVIFA ),
n
(3.11)
PVIFA "
i ". . IV
PVIFA i , . 3.6
. I V .
, . 3.6,
1000 .,
8% (. . 3.5). . 3.6 ,
PVIFA 2,577. ( :
, 8% . 3.4,
PVIF.) (3.11), :
jn
in
S%3
PVA =$\000(PVIFA )
3
s%3
= $1000(2,577) = $2577
120
II.
() (perpetuity)
, "
".
,
, (perpetual bonds),
.
() (perpetuity)
, .
, (3.10)
. (3.10)
() , :
= [(1 - [1/(1 + 0" ] ) / ]
(- )
3
, [1/(1+0]'
, (3.12) :
12
= P [ ( l - 0 ) / i ] = P(l/z)
PVA_=R/i.
(3.13)
,
(),
, . ( )
, , 100 ., 8%,
1250 . (.. 100 . /0,08).
3.6. ,
1 . /
(PVIFAi,n)
(PVIFA, J
(n)
(i)
1%
3%
5%
8%
10%
15%
0,909
0,870
0,990
0,971
0,952
1,970
1,913
1,859
2,941
2,829
2,723
0,926
1,783
2,577
1,736
1,626
2,487
2,283
3,902
3,717
3,546
3,312
3,170
2,855
4,853
4,580
4,329
3,993
3,791
3,352
5,795
5,417
5,076
4,623
4,355
3,784
6,728
6,230
5,786
5,206
4,868
4,160
7,652
7,020
6,463
5,747
5,335
4,487
8,566
7,786
7,108
6,247
5,759
4,772
10
9,471
8,530
7,722
6,710
6,145
5,019
3.
121
( ) .
() ,
( ) ,
, : 1) ()
, 2) 3)
. ,
9500 .,
. ,
1000 . .
(
),
?
(),
, (3.9) :
FVA =R(FVIFA )
7
l7
$9500 = $ 1 0 0 0 ( * 4 , )
7
=$9500/$1000 = 9,5.
. 3.5 , ,
(FVIFA),
, 9,5. 9,5
9,549, ,
5%. 9,549 , 9,5,
,
5%. ( ,
,
, , .)
(
). ,
, () ,
( )
. (
). -
,
(sinking fund) (..
) (loan amotization) (..
).
,
,
() .
,
,
.
, 10 . .,
5%- ? (), -
122
II.
,
(3.9) . ,
, FVIFA , . 3.5.
:
5%S
FVA
R(FVIFA , )
5% S
$10000 = ^(9,549)
R = $10 000/9,549 = $1047,23.
, 1047,23 .,
10 .
. ( 5%- ).
. ,
,
(annuity due)
, . ,
, ,
,
.
. 3.6
1000 .,
8% (FVA ),
1000 ., 8% (FVAD^).
: ,
1, 2 3,
2, 3 4.
,
,
. , i
(FVADJ
3
in
(3.14)
,
, , ( ,
,
.) , ,
,
,
,
.
.
3.
]
$
1
\
$
\
$1000
I
123
* $1080
1166
1260
$3506
8% 3 (FVAD)
3
. 3.6. ()
( R = 1000 .;
i = 8% = 3 )
i
(PVAD ) . . 3.7
,
(1000 .) 8% (PVA ),
(1000 .) 8%
(PVAD ).
. 3.7,
. :
PVAD = RiPVIFA,^ ) + R =
= R(PVIFA ,_ + l).
(3.15)
,
,
. ,
, .
, n
ij
124
II.
, "".
PVADn :
PVAD =(i + i)(R)(PVIFA ).
n
(3.16)
in
.
(1,08)($1000)(PVIFAo ) = $2783 = ($1000)(FWA + 1)
(1,08)($00)(2,577) ' = $2783 = ($1000)(2,783) '
. 3.7. ()
(
R = 1000 .; = 8% = 3 )
. 3.7 , PVAD
. (3.15)
. , (. . 3.7),
.
,
, ,
( , . 3.7,
1, 2 3),
, .
(
1, 2 3)
.
8
/O] 3
8%| 2
3.
125
, ,
, ,
.
( ) .
, ,
.
: 5000 . , ( 1-
2- ) , 6000 . ( 3- 4- )
1000 . 5- (
5%- )?
(
) ,
( ), ,
, ( )
, (
" ").
. ( ,
, - "
". , , ,
. ?)
. 3.8 ,
""
.
, .
, .
, , ,
.
. 3.9. ,
.
1. ,
, .
2. ,
.
,
( ) .
, ,
, .
, - . ,
, .
. -
126
II.
,
, ( ,
, , ). ,
, - .
0|
PV = FV (PVIF o/ ) = $5000(0,907) =
4535
5184
4938
784
0] 2
0] 3
/o> 4
0] 5
5 % 5
201
==
. 3.8. ( 1) (
) (FV, = FV = 5000 .;
FV = FV = 6000.;FV = 1000.;i = 5% = 5)
2
2000 .
, . 65-
*:
()
(%)
21 ( . )
31 ( . )
41 ( . )
51 ( . )
425 487
222 870
109 730
46 552
773 011
344 634
146212
54 304
10
1 437 810
542 048
196694
63 544
21
31
41
51
12
2 716460
863 326
266 668
74 560
* , ,
]
3.
127
. ,
.
. , ,
. ,
128
II.
. ,
100 . (nominal) (
(stated)) , 8%,
:
FV = $100(1+[0,08/2]) = $104.
05
, 4%, 8%.
:
=$100(1 + [ 0 , 0 8 / 2 ] ) =$108,16 .
2
108 .,
. 0,16 . ,
4 .,
.
, .
() (nominal (stated) interest rate)
,
.
, ,
, m ,
:
FV =PV (l + [i/m]r
n
(3-17)
, ,
. ,
100 . ,
8%. :
= $100(1 + [ 0 , 0 8 / 4 ] )
<4)<1)
, , ,
.
:
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(4)<3)
:
FV = $100(1 + [0,08/ 2] )
( 2 ) ( 3 )
3.
129
:
FV = $100(1 + [ 0 , 0 8 / 1 ] )
(1)(3)
, ,
. (3.17)
, (continuous
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.
. ,
,
, .
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,
PV =FVJ(l+[i/m]r,
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, , FV ,
,
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(3.18), , , 100 .,
, 8%-
:
n
PV = $ 1 0 0 / ( 1 + [ 0 , 0 8 / 4 ] )
(4)(3>
, :
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3
,
,
. ,
.
. ,
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n
( )
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130
II.
, (1+[/]) ein,
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0
FV =PV (e) .
(3.19)
in
. 100 .
(
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FV =$100(e) '
(0
08K3)
= $100(2,71828)
(()
=$127,12,
:
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3
.
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10 20%-
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2
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,
.
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366 , ),
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m .
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,
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132
II.
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4
= (1 + [/tn]) -1
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1080,00
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1081,60
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133
,
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, , 22 . . 12%
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=
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,
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134
II.
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(4) 0,12,
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(4) -(3)
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FV =P (l
n
(3.4)
iy
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(3.5)
PV =FV[l/(l+iy]
(3.6)
PV =FV (PVIF )
(3.7)
iin
in
II
FVA =R([(l
(3.8)
iY-l]/i)
III
FVA =R{FVIFA )
(3.9)
(3.10)
PVA =R(PVIFA J
(3.11)
IV
=R(FVIFA )(i + i)
(3.14)
III
PVAD =R(PVTFA _ + l)
(3.15)
in
FVAD
in
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n
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iri
(3.16)
IV
3.
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2000
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, 0,0987 9,87%.)
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3.
145
22. - 30 1 0 0 0
2 0 0 0 , 14 .
2 0 0 0 4 0 0 0 , ,
4 0 0 0 8 0 0 0 .
( )
- (
)?
1. )
( . I ,
).
FV, ,
(.)
(.)
)
( . II ,
).
2. a)
PV ,
(.)
C
87,70
153,80
135,00
177,60
155,70
709,80
526,20
526,20
622,80
622,80
337,50
155,70
668,60
FV 1 = $ 5 0 0 ( 4
W
= $500([(1 + 0.035)
b)
(.)
FV
i0
2 0
3 5 % 2 0
- 1 ] / [ 0 , 0 3 5 ] ) = $14139,84
2 = $1000(FVIFA )
= $ 1 0 0 0 { [ ( 1 + 0,075)
75%i0
10
- 1 ] / [ 0 , 0 7 5 ] } = $14147,09
II.
146
c) 2 ,
( 7,25 .), 1.
d) 7%, 2 = $ 1 0 0 0 ( 4
1 0
3. , 25 .
.
%,
50 . . 12- . , 25 . .
. " 72", :
72/6 = 12%.
, , 50 .
. = 25 . .(7 ). , (FVIFX ) = 50 .
./25 . . = 2. . I ,
, ,
12% 1,974, 13% 2,082. ,
, :
2 0 0 0 - 1 974
% = 12%+ '
'
= 12,24%.
2,082-1,974
%6
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0
/20
%e
5. a)
%A
, R = 10 . ./2,914 = 3432 . (
).
(.)
(.)
(4) 0,14
(.)
(1) - (2)
(.)
(4) -(3)
(1)
(2)
(3)
(4)
3432
1400
2032
7968
3432
1116
2316
5652
3432
791
2641
3011
0
10 000
3432
421
3011
13 728
3728
10000
6. ,
1000 . (
1 20).
3.
147
. 1000 .,
, (.. ,
, ).
,
1000 .,
, :
FVA
i0%2
20
2 0
7.
= (i + [i/m]) -1 =
m
,
. 10 . . 7,06%,
(.
21/3 ), :
$10 000(1 + [ 0 , 0 7 0 6 / 4 ] ) ' = $10 000(1,041669) = $10 416,69
2
8. FV\ = $ 1 2 3 0 ( ^ / 4
5
5%65
33
) = $1230[([1 + 0,05]
65
-1)/(0,05)] -
= $1230(456,789) = $561861,54 .
, " "
(561 861,54 . - 80 000 .) = 481 861,54, 48 186 154
,
5% ,
.
9. ) 50 . .(0,08) = 4000 . ( )
Cissell, Robert, Helen Cissell, and David C. Flaspohler, Mathematics of Finance, 8
(Dallas, T X : Houghton Mifflin, 1990).
th
ed.
148
II.
Vichas, Robert P., Handbook of Financial Mathematics, Formulas, and Tables. (Englewood
Cliffs, NJ: Prentice Hall, 1979).
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(web.utk.edu/~jwachowi/part2 .html)
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:
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, . . Myron J. Got dan, The
Investment, Financing, and Valuation of the Corporation (Homewood, K: RichardD. Irwin, 1962).
v
4.
V = D /(k -g).
1
163
(414)
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), :
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LKN, Inc. t ~ 1 4 .,
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(4.17)
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1 6,67 . :
164
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= [(0,60)$6,67]/(0,14-0,06) = $50.
(4.17), :
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1,93
2 . (1,10)2=2,42 .
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2 . (1,10)3=2,66 .
0,675
1,80
2 . (1,10)4=2,93 .
0,592
1,73
2 . (2.10)5 = 3,22 .
0,519
1,67
$2(1,10)'
h
(1.14)'
8,99
2.
6
5 =
42,63
. 5
($42,63)(PV/F )
M%5
V = 8,99 . + 22,13 . = 31,12 .
, D , 2 . ,
, ke, 14%,
V. ( . . 4.1.)
0
$2(1,10)'
h
(1,14/
$3,41
(1,14)
(0,14-0,06)
166
,
. , , ,
10%- ,
8%- 6%- .
,
.
, ,
. , ,
.
, .
,
(
), ,
.
() , V,
, , ,
, (market required rate of return).
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, (yield),
. ,
,
,
. , ,
() ,
.
,
,
, .
,
.
0
: (YTM)
(yield to maturity YTM)
,
,
, kd,
( ) (yield to
maturity Y T M ) .
4.
167
,
.
()
(internal rate of return IRR).
,
. , ,
(4.4),
, .
, V, , , :
0
MV
I, MV ,
kd,
.
.
,
, .
.
,
, .
,
1000 . :
761 .; 12 ;
8% ( ).
,
. , 10%-
. . II
IV , ,
, :
0
V =
$80(PVIFA )
ia%A2
$lOQO(PVIF )
l0%i2
S80(PVIFA )
i5%12
$1000(PVIF )
l5XA2
168
II.
. ,
(761 .). ,
761 .,
10 15%.
(interpolation)
, -
.
,
10 15% .
8
:
= i + ^ . ,
L
4.
169
(bond discount)
, ,
, ,
(bond premium)
, , ,
.
(interest-rate (or yield) risk)
, .
1. ,
, ,
. ,
. ,
,
(bond discount).
2. ,
, ,
. ,
. ,
, (bond premium).
3.
, .
, .
, < ,
a YTM > ,
0
, =
, YTM = ,
0
, > ,
a YTM < ,
0
4.
, .
, .
,
.
,
. ,
,
(interest-rate risk, yield risk). ,
, , ,
170
II.
.
, ,
, .
5.
,
.
, ,
,
.
,
. ,
,
,
.
. 4.1 ,
. 5- 15-
.
,
. (
(4.22), .)
, , , (coupon
effect), .
6.
, .
,
.
, ,
(
). ,
,
. ,
,
, .
,
, , .
9
, , . Van , Financial
Market Rates and Flows, 6" ed. (Upper Saddle River, NJ: Prentice Hall, 2001), Chap. 6.
4.
7
8
9
10
11
171
12
, %
. 4.1. "-" .
"-"
Y T M .
,
, .
, .
,
, ,
(4.8) , V,
, . :
0
1/2
MV
(4.23)
kd/2,
.
Y T M
, ,
"" ( ) Y T M , , ,
,
(bond-equivalent yield). , ,
1 Y T M
1, ..
(1 + Y T M ) -1 = YTM .
2
172
II.
, , 3, Y T M
.
(4.10)
, V, , , :
0
P =D /k ,
0
(4.24)
D
, k
, .
(4.24) k ,
P
k =D /P .
p
(4.25)
, ,
Acme Zarf Company (10%
100 .)
91,25 . Acme
,
= $ 1 0 / $ 9 1 , 2 5 = 10,96%.
,
,
,
. , ,
,
:
=/(*.*).
(4.26)
(4.26) ke,
, :
k =D,/P +g.
e
(4.27)
,
.
(dividend yield) (DJP ),
(g) (capital gain
yield). , g .
.
(.. , / 1 g),
.
0
4.
173
,
40 . (,
, , 9%
2,40 . )?
, , , DJP&
, . ,
( )
^ D ( 1 + g)'
D,
0
(4.14)
174
II.
, , ,
.
, ,
( )
, .. ,
.
,
,
, .
.
.
(
).
(,
)
, ,
.
,
.
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,
-.
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.
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i
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, ,
:
V
175
DJk .
e
(4.19)
,
, ,
,
.
, V,
, ,
. ,
,
() .
0
, Y T M ,
,
.
.
,
, ,
.
,
.
,
,
.
1. ( )
/
?
2. ()
? , ?
3.
, ?
4.
, -
II,
,
?
5. 20- 8%,
15%.
,
? ?
6.
?
7. , IBM Corporation
. (EPS)
.
? ?
8.
?
? , ?
9. ,
, 30% ( ) ,
,
?
.
10. ,
, (ke - g)
.
? .
11. " 1000 .
! 999 .
,
999 .,
1000 ."
. " !
. , ".
, ,
.
, ""
30- .
, ""
,
.
4.
177
1. Fast and Loose Company 8%-
1000 .,
.
a) 15%,
?
b) ,
12%? 8%?
c) 8%, 15%,
(
, )?
,
8%?
2. James Consol Company
1,60 .
.
20% , 13%
,
7% .
.
16%-
. ?
3.
1000 . 935 .,
8%, 10 .
.
- , ,
. ?
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(..
) ?
b) I) ( )
? I I ) ( )
? (
.)
4. 1000 .
312 .;
10 .
) ,
(.. )
? (, -
178
II.
, ,
.)
) I) ( )
? I I ) ( )
? (
.)
Acme Rocket,
Inc. 1 .
; , ,
20 . , ,
6% .
a)
.
b) ?
c) ?
Peking Duct Company
, 14%
1000 .;
.
a) ,
I) 12%?
I I ) 14%? I I I ) 16%?
b) , , ,
, ,
.
,
I) 12%? I I ) 14%? I I I ) 16%? (
.)
4.
179
2. 1,
?
3. Superior Cement Company 8% ;
100 .
10%.
?
,
, 12%?
4. Health Corporation
20 . , ,
, 1 . .
23 .
, ?
5. Delphi Products Corporation
2 . . ,
15%, 10%,
5%. ,
, ,
18%?
6. North Great Timber Company,
,
1,50 . . , ,
9%
.
, 13%.
.
a)
.
b)
11%,
.
, , 16%.
c)
10%,
, , 14%.
d)
?
II.
4.
181
a)
(1 ) ?
b) ),
: I) (
) ? I I ) (
) ?
12.
, , 11,
, ,
.
1000 ., 10 .
a)
( Y T M ) . (.
,
Y T M ,
.
) 11
.)
b) ),
: I) (
) Y T M ? I I ) (
) Y T M ?
II.
182
( ), ,
Burp-Cola Company
?
a) ,
10%.
b) ,
9% .
c) ,
11% .
1.
) ) .
(.)
15%
1-3
80
2,283
182,64
2,402
192,16
1080
0,572
617,76
0,636
686,88
(.)
12%
15%
12%
(.)
(.)
879,04
800,40
. , ,
.
8%- , 8%-
, , .. 1000 .
) 1000 .,
15%.
(.)
8%
8% (.)
1-3
150
2,577
386,55
1150
0,735
845.25
(.)
1231,80
4.
183
2.
1 2. ,
()
(.)
PVIF )
1(1)
0,862
1,66
2(1)
0,743
1,71
3(1)
0,641
1,77
4(1)
0,552
1,83
5(2)
0,476
1,79
6(2)
0,410
1,74
7(2)
0,354
1,70
8(2)
0,305
1,65
|]
1W
13,85 .
D,
3.
9-
$5,41(1,07) = $5,79
8-
$5,79
= $64,33
(0,16-0,07)
(/c.-g)
64,33 ,
8-
($64,33)(PWF )
16M
($64,33X0,305) = $19,62
V= 13,85 , + 19,62 - 33,47 ,
, 8% ,
.
,
, Y T M .
Y T M (1 + Y T M ) - 1.
, :
2
SQ3
$40
&<1+V2X
=
($A0)(PVIFA
kd
,) +
/2 20
S I
(1+W2)
MV(PVIF
id
/2
20
).
II.
a) kd/2 ( Y T M )
,
, 4,5%.
b) I) Y T M ( )
2 4,5% = 9%.
c) II) Y T M ( ) (1 + 0,045) - 1 =
2
= 9,2025%.
4-
P =FV (PVIF . )
0
(PVIF
kj/2
20
) = / FV
0
20
kd/2 20
20
. II (. ) ,
20 6% 0,312;
,
( Y T M ) 6%.
b. I) Y T M ( ) = 2 ( Y T M ) =
= 2 (0,06) = 12%.
II) Y T M ( ) = (1 + Y T M ) 2 - 1 =
= (1 + 0,06)2- 1 = 12,36%.
5. a)
k =(D /P +g)
e
([D (l + g)]/P ) + g
0
+ 0,06)/ 20 . = 0,053
c) g = 0,06.
6. a)
I)
V = ($m/2)(PVIF\ , ) = 00(PVIF )
06 6
0M6
= $70(4,917) + $1000(0,705)
= $344,19+ $705
= $1049,19
II)
V = ($140/2)(PVHvV
07i6
) = $1000(PWF
0i07i6
= $70(4,767) + $1000(0,666)
= $333,69+ $666
= $999,69, $1000
( 1000 .,
; 1000 .
.)
III)
= ( $ 1 4 0 / 2 ) ( P V I F \ ^ ) = $ 1000( WP , )
6
= $70(4,623)+ $1000(0,630)
= $323,61+ $630 .
= $953,61 .
0i08
4.
185
)
. ,
;
I) 705 ., I I ) 666 . I I I ) 630 .
Alexander, Gordon J., W i l l i a m F. Sharpe, and Jeffrey V. Bailey, Fundamentals of Investment,
3rd ed. (Upper Saddle River, NJ: Prentice Hall, 2001).
Bauman, W. Scott, "Investment Returns and Present Values", Financial Analysts Journal 25
(November-December 1969), p. 107-118.
Chew, I. Keong, and ronnie J. Clayton, "Bond Valuation: A Clarification", The Financial
Review 18 (May 1983), p. 234-236.
Fuller, Russell J., and Chi-Cheng Hsia, "A Simplified Model for Estimating Stock Prices of
Growth Firms", Financial Analysts Journal AO (September-October 1984),p.49-56.
Gordon, M y r o n J., The
(Homewood, I L : Richard
Haugen, Robert A., Modern
Hall, 1997).
Reilly, Frank K., and Keith
th
ed.
Sharpe, W i l l i a m F., Gordon J. Alexander, and Jeffrey V. Bailey, Investments, 6 ed. (Upper
th
""
()
()
5 :
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,
.
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.
1
190
II.
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: , , (
) .
(return)
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,
.
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191
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,
, ,
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,
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.
.
1.
(expected return).
2. (standard deviation).
(probability distribution)
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.
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t
(5.2)
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R i- , P ,
. ,
,
.
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(expected return)
,
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,
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192
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.
,
.
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, 8,38%.
(standard deviation)
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( )
( )
( )
2
, /?,
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0,10
0,05
0,005
(,100,09) (0,05)
0,02
0,10
0,002
(0,020,09) (0,10)
0,04
0,20
0,008
(0,040,09) (0,20)
0,09
0,30
0,027
(0,090,09) (0,30)
0,14
0,20
0,028
(0,140,09) (0,20)
0,20
0,10
0,020
(0,200,09) (0,10)
0,28
0,05
0,014
(0,280,09) (0,05)
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5
.
(discrete) ( ) ,
, , , ,
.
5.
193
. , ,
, . 5.1: :
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(continuous) ,
.
,
: .
, (normal) ()
.
, 68%
,
( ),
95%
99% .
,
,
.
.
, 9%,
8,38%. ,
, . ,
(0%)
(.. 9%). ,
-9%, . 0,09/0,0838 = -1,07 . ( (negative)
, (left) ).
Z =
R-R
(5.4)
0-0,09
0,0838
= -1,07,
R , a Z (
Z) , R
.
. V , ,
,
,
Z .
,
Z .
, ,
, 14%.
. 5.1. , 1,07
,
14% .
194
II.
,
.
: ,
. ,
,
.
: ,
("downside" risk), ,
.
. ,
, ..
,
. , .
. 5.1.
.
1,07
,
. ,
.
0,08
0,24
0,06
0,08
, CV
0,75
0,33
, R
5.
195
, .
, ?
.
.
, 10 . .
, 8000 .
.
, ( C V ) (coefficient of variation)
:
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(5.5)
,
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. ,
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, CV 0,33.
,
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,
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.
( , ,
:
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.)
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2999 . , ,
. 3000 . , 3001 .
, " ".
3500 .,
II.
196
. (, 10 . . ,
.)
, ?
. , ,
.
.
10 . . 50 50.
: 5000 .
(0,50 10 000 . + 0,50 0 .). ,
(indifferent), ,
" " () 5000 .,
" " 3000 . ,
(certainty equivalent ) ,
,
5000 .
(certainty equivalent )
,
,
.
3000 . ,
. , 5000 .
,
(..
5000 .). ,
,
( ) .
,
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,
(risk indifference) ;
,
(risk preference) .
,
, 5000 .,
.
(risk premium), .. ,
,
. ,
2000 .
3000 ., .
5.
197
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, ..
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,
, . (
, , (expected) ;
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, (actual) .)
,
. , ,
.
.
(risk averse)
, , ,
, .
,
.
- .
(portfolio). ,
.
(portfolio)
.
. ,
,
( 100).
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Wj , ,
, j;
.
.
.
198
II.
, /?,
,
(%)
(%)
14,0
11,5
10,7
1,5
,
: (0,5) 14,0% + (0,5) 11,5% = 12,75%.
,
.
, (covariance),
.
.
(covariance)
, ,
(, ).
,
.
, ,
(,
). ,
,
. ,
: .
.
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,
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m ,
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j .
t
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199
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.
( )
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.
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,
.
,
,
.
,
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, .
. ,
.
,
.
,
.
,
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,
. ,
, ,
24 .
200
II.
, ,
,
. ?
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.
,
. ,
. ,
.
. .
, , 15-20
, .
. 5.3.
, .
=
(
)
(
,
)
(5.7)
(systematic risk)
, ,
,
.
, .
, ,
.
(systematic risk)
,
.
5.
201
(unsystematic risk)
; ,
,
. ,
, , ,
,
.
50% , .
. , ,
, .
, , .
.
, -
, .
(capital-asset pricing model).
(unsystematic risk)
,
. .
. 5.3. , ,
202
II.
()
.
,
, .. , .
,
.
,
() (capital-asset pricing
model ()),
. 1960- ,
.
,
.
, (capital-asset pricing model )
, ()
, ()
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.
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, .
, . , , , ..
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, ,
""
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. ,
.
-
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(market portfolio),
,
.
,
, , ,
Standard & Poor's 500 ( S & P 500).
, ,
500 .
5.
203
,
. ,
, ,
. , ,
, , .
Motley Fool
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Motley Fool.
.
,
,
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(characteristic line) ,
.
.
, -
204
II.
.
.
S&P 500 (
60 ).
+ (-)
, .
(characteristic line)
,
, "",
,
, .
,
,
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,
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, 60
5.
205
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1,0, ,
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206
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207
. ,
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R =R +(R -R Wp
j
<-)
5 8
Rj , R*.
, "- "" ^', .
,
.
, , -,
,
, , , -,
"". ,
8%,
13%, "" Savance Corporation 1,3.
,
, (..
"", 1,0).
(5.8), Savance:
= 0,08 + (0,13-0,08)(1,3) = 14,5%.
, Savance
14,5%. ,
,
. :
Rj = 0,08 + (0,13 - 0,08)(1,0) = 13,0%.
""
"" 0,7. :
Rj = 0,08 + (0,13 - 0,08)(0,7) = 11,5%.
. (5.8)
, "".
()
( ) (security market line ( S M L ) ) . 5.6.
, ""
. S M L
, ,
.
, .
208
II.
5.2. "" (
20 2004 )
( )
Amazon.com (AMZN)
""
2,22
1,75
Boeing (BA)
0,70
0,42
0,20
0,90
The G a p (GPS)
1,67
1,09
1,81
Hewlett-Packard (HPQ)
1,71
1,46
Microsoft (MSFT)
1,70
Nike (NKE)
0,72
Yahoo! (YHOO)
3,30
5.
209
"".
,
"" ,
.
"" ,
. ""
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"", , , Merrill Lynch, Value Line, Reuters Investor (www.
i n v e s t o r . r e u t e r s . c o m ) Ibbotson Associates.
,
"" "" ,
. . 5.2 ,
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1,4. , ,
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,
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.
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.
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,
,
.
""
. -
210
II.
, ,
, . ,
""
.
(ticker symbol)
- .
,
XIX .
.
( )
(market risk premium). (5.8)
(R R,)-
S&P 500 5 8%.
,
. , ,
.
, :
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Alexander, Gordon J., W i l l i a m F. Sharpe, and Jeffrey V. Bailey, Fundamentals of Investment,
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Campbell, John Y., Martin Lettau, Burton G. Malkiel, and Yexiao X u , "Have Individual
Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk" Journal
of Finance 56 (February 2001), p. 1-43.
Evans, Jack, and Stephen H. Archer, "Diversification and the Reduction of Dispersion: An
Empirical Analysis" Journal of Finance 23 (December 1968), p. 761-767.
Fabozzi, Frank J. Investment Management, 2 ed. (Upper Saddle River, NJ: Prentice Hall,
1999).
Fama, Eugene F., "Efficient Capital Markets: A Review of Theory and Empirical Work",
Journal of Finance 25 (May 1970), p. 384-387.
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234
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Stocks, Bonds, Bills and Inflation: Valuation Edition 1999 Yearbook. (Chicago: Ibbotson
Associates, 1999).
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.
,
.
3
.
.
,
, ,
. -
, .
/ .
, .
/ ,
( ),
( ) (. 6.2).
.
. ,
" " ,
.
( , ,
, ?)
, ,
, .
, -
, , .
252
III.
,
""
b ,
- ,
. 6.2.
, , ,
,
. ( . .)
, ( b e n c h m a r k i n g ) ,
..
,
. ,
.
,
:
, "" ( ), ,
.
.
,
. ,
. -
. ,
6.
253
31 31 .
31 .
, .
,
.
(liquidity ratios)
,
.
(liquidity ratios)
.
( ) ,
.
,
- .
(current ratio)
.
.
(current ratio)
,
(61)
$823000
Aldino manufacturing company
.
. ( 2,1
, The Risk Management
254
III.
Association) .
, ,
.
. ,
,
,
. ,
,
. ,
" " ,
.
4
.
,
,
' , 30 ,
, .
, .
, , (
),
. ,
(" ") .
, Aldino manufacturing company .
, 30 20X2 .
(.)
(.)
2 918 000
1 500 000
1,95
, :
2 241 000
823 000
2,72
\ ,
< , { ?
, , , ,
. ,
(" " 31 , Aldino manufacturing company),
; - , I - . ,
j , -
I
|
j
|
;
j
j
,
.
6.
255
- ,
.
.
, ,
. :
,
.
(liquidity)
.
, ,
,
,
(liquidity)
. ,
,
, .
,
(" ") (acidtest ratio).
(" ")
,
- -
2)
Aldino manufacturing company
20X2 :
$2241000-$1329000
...
=1,11.
$823000
.
, , ( : 1) ,
, 2) .
,
- ,
,
.
, -
, .
256
III.
) - ,
.
,
( )
.
, .
Aldino
( 1,1), , Aldino manufacturing company
.
Aldino Manufacturing
Company.
Aldino manufacturing company
. ,
/ -
. ,
. , ,
.
- ,
.
.
""
()
(Debt ratios)
,
.
(Debt-toEquity Ratio).
(debt ratio).
,
, () :
^g ^
Aldino manufacturing company 20X2
:
$1454 000
$1 796
, 81
, .
, . ,
,
6.
257
.
, , 0,8,
Aldino manufacturing company .
, -
.
(),
.
. ,
.
. , ,
, ,
.
.
(Debt-to-Total-Assets Ratio).
:
.
(6.4)
= 0,45.
,
.
, . , 45%
Aldino manufacturing company
( ), 55% .
, , ,
,
45 .
, ,
, ..
, , ,
, .
,
:
258
III.
^g ^
(total capitalization)
. Aldino manufacturing company
(long-term-debt-to-total-capitalization
ratio) :
$631
.
= 0,26.
$2427000
.
Aldino manufacturing company
0,24. ,
.. ,
.
,
, ,
, .
,
,
, ,
.
,
,
. (
.)
(coverage ratios)
,
,
(coverage ratios)
() . ,
Moody's Investors Service Standard & Poor's,
.
(interest coverage ratio).
6.
259
, :
( E B I T )
(6.6)
= 4,71.
, , .
, ,
, .
.
, 4,0, 4,71 Aldino
manufacturing company ,
.
. ,
, ,
, , ,
. 16,
,
.
,
.
,
.
.
,
,
. ,
( ). ,
, 16, .
260
III.
(activity ratios)
,
,
(activity ratios),
(efficiency or
turnover ratios),
. ,
.
- ,
.
Aldino
.
,
.
,
,
,
.
.
(receivable turnover (RT) ratio)
,
.
:
(6.7)
= 5,89.
(
) .
,
. Aldino manufacturing company
20X2 5,89 .
,
.
,
.
-
6.
261
.
. ,
, .
8,1.
, Aldino manufacturing company
, .
. ,
,
.
.
,
. ,
,
(RTD), , ,
.
(6.8)
, :
^g
Aldino manufacturing company,
5,89, :
365
5,89
- .
,
.
8,1,
365/8,1 = 45 .
Aldino manufacturing company
.
,
Aldino manufacturing company,
, .
262
III.
62
( " 2 / 1 0 , 30 " ), ,
. , " 60 ",
,
.
,
.
,
. , ,
,
, ,
. ,
,
, .
6
(aging accounts
receivable)
,
,
.
,
. ,
31 .
31
,
67
0-1
1-2
2-3
19
100
" 2 / 1 0 , 30 ",
, 6 7 %
, 1 9 % , 7%
..
,
,
10%- , 30 .
6.
263
.
,
, .
, .
, ,
.
.
( )
.
(aging of accounts
payable) ,
.
(payable turnover () ratio) (
)
,
.
, (payable
turnover in days (PTD) or average payable period):
'
, :
C6.ll)
(
),
.
.
,
"
() () -
". , , ,
, . "
() () "
, .. . ,
7
:
( ) () (
) =
,
( ) + ( ) (
) = ()
7
264
III.
,
, " ()
() - "
.
.
. ,
,
,
.
.
,
. 48
" 30 ", ,
.
.
- .
- (
) (inventory turnover (IT) ratio):
^g
-
Aldino manufacturing company 20X2 :
$2680000 _
$1329000
'
, , ;
,
. ,
,
. ,
,
.
.
,
,
,
.. ,
- ,
, -
6.
265
. ,
-
. ,
(stockout) .
(stockout)
-
,
-
,
- . -
, , ,
. ,
- .
-
,
.
- Aldino
manufacturing company, 2,02,
3,3.
,
.
, ,
- ? ,
,
.
- ,
.
, , -
(inventory turnover in days (ITD)):
- '
(6.13)
, :
-
(6.14)
266
III.
365
2,02
:181 .
,
-
.
-
, 3,3,
365/3,3 = 111 . , Aldino manufacturing company 70
, .
.
(operating cycle) .
(operating cycle)
,
, .
(commitment of cash for purchases)
. ,
. , (
), .
.
-
( I T D )
( R T D )
(6.15)
,
, .
,
, ,
.
.
( P T D ) ,
(cash cycle).
( I T D + RTD)
( P T D )
(6.16)
6.
267
(cash cycle)
, ,
.
. 6.3
.
8
? ,
,
.
,
.
""
, ,
.
"" ,
.
Vedyn D. Richards and Eugene J. Laughlin, "A Cash Conversion Cycle Approach to
Liquidity Analysis", Financial Management 9 (Spring 1980), p. 32-38.
268
III.
"" .
, .
I T D R T D
. ,
, ,
-
. , ,
. ,
.
- /
.
Aldino manufacturing
company ,
.
Aldino
manufacturing
company
243
156
-
Aldino manufacturing company
:
87 ,
, .
.
.
. ,
.
. ,
,
. ,
( , ,
).
, ,
( ) .
, -
,
.
6.
269
1.
2.
3.
4.
5.
( )
( )
: (1) +
(2)
( )
: (3) (4)
IV
1996
31
IV 2003
42
28
73
31
33
68
40
-37
1996 ,
, Dell, Inc.
: 40 " 37 "
2003 . ( .
.)
(build-to-order manufacturing model)
,
, Dell -
.
( ) 28 .
,
, Dell 68 .
37-
, Dell
, ,
.
, ,
/ .
, . ,
" " (just-in-time) -
( 10),
.
270
III.
1,66.
, , Aldino manufacturing company
, , .
.
, Aldino manufacturing company ,
.
, ,
. Aldino
manufacturing company
-
,
.
6.
271
(profitability ratios)
, .
272
III.
(profitability ratios)
.
.
(profitability in relation to sales).
(gross profit margin):
-
^g ^
, . Aldino manufacturing
company 20X2 :
3
$3992000
=32,9%.
.
.
Aldino manufacturing company
23,8%,
.
(net profit margin):
Aldino manufacturing company 20X2 :
$201000
, ,
.
. Aldino manufacturing company
5 .
, (4,7%),
Aldino manufacturing company,
.
.
, ,
,
, (SG&A)
. ,
,
. ,
,
.
6.
273
7;
(6.20)
$201000
(7,8%)
Aldino manufacturing company.
,
,
.
R O I Du Pont Company. 1919 Du Pont Company
.
. . 6.4,
, (earning power)
.
Aldino manufacturing company :
=
ROI =
6,20%= 5,04% 1,23.
,
.
,
.
, (earning power),
.
, ,
. ,
,
.
274
III.
, ,
. ROI, , .
.
.
, -
6.
275
(ROE) ,
. ROE Aldino
manufacturing company , (14,04%).
Du Pont,
:
. (1 + ),
,
. Aldino manufacturing company 1 + 0,81 = 1/81,
1 + 0,8 = 1,80.
276
III.
, , ,
, .
,
. ,
.
. 6.3
Aldino manufacturing company 20X0-20X2
20X2 .
, -
20X2 .
-
20X0
.
- .
,
.
.
6.3. Aldino manufacturing
company 20X0-20X2 .
20X0
20X1
20X2
20X2
2,95
2,80
2,72
2,10
1,30
1,23
1,11
1,10
0,76
0,81
0,81
0,80
0,43
0,45
0,45
0,44
5,95
5,43
4,71
4,00
"" ()
6.
277
. 6,3
1,25
1,18
1,23
1,66
30,6
32,8
32,9
23,8
4,90
5,32
5,04
4,70
6,13
6,29
6,19
7,80
10,78
11,36
11,19
14,04
"
.
Aldino manufacturing company,
. ,
, ,
(,
, , ).
, ,
,
-
.
"" ( )
.
.
, , .
.
,
- .
278
III.
,
.
.
.
, ,
, ,
.
(common-size analysis)
,
().
(index analysis)
,
100%,
.
()
. ,
,
,
. ,
.
.
, .
,
.
. . 6.4 6.5,
R. . Harvey Electronics
6.
279
Company, 20X0-20X2 .
. 6.4 ,
, .
.
(
) 20X0 20X1 ,
20X1-20X2
.
20X2 .
(. 6.5)
.
20X2
,
20X0 20X1 .
6.4. R. . Harvey Electronics Company
( 31 )
(. .)
20X0
20X1
20X2
(%)
20X0
20X1
20X2
2507
11 310
19 648
1,0
3,8
5,1
70 360
85147
118415
29,3
289
30,9
77 380
91 378
118 563
32,2
31,0
31,0
6316
6082
5891
2,6
2,1
1,5
65,1
65,8
68,5
79187
94 652
115461
32,9
32,2
30,1
4695
5899
5491
(
)
2,0
2,0
1,4
100,0
100,0
100,0
20X0
20X1
20X2
20X0
20X1
20X2
35 661
37 460
62 725
14,8
12,7
16,4
20 501
14 680
17 298
8,5
5,0
4,5
11054
8 132
15 741
4,6
2,8
4,1
67 216
60 272
95 764
27,9
20,5
25,0
888
1276
4 005
0,4
0,4
1,0
26,0
68 104
61548
99 769
28,3
20,9
12 650
20 750
24150
5,3
7,0
6,3
37 950
70 350
87 730
15,8
23 9
22,9
50,6
482
44,8
71,7
79,1
74,0
100,0
100,0
100,0
280
III.
(%)
20X0
20X1
20X2
100,0
100,0
100,0
45,8
49,2
46,7
54,2
50,8
53,3
180 610
40,7
37,6
37,7
2,3
20X0
20X1
20X2
7700
9595
11 257
2,4
2,5
1711
1356
1704
0,5
0,4
0,4
34433
38 717
61816
10,6
10,3
12,9
12 740
14712
23 490
3,9
3,9
4,9
21693
24 005
38 326
6,7
6,4
8,0
.
Harvey Electronics 20X0 ,
100%.
. ,
Harvey Electronics 20X1
(85 147 000 .) 20X0
(70 360 000 .), , 121,0% (.. 85 147 000 . /
70 360 000 .)100).
, ,
(, , , -
) ,
, ,
Harvey Electronics 20X2
148,0, 48%- (148,0%-100,0%)
.
. 6.6 6.7
. . 6.6
,
. ,
-
20X2 20X1 .
. ( -
6.
281
-
,
).
.
20X1 20X2 .
.
, ,
, ,
,
. 20X2 .
,
.
.
,
,
.
, Excel.
,
.
6.6. R.V. Harvey Electronics Company (
31 )
(. .)
(%)
20X0
20X1
20X2
20X0
20X1
20X2
2507
11 310
19 648
100,0
451,1
783,7
70 360
85147
118415
100,0
121,0
168,3
77 380
91 378
118 563
100,0
118,1
153,2
6316
6082
5891
100,0
96,3
93,3
156 563
193 917
262 517
100,0
123,9
167,7
( )
79 187
94 652
115461
100,0
119,5
145,8
4695
5899
5491
100,0
125,6
117,0
240445
294468
383 469
100,0
122,5
159,5
282
III.
. 6.6
(. .)
20X0
20X1
(%)
20X2
20X0
20X1
20X2
35 661
37 460
62 725
100,0
105,0
175,9
()
20501
14 680
17 298
100,0
71,6
84,4
11054
8132
15 741
100,0
73,6
142,4
67 216
60272
95 764
100,0
89,7
142,5
888
1276
4 005
100,0
143,7
451,0
68 104
61 548
99 769
100,0
90,4
146,5
12 650
20 750
24150
100,0
164,0
190,9
37 950
70 350
87 730
100,0
185,4
231,2
121 741
141 820
171820
100,0
116,5
141,1
172 341
232920
283 700
100,0
135,2
164,6
240445
294468
383469
100,0
122,5
159,5
20X1
20X2
(%)
20X0
20X1
20X2
323 780
100,0
115,8
148,0
148 127
100,0
124,6
151,0
175 653
,
131 809
100,0
108,5
145,4
140913
180 610
100,0
106,9
137,0
7700
9595
11257
100,0
124,6
146,2
1711
1356
1704
100,0
79,3
99,6
34 433
38 717
61 816
100,0
112,4
179,5
6.
283
. 6,7
(. .)
(%)
20X0
20X1
20X2
20X0
20X1
20X2
12 740
14 712
23490
100,0
115,5
184,4
21 693
24 005
38 326
100,0
110,7
176,7
,
.
,
;
.
. , ,
:
, ,
.
.
,
.
, ,
.
:
, "" (), ,
. ,
,
.
.
.
.
,
.
.
,
.
,
.
284
III.
()
.
,
.
.
(Current
Ratio)
,
" "
("Acid-test" (Quick)
Ratio)
()
""
()
(Debt-to-Equity Ratio)
(Debt-toTotal-Assets Ratio)
()
(interest
coverage ratio)
(/)
,
,
6.
285
(receivable turnover
(RT) ratio)
**
(
)
,
(Receivable turnover in
days (RTD))
365
(RT)
(inventory turnover
(IT) ratio)
- * *
-
,
(inventory
turnover in days (ITD))
365
(IT)
,
-
(total
asset or capital
turnover)
* *
(net
profit margin)
,
,
;
286
III.
,
(rate of return on
Investment (ROI), or
return on assets)
" *
=
* *
(Return on
Equity (ROE))
"* .
(deferred taxes) ,
,
. ,
,
( ) :
, -
. ?
10
, , (taxes payable).
, , ,
,
.
6.
287
(deterred taxes)
,
, ,
.
.
.
.
- (MACRS)
(. . 6.1). ""
, (tax-return
profits) , (book profits).
, ,
.
,
.
, :
, , ..
, .
"", .
,
.
6.1.
(
31 ) (. . )
100,0
100,0
45,0
45,0
15,0
20,0
(MACRS)
40,0
35,0
III.
288
. 6. 1
(40%)
16,0*
14,0
24,0
21,0
": ( )
14,0
( ,
)
2,0
16,0
,
,
.
.
.
(,
) :
( )
. ,
, , , ;
, ,
,
, .
, ,
.
"" ,
. ,
, -
. :
,
, , , ,
,
. , ,
.
( " )
.
, .
6.
289
1. ?
?
2.
?
3.
Auxier Manufacturing
Company 4,
. ?
4. 25%-
(..
)? .
5.
,
,
.
. .
6. ,
.
7. ,
, :
a) ,
;
b) ,
;
c) ,
;
d) .
8.
?
9.
, ,
?
?
10.
- ?
, ,
?
11. ,
(, -
290
III.
)
(, 2,0)? ?
12. :
10,0 ,
2%, 2,0
, 10%?
.
13. , , , ,
?
? ?
14.
,
?
1. Cartage Company
800 . ., 500 . .
.
a )
100 . .
b) 100 . .
.
c) 200 . .,
.
d)
40 . .
2. Acme Plumbing Company
"2/10, 30 ".
(.)
20X1
20X2
20X3
30 000
20 000
5 000
200 000
260 000
290 000
400 000
480 000
600 000
800 000
800 000
800 000
1430 000
1 560 000
1 695 000
230 000
300 000
380 000
6.
291
20X1
20X2
20X3
200000
210000
225000
100000
100000
140000
300000
300000
300000
100 000
100000
100 000
500000
550000
550000
1430000
1560000
1 695 000
4 000000
4 300000
3 800000
3 200 000
3 600 000
3 300000
300 000
200 000
100 000
6
,
. ?
3.
,
.
0,5
2,5
18
10%
" "
, 360 .
100 000
(.)
()
(.)
(.)
-
(.)
(.)
100000
(.)
(.)
100000
(.)
(.)
4.
Kedzie Kord
Company (. .)
292
III.
20X1
20X2
20X3
561
387
202
1963
2870
4051
2031
2613
3287
4555
5870
7540
2581
4430
4364
7136
10300
11904
1862
2944
3613
301
516
587
250
900
1050
2413
4360
5250
500
1000
950
4223
4940
5704
7136
10300
11904
11863
14 952
16 349
8537
11 124
12 016
2276
2471
2793
73
188
200
977
1169
1340
390
452
576
587
717
764
,
.
1.
,
.
(. .)
10
20
12
17
(. .)
10
2,5
0,7
0,8
0,5
1,5
(. .)
,
.
2.
Cordillera Carson Company 20X2 (. .)
6.
293
(
)
12 680
400
1300
8930
2100
3750
3800
2230
3320
460
1060
(
)
7120
320
260
1100
1680
2000
3440
390
670
7120
. 480: -
20X1 1800.
:
a ) ;
b) ;
c) ;
d) - ;
e) ;
f)
;
g) ;
h) ;
i)
3.
RMN, Incorporated.
20X1
20X2
20X3
4,2
2,6
1,8
2,1
1,0
0,6
(%)
23
33
47
- (%)
8,7
5,4
3,5
294
III.
20X1
20X2
20X3
33
36
49
3,2
2,6
1,9
(%)
3,8
2,5
1,4
(ROI) (%)
12,1
6,5
2,8
(ROE) (%)
15,7
9,7
5,4
(%)
)
?
)
? .
4.
Vernier Corporation.
31 20X6 (. .)
500
400
200
(
)
2650
3750
20X6 (. .)
8000
?
?
?
400
?
?
( 44%)
500
(%)
45
Vanier
Corporation
6.
295
5. :
400 . ., 20%,
80 . .,
60 . ., - 30 . .,
10 . .
a) -
,
- 4?
b)
,
50 . .?
( 360.)
6. Stoney Mason, Inc. 6 . .,
6,
120 . .
a) , ?
b)
,
. ,
,
,
.
20%,
2 3%.
.
, ?
7. " "
Queen Anne's Lace Corporation .
9 1 /4%
2 500
12 3/8%
1 500 000
101/4%
1 000 000
14 1/2%
1 000 000
6 000 000
,
1,5 . . ?
8. Tic-Tac Homes
(. .)
296
III.
20X1
20X2
20X3
20X4
214
93
42
38
1213
1569
1846
2562
2102
2893
3678
4261
( )
2219
2346
2388
2692
5748
6901
7954
9553
1131
1578
1848
2968
()
500
650
750
750
656
861
1289
1743
500
800
800
800
200
200
200
200
2761
2812
3067
3092
5748
6901
7954
9553
,
, .
9.
1000000
()
4000000
5 000000
2000000
7 000000
2000000
( )
17 000 000
12000 000
30 000000
4 000000
2000000
4000000
30 000000
4 000 000
16 000 000
20 000 000
6.
297
12
2 200000
1400 000
1 200 000
16 800 000
3200000
1 200 000
2000000
240 000
1760 000
1.01.20X3
2 600 000
4 360 000
360 000
31.12.20X3
4 000 000
) ,
20X3 .
U.S. Republic corporation
20X1
20X2
1. (%)
250
200
225
2.
(%)
100
90
110
3.
5,0
4,5
6,0
4.
4,0
3,0
4,0
5.
(%)
35
40
33
6.
(%)
39
41
40
7.
(%)
17
15
15
8.
(%)
15
20
20
9.
(%)
20X3
(%)
15
12
12
10
0,9
0,8
1,0
11.
5,5
4,5
5,0
298
III.
b) ,
.
.
c) ,
.
I)
: 800./ 500 .= 1,60.
a) 700 ./500 . = 1,40.
.
b) 900 ./ . = 1,50.
.
c) 800 ./500 . = 1,60.
.
d) 760 ./540 . = 1,41.
,
.
20X1
20X2
20X3
1,19
1,25
1,20
0,43
0,46
0,40
18
22
27
8,0
7,5
5,5
1,38
1,40
1,61
0,33
0,32
0,32
0,200
0,163
0,132
0,075
0,047
0,026
2,80
2,76
2,24
0,21
0,13
0,06
6.
299
.
50 . .,
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,
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,
.
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- ,
,
( ) .
,
.
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.
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-
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.
g
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= 400 . .
= 400 . .
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$400 000
= 1 . .
=
= ( 1 - )
= 0,9 $1 000 000 = $900 000
-
$900 000
-
- =100 . .
300
III.
360
= 50 . .
( ) =
=200 . .
(.)
50 000
100000
50000
100000
100000
100000
200000
100000
400000
400000
4.
(%)
20X1
20X2
20X3
7,9
3,8
1,7
27,5
27,8
34,0
28,4
25,4
27,6
63,8
57,0
63,3
36,2
43,0
36,7
100,0
100,0
100,0
26,1
28,6
30,4
4,2
5,0
4,9
3,5
8,7
8,8
33,8
42,3
44,1
7,0
9,7
8,0
59,2
48,0
47,9
100,0
100,0
100,0
100,0
100,0
100,0
72,0
74,4
73,5
19,2
16,5
17,1
0,6
1,3
1,2
8,2
7,8
8,2
3,3
3,0
3,5
4,9
4,8
4,7
6.
(%)
301
20X1
20X2
20X3
100
69,0
36,0
100
146,2
206,4
100
128,7
161,8
100
128,9
165,5
100
171,6
169,1
100
144,3
166,8
100
158,1
194,0
100
171,4
195,0
100
360,0
420,0
100
180,7
217,6
100
200,0
190,0
100
117,0
135,1
100
144,3
166,8
100
126,0
137,8
100
130,3
140,8
100
108,6
122,7
100
257,5
273,9
100
119,7
137,2
100
115,9
147,7
100
122,2
130,2
,
.
20X2 , 20X3
.
, 20X3
,
.
, ,
.
. 20X3
,
.
. 20X2
302
III.
,
. 20X3
,
.
.
,
. -
.
20X2 ,
20X3 .
20X2 20X3
20X2 ,
.
,
. ,
.
, ,
, .
Almanac of Business and Industrial Ratios. (Upper Saddle River, NJ: Prentice Hall, annual).
Altman, Edward I . , "Financial Ratios, Discriminant Analysis and the Prediction of
Corporate Bankruptcy" Journal of Finance 23 (September 1968), p. 589-609.
, Robert G. Haldeman, and P. Naraynan, "Zeta Analysis: A New Model to Identify
Bankruptcy Risk of Corporations" Journal of Banking and Finance 1 (June 1977), p. 29-54.
Chen, Kung H., and Thomas A. Shimerda, "An Empirical Analysis of Useful Financial
Ratios", Financial Management 10 (Spring 1991), p. 51-69.
Cunningham, Donald F, and John T. Rose, "Industry Norms in Financial Statement
Analysis: A Comparison of R M A and D & B Benchmark Data", The Credit and Financial
Management Review (1995), p. 42-48.
Fraser, L y n M, and Aileen Ormiston, Understanding Financial Statements, 6th ed. (Upper
Saddle River, NJ: Prentice Hall, 2001).
Gombola, Michael ] . , and J. Edward Ketz, "Financial Ratio Patterns in Retail and
Manufacturing Organizations", Financial Management 12 (Summer 1983), p. 45-56.
Harrington, Diana R., Corporate Financial Analysis in a Global Environment, 7th ed. (Mason,
O H : South-Western, 2004).
Helfert, Erich A., Techniques of Financial Analysis, 11th ed. (New York, NY: McGrawH i l l / I r w i n , 2003).
Higgins, Robert C. Analysis for Financial Management, 7th ed. (New York, NY: McGrawH i l l / I r w i n , 2004).
Lewellen, W. G., and R. 0. Edmister, "A General Model for Accounts Receivable Analysis and
Control' 'Journal ofFinancial and Quantitative Analysis 8 (March 1973), p. 195-206.
1
7
,
( )
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29
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2196
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739
747
,
:
65
205
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348
205
3
62
65
448
356
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36
127
191
164
823
783
631
627
, 1 .
421
421
361
361
1014
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312
III.
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.
,
,
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7.2.
Aldino Manufacturing Company 31
20X1 31 20X2 (. .)
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assets).
(. . 7.2).
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(7.1)
()
,
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1
314
III.
112 .
: ()
104
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.
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. 7.2
()
.
510 . .
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Manufacturing Company 31 20X1
31 20X2 (. .)
201
143
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317
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7. ,
319
Aldino Manufacturing
Company,
31 20X2
(. .)
Aldino Manufacturing Company,
31 20X2 (. .)
4054
"
(3539)
(85)
(211)
62
219
(94)
201
112
320
III.
.
Aldino Manufacturing
Company,
31 20X2
(. .)
Aldino Manufacturing Company,
31 20X2 (. .)
,
(4)
(104)
(6)
(65)
12
(169)
(91)
27
7.5
92
(143)
(104)
(47)
(65)
()
219
31 20X1
175
31 20X1
178
201
112
()
62
31 20X1
(169)
92
4
(143)
(47)
3
175
7. ,
Aldino Manufacturing
Company,
31 20X2
(. .)
. 7.5
Aldino Manufacturing Company,
31 20X2 (. .)
(94)
31 20X2
(4)
(6)
85
12
211
178
(91)
321
27
219
. . 7.6.
7.6.
Aldino Manufacturing Company (. .)
+(-)
=
()
62
4054
( )
2568
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() -
94
+(-)
()
(12)
+(-)
()
+
+(-)
=
912
()
(27)
3539
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()
+(-)
()
91
211
3992
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322
III.
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20X2 201 . .,
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169 . . 75% ,
(
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143 . . ,
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326
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25,0
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35,0
38,0
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300,0
350,0
250,0
200,0
250,0
300,0
350,0 380,0
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20,0
25,0
30,0
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283,5
202,5
162,0
202,5
243,0 283,5
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31,5
22,5
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328
III.
7.8.
- (. .)
.
100
80
100
120
140
150
150
.
100%
100
80
100
120
140
150
80
80
90
90
95
100
50
50
50
50
50
50
230
210
240
260
285
300
,
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50
260
285
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30
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30
360
310
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332
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30 . 31
(. .).
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50
342
100
350
150
370
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1592
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800
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30
31
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334
III.
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.
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30 70 . .
() 30
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.
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,
30 75 . .;
61,5 . . 31
111,5 . . , (
)
, .
.
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336
III.
31
2001
30
2002
100
-25
75
342
+31,5
373,5
100%
10%
350
+70
420
792
+76,5
868,5
800
+50
850
1 592
+126,5
1 718,5
50
+61,5
1 15,5
100
+50
150
100%
150
-10
140
70
70
(60 . 60 .)
370
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471,5
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110 .
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.
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.
, .
,
-
338
III.
. , ,
.
, ,
.
: ,
.
, ,
.
.
,
.
,
.
,
.
,
.
.
.
,
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;
.
,
. ,
, , ,
Hewlett-Packard.
(sustainable growth rate SGR),
( ),
,
.
7. ,
339
, - ,
.
.
,
. ,
,
.
,
.
.
A/S -
(/)
NP/S -
( / )
(1-
)
D/Eq-
5 - ( )
0
AS -
.
, ,
.
, .
, : 1)
,
(); 2) - ,
; 3 )
, ; 4)
,
. ,
.
3
. ,
,
,
.
340
III.
,
.
.
, .
,
, .
(SGR)
(SGR).
( ), ,
( ) .
AS , .. S
. ( NP
NP
AS
= b
NP
+ 5
NP
S
S +AS
D_
Eq
(7A.1)
:
(NP
AS
, SGR = S,
A
0
1+
bi )
NP
Eq
1-
(7A.2)
Eq)
,
.
. -
7. ,
341
, - . ,
,
.
.
,
.
, ,
. 7.1.
SGR =
0,70(0,04)(1,8)
-^
>' = 9,17%
0,60-,70(0,04)(1,80)
7 . 1 . ,
/
(. .)
100
(, .)
80
Sales
(, .)
300
0.70
NP/S
0,04
D/Eq
0,80
A/S
0,60
Eq
Debt
(7.2) (S/A)
,
SGR = -
JNP)
Eq
1-
'NP)
, SGR
()
(NP/Eq).
342
III.
9,17%
109,17 . .,
9,17% 87,34 . .,
.
9,17%,
. ,
,
.
, ,
,
.
.
, S
Eq
. ,
, . ,
,
.
,
(SGR):
0
D_
Eq
-1,
NP
D_
Eq
(7A.3)
New Eq ,
Div , a S/A
. ,
,
. (7.) ,
.
,
().
, (NP/S)(S/A),
.
.
,
.
7. ,
343
,
3,93 . . ;
(. . 7.1).
, (7.1), :
s
[(100-3,93)(1,80)(1,6667)
300
[ 1-[(0,04)(1,80)(1,6667)]
- 1 = 9,17%,
7.2. SGR
1
A/S
0,60
0,60
0,55
NP/S
0,04
0,04
0,05
D/E
0,80
0,80
Div
4,00
0
NewEq
SGR
11
12
13
0,60
0,5882
0,60
0,60
0,05
0,04
0,04
0,50
0,65
0,70
0,05
0,035
0,03
0,05
0,04
1,00
0,50
0,80
0,80
0,50
0,50
0,60
1,00
4,00
4,00
4,00
4,00
4,00
4,00
4,00
4.00
4,00
4,00
4,00
4,00
10,0
5,00
10,0
n
10,00
10,00
0,30
0,20
0,30
0,25
0,25
0,35
10
0,0623 0,0536
. 300 ., 1 0 0 .
,
,
3,93 . 0,70.
, 0,60
1,6667.
, A/S
0,55 ( S / A - 1,8182) 0,60. ,
0,04 0,05.
0,80 1,00.
, 4 . .,
:
SGR =
(100-4)(2,00)(1,8182)
1 - (0,05)(2,00)(1,8182)
300
- 1 = 42,22%.
SGR
, ,
. ,
.
, D / E
, SGR 42,22%. D / E
,
, SGR.
344
III.
, D / E
1,00,
.
:
5j = $300(1,4222) = $426,66;
Eq, = $300(1,4222)0,05 - $4 + 100 = $117,333.
:
SGR2
[117,333 -4)(2,00)(1,8182)
1 - (0,05)(2,00)(1,8182;
426,66
-1 = 18,06%.
,
-. SGR
.
,
. .
,
, . . 7.2
,
.
,
.
:
, , ,
. .
,
.
, . ,
,
.
1.
.
2. ?
3.
? .
4.
.
7. ,
345
5. ,
,
.
6. , -
,
"" .
7. , ,
?
8.
, ?
9. ?
?
10.
/
?
11. ,
?
a) .
b) .
c) .
d) .
e) .
f) .
,
,
, .
12.
.
13.
? .
14.
, ,
?
15.
?
16.
?
, ?
17. ,
.
346
III.
18.
?
?
19.
.
20. ,
.
?
1. )
Dana-Stallings, Inc.
20X1 20X2 .
,
.
20X1
20X2
(.)
53 000
31 000
(.)
87 000
(.)
346 000
528 000
- (.)
432 000
683 000
918 000
1 242 000
, (.)
( ) (.)
1 113 000
1 398 000
2 031 000
2 640000
(.)
413 000
627 000
(.)
226 000
314 000
(.)
(.)
, (.)
(.)
(.)
,
100 000
235 000
739 000
1 176 000
100 000
100 000
1 192 000
1 364 000
2 031 000
2 640 000
(.)
. 20X2 1 189 000 .,
21 000 ., 114 000 ., .
) ,
(),
. (
7. ,
347
?)
2. 31 Rodriguez Malting
Company (. .).
50
360
530
212
545
400
1125
(
)
1836
972
450
100
1439
2961
2961
.
, .
, 20%
, 70% 10%
. .
,
60% .
.
, ,
150 . ., 200 ., 160 .
. , ,
, , 100 . .
-. -
- (. .):
500
1000
600
650
600
750
a) , , ;
b) ,
50 . .
( );
348
III.
) 31
( ,
- ,
24 . .).
3.
Margaritaville Nautical Company
2,4 . .
. ,
,
.
: 4% .
:
()
60 .
- : .
: 500 . .
. .
:
.
: 3% .
: 50 . . ,
250 . .
: 300 . . ,
75 . .
: 100 . .,
.
: 500 . . .
: 8% .
4.
: .
: 60% .
: 50% .
: 50% .
Kidwell Industries ,
12 . ., 8 .
30 . .
) A/S 0,6667,
0,04,
D / E 0,6667,
0,75. -
7. ,
349
?
) ,
A / S 0,62,
0,05,
D / E 0,80.
3 . .
1 . . .
.
, )?
1.
Shmenge Brothers
.
.
(.)
(.)
+800
-100
+700
-100
-300
-200
+400
+600
+1000
+900
Svoboda 31 (. .)
20X1
20X2
20
22
12
15
50
55
15
20
26
40
44
90
100
20X1
20X2
15
90
100
350
III.
Svoboda
31 20X2 (. .)
48
.25
37
11
: 31.12.20X1
40
47
31.12.20X2
44
a) (
) 2 0 X 2 Svoboda.
b) Svoboda
2 0 X 2 , .
3.
Begalla Corporation.
Begalla 31 (. .)
20X1
20X2
12
20X1
20X2
10
10
15
23
30
18
20
40
40
20
20
10
10
15
20
63
90
63
70
7. ,
351
Begalla 20X2 (. .)
95
50
15
70
25
10
15
a) (
) Begalla Corporation.
b) Begalla Corporation
, .
4.
Manufacturig
Company ,
.
20 . . ,
,
, . 20
20 . .
(.)
(.)
50 000
70 000
50 000
80 000
60 000
100 000
60 000
100000
: 50%
.
50% (
).
: 70% : 90% ,
,
10%
.
,
: 10 . . 10% .
.
352
III.
:
150 . . ( 12%)
.
50 . .
.
:
10 . .
: 40 . .
.
: 1000 .
.
5. ,
Central City Department Store
20X2 .
a) .
b) 75% 25%
.
c) , 60%
, 30%
10% .
.
d) (.), ,
:
20X1
300 000
20X2
200 000
20X1
350 000
20X2
300 000
20X1
400000
20X2
250000
20X2
150 000
20X2
200000
20X2
200
20X2
300000
) 80%
.
f)
(.)
30 000
50 000
40 000
40 000
50 000
35 000
g) 2000 . .
h)
7500 .,
.
i)
20X2 50 . .
7. ,
j)
353
) 31 20X1
100 . .,
.
5000 . (
) .
6. , 5,
,
20X2
Central City Departmnet Store (,
).
a) 31 20X1 200 .
.
b)
250 . . 10 ,
.
c) 50%.
7. , 5 6,
30
Central City Department Store. (,
, 31 20X1 .)
(.)
(.)
100 000
130 000
427 500
500000
- 200 000
,
347 500
250 000
977 500
977 500
8. Liz Clairorn Industries 40 .
., 150 . .
a) A / S 0,40,
0,07,
D / E 0,60. ,
.
b) ,
: A/S
111.
354
1. )
Dana-Stallings, Inc. (. .)
172
189
474
361
,
87
182
214
251
88
135
22
907
907
7. ,
355
.
.
,
, (
),
.
.
)
Dana Stallings, Inc. (. .)
172
189
, ()
,
214
88
(182)
, -
(251)
230
(474)
87
(387)
135
135
()
(22)
, 31 20x1
53
, 31 20x2
31
21
114
,
, ,
. ,
,
, , ,
.
356
III.
2. )
(. .)
600
750
600
1000
650
20%
120
200
130
70%
420
420
700
10%
50
60
60
590
680
890
600
390
450
100%
360
600
390
150
200
160
500
()
360
100
100
100
610
900
650
(20)
(220)
240
400
420
640
20
220
(240)
420
640
400
400
,
, .
,
.
)
31 (. .)
,
31
,
31
50
50
530
+90
620
80%
10%
7. ,
357
31 (. .)
,
31
,
31
545
+90
635
1125
+180
1305
1836
-24
1812
2196
545
. 1985 ,
2250 ,
( , ),
0,60
24 .
3117
+156
,
31
,
31
400
400
360
+90
450
100%
212
212
972
+90
1062
450
450
100
100
1439
+66
1505
,
,
(-)
2961
+156
3117
3.
(. .)
2400
1440
60%
960
358
III.
(. .)
576
24%
16% (. )
384
16% ,
8%-
50%-
192
50%
192
0
8%
192
96
; 4%
2,4 , .
400
60 ; (
2,4 . .)/(360*60)
180
; (
1,44 . .)/8
676
500
500 . ,
,
1176
27
,
,
60
; (0,5)(
1,44 . .)/12
72
3%
2,4 , .
159
225
300 . , 75 . ,
100
692
500 , . 192 , ,
1176
7. ,
359
1. a ) SGR--
) SGR--
0,75(0,04)(1,6667)
0,6667 -[0,75(0,04)(1,6667)
(12 + 1-0,3)(1,80)(1,6129
= 8,11%
-1 = 43,77%
Bhandari, Shyan ., "Pedagogical Issues Concerning Analysis of the Cash Flow Statement",
Journal of Financial Education 29 (Spring 2003),p. 1-11.
Chambers, John C, Satinder K. M u l l i k , and Donald D. Smith, "How to Chose the Right
Forecasting Technique", Harvard Business Review 49 (July-August 1971), p. 45-74.
Gahlon, James M . , and Robert L. Vigeland, "An Introduction to Corporate Cash Flow
Statements", AAIIJournal 11 (January 1989), p. 14-18.
Gup, Benton E., W i l l i a m D. Samson, Michael T. Dugan, M y u n g J. K i m , and Thawatchai
Jittrapanum, "An Analysis of Patterns from the Statemant of Cash Flows", Financial
Practice and Education 3 (Fall 1993), p. 73-79.
Helfert, Erich A., Techniques of Financial Analysis, 10th ed. (Burr Ridge, I L : Richard D.
I r w i n , 2000), Ch.1-4.
Higgins, Robert C, "How Much Growth Can a Firm Afford?" Financial Management 6 (Fall
1997), p. 7-16.
. "Sustainable Growth under Inflation", Financial Management 10 ( A u t u m n 1981),
p. 36-40.
. "Ananly sis for Financial Management", 5th ed. (Homewood, I L : Richard D. I r w i n ,
1997).
Moore, Marty, "Cash Flow Management in a Leveraged Environment", Strategic Finance
(January 2002), p. 31-33.
Nurnberg, Hugo, "Inconsistencies and Ambiguities in Cash Flow Statements under FASB
Statemant No. 95", Accounting Horizonts 7 (June 1993), p. 60-75.
Plewa, Franklin J., and G. Thomas Friedlob, "New Ways to Analyze Cash Flows", National
Public Accountant Al (February/March 2002), p. 25-30,43.
Statement of Cash Flows: Understanding and Implementing FASB statement No. 95. Ernst &
Whinney, January 1988.
360
III.
IV
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() .
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364
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VTech Holdings
- ,
(net cash po
sition) (23 . .) 14- (50 . .),
11% . 2002
Jardine Strategic 64 . .
. , La Tondena Distillers ( 78 29 )
-
2,3 . (42 . .).
I
I
|
I
. Karen Winton Enid Tsui, "Wheel of Fortune", CFO Asia (April 2003), p. 28-37.
(www.cfoasia.com) 2003 CFO Publishing
Corporation. . .
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370
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Jerry A. Viscione, "How Long Should You Borrow Short
Term?" Harvard Business Review (March-April 1986),p. 20-24.
8.
377
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U11
1. Zzzz Worst
3,2 . .,
0,2 . . 10 . .,
( ) (
) 12%.
,
,
.
0,2 . .
0,5 . 0,8 . .
.
a)
, ,
.
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t>
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Anderson Corporation (
)
280 . .,
( )
10%.
100 . .
50 . .
)
( ).
IV.
b) (
) ,
10 . 15 . 100 . .
c)
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2. Malkiel Corporation
, .
,
.
50 . . ,
. 1 . . .
(. .)
(. .)
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31.03.20X1
50
21
30.06.20X1
51
30
30.09.20X1
52
25
31.12.20X1
53
21
31.03.20X2
54
22
30.06.20X2
55
31
30.09.20X2
56
26
31.12.20X2
57
22
3103.20X3
58
23
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).
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3. Mendez Metal Specialties, Inc.
. Central Bank
, 1%
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383
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3-
4-
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48
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5,9
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.
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.
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.
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384
IV.
)
(.)
300
600 000
, (.)
45000
90000
,
(
) . ,
. ""
, ""
.
Gamble, Richard ., "The Long and Short of Debt", Business Finance 8 (October 2002),
p. 25-28.
Gilmer, R.H., Jr., "The Optimal Level of Liquid Assets: An Empirical Test", Financial
Management 14 ( W i n t e r 1985), p. 39-43.
Hawawini, Gabriel, Claude Vialet, and Ashok Vora, "Industry Influence on Corporate
W o r k i n g Capital Decisions", Sloan Management Review 27 (Summer 1986), p. 15-24.
H i l l , Ned C , and W i l l i a m L. Sartoris, Short-term Financial Management, 3 ed. (Englewood
Cliffs, NJ: Prentice Hall, 1995).
rd
Maness, Terry S., and John T. Zietlow, Short-Term Financial Management (Fort W o r t h , T X :
Dryden Press, 1998).
Morris, James R, "The Role of Cash Balances in Firm Valuation", Journal of Financial and
Quantitative Analysis 18 (December 1983), p. 533-546.
Petty J. W i l l i a m , and David F. Scott, "The Analysis of Corporate Liquidity", Journal of
Economics and Business 32 (Spring-Summer 1980), p. 206-218.
Sartoris, W i l l i a m L., and Ned C. H i l l , "A Generalized Cash Flow Approach to Short-Term
Financial Decisions" Journal of Finance 38 (May 1983), p. 349-360.
Van Home, James C, "A Risk-Return Analysis of a Firm's W o r k i n g Capital Position",
Engineering Economist 14 (Winter 1969), p. 71-89.
Viscione, Jerry A., "How Long Should You Borrow Short Term?" Harvard Business Review
( M a r c h - A p r i l 1986), p. 20-24.
Walker, Ernest W., "Towards a Theory of Working Capital", Engineering Economist 9 (JanuaryFebruary 1964), p. 21-35.
IV Web-, (Wachowicz's Web World),
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1
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p. 4. Copyright 1999, First Tennessee Bank.
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396
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, , ,
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.
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398
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.
. Ruth Aim Marshall, "Prepare for Paperless Payments", 2002 2004 MasterCard
International Incorporated. . .
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.
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.
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(net float), (float).
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402
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(remote disbursement)
, ,
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,
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,
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E D I ) . ,
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("") ,
.
( ) (electronic data interchange E D I )
(, -,
..) .
404
IV.
,
, , -.
() (electronic data interchange EDI)
,
.
("") (Society of W o r l d w i d e Interbank Financial Telecommuni
cations
S W I F T )
("") (Clearing-house Interbank Payments System - C H I P S ) .
() (electronic funds transfer EFT)
, ( ).
("") (Society for Worldwide Interbank Financial Telecommunication SWIFT)
,
,
,
("") (Clearing
House International Payments System CHIPS)
,
.
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1999
, , ,
,
.
, , .
( ) ( f i n a n c i a l E D I F E D I ) .
( )
.
,
.
9.
405
General Electric "" .
General Electric, Gartner CS-13-4085
( 2001 ), , 70%
,
; 20%
, .
, General Electric 50%
- .
General Electric ,
.
2 . .
General Electric E D I - (electronic data inter
change )
, ,
E D I .
- (electronic i n
voice presentment EIP), W o r l d Wide Web,
, General Electric 15-
1,5%- , -
- ( E I P ) General Electric. -,
, 60 .
15 General Electric ( 45%
)
- ( E I P ) . General Electric
12%.
. Suzanne Hurt, "Why Automate Payables and Receivables?" Strategic Finance
(April 2003), p. 33-35. (www. s t r a t e g i c f inancemag. com).
2003 . .
406
IV.
,
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.
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.
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, .
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,
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, , ,
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407
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.
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.
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.
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.
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, .
.
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.
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,
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408
IV.
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, . ,
(Outsourcing Institute)
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409
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19%
37%
28%
36%
31%
17%
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, Unisys, ,
,
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. "When Not to Focus on Cost Savings". Exec, Vol. 25:1 (2003), p. 4. (www.
u n i s y s . com/execmag/) 2003 Unisys Corp.
.
.
, , ,
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410
IV.
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.
James . Van ,
Financial Management and Policy, 11-th edition. (Upper Saddle River, NJ: Prentice Hall,1998), Chap. 12.
9,
411
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, . . James
. Stencill, The Management of Working Capital. (Scranton, PA: Intext Education Publishers,
1971, Chap. 2 and 3).
0
412
IV.
.
,
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(R$) (ready cash segment ( R $ ) ) .
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,
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413
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.
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. ,
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.
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414
IV,
, .
.
1000 .
26 956 . ,
44 .,
.
(Bond Equivalent Yield BEY)
,
365- ,
,
BEY = ((FA - PP)/(PP))(365/DM),
BEY ;
FA ;
;
DM , .
BEY
;
BEY = ((1000 . -956 ,)/(956 .))(365/182) = 0,0923 = 9,23%
(Effective Annual Yield EAY)
,
365- . (
. (3,31)
3.)
EAY = (1 + (BEY/(365/DM)))
365/DM
- 1 = (FA/PP)
365/DM
- 1,
EAY , (
. .)
;
EAY = (1 + (0,0923/(365/182))) ' - 1 = (1000 ./ 956 .) ' - 1 = 0,0944 =
= 9,44%.
365 182
365 182
2,
. ,
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.
(interest-rate (or yield) risk)
,
,
9.
415
, (26-)
, , ,
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,
416
IV.
.
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(Treasury bills (T-bills)) 13 26
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,
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417
, .
. ,
.
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.
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,
.
, (repurchase agreementsRPs; repos)
( , )
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agencies)
(Federal Financing Bank).
(Federal Housing
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(Government National Mortgage Association, GNMA, "Ginnie ")
(Tennessee Valley Authority, TV ). ,
,
(government-sponsored enterprises GSEs),
.
(Federal Farm Credit Banks FFCBs),
(Federal National Mortgage Association FNMA,
"Fannie ")
(Federal Home Loan Mortgage Corporation F H L M C , "Freddie Mac").
, ,
,
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418
IV.
,
.
.
(federal agency)
, ,
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, (commercial paper)
,
.
.
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, .
,
.
, ,
General Electric Capital Corporation, Ford Motor Credit Company, General Motors
Acceptance Corporation Sears, Roebuck Acceptance Corporation.
,
,
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9.
419
.
. -
, .
, (commercial paper)
,
,
, , .
270 ,
.
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.
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.
, 100 . .
,
, "" (Yankee
commercial paper). , Mercedes-Benz AG
. ,
,
, - (Euro-commercial pa
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, General Motors . -
. -
, .
,
270 , - ,
,
. ,
,
.
7
270 ,
(Securities
and Exchange Commission), .
7
IV.
420
.
, 1961 ,
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,
.
, , 30 12 .
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,
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9.
421
(short-term municipals).
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. 1982
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- ,
. ,
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49 ,
,
. -
422
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.
.
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424
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9.
425
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(money market funds M M F )
. 1970- ,
(Securities and Exchange Commission SEC) 1983 .
1980- ,
, ,
.
.
(The Institutional Money Market Funds Association
I M M F ) , , ,
1995 130 . . 2002 ,
.
,
,
, ,
(commercial paper CP),
(floating rate note FRN), -,
.
: , ,
(constant net asset value C N A V ) ,
,
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.
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:
,
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(roll-up fund), .
, .
,
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.
M M F
,
. M M F .
"" . M M F
.
SEC, SEC2a-7,
1983 M M F .
, -
426
IV.
MMF, ,
, SEC.
MMF . ,
MMF, , , Moody's Investors Service, Fitch Ratings
Standard & Poor's.
. The Treasurer ( The Association of
Corporate Treasurers). Denise Bedell, "Money Market Phenomena", The Treasurer (May 2003),
p. I - I V . 2003 The Association of Corporate
Treasurers, (www. t r e a s u r e r s . o r g ) .
, ,
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.
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428
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12.
.
13. (),
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?
9.
429
1. The Zindler Company
.
.
.
.
500 . .
. ,
-
.
, ,
,
.
a) ,
.
b)
, ,
5%
,
.
c) ,
75 . .?
2. El Pedro
Steel Company, ,
.
8%
8,50%
7%
30% (
),
7%.
? ?
430
IV.
v l * I
1. Speedway Owl Company
Gas and Go
.
, 420 . .
, .
Speedway Owl,
.
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433
Adam, Peter S., and W i l l i a m A. Harrison, eds, Essentials of Cash Management, 6
(Bthesda, M D : Treasury Management Association, 1998).
th
ed.
Arvizu, Benjamin, "Using Your Bank as a Cash Management Tool", The Small Business
Controller A (Summer 1991), p. 42-47.
Batlin, C.A., and Susan Hinko, "Lockbox Managemnt and Value Maximization", Financial
Management 10 ( W i n t e r 1981), p. 39-44.
Bort, Richard, "Lockboxes: The Original Outsource", The Small Business Controller & (Fall
1995), p. 44-47.
, "What Every Financial Manager Needs to Know About Controlled Disbursing", The
Small Business Controller 9 (Winter 1996), p. 47-50.
Gitman, Lawrence J., D. Keith Forrester, and John R. Forrester Jr., "Maximizing Cash
Disbursement Float", Financial Management 5 (Summer 1976), p. 15-24.
Hahn, Thomas K., "Commercial Paper",
Moss, James D., "Campbell Soup's Cutting Edge Cash Management", Financial Executive 8
(September/October 1992), p. 39-42.
Nauss, Robert M . , and Robert E. Markland, "Solving Lockbox Location Problems",
Financial Management ?> (Spring 1979), p. 2 1 - 3 1 .
Phillips, Aaron L., "Management of Corporate Payments from Check to Electronic Format:
A Report on the Current Status of Payments", Financial Management 27 ( W i n t e r 1998),
p. 92-105.
Ricci, Cecilia W., and Gail Morrison, "International W o r k i n g Capital Practices of the
Fortune 200", Financial Practice and Education 6 ( F a l l / W i n t e r 1996), p. 7-20.
Stancill, James M. The Management of Working Capital. (Scranton, PA: Intext Educational
Publishers, 1971).
Stone, Bernell K., "Design of a Receivable Collection System", Management Science 27
(August 1981), p. 866-880.
434
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481
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24 . ., Kim Shi Company,
,
.
30 .
, ,
,
.
(, .)
2,8
1,8
1,2
0,6
()
45
60
90
144
20 . ,
18 . .
.
,
, ..
( ), 30%?
. ( , 360 .)
2.
(%)
10
15
, 1, ,
?
.
3. 2
.
(%)
1,5
3,0
5,0
7,5
482
IV.
? .
4.
Acme Aglet Corporation 12%;
"/10, ( ) " . ( , ,
,
10 .)
10 . . , 80%
, .
60 .
"2/10, 30", 60% ,
,
40 .
Acme Aglet Corporation "/10,
" "2/10, 30". .
5. Porras Pottery Products, Inc. 220 .
.
.
12 . .,
2,5 , 4%.
, ,
,
3%. 180 . .,
400 .
. .
, ( )
20%? 10%?
6. Pottsville Manufacturing Corporation
San Jose Company.
.
San Jose Company (. .)
1,5
1,6
1,6
1,3
1,8
2,5
13
2,6
4,0
0,4
0,5
0,4
4,5
6,5
8,5
-
( )
10. ,
483
( )
(
)
2,0
1,9
1,8
7,0
6,5
6,0
9,0
8,4
7,8
1,0
0,8
0,6
14,5
15,7
16,9
(8,5%)
2,1
3,1
3,8
0,2
0,4
0,9
0,2
0,2
0,2
2,5
3,7
4,9
4,0
3,0
2,0
6,5
6,7
6,9
1,0
(8,5%)
(6,5%)
1,0
1,0
5,0
5,0
5,0
2,0
3,0
4,0
14,5
15,7
16,9
20X1
20X2
20X3
15,0
15,8
16,2
11,3
12,1
13,0
3,7
3,7
3,2
1,1
1,2
1,0
2,6
2,5
2,2
1,3
1,2
1,2
San Jose
Company (. .)
1,3
1,3
1,0
0,3
0,3
0,0
1,0
1,0
1,0
484
IV.
"2/10, 30")
, ,
15 ,
" 30".
San
Jose Company.
? ?
7.
. 5000
12,50 .,
20% .
,
1 . ,
100 .
a) -
, , , ,
10 20 .
b) .
c)
.
8. Hedge Corporation
.
.
12 . ,
150 ,
, 200 .,
8 . .
a) .
b) -
Hedge Corporation (..
)?
c) ?
9. , 5000 , ,
( ).
, 200 .;
-
4 ;
( ).
a)
- .
b) ,
--
10. ...
485
.
, .
) .
10. Common Scents, Inc.
.
,
- ,
,
. ,
.
()
(.)
5000
26000
7500
14 000
10000
7000
12 000
3000
15000
1000
17 500
0,65 .
.
?
i.
= 360/45
= 8
= 360/75
- 4,8
= 1800 000 ,
= 9000000,/4,8
= 18750X1 .
= 0,8x1875 000 .
- 1 5 0 0 000 .
= 60000 000,/8
= 7500000,
486
IV.
= 600000./4,8
= 12500000
.
= 12 500 . 7 500 ,
= 5 000 000 ,
= 1500 . +
5000000 .
= 6 500 000 ,
( )
= 0,20 x 6 500 00 .
= 1300 000 .
, 1,8 .
., (
) ,
, 1,3 . .,
30 60 .
2.
, 22%,
,
,
.
( )
4 ./50 . - 8%,
.
,
5 x 8 % = 40% 24%,
. ,
.
. , 100 .
. .
(.)
(,)
30000
50000
20000
900
3500
4800
4800 .
,
, 8000
. ,
. ,
10. .,
487
,
.
,
,
.
)
2(0)(5)
2($40)(20)
$100
= 4 ( 1 . .)
4000 ,
.
(. ( )
1000 . = $0,10 1000 = $100)
)
*=
2(0)(5)_
!40)(20)
$50
= 5,66 ( 1 . .)
1000 ,
6000 .
,
, ,
.
)
Q* =
2(0)(S) _ 2($10)(20) = 2 ( 1 . .)
$100
,
.
- =
48 . ./ = 8 . .
- =
48 . . / 8 = 6 . .
- = 2 . .
= 2 . . 0,15 = 300 . .
, 300 . ., ,
, 260 . .
, .
Bendor-Samuel, Peter, Turning Lead into Gold: The Demystification of Outsourcing. (Provo,
488
IV.
Dyl, Edward A., "Another Look at the Evaluation of Investment in Accounts Receivable",
Financial Management 6 (Winter 1977), p. 67-70.
Gamble, Richard H., "Financing Supply Chains", Business Finance 8 (June 2002), p. 33-35.
Hill, Ned C, and Kenneth D. Reiner, "Determining the Cash Discount in the Firm's Credit
Policy", Financial Management 8 (Spring 1979), p. 68-73.
Hill Nned C, and William L., Sartoris, Short-Term Financial Management, 2rd ed. (Englwood
Cliffs, N: Prentice Hall, 1995).
Johnson, Gene H., and James D. Stice, "Not Quite Just In Time Inventories", The National
Public Accountant 38 (March 1993), p. 26-29.
Kallberg, Jarl G., and Kenneth L. Parkinson, Corporate Liquidity: Management and
Measurement. (Homewood, IL.: Irwin, 1993).
Magee, John F., "Guides to Inventory Policy", I - I I I , Harvard Business Review 34 (JanuaryFebruary 1956), p. 49-60; 34 (March-April 1956), p. 103-116; and 34 (May-June
1956), p. 57-70.
Maness, Terry S., and John T. Zietlow, Short-Term Financial Management, 2nd ed.
(Cincinnati, OH: South-Western, 2002).
Mehta, Dileep, "The Formulation of Credit Policy Models", Management Science 15
(October 1968), p. 30-50.
Mmester, Loretta J "What's the Point of Credit Scoring?" Business Review, Federal
Reserve Bank of Philadelphia (September-October 1997), p. 3-16.
Mian, Shehzad L., and Clifford W. Smith Jr. "Extending Trade Credit and Financing
Receivables" Journal of Applied Corporate Finance 7 (Spring 1994), p. 75-84.
Ng, Chee K.Janet Kiholm Smith, and Richard L. Smith, "Evidence on the Determinants of
Credit Terms Used in Interfirm Trade", Journal of Finance 54 (June 1999), p. 1109
1129.
Oh, John S., "Opportunity Cost in the Evaluation of Investment in Accounts Receivable",
Financial Management 5 (Summer 1976), p. 32-36.
Parkinson Kenneth L, and Joyce R. Ochs, "Using Credit Screening to Manage Credit Risk",
Business Credit 100 (March 1998), p. 22-27.
Sartoris, William L., and Ned C. Hill, "A Generalized Cash Flow Approach to Short-Term
Financial Decisions",/oMma/ of Finance 38 (May 1983), p. 349-360.
Scherr, Frederick C, "Optimal Trade Credit Limits", Financial Management 15 (Spring
1996), p. 71-85.
Stojanovich, Dusan, and Mark D. Vaughan, "The Commercial Paper Market: Who's
Minding the Shop?" The Regional Economist, Federal Reserve Bank of St. Louis (April
1998), p. 5-9.
Tiernan, Frank M., and Denis A. Tanner, "How Economic Order Quantity Controls
Inventory Expense", Financial Executive 51 (July 1983), p. 46-52.
Wrightsman, D. W., "Optimal Credit Terms for Accounts Receivable", Quarterly Review of
Economics and Business 9 (Summer 1969), p. 59-66.
IV Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . edu/~j wachowi/
part4.html)
11
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.
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, ,
,
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.
.
,
492
IV.
, -
(trade credit).
() (trade credit)
, ,
: (open accounts);
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493
,
.
.
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, , ,
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, ,
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,
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()
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.
IV.
494
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11.
495
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.) ,
98 . 20
,
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,
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"2/10, 60",
:
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, ,
- . 11.1.
496
IV.
, 30-
37,2%.
_j
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. 11.1.
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11.
497
,
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.
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.
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, Dun & Bradstreet.
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11.
499
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500
IV.
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11.
501
,
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;
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, .
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270 .
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) .
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.
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9.
502
IV.
. , ,
.
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,
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.
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.
"" .
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11.
503
;
.
. 90
100 . .
, .
, 90-
. ,
, .
, "".
,
. ,
,
.
,
, .
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(unsecured loans)
,
.
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,
, ,
, ,
,
.
.
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.
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-
504
IV.
, ()
.
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(line of credit)
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(line of credit)
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.
.
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800 . .,
1 . .,
.
,
. ,
,
, 90 ,
, 1 . .
, " "
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,
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. ( , ,
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11.
505
.) ,
,
, " "
, ,
.
, ,
. ,
,
, ,
. (
" ") . 11.2.
. 11.2.
506
IV.
.
, ,
.
, .
(
) (revolving credit agreement) ,
.
(revolving credit agreement)
( )
,
,
.
, ,
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.
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.
, ,
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.
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400 . ., ,
,
(600 . .) .
, 0,5%
, 3000 . .
.
,
,
21.
.
,
,
. , ,
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11.
507
, .
().
.
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, ,
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,
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.
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, , ,
.
508
IV.
, , .
. ,
, ,
, 1%.
-,
,
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,
:
$1200
0 /
$10 000
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11.
$1200
509
_,,
10,04/0 .
$8800
,
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.
. ,
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,
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, .
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,
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. ,
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200 . . ,
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5%
.
2 . ., 600 . .,
130 . .
,
: ,
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100 .
. , ,
900 . . 1 . . ,
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$120 000 ()
_._
0 /
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$900 000 ( )
.
"", "".
"" .
510
IV.
,
, ,
.
, ,
.
.
( ).
,
. ,
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Company
. 1 . .,
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, . ,
0,5%
. ,
400 . . ,
-
, :
$48 () + $3000 ( ) _ ^
$360 000 ( )
-
100 . .
( ) .
, .
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,
, -,
,
,
,
, 1 5%
.
11.
511
,
, ,
, ,
() (security,
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() (security, collateral)
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512
IV.
,
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, ,
. ,
,
,
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,
(Uniform Commercial Code).
(Uniform Commercial Code)
,
1954 ,
.
9
, .. ,
. ,
, .
, ,
.
(security agreement, security
device).
. ""
,
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11.
513
.
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.
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.
, , 25%
.
514
IV.
,
, 75% ,
.
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, .
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11.
515
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LDMI Telecommunications, , . "LDMI Telecommunications . , , , "" ",
LDMI Telecommunications .
. " , .
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LDMI Telecommunications ,
. LDMI Telecommunications
,
.
, . " 1990- , , ,
Fleet Capital Corp. (. , ).
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.
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516
IV.
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.
,
.
. , -
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11.
517
- ,
. ,
,
, -
.
2.
.
(chattel mortgage) -
-
.
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, ,
-
.
, floor planning,
,
.
, , ,
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,
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, , -
IV,
518
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.
,
,
(terminal warehouse receipt). -
.
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,
,
,
,
,
.
, .
.
, -
11.
519
. ,
.
.
( ),
.
. ,
. ,
,
.
.
.
5.
.
.
(field warehouse
receipt) .
,
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.
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,
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, . ,
,
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,
, .
520
IV.
,
.
.
,
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, 1960- .
50 Allied Crude Vegetable
Refining Corporation 200 . .
2 . .
,
,
, ,
.
1,85 . .
, , ,
,
Allied Crude Vegetable Refining Corporation ""
" ". ( , ,
? , I
.)
N. . Miller, The Great Salad Oil Swindle 1
(Baltimore: Penguin Books, 1965). \
,
.
(factoring).
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(
) " " ( -
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).
.
(-) (
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11.
521
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.
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.
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522
IV.
, , 9800 .
,
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0,015x9800 .=147 . ,
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11.
523
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.
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,
. - ,
,
.
,
. -
,
.
. ,
, .
,
-, ,
, ,
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, .
. Rosalind Resnick, "Taking the Bite Out of Exporting",
International Business (April 1992), p. 17,18.
. ,
, 8,
,
.
,
524
IV.
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11.
525
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526
IV.
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11.
527
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90" "2/10, 30".
?
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IV.
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7.
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8.
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9.
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10. ,
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11. ,
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16. ,
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b) ,
.
c) .
d)
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17.
?
11.
529
1. (
)
, : I)
, I I )
I I I ) 365 .
a) 1/10, 30
e) 3/10, 60
b) 2/10, 30
f) 2/10, 90
c) 3/10, 30
g) 3/10, 90
d) 10/30, 60
h) 5/10, 100
530
IV.
) . -
(150 . . ),
30 .
- 75%
12% . , -
2%-
.
,
2500 .,
.
Barnes Corporation ,
?
4. Kedzie Cordage Company
-
400 . .
. .
a)
.
: 12% 80%-
-
. 7000 .
.
(80 . .),
400 . . ,
.
"2/10, 30"; ,
-
40- .
b)
20%
- .
.
c)
10% .
70% ,
10 . .
,
.
d)
- ? (.
.)
11.
531
|3
1. Dud Company "2/10,
30". ,
, - , ,
15 . ,
,
, - , ,
2%,
12%.
a) - ?
b)
?
c)
,
- ?
2.
,
, ( 365 ).
a) 1/20, 30 (- 500 .)
b) 2/5, 10 (- 100 .)
c) 2/20, 60 (- 1000 .)
d) 3/10, 30 (- 250 .)
3. , -,
( )
?
.
4. 2 10-
.
5. Hayleigh Mills Company
5 . .
, , 1%
,
,
( C D
certificates of deposit). ,
(1/2%
). ,
9%
60% ,
532
IV.
?
?
,
20% ?
6. Bork Corporation 100 . .
.
.
a) 8%- ,
20%-
.
b) 9%- ,
10%-
.
c) 10,5%- ,
.
Bork
Corporation ,
?
7. Shelby Gaming Manufacturing Company
,
90 200 . .
.
- ,
, 570 . .
.
) Cody National Bank of Reno
,
.
.
300 . . ,
,
200 . .
90 . 10%,
3000 . ,
.
,
4000 .
11.
533
-
(. .)
1-
2-
3-
4-
1600
2100
1500
3200
Solid-Arity ,
.
- 7,5%,
.
Boundary Illinois National Bank of Chicago
.
. -
534
IV.
2,5%
, 20 . .
.
? ?
a) 1/10, 30
(1/99)(365/20)=
18,4%
b) 2/10, 30
(2/98)(365/20)=
37,2%
c) 3/10, 30
(3/97)(365/20)=
56,4%
d) 10/30, 60
(10/90)(365/30)= 135,2%
e) 3/10, 60
(3/97)(365/50)=
22,6%
f) 2/10, 90
(2/98)(365/80)=
9,3%
g) 3/10, 90
(3/97)(365/80)=
14,1%
h) 5/10, 100
(5/95)(365/90)=
21,3%
2. :
a) (365/20) = 56,4%
b) (5 . . 0,15)/(4,4 .
.) = 17,5%
c) (300 . ./4,4 . .) 2 =
= 13,64%
3. 3,4% ,
,
, .
4. .
a) . ,
97 .
. (97% 50 . . 2 ).
:
(365/60) = 18,8%
b) . ,
,
:
(106 . . 0,13)/(106 . . 0,90) = 14,4%
c) . - :
(150 . . 12) = 36 . .
, 30 . .,
6000 . ,
95 . .
([0,12 95 . .] + 6000 . ) / 9 5 . . = 18,3%.
11.
535
,
.
4. )
12%; 80% 400 . .
19 200 .
7000 .
10 40 :
9932 .
(2/98)(365/30)(80 . . ) ( 1 / 2 ) =
= 0,2483 80 . . 0,5
36 132 .
)
400 . . 20% 1/2
)
10%; 70% 400 . .
40 000 .
14 000 .
- 10 000 .
14 898 .
10 40 :
(2/98)(365/30)(120 . . ) ( 1 / 2 ) =
= 0,2483 120 . . 0,5
38 898 .
,
.
ABC of Figuring Interest. (Chicago, I L : Federal Reserve Bank of Chicago, 1994).
Berlin, Mitchell, "Trade Credit: Why Do Production Firms Act as Financial Intermediaries?"
Federal Reserve Bank of Philadelphia Business Review (Third Quarter, 2003), p. 21-28
( w w w . p h i l . f r b . o r g /
f i l e s / b r / b r q 3 03mb. p d f ) .
Duchessi, Peter, Hany Shawky, and John P. Seagle, "A Knowledge-Engineered System for
Commercial Loan Decisions"', Financial Management 17 (Autumn 1988), p. 57-65.
Edwards, Mace, "Factoring for Cash Flow: An Option", The Small Business Controller 7 (Fall
1994), 12-16.
Farragher, Edward J., "Factoring Accounts
(March-April 1986), p. 38-42.
GE Capital: Guide to Asset Based Lending. (Stamford, CT: GE Capital Corporation, 1999).
Hahn, Thomas K., "Commercial Paper", Federal Reserve Bank of Richmond Economic
Quarterly 79 (Spring 1993), p. 45-67.
536
IV.
12
1.
2.
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12.
545
(half-year convention)
. ,
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.
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2 , "" 30%- 50%-
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,
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" " ,
Web-: Job Creation and Worker Assistance Act of 2002 (web. utk. edu/
- j wachowi /hr3 0 9 0 . html) Jobs and Growth Tax Relief Reconciliation Act of 2003
-
MACRS
,
?
. , MACRS
, " "
,
( A l t e r n a t i v e D e p r e c i a t i o n S y s t e m ADS), ADS
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3-
5-
7-
10-
33,33
20,00
14,29
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44,45
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24,49
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8,93
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V.
546
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12.
549
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550
V.
12.5.
(a)
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90 . .
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12.
551
(.)
35 167
36 250
55 725
32 258
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90
(, )
10 000
100 000
.
1
:
( 1- 3-) (.)
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55 725
32 258
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(33 330)
(44 450)
(14 810)
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(8200)
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(16 366)
(9939)
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(4920)
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7410
1- 3-
34 432
39 530
39 359
552
V.
:
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(6600)
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, MACRS, ,
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0
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(100 000)
34 432
39 530
39 359
32 219
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32 219 . ,
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12.
553
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1. 9000 .
2. .
3. .
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MACRS, ,
.
.
554
V.
()
(.)
20 000
20000
20 000
20 000
()
MACRS (%)
0,3333
0,4445
0,1481
0,0741
()
(.)
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8890
2962
1482
(.)
9000
9000
9000
9000
()
()
MACRS (%)
0,1481
0,0741
(.)
1333
667
: () - (f) (.)
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8223
2962
1482
()
.
1
( 1- 3-)
,
(.)
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7100
7100
7100
(5333)
(8223)
(2962)
(1482)
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(1123)
4138
5618
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(40%- )
(707)
(449)
(1 655)
(2247)
(.)
1060
(674)
2483
3371
5333
8223
2962
1482
1- 3- (.)
6393
7549
5445
12.
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, (.)
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(.)
4853
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(.)
(18 000)
6393
2
7549
5445
4853
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556
V.
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(Modified Accelerated Cost
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1. , ,
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) 500 .;
,
.
12.
557
b) , 2000 .
c) 200 .
d)
250 .
e) 300 .
3. ,
,
(
)?
4. ,
.
5. ,
,
?
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6. ,
?
Pilsudski Coal Company
,
, , .
70 . . ( ),
,
.
300 . .
86,4 .
., .
MACRS;
.
,
480 . . .
,
, 40 . .
(
). ,
,
100 . .
Pilsudski Coal Company 40%,
- -
558
V.
, ,
.
0 (..
)?
2.
,
150 . . .
, 5000 .,
.
500 .
.
( )
.
,
,
MACRS.
50 . .
2000 8000 .
0?
<0
|3
i. Thoma Pharmaceutical Company
60 .
. , 20 . .
.
, ()
.
. Thoma
Pharmaceutical Company (
) 38%,
15%. (
- ,
.) -
12.
559
?
2. (. 1).
6%- .
20 . .,
21,2 . . ..
a) ,
?
b)
, 10 . .
,
?
3. -
.
.
.
.
Rockbuilt 74 . .
. (
). ,
2000 . ;
, 13 . . ,
4000 . .
(9000 .).
Bulldog Trucks, Inc. 59 .
. .
, Rockbuilt. ,
3000 .
1500 . .
,
15 , . (
).
Bulldog (5000 .).
a) ,
?
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- .
b) , ),
,
560
V.
,
? ( ,
,
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.)
4. U.S. Blivet
, ,
.
,
.
.
.
8000 .,
,
2000 .
,
(4520 .).
,
60 . . ,
( ) 15
. .
MACRS, .
12 . . ().
40%- .
1- 4- ,
.
5. , 4, ,
,
, .
,
60 . ., ,
2000 . .
8000 ., 3000 .
,
?
12.
561
1.
1
(.)
100 000
100 000
100 000
100 000
96 000
153 600
92 160
55 296
34 560
34 560
17 280
61 440
119 040
74 880
55 296
38 560
(19 040)
25 120
44 704
15 424
(7616)
10 048
17 882
23136
(11 424)
15 072
26 822
( (2) - (3))
5
( (1)- (4))
( (5) 40)%
( (5) - (6))
84 576
107 616
89 952
82 118
84 576
107 616
89 952
82118
( (7) + (4)
(1) - (6))
(1-0,40)
10
( (8) + (9))
(.)
100 000
100 000
100 000
(.)
100 000
55 296
27 648
55 296
27 648
( (2) - (3))
562
V.
8
( (1)- (4))
44 704
72 352
100 000
100 000
17 882
28 941
40 000
40 000
26 822
43 411
60000
60 000
82 118
71 059
60 000
60 000
24 000
82118
71 059
60 000
84 000
( (5) 40%)
( (5) - (6))
( (7) + (4)
(1)- (6)
(1-0,40)
10
( (8) + (9))
(.)
0 (
):
- -
(.)
480 000 - 70 000 - (0,40)(86 400 - 70 000) = 403 440
2.
150 000
150 000
150 000
150 000
6000
6000
6000
6000
166650
(78 250)
74 050
37 050
(22 650)
(78 250)
69 950
106 950
(9060)
(31 300)
27 980
42 780
(.)
( (1)- (2) (3))
( (4) 40%)
12.
563
(13 590)
(46 950)
41 970
64 170
153 060
175 300
116 020
101 220
30 000
153 060
175 300
116 020
131 220
( (4) - (5))
( (6) + (3)
(1) - (2) (5))
( 1 -0,40)
( (7) + (8))
(.)
0 (
) 500 . . (
).
|
Ag garwal, Raj, Capital Budgeting Under Uncertainty. (Englewood Cliffs, NJ: Prentice Hall,
1993).
Barwise, Patrick, Paul R. Marsh, and Robin Wensley, "Must Finance and Strategy Clash?"
Harvard Business Review 67 (September-October 1989), p. 85-90.
Bierman,
Harold, Jr.,
and
Seymour
Smidt,
The
Economic
Hartman, Joseph C, "Technical Note New Depreciation Rules from the Job Creation and
Worker Assistance Act of 2002 and Their Impact on Capital Investment", The
Engineering Economist 47 (Summer 2002), p. 354-367.
K i m , Suk H., "A Summary of Empirical Studies on Capital Budgeting Practices", Business
and Public Affairs 13 (Fall 1986), p. 21-25.
Levy, Haim, and Marshall Sarnat, Capital Investment and Financial Decisions, 5" ed.
(Englewood Cliffs, NJ: Prentice Hall, 1994).
Marshuetz, Richard J., "How American Can Allocates Capital", Harvard Business Review 63
(January-February 1985), p. 8 2 - 9 1 .
Rappaport, Alfred, and Robert A. Taggart Jr., "Evaluation of Capiral Expenditure Proposals
Under Inflation", Financial Management 11 (Spring 1982), p. 5-13.
Seitz, Neil, and M i t c h Ellison, Capital Budgeting and Long-Term Financing Decisions, 3
rd
ed.
564
V.
Van Home, James , "A Note on Biases in Capital Budgeting Introduced by Inflation",
Journal of Financial and Quantitative Analysis 6 (January 1971), p. 653-658.
V Web-, (Wachowicz's Web World),
"" Web-, ,
, ,
(web.utk.edu/~jwachowi/
parts.html)
13
. "
"
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)
13 :
,
:
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,
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,
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.
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2. .
3. .
4. .
.
(discounted cash flow DCF).
,
. , 12
,
,
"-".
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, DCF.
14 ,
.
(discounted cash flow DCF)
,
,
V.
568
(payback period )
, ,
.
(payback period )
, ,
. ,
(
). ,
, 100 . ., Faversham
Fish Farm
, 34 432, 39 530, 39 359 32 219 .
,
.
(.)
(100 -
34 432
34 432
2(a)
39 530
73 962(c)
39359(d)
113 321
32 219
145 540
( ) (.)
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1. ,
, " ( )".
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. ( 2.)
3.
, , ""
. :
, 2,
. (
: (100 000 . - 73 962 .)/39 359 .= 0,66.)
4.
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( , :
2 + 0,66 = 2,66 .)
13.
569
.
, ,
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,
(2,66 ) .
. (
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,
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,
5000 .
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.
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.
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.
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570
V.
, , 6-10 .
,
.
. ,
( ,
,
(hurdle rate)),
.
(internal rate of
return IRR), (net present value N P V )
(profitability index PI).
. ,
3,
, 4, .
(internal rate of return IRR)
,
.
0=
^^ +
(1 + ? )
^ + . +
9
.
(1 + ? )
(1 + ? ) "
(13.1)
, IRR ,
C F , CF,
, ICO, 0.
, (13.1)
:
$34432
$39 530
$39359
$32 219
cblUU UUU
+
+"
(1 + IRR)
(1 + ? )
(1 + ? )
(1 + ? )
1
. , IRR,
.
, IRR
.
13.
571
. ,
. ,
. ,
. ,
15%-
.
. II , . (
^=1/(1+0".)
(.)
PVIF 15%
(.)
34432
0,870
29 955,84
39 530
0,756
29 884,68
39 359
0,658
25 898,22
32 219
0,572
18 429,27
104 168,01
15%-
,
, 100 . . ,
,
100 .
. 20%- ?
(.)
PVIFnpn20%
(.)
34 432
0,833
28 681,86
39 530
0,694
27 433,82
39 359
0,579
22 788,86
32 219
0,482
15 529,56
94 434,10
572
V.
.
100 . . , ,
,
100 . ., - 15 20%.
15% > ICO > 20%
$104168,01 > $100 000 > $94 434,10
(interpolation)
, -
,
15 20% :
0,05
0,15 $104168,01
__ $4168,01
0,05 $9733,91
$4168,01
$9733,91
$94434,10
> =
(0,05) ($4168,01)
$9733,91
(13.2)
, :
(PVIFA ) = ICO / ( ) .
IRRn
(13.3)
, ,
, 100 . .,
36 . . 100 . . 36 . .
2,778.
. IV , ,
2,798; 16%- .
13.
573
2,778 2,798, ,
16 17%,
,
. ,
, .
. ,
.
. ,
IRR,
( ),
,
(hurdle rate). ,
. IRR
, , .
12% IRR ,
.
,
, IRR ,
,
. ,
, ,
. ,
, ,
Coca-Cola. (. ,
Coca-Cola.)
IRR, N P V
,
.
(net present value N P V )
, .
NPV =
CF.
(1 + &)
CF
(1 + ky
(i + ky
-ICO,
(13.4)
k ,
.
574
V,
Anheuser-Busch
.
, ,
.
j
1
I
j
.
,
, .
,
,
.
, .
,
, ,
,
,
, .
, ,
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,
. ,
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.
, , (
) 12%,
:
NPV-.
$34 432
(1 + 02)
+-
$39 530
(1 + 0 2 )
$39 359
2
(1 + 0,12)'
-+-
$32 219
(1 + 0 2 )
$100 000
, -
NPV = $34 4 3 2 (
+$32 2 1 9 (
2 % 4
2 % 1
) + $39 5 3 0 (
2 % 2
) + $39 3 5 9 ( i W
) - $ 1 0 0 000
1 2 % 3
) +
13.
575
,
, .
, , ,
.
50,000
NPV. ,
,
.
. 13.1. ,
N P V (NPV profile),
.
,
.
(conventional project) ,
576
V.
,
,
,
.
. , N P V
, .
, IRR
,
. ,
,
.
,
IRR,
. ,
12%. . 12.3,
10 . . (
, ,
10 768 .)
, , ,
. ,
IRR, IRR (
17%) (12%). ,
,
. , ,
.
, ,
NPV.
NPV
, : NPV
, NPV
NPV IRR .
(profitability index PI)
.
13.
577
CF
CR
(l + ky
(1 + ky
- + ...-
CF
(1 + kf
/ICO.
(13.5)
:
PI = ($30 748 + $31505 + $28 024 + $20 491)/$100
= $110768/$100 000 = 1,11.
.
1,00,
.
(.. ,
). ( , 1,00,
, ,
, , , ,
.)
.
, ,
,
() .
,
.
(independent project)
, ( )
,
, ,
, , (independent project),
IRR, NPV PI
(.. , ).
,
, .
578
V.
( )
(dependent (contingent) project), .. ,
. ,
.
- ,
, .
(mutually exclusive project)
,
,
,
.
(mutually exclusive project) ,
. , ,
,
.
.
, ,
. , .
- ,
IRR, NPV PI
.
,
( ).
1. . ,
.
2. .
. ,
,
.
3. .
.
,
, -
13.
579
. , ,
"" (.. ,
) , ,
IRR, NPV PL
.
,
. ,
, , ,
.
(.)
-100
-100000
400
156 250
NPV 10%
PI 10%
100
231
3,31
25
29 132
1,29
,
IRR
NPV 10%
PI 10%
, 1-
, 2-
S IRR
.
L.
,
.
, IRR ,
, . ,
,
. , 100%- 100-
25%- -
580
V.
100 . . , ,
NPV, ()
.
L S, IRR
L , S.
, L ,
.
.
,
, ,
,
.
(.)
-1200
-1200
1000
100
500
600
100
1080
, , D I,
. .
D ,
I .
IRR D I
23 17%. , 10%,
D
, I. ,
10%
I ,
D. ,
(k) 10%,
(198 .) (1,17).
, .
< 10%
> 10%
IRR
NPV
PI
NPV
PI
, 1-
, 2-
. 13.2, NPV
.
13.
581
IRR ,
. , IRR
D I
,
.
"" .
(10%),
NPV, ,
.
(Fisher's rate of intersection)
.
, ,
,
IRR .
600
500
400
300
200
100
-100
-200
. 13.2. NPV
D I
,
, ,
,
. ,
D I .
,
582
V.
, .
,
,
,
. , IRR ,
, IRR
"" .
,
, .
, IRR
. IRR ,
.
,
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.
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,
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.
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,
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).
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, ,
, X Y,
.
13.
583
(.)
-1000
-1000
2000
3375
IRR X Y 50 100%.
10%,
X 1536 .,
2,54; Y 818 . 1,82.
, .
IRR (%)
PI 10%
50
1 536
2,54
100
818
1,82
, :
IRR
NPV 10%
PI 10%
, 1-
, 2-
.
,
. ,
,
. X.
: -, IRR Y ,
X, (1000 .); , -
X, , Y
; , -,
, Y,
, X .
,
,
, ,
.
,
(
, ).
, - , , -
584
V.
,
() ,
.
(.)
NPVnpn10%
(.)
-1000
3375
1536
-1000
2000
818
10%,
-1000
2420
818
X Y ,
() .
: , X (
NPV), (3375 .)
Y (2420 .). ,
,
.
, Y
. , ,
. , ,
,
, -
. X
Y,
718 . (1536 . - 818 .) .
,
IRR ,
IRR . ,
. , -, +, +, -
: "" "" "" "".
, ,
,
13.
585
. ,
( "" ""),
IRR . ,
(nonconventional),
. ,
, .
(,
),
. , , , -
,
. ,
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.
I
|
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, , .. , .
, N P V
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. -, ,
, , ( ,
, ..
)?
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,
, .
IRR ,
.
,
.
,
.
-
586
V.
IRR . ,
IRR
, IRR. ,
- .
IRR,
, IRR. ,
, - ,
.
, , 1000%, NPV,
. 13.2. N P V
, ,
IRR.
IRR. , ,
NPV
, IRR
. IRR
.
.
,
.
,
.
,
. , IRR
IRR.
,
: IRR?
,
, ,
NPV.
. ,
, IRR
. ,
,
. ,
,
,
.
13.
587
IRR. -
IRR (
),
(, "" NPV).
(capital rationing)
, ,
( ),
,
, (capital
rationing).
, ,
, .
, ,
. ,
-
,
"" , , .
, ,
, .
,
(
) .
,
.
,
,
,
. , ,
.
IRR (%)
NPV (.)
PI
50
15
12 000
1,24
35
19
15 000
1,43
30
28
42 000
2,40
25 000
26
1000
1,04
15 000
20
10 000
1,67
(.)
10 000
37
11 000
2,10
10 000
25
13 000
2,30
1000
18
100
1,10
V.
588
65 . .,
,
, ,
, 65 . .
(,
65 . .) .
IRR (%>
NPV (.)
(.)
37
11
10 000
28
42
30 000
26
1000
25 000
54 000
65 000
NPV (.)
42
15 000
(.)
30 000
35 000
57
65 000
PI
NPV (.)
(.)
2,40
42 000
30 000
2,30
13 000
10 000
2,10
11 000
10 000
1,67
10 000
15 000
76 000
65 000
, , F G, 65 .
.
, 76 . .,
. -
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;
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13.
589
,
. ,
,
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.
,
.
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28 . . (12 . . + 15 . . + 1000 . + 100 .).
,
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.
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,
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. ( 8,
.)
590
V.
, ,
, "
, ",
" " , " " ..
(sensitivity analysis)
" , ..." " ,
- ,
? "
( ),
,
(NPV).
(sensitivity analysis)
" , .,.",
,
(NPV) (IRR),
. , ,
-
-
. ,
, ,
.
13.1.
,
(NPV)
-15%
-10%
-5%
+5%
+10%
+15%
(.)
11 785
11 447
11 107
10 768
10 429
10 089
9751
9824
10 139
10 453
10 768
11 083
11 398
11 713
(78)
3539
7154
10 768
14 382
17 997
21 614
.
, ,
,
Faversham Fish Farm .
12 -
13.
591
. ,
( 12%-
) 10 768 .
" , ..." ,
12
1- 4- (35 167, 36 250, 55 725 33 258 .
), , ,
? , ,
, , 10 . .?
" , ...",
NPV,
( ,
) ,
, -15%, -10%, -5%, +5%, +10% +15%. (,
,
.)
,
( ). . 13.1.
. 13.1 , -15 +15%
,
(10 768 .).
15% ,
.
, . 13.1,
NPV (. . 13.3).
" ",
NPV. "
" .
, NPV
, "
" " ".
/
"
", , -, .
NPV, , 13.1, . ,
" ",
NPV .
, "
". , -
592
V.
.
NPV. . 13.2 ,
NPV
" " "
".
. 13.3. NPV
Faversham Fish Farm
13.2.
,
(NPV)
-15%
-10%
-5%
+5%
+10%
+15%
(1022
.)
(707
.)
(393
.)
(78
.)
(237
.)
(552
.)
(867
.)
-10%
2595
2910
3224
3539
3854
4169
4484
-5%
6218
6525
6839
7154
7469
7784
8099
9824
10 139
10 453
10 768
11 083
11 398
+5%
13 438
13 753
14 067
14 382
14 697
15012
15 327
+10%
17 053
17 368
17 682
17 997
18312
18 627
18 942
+15% 20 670
20 985
21 299
21 614
21 929
22 244
22 559
-15%
11 713
>
13.
593
, ,
N P V
( ) .
,
"" - . ,
-
,
.
, ,
(
). 14
""
,
.
:
;.'
j*;
lit
il;
;:;;'
;sJK:J
;
(post-completion audit)
, , .
, ..
,
.
. ,
: . ,
: ,
, ( )
( ) (post-completion audit).
, ,
: , ,
. ,
,
,
.
,
'
.
,
, , , ,
594
V.
.
,
,
, .
Georgia-Pacific
,
, /
.
, ,
,
( )
i
: , .
, .
. Georgia-Pacific CorporationGeorgia-Pacific Group, 1998 Annual Report, p. 2728. 1998 Georgia-Pacific CorporationGeorgia-Pacific Group.
. .
. , ,
,
, ,
,
. , ,
"".
12 ,
()
.
,
,
.
.
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(
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()
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13.
595
.
,
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; -,
; , -,
,
" " ( " ").
(IRR)
,
. IRR
, , .
(NPV)
.
NPV , ,
.
(PI), "-",
. PI 1,00,
, .
(.. ),
IRR, NPV PI
.
( ): 1) ; 2)
; 3) .
,
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)
.
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.
596
V.
, ,
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,
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.
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)
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.
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.
.
1600 . ( ) . ,
10 . . ,
20 . . . ,
( )
.
. ,
, ,
.
3
13.
597
()
(.)
-1600
20 000
()
(.)
10 000
10 000
()
,
( - ) (.)
-1600
10 000
-10 000
, ,
, : -1600,
+ 10 000 -10 000 . IRR
, ,
, IRR: 25 400%.
1600 =
$10 000
$10 000
(1 + IRR)
,
(1 + IRR)-
(.)
-1000
6000
-11 000
6000
598
V.
. 13.1. NPV ,
( IRR)
IRR ,
.
IRR .
,
. IRR
.
IRR (32,5%),
.
(.)
-1000
1400
-100
,
IRR, ,
. IRR
(25 400%) ?
, ,
.
, 20%?
IRR 20%,
. 13.1 , , 20%-
(-211 .) , , .
13.
599
,
1600 .
:
10 . . ? ,
, ,
.
20%
, 2000 .,
.
2000 . 20%- 1389
. (2000 . / ( 1 + 0,20) ), , 1600
., (-!) ,
211 . ,
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.
2
.
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) , , -, -
( ). , ,
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.
.
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"
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".
600
V.
,
( )
,
,
" ",
.
,
.
, ,
NPV ,
chain
NPV
(13.1)
( ); NPV
- ; R ,
,
(R) (), ; k
.
,
. ,
, NPV,
.
,
,
.
10
5328
8000
,
(/?)
(/0 (%)
10
10
(),
,
(NPV ) (.)
n
" .
.
(8000 .) ,
, (5328 .).
13.
601
,
( 10 ). . 13.1 ,
10 .
, , , .. NPV
8000 . ,
Aain
NPV
cham
chain
= $8000
.
4
1. ,
. }' " " ( )
, " "?
?
?
2.
?
* : NPV
"" 10%- .
. , , ,
NPV
. ,
,
() .
,
,
Ronald . Shrieves and John . Wachomcz Jr., "Proper Risk Resolution in Replacement Chain
Analysis", The Engineering Economist 34 (Winter 1989), p. 91-114.
V.
3. ,
,
,
? ?
4.
,
.
, ,
?
5. ,
-
.
?
6.
? ?
7.
? .
8.
, ?
9. IRR ,
.
.
10.
( )
""
(DPBP). ,
, ""
,
(
). ,
, ""
(DPBP)
, ()
"" , ,
; .
, ""
,
""
, ,
. ,
? . ,
13.
603
(DPBP) ,
""
( ) ? (
)
""
?
1. Briarcliff Stove Company
(
). ,
700 .
. 0 1 . .
.
250 . . (
), 300 . .,
350 . ., 400 . .
.
, Briarcliff Stove
Company
.
a)
15%, ?
?
b) IRR ?
c) ,
10%?
d) ?
2. Carbide Chemical Company
. ,
( )
.
(.)
-404 424
86 890
106 474
91 612
(.)
84 801
84 801
75 400
66 000
92 400
V.
,
14%?
?
3. Acme Blivet Company
: 1)
; 2)
(
); 3)
.
-
(. .)
(. .)
200
290
115
185
270
400
1 2,
:
. 1 3
,
. ,
1 3, 440 . .
2 3,
,
.
2 3 620 . .
,
,
,
125 . . ( ) ?
1. Lobers, Inc.
,
(.).
13.
9000
605
1000
5000
1000
1000
1000
5000
4000
1000
5000
3000
4000
8000
12 000
,
, , 15%.
2. 1,
,
?
3. IRR .
a) 1000 .
2000 . . IRR
?
b) 1000 .
500 .
. IRR ?
c) 1000 .
900 . , 500 .
100 . . IRR
?
d) 1000 .
130 .
. IRR ?
4.
.
0
(.)
-2000
1000
1000
1000
1000
(.)
-2000
6000
a) IRR .
b)
, 0, 5,10, 20, 30 35%.
c)
.
d) ? .
?
606
V.
5. Zaire Electronics 0
. ,
14%,
: ) , )
, ) !)
. , MACRS
34%.
(
)
.
(.)
28
8000
8000
8000
8000
8000
8000
8000
20 000
5000
5000
6000
6000
7000
7000
7000
13.
607
(.
.)
' 3
500
1,22
2.
150
0,95
3. 4
350
1,20
4.
450
1,18
5,
200
1,19
400
1,05
a)
,
? {.
,
.)
b) ?
9.
. .
.
. Rockbuilt 74 . .
.
(
). ,
2000
. ;
, 13 . .
,
4000 . .
(9000 .).
608
V.
a)
(opportunity cost)
- 8%,
?
,
- .
b) ),
15%?
->
1
(.)
(15%)
(.)
(700 )
1,000
(700 000)
(1 )
0,870
(870 000)
250 000
0,756
189 000
300 000
0,658
197 400
350 000
0,572
200 200
5-10
400 000
2,164*
865600**
= (117 800)
,
.
) 13,21%.
,
.
(.)
, 14%
,
14% (.)
, 13%
,
13% (.)
(700 000)
1,000
(700 000)
1,000
(700 000)
(885 000)
(1 000 000)
0,877
(877 000)
0,885
250 000
0,769
192 250
0,783
195 750
300 000
0,675
202 500
0,693
207 900
350 000
0,592
207 200
0,613
214 550
5-10
400 000
2,302*
920 8 0 0 "
2,452*
980 800**
(54 250)
'PVIFA PVIFA .
" 5- 10- .
14 000
13.
609
,
13 14%:
|
0,01
[0,13 4 0 0 0 1
[IRR
$68 250
X
0,01
,X=
( 0 , 0 1 ) ( $ 1 4 000)
$68 250
: 0,0021
(.)
(14%)
(.)
(404 424)
1,000
(404 424)
86 890
0,877
76 203
106 474
0,769
81 879
91612
0,675
61 838
84 801
0,592
50 202
84 801
0,519
44 012
75400
0,456
34 382
66 000
0,400
26 400
92 400
0,351
32 432
=2924
, .
3.
()
(. .)
(. .)
(. .)
200
290
90
115
185
70
270
400
130
610
V.
()
(. .)
(. .)
(. .)
1,2
315
475
160
1,3
440
690
250
2,3
385
620
235
1,2,3
680
910
230
1 3,
.
Aggarwal, Raj, Capital Budgeting Under Uncertainty. (Englewood Cliffs, NJ: Prentice Hall, 1993).
Bacon,
Peter W.,
"The
Evaluation of Mutually
Exclusive
Investments",
Financial
Gitman, Lawrence J., and Peter A. Vandenberg, "Cost of Capital Techniques Used by Major US
Firms: 1997 vs. 1980", Financial Practice and Education 10 (Fall/Winter 2000), p. 53-68.
Gordon, Lawrence A., and Mary D. Myers, "Postauditing Capital Projects: Are You in Step
w i t h the Competition?" Management Accounting 72 (January 1991), p. 39-42.
Graham, John, and Campbell Harvey, "How Do CFOs Make Capital Budgeting and Capital
Structure Decisions?" Journal of Applied Corporate Finance 15 ( S p r i n g , 2.002 p. 8 - 2 3 .
Harris, M i l t o n , and Arthur Raviv, "The Capital Budgeting Process: Incentives and
Information" Journal of Finance 51 (September 1996), p. 1139-1174.
Herbst, Anthony, "The Unique, Real Internal Rate of Return: Caveat Emptor!" Journal of
Financial and Quantitative Analysis 13 (June 1978), p. 363-370.
Levy, Haim, and Marshall Sarnat, Capital Investment and Financial Decisions, 5
th
ed.
13.
611
Shrieves, Ronald ., and John . Wachowicz Jr., "Proper Risk Resolution in Replacement
Chain Analysis", The Engineering Economist 34 ( W i n t e r 1989), p. 91-114.
. "Free Cash Flow (FCF), Economic Value Added ( E V A ) , and Net Present
Value ( N P V ) : A Reconciliation of Variations in Discounted-Cash-Flow ( D C F ) Valua
tion", The Engineering Economist 46 (No. 1, 2001), p. 33-52.
Smith, Kimberly J., "Postauditing Capital Investments", Financial Practice and Education 4
(Spring-Smmer 1994), p. 129-137.
Smyth, David, "Keeping Control w i t h Post Completion Audits", Accountancy 106 (August
1990), p. 163-164.
Van Home, James C. "The Variation of Project Life as a Means for Adjusting for Risk", The
Engineering Economist 21 (Spring 1976), p. 151-158.
Weingartner, H. Martin, "Capital Rationing: Authors in Search of a Plot", Journal of
Finance 32 (December 1977), p. 1403-1431.
V Web-, (Wachowicz's Web World),
"" Web-, ,
, , ( w e b . u t k . e d u / ~ j w a c h o w i /
part5.html)
14
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:
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618
V.
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CF =J2(CF )(P ),
t
xt
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.
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, (standard deviation)
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619
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200
3000
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600
4000
0,40
1600
5000
0,20
1000
6000
0,10
600
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(.)
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0,5
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,
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.
(coefficient of variation).
.
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:
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:
CV = $ 1 0 9 5 / 8 4 0 0 0 = 0,27.
B
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621
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. 14.2
. ,
, -
622
V.
. ,
.
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, ,
, -
,
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,
.
.
, . , ,
, ()
, ,,
. , ,
, , ,
, .
,
,
.
, .
. . 14.3 ,
.
. ,
,
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( 500- ),
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200 .), , 1
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, , , ,
( ).
14. .
623
. 14.3. ,
,
;
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,
,
. , ,
, {initial
probability).
, . , ,
, {conditional
probabilities). , (joint probability)
-
. ,
, .
,
, . 14.3 (
240 .).
500 ., ,
800 ., 40% ( ,
500 . 40%, ,
200 ., 20%). ,
500 .
800 . (..
, , 1),
: 0,25 0,40 = 0,10 (. . 14.1).
624
V.
,
500 .
500 ., 0,25 0,40 = 0,10,
, 500 .
200 .,
0,25 0,20 = 0,05.
200 ., ,
500 ., 0,20; 200 . 0,60; 100
. 0,20.
, .
0,10, 0,30 0,10.
,
-100 .
14.1. *
' 0 240 .
.
,
, ""
,
. , ,
14. .
625
. "
", . ,
(risk-free rate). ,
, ,
. " "
.
,
.
.
.
(14.3)
NPV ,
i'- (
i ) , P
, z
( ).
, 2 = 9.
() , -240 .
0, 500 . 800 . .
0,10. ,
, 8%,
:
j
$500
(1 + 0.08)
$800
_ $240 = $909.
(1 + 0,08)
, -240 . 0, 500 .
500 . .
:
$
=
- - $240 = $652.
.
( . 14.1), ,
( -
626
V.
),
.
. 14.2, ,
116 .
,
( N P V )
. ,
.
,
. NPV,
, ,
,
.
.
, aNPV,
J2( i-NPV) (^ .
NPV
(14.4)
.
:
14.2.
(.)
(2)(3)
(.)
(4)
(1)
(2)
(3)
909
0,10
91
652
0,10
65
394
0,05
20
374
0,10
37
117
0,30
35
-141
0,10
-14
-161
0,05
-8
-418
0,10
-42
-676
0,10
-68
116 . =
NPV
14. .
627
NPV
+(-676-116) (0,10)f
2
=[$197,277f
=$444
,
, 116 .,
, 444 .
, .
,
.
,
( )
, IRR
, .
(simulation) ()
,
.
.
, , ,
, ,
.
2
1. .
2. .
3. .
4. ( ).
5. .
6. .
7. .
David . Hertz, "Risk Analysis in Capital Investment", Harvard Business Review 42 (January-February
1964), p. 95-106.
628
V.
8. .
9. .
,
. ,
.
, IRR
( ,
),
.
,
, " "
.
(. )
450
500
550
600
650
700
750
0,05
0,10
0,20
0,30
0,20
0,10
0,05
,
, 1 5 450
, 6 15 500 , 16 35 550 ..
100. ,
. ,
26. ,
550 . , ,
.
.
. , (
) . 8 9
.
, ,
() .
,
,
,
IRR (
)
. ,
,
. .
, .
, -
14.
629
( ) IRR ,
. 14.4.
.
(,
, IRR ) ,
: ,
- ,
,
. , ,
,
,
(, , )
. ,
( ) .
(%)
. 14.4.
,
( ). ,
,
. , ,
(116 .).
116 .,
,
. :
630
V.
_NPV*-NPV
NPV
Z ("Z-") ,
NPV* ( )
; N P V ; a q
.
w
1 1 6
$444
,
0,26
( ). ( Z-
, .)
,
,
(. . V ,
). ,
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0,30
, 0,3821. , ,
40%- ,
.
, , 60%- ,
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,
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.
,
.
, , , ""
, ,
, "" .
14. ,
631
:
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,
,
(
) .
(opportunity loss)
, , 40%-
, NPV , 40%-
( ),
. ,
40%- ,
,
. ,
(.. -
), ,
. 40%-
-
, ( )
, .
4
.
N P V IRR
. ,
( Y ) .
. 14.5 ( ,
, X ) . ,
Y 200 .,
116 . X. , Y
, X. , ,
Y X,
. Y,
.
; .
:
,
"" .
,
.
Frederick S. Hillier, "The Derivation of Probabilistic Information for the Evaluation of Risky
Investments", Management Science 9 (April 1963), p. 450.
4
632
V.
"",
.
, 5. , ,
. ,
, 15 ( ,
,
). ,
"" ,
, .
, $
. 14.5. NPV
,
,
, , ,
.
, ,
.
. 14.6 (
) .
(..
. . .),
"". ,
, .
, ,
(diversification),
.
.
14.
633
() , N P V ,
,
.
N P V ( )
, .
P
y=i *=i
, #
j (
.)
. 14.6.
(14.6) :
7 k, )
k.
NPV j k
, . (14.7) j = k,
1, OjOk / (..
;
).
634
V.
, ,
, 1,
, 2. ,
, .
NPV (.)
NPV(AOAA.)
12 000
14 000
8000
6000
1 2: 0,40
:
NPV = $12000 + $8000 = $20000 .
P
(14.6) (14.7),
N P V :
~2
V ; = 1 4=1
= / 1.1 1
+ ( 1 , 2 1 2 ) + %1\
2
< 7
= $17 297.
,
12 . 20 . .,
NPV 14 . 17 297 . 2.
(
) : 14 000 ./12 000 . = 1,17
2 17 297 ./20 000 . = 0,86 2.
,
, 2 .
,
,
, , .
:
,
( ).
,
.
14. .
635
(14.7)
.
-
. , ,
,
,
.
.
, , ,
. ,
,
. ,
,
( ) ,
.
,
. .
+1 ,
. - 1 , ,
.
,
.
0 1.
,
, , .
, ,
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, ,
, .
, , ,
.
,
. ,
636
V.
(combination),
,
. , ,
, ,
. ,
,
.
.
,
, .
1, 2, 3 4,
.
+1
+2
+3
+4
+1+2
+1+3
+1+4
+2+3
+2+4
+3+4
+1+2+3
+1+2+4
+1+3+4
+2+3+4
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, 16 .
(
).
,
.
.
. 14.7 16
. N P V
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.
, .
,
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. 14.7 , . (
, .)
14.
637
. 14.7. ,
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,
(). ,
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,
, .
2 3.
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-
.
,
.
. 15 ,
.
,
.
.
, ,
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. -
638
V.
.
,
/ (
).
(discounted cash flow DCF)
,
.
() (managerial (real) options)
,
, ,
.
( )
(managerial (real) options)
. ()
,
, :
=
= + ().
(14.8)
(
) , ,
(14.8)
. 22
.
, , ,
( )
, , , .
.
1. () ( ) (option to expand
(or contract)). ,
, ,
, .
2. () (option to abandon).
,
"" (put option).
3. () (option to postpone).
, ,
.
. , "
- -, - -".
14.
639
, .
, ,
22, "",
.
, (.. )
.
( )
, ,
.
, Gummy Glue Company
. ,
25 .
, . , ,
3 . . ( ""), ,
DCF- .
.
Gummy Glue Company
, , , .
,
.
.
Gummy Glue Company ,
,
(.. ).
,
50:50.
() 15 . .
, 0
11 . . ,
,
, , .
. 14.8.
, , : (0,5)(11 . .)
+ (0,5)(0 .) = 5,5 . . (14.8),
:
= $3,0 . + $5,5 . = $2,5 .
,
, NPV.
, .
,
,
.
640
V.
(abandonment value)
,
; , " " (. - ),
() ,
, .
, ,
- .
(abandonment value).
, , - " "
,
.
. 14.8. ,
Gummy Glue Company
,
.
, .
, , -,
, , -,
, .
,
. , :
14. .
N P V
=
641
+ -
.
, , Acme
Tractor Company
Acme Mulchmaster I I I .
- ,
Acme Mulchmaster IV,
.
3 . .
. 14.3
. ,
.
,
1,5 . .
. (
) 1 . .
,
.
. ,
, .. 0,25 0,25 = 0,0625.
,
10%, ,
. , ,
, -, ""
() , , ,
("" ).
, ,
445 246 .
3
, .
. ,
,
.
, "" ,
.
642
V.
1,00
1,00
1,0000
1 , 5
6
" 0 3 . .
" ,
1,5 , .
, .
Acme Tractor Company
,
, 10%- .
, ,
. ,
, , .
. 14.3, ,
, 1 . .
,
1 . . (0,25)(0 .) + (0,50) (1 . .) +
(0,25)(2 . .) = 1 . .).
(1 . .) ,
909 091 ., , (1,5 . .)
. 2
. ., ,
,
, 1,5 . .
14. ,
643
,
, . 14.3.
. 14.4. ( )
,
, 579 544 .
N P V
,
,
.
, .
, ,
(
, ). ,
,
, .
644
V.
. ,
.
"":
, .
,
, , , , - .
, ,
. ,
,
,
. ,
, .
,
.
, ,
.
, , ,
. ,
.
, .
(
), .
, ,
, .
, ,
. ,
DCF-, ,
.
,
.
DCF-
,
.
() .
14. ,
645
.
,
.
, ,
().
.
,
.
.
,
(, ).
, IRR
, ,
(
).
, , , ,
N P V ,
,
.
.
, .
,
(..
),
N P V
.
.
().
,
.
.
()
.
646
V.
, ,
.
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) ,
().
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, .
?
(. 13)?
2. ?
?
3. ""
,
?
4.
. , ,
"" ,
?
" " .
5.
200 ., 400 .,
, ,
140 ., 300 .? .
6. , ,
?
7.
?
8.
,
?
9.
?
10. ""
?
14. .
647
11. ,
, ?
12.
?
13. ( )
?
14.
, .
Naughty Pine Lumber Company
,
. 3000 .,
( )
. ,
, .
a)
?
b) I)
, I I )
,
10%?
c) ,
(
)?
?
648
V.
NPV
(.)
(.)
16 000
8000
20 000
7000
10 000
4000
1,00
0,90
1,00
0,80
0,84
1,00
0,40
0,20
0,30
1,00
a)
,
, .
b)
, ,
, . ,
) ).
?
3.
,
90 . . ,
. (
)
.
14.
649
8%.
a)
.
b) ,
,
45 . . ( ).
?
, ,
,
.
, ).
?
650
V.
1,00
1,00
a) ,
, ,
, ?
b) .
2. Smith, Jones, and Nguyen, Inc.
. ,
.
,
.
; ,
,
.
(. .)
(. .)
(. .)
100
10
20
50
10
30
200
25
10
10
10
500
75
75
14. ..,
651
a) ,
?
?
b) ,
?
X
: 20 . .,
10 . . ,
, ,
,
30 . . 5000 .
Xonics Graphics, Inc.
.
, 1000 .
,
. , ,
1000 .
, , 50:50. ,
,
.
,
300 .,
,
.
40%,
.
,
, 1800,
1400 1000 . ( 0,20, 0,60
0,20). ,
200 . , 200 .
2,
. (
1000 . 1.)
a) ,
,
, .
b)
(..
),
5%- .
652
V.
c)
,
.
d) ?
5. Flotsam and Jetsam Wreckage Company
,
.
(
)
.
(.)
10 000
8000
6000
4000
3000
4000
,
.
1 2
0,60
13
0,40
23
0,50
6. Plaza Corporation
.
(. .)
(. .)
100
200
20
80
75
100
60
150
50
20
40
60
120
170
90
70
50
100
75
30
14. .
653
a) .
b) ?
7. Bertz Merchandising Company
. :
( ),
( ) ,
0. ,
.
,
,
.
( )
(.)
(. .)
0,15
26 000
0,30
6,00
0,30
160
0,20
27 000
0,40
6,50
0,40
165
0,30
28 000
0,30
7,00
0,30
170
0,20
29 000
0,15
30 000
1,00
1,00
a) ,
20 IRR
.
b) ?
?
8. Bates Pet Motel Company
. 100
100 . . ,
, , 17 .
. 15 . 15
,
.
18%.
, Bates Pet Motel
Company 100
. -
V.
654
20 . .
100 ,
17 . ., 5- 15-.
,
( 50:50).
a) ?
?
b) ?
?
? ?
1. )
0,12
0,16
0,12
0,24
0,24
0,12
1,00
) 10%- I)
I I )
( ).
NPV
) , : -595 ./868 .
= -0,685. . V ,
, , -0,685
0,25. ,
14. .
655
,
.
b)
16 . . + 20 . + 10 . = 46 . .
= [(S8000) +(2)(0,9)($8000)($7000)
2
+(2)(0,8)($8000)($4000) + ($7000)
+(2)(0,84)($7000)($4000) + ($4000) ]
2
1 / 2
c) : 46 .
. + 12 . . = 58 . .
= [$328 040 000 + ($9000)
+(2)(0,4)($9000)($8000)
+(2)(0,2)($9000)($7000)
+(2)(0,3)($9000)($4000)]
1/2
:
0 / N P V ) = $18112/$46000 = 0,39.
:
22659 . / 5 8 000 . = 0,39.
()
(9000 ./12 000 . = 0,75),
, ,
.
( )
.
3.
)
1
(.)
656
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"" Web-,
, , , ( w e b . u t k . e d u / ~ j w a c h o w i /
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Engineering Economist 46 (No. 1,2001), p. 33-52.
15.
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( NPV )
.
,
. ,
.
.
, , ,
, ,
, .
, .
. ,
,
,
.
698
VI. ,
,
,
, ,
.
,
,
. ,
,
, , .
. ,
. ,
.
,
,
.
,
, . ,
, ,
.
, .
,
,
,
( ) .
,
, ,
, ,
.
- .
,
.
,
, .
.
, ()
.
15.
699
( )
,
.
.
,
.
( )
.
,
.
,
.
.
.
( ) .
,
""
.
,
,
.
().
( ) .
,
,
.
""
"",
700
VI. ,
"". (. .)
"",
() .
,
.
(,
- ) .
-
.
,
(RADR), ""
( )
, "".
RADR, ,
, .
. ,
, .
,
.
.
,
.
,
( ).
"" ,
"" ,
(business risk), (financial risk) .
( ), -
15.
701
, .
,
, .
,
"" .
,
"" .
,
( ).
, 17.
,
"" ( " "),
(15.1)
R =R HR -RfW
j
Rf ,
R
PJ "",
"".
(15.1) :
14
Rj =R + (R
f
(15A.2)
R )pV [! + ( / 5 ) ( 1 T )],
f
"",
"" ( "" ,
, ..
" "),
B/S "/ ( )",
,
.
(15.2), ,
:
=
R,
(R R )h
m
+(R R )^x(B/S)(iT )
m
"" , ,
;
^ = 3 [1+(/5)(1 )].
> 1
(15A.3)
CM. Robert S. Hamada, "Portfolio Analysis, Market Equilibrium and Corporation Finance", Journal of
Finance 24 (March 1969),p. 1930.
702
VI. ,
(15.) , ""
" " :
=6,/[1+(5/5)(1- )].
>
(15.4)
""
" ". ,
"" j- " ", , 1,4;
"/ ", B/S, 0,70, 40%.
"" " " :
\ = 1,4 1 + (0,70/0,60)] = 0,99.
"",
"", (15.).
j
, , "/
" j 0,70, 0,30.
, "" .
= 1 + (/5)(1- )]
15.
703
.
(weighted average cost of capital W A C C )
. , , "" ,
-.
(adjusted present value A P V ) , .
' . APV
:
, .
,
3
.
,
APV=
+
""
(15.1)
,
.
, , ,
.
:
(15B.2)
CF, ;
ICO , ;
k ""
( ,
, ..
" "); I , t;
; kd
; F (
), (,
eu
Implications for
704
VI. ,
).
(15.2)
,
" ".
(tax-shield) ,
.
.
, ,
, . ,
.
.
(tax-shield)
, ,
"" ( )
,
.
!
! Tennessee-Atlantic Paper
Company 50%
,
. Tennessee-Atlantic Paper Company
1 . . 10% ,
( ). (
.)
,
, ( 125 . .) . (
, ,
.)
( ) 40%,
, "
" , , -
15.
705
.
. 15.1. 4, ,
" "
132 . .
:
APV = - $ 8 0 400 + $132 = $51600.
, , ,
,
.
?
, ,
, , ,
. ,
, , , ,
. ( ), Tennessee-Atlantic Paper Company
40 . . ( ).
,
:
APV = - $ 8 0 400 + $132 000 - $40 000 = $11600 .
- ,
, , .
15.1. "
" ,
(. .)
<1)-125
(1) 0,10
" "
(2) 0,40
PV
" "
10%
(1)
(2)
(3)
(4)
1000
875
100
40
36
750
88
35
29
625
75
30
23
500
62
25
17
375
50
20
12
250
38
15
125
25
10
12
2
132
706
VI. ,
WACC APV
.
(weighted average cost of capital W A C C ) ,
(adjusted present value
A P V ) . , A P V ,
W A C C .
A P V
, W A C C .
,
, , .
- ,
. ,
, ,
W A C C .
,
.
/
(,
,
), A P V
.
16
W A C C ,
. A P V
,
. , A P V
. , ,
.
, " "
,
, .
17,
, ,
. , ,
(
).
James Miles and John R. Ezzell, "The Weighted Average Cost of Capital, Perfect Capital Markets, and
Project Life: A Clarification'', Journal of Financial and Quantitative Analysis 15 (September 1980),
p. 719-730; Donald R. Chambers, Robert S. Harris, and John J. Pringle, 'Treatment of Financing Mix in
Analyzing Investment Opportunities", Financial Management 11 (Summer 1982), p. 24-41; Robert A.
Taggart Jr., "Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes",
Working Paper, National Bureau of Economic Research (August 1989).
15.
707
1.
?
2.
?
3. " "
, ,
? .
4. ( ,
),
,
?
5.
?
?
6.
( ) ,
?
7.
,
?
8. -
?
9.
.
10.
,
? ?
11. ,
(RADR)?
- ?
12.
() ?
708
VI. ,
13.
, ,
? .
14. ,
?
,
, ?
15. , (
, ,
,
..), ,
,
,
?
16. , ,
(
)
? .
17.
,
, ?
18.
?
1. Silicon Wafer Company
1 . ,
20 .
a) ( )
,
, 12%
? ( ,
.)
b) , ), ,
20%
, 10%
.
( ) ?
2. ,
.
15.
709
(%)
(%)
""
15
10
1,00
18
14
0,70
15
1,20
17
11
0,80
16
10
1,90
?
3. Sprouts-N-Steel Company :
.
, 30%, ,
10%
(
).
15%, 40%.
13%- .
Sprouts-N-Steel Company
,
.
.
.
"", 0,90
1,30
. (,
, ,
, Sprouts-N-Steel
Company.) 12%,
17%.
( ) ?
4.
. ,
.
710
VI. ,
NPV
(. .)
NPV (. .)
6,00
3,00
7,50
4,50
8,20
3,50
1 2
9,70
4,80
a) (
) ? .
b) ,
?
vf^
I
1. Zapata Enterprises
:
. ,
, k;, k ,
.
, ,
5 , (
).
, k .
e
2. , ( 1) 3 . ., 5 7 .
. 14%;
, ,
, 500 . .
11%; ,
. ,
40%.
3. 20X1 International
Copy machines (ICOM), ,
300 .
(3 . )
, 20%.
20X2 ,
ICOM,
15%.
20X2 ?
.
15.
711
a)
ICOM.
b) ,
"".
c) 20X2 3,45
. .
4. K-Far Stores
,
Bay Area.
12%-
6%- ;
.
,
2 . .
25 .
.
5.
Manx Company
. ( )
(. .).
16
40%.
,
, ,
17%. (
. ) Manx Company
13%,
12%.
.
6.
R-Bar-M Ranch
,
600 .
. ,
90 . .
(
).
, ,
VI. ,
, 14,5%.
R-Bar-M Ranch .
200 . .
200 . . .
.
2%
,
15%
.
?
?
7. Cohn and Sitwett, Inc.
.
, Cohn and Sitwett
. ,
,
, Cohn and Sitwett
.
,
, ,
.
( Cohn
and Sitwett),
,
.
"" 1,28.
, 18%
,
12%. Cohn and Sitwett
40% 60% .
8%.
a)
(
).
b)
?
15.
713
0,2
0,3
0,2
0,2
0,1
""
1,00
1,10
1,20
1,30
1,40
a) ,
(mode-average)
"" 1,10?
b) ?
c)
?
9.
-400
50
50
150
350
8%,
10%,
, , ,
, 15%. ?
.
714
VI. ,
6,50
5,25
+1
6,80
5,00
+2
7,60
8,00
+3
7,20
6,50
+ 1 +2
7,90
7,50
+ 1+3
7,50
5,60
+2+3
8,30
8,50
+1+2+3
8,60
9,00
, ,
? ? ?
11. "/ " Willie
Sutton Bank Vault Company ( ) 0,75,
15%,
40%.
,
.
"", -.
Peerless Machine Company,
, .
"/ " (
) 0,25, "" 1,15,
0,40.
a) (
"") , Willie Sutton
Bank Vault Company
"",
?
b)
,
13%,
17%?
15.
715
12. Aspen Plowing, Inc.
30 . . ,
10 . . . " "
16%. 60%
, 12%
.
, .
( )
1000 .,
30%- .
a) ( A P V )
? ?
b) ,
10 000 .,
8000 . ?
1.
)
*.=A/p +g
0
b) , = $ 1 , 1 2 / $ 2 0 + 12% = 17,6%
c) ,
3 4, ,
,
20 ., - 18 19%.
716
VI. ,
= $2,74/(0,18-0,10) = $34,25
5
0
, :
$34,25 18% = $14,97, $30,44 19% = $12,76
18%
19%
(,)
5,26
5,13
(.)
14,97
12,76
(.)
20,23
17,89
,
18%, 19%. , :
X 0,18 $20,23L
$0,23
0,01
$20,00 J
$2,34
0,19 $17,89
X
_$0,23
0,01 " $ 2 , 3 4
(0,01)($0,23)
..
, X =
- = 0,0010
$2,34
k =0,18 + = 0,18 + 0,0010 = 18,10%,
.
v
R, +(R -R )fi
M
(%)
10% + (15%-10%)1,00
15,0
14% + (18%-14%)0,70
16,8
8% + (15%-8%)1,20
16,4
11% + (17%-11%)0,80
15,8
10% + (16%-10%)1,90
21,4
,
, "",
-
15.
717
( ). ,
(R -R ),
m
( ).
3. : = 15%(1 0,4) = 9%
= 13%
,
, :
= 0,12+(0,17 - 0,12)0,90 = 16,5%.
,
, :
= 0,12 + (0,17-0,12)1,30 = 18,5% .
, , :
= 9%(0,3) + 13%(0,1) + 16,5%(0,6) = 13,9%.
, ,
:
= 9%(0,3) +13%(0,1) +18,5%(0,6) = 15,1%.
,
. .
4.
( / NPV )
.
10
718
VI. ,
()
0,50
1 (1)
0,60
2 (2)
0,43
1 2 (12)
0,49
,
,
.
.
. ,
,
2.
,
.
) ,
. ,
"" ,
, , ,
,
,
, .
,
,
.
Amihud, Yakov, and Haim Mendelson, "The Liquidity Route to a Lower Cost of Capital",
Journal of Applied Corporate Finance 12 ( W i n t e r 2000), p. 8-25.
A r d i t t i , Fred D., and Haim Levy, "The Weighted Average Cost of Capital as a Cutoff Rate:
A Critical Analysis of the Classical Textbook Weighted Average", Financial
Management 6 (Fall 1977), p. 24-34.
Ariel, Robert. "Risk Adjusted Discount Rates and the Present Value of Risky Costs", The
Financial Review 33 (February 1998), p. 17-29.
Block, Stanley, "Divisional Cost of Capital: A Study of Its Use by Major US Firms", The
Engineering Economist 48 (No. 4, 2003), p. 345-362.
Booth, Laurence, "Finding Value Where None Exists: Pitfalls in Using Adjusted Present
Value"'Journal ofApplied Corporate Finance 15 (Spring 2002), p. 95-104.
Bruner, Robert F., Kenneth M. Eades, Robert S. Harris, and Robert C. Higgins, "Best
Practices in Estimating the Cost of Capital: Survey and Synthesis", Financial Practice
and Education 8 (Spring/Summer 1998), p. 13-28.
Chambers, Donald R., Robert S. Harris, and John J. Pringle, "Treatment of Financing M i x in
Analyzing Investment Opportunities", Financial Management 11 (Summer 1982), p. 24-41.
15.
719
Conine, Thomas ., Jr., and Maurry Tamarkin, "Division Cost of Capital Estimation:
Adjusting for Leverage", Financial Management 14 (Spring 1985), p. 54-58.
Ehrhardt, Michael C, and Yatin N. Bhagwat, "A Full-Information Approach for Estimating
Divisional Betas", Financial Management 20 (Summer 1991), p. 60-69.
Ezzell, John R., and R. Burr Porter, "Flotation Costs and the Weighted Average Cost of
Capital' 'Journal ofFinancial and Quantitative Analysis 11 (September 1976), p. 403-413.
1
Fama, Eugene F., and Kenneth French, "The Corporate Cost of Capital and the Return on
Corporate Investment' Journal of Finance 54 (December 1995), p. 1939-1968.
Fuller, RusseJJ J., and Haibert S. Kerr, "Estimating the Divisional Cost of Capital: An Analysis
of the Pure-Play T e c h n i q u e " , / o M r a a / o / Finance 36 (December 1981), p. 997-1009.
Gitman, Lawrence J., and Pieter A. Vandenberg, "Cost of Capital Techniques Used by
Major US Firms: 1997 vs. 1980", Financial Practice and Education 10 ( F a l l / W i n t e r
2000), p. 53-68.
Greenfield, Robert L., Maury R. Randall, and John C. Woods, "Financial Leverage and Use
of the Net Present Value Investment Criterion", Financial Management 12 ( A u t u m n
1983), p. 40-44.
Gup, Benton E., and Samuel W. Norwood I I I , "Divisional Cost of Capital: A Practical
Approach", Financial Management 11 (Spring 1982), p. 20-24.
Hamada, Robert S., "Portfolio Analysis, Market Equilibrium and Corporation Finance",
Journal of Finance 24 ( M a r c h 1969), p. 19-30.
Harrington, Diana R., "Stock Prices, Beta and Strategic Planning", Harvard Business
Review 61 (May-June 1983),p. 157-164.
Harris, Robert S., Thomas J. O'Brien, and Doug Wakeman, "Divisional-Cost-of-Capital
Estimation for Multi-Industry Firms", Financial Management 18 (Summer 1989), p. 74-84.
Harris, Robert S., and John J. Pringle, "Risk-Adjusted Discount Rate Extensions from the
Average-Risk Case"'Journal ofFinancial Research 8 (Fall 1985), p. 237-244.
Howe, K e i t h M . , "A Note on Flotation Costs and Capital Budgeting", Financial
Management 11 ( W i n t e r 1982),p. 30-33.
Lessard, Donald R., and Richard S. Bower, " A n Operational Approach to Risk Screening",
Journal of Finance 27 ( M a y 1973), p. 321-338.
Lewellen, W i l b u r G, and Douglas R. Emery, "Corporate Debt Management and the Value
of the Firm", Journal of Financial and Quantitative Analysis 21
(December 1986),
p. 415-425.
Miles, James A., and John R. Ezzell, "The Weighted Average Cost of Capital, Perfect Capital
Markets,
and
Project
Life:
Quantitative
nd
720
VI. ,
Shapiro, Alan , "Corporate Strategy and the Capital Budgeting Decision", Midland
Corporate Finance Journal 3 (Spring 1985), p. 22-36.
, and Sheridan Titman, " A n Integrated Approach to Corporate Risk Management",
Midland Corporate Finance Journal 3 (Summer 1985), p. 41-56.
Shrieves, Ronald E., and John M. Wachowicz, Jr., "Free Cash Flow ( F C F ) , Economic Value
Added ( E V A ) , and Net Present Value ( N P V ) : A Reconciliation of Variations of
Discounted-Cash-Flow ( D C F ) Valuation", The Engineering Economist 46 (No. 1, 2001),
p. 33-52.
Stein, Jeremy C, "Rational Capital Budgeting in an Irrational World", Journal of Business
69 (1996), p. 429-455.
Stewart, G. Bennett, The Quest for Value. (New York: Harper Collins, 1991).
Van Home, James C, "An Application of the Capital Asset Pricing Model to Divisional
Required Returns", Financial Management 9 (Spring 1980), p. 14-19.
Weaver, Samuel C, "Using Value Line to Estimate the Cost of Capital and Industry Capital
Structure" Journal of Financial Education 29 (Fall 2003), p. 5 5 - 7 1 .
VI Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part6.html)
16
""
""
"" (DOL)
DOL
DOL
""
( )
EBIT-EPS
"" (DFL)
DFL
""
"" (DTL)
DTL
16 :
""
;
(
);
,
,
"" ;
,
EBIT-EPS,
EBIT-EPS;
,
" "
: " " "
";
,
"",
.
.
. . . ,
, ,
, .
, .
, (leverage),
, ,
. (operating),
(financial) .
, ,
(
, ). ""
( )
, , .
"" (leverage)
,
"" (operating leverage)
,
"" (financial leverage)
, (
) . (
gearing.)
""
"" ,
.
, ,
, .
,
,
.
"" ,
.
, ,
(
(earnings before interest and taxes E B I T ) ) .
724
VI. ,
,
. ,
, , ,
. ,
.
, ,
,
.
,
( ""), ,
( ). ,
,
(.. ),
,
( ). ( : ,
"" : ""
, .)
"" . 16.1.
,
"". F
(fixed costs FC)
(variable costs V C ) . V
( )
. , 2F
F. :
2F , -,
( ) , -,
,
("FC/ ") ( " F C / ").
,
50%. ,
, ,
; .. ,
,
(1)? ( 2F,
,
.
.)
16. ""
725
16.1. "", ,
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.
F
2F
10 000
11 000
19 500
(FC)
7000
2000
14 000
(VC)
2000
7000
3000
(EBIT) (.)
1000
2000
2500
/ "
0,78
0,22
0,82
"FC/ "
0,70
0,18
0,72
(.)
(.):
"":
. 50%
F
2F
15 000
16 500
29 250
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2000
14 000
(VC)
3000
10 500
4500
CEBIT) (.)
5000
4000
10 750
400
100
330
(.)
(.)
EBIT
(.EBIT - 6 / ) / /
t
. 16.1.
50%.
.
"" (..
). F
"": 50% 400%
. , ,
"". ,
,
"". ,
"" .
726
VI. ,
(break-even analysis)
,
, ,
(break-even chart)
,
.
(break-even analysis)
"", ,
50 . .
100 . .,
25 . ( ).
().
. 16.1 (break-even chart),
,
.
, , (profits)
.
.
, , "",
.
, "".
( ).
(break-even point).
,
( ).
. 16.1 4000
( 200 . . ).
( ) ,
( E B I T )
:
EBIT
=
P(Q)-V(Q)-FC
Q(P-V)-FC,
EBIT ( );
;
V ;
16. ""
727
( - V) ;
Q ( ) ;
FC .
1000
2000
3000
4000
5000
6000
7000
(Q)
. 16.1. ,
( )
(Q ) E B I T . ,
BE
0 = Q (P-V)-FC.
BE
(16.2)
(16.2), :
Q =FC/(P-V).
BE
(16.3)
, ( )
, , ( - V). :
Q = $100 000/($50 $25) = 4000 .
BE
(break-even point)
,
; ,
VI. ,
728
( )
( ) . 16.1.
(
) ( )
.
( ).
( ), .
(, ,
) .
, , ,
( ),
General Electric, ,
, .
,
, ,
.
, ( )
,
S =FC + VC ,
BE
BE
(16.4)
S , ;
;
VCBE .
BE
, ,
: S VC . .
, ,
(16.4) . ,
(16.4) :
BB
BE
S =FC + (VC /S )S .
BE
BE
BE
BE
(16.5)
, (VCBE/SBE)
(VC / 5 ) .
, (VC/S)
. (16.5)
(VCBE/SBE) "" (VC/S) :
= FC + (VC/S)S
S [l-(VC/S)] = FC
S =FC/[1-(VC/S)].
BE
BE
BE
(16.6)
16. ""
729
, ,
0,50
. , (16.6)
( ), :
S
BE
50 . (
), 200 . .,
( ), 4000 [.. (4000)(50 .) =
200 . .].
( ),
(EBIT), (16.3)
( )
(16.6)
( ).
(FC) "" (
) .
,
.
"" (DOL)
,
"" ,
( ).
"" (degree of
operating leverage D O L ) . ""
( % ) ,
( % ) , . ,
( D O L ) Q
( E B I T ) (%)
(16.7)
(%)
, DOL,
( ).
, ( ),
DOL, .. DOL Q .
730
VI. ,
(16,7) D OL
, ,
EBIT ,
.
, -
D OL , , .
D O L
(16.7) ,
E B I T ( )
. ,
(16.7) DOL,
, (16.7);
D O L :
DOT
^
Q(PV)FC
=
DOL
(Q Q )'
\7Q
(16.8)
BE
J7Q
1 .
EBIT
(16.9)
(16.8)
"" ,
. : Q
Q , ( ).
(16.9)
"" ,
. : EBIT ,
.
, ""
,
5000 . (16.8), :
1
BE
DOL
=
5
= 5
(50004000)
'
, 6000 , :
DOL
=
6
= 3
(60004000)
4
(16.8) (16.7).
16.
""
731
: 5000
6000 , " " 5 3 . ,
,
"".
(
! ) ,
.
"DOL-JOO^ =
5"?
, 1%-
, 5000 , 5%-
EBIT.
, 5000 ,
EBIT. , 3%- 15%-
EBIT, 4%- 20%- .
DOL
. 16.2
"" ( ). ,
,
( )
( ), D O L . . 16.1
().
. . 16.2
D O L ().
,
, , ,
D O L ( )
,
( ) . D O L 1 ,
, , .
, "" ,
,
. ,
, "1 1".
. 16.2 ,
D O L , ""
.
732
VI. ,
D O L ,
"" .
2
16.2. ""
()
(Q)
(EBIT) (. .)
"" (DOL)
-100
0,00
1000
-75
-0,33
2000
-50
-1,00
3000
-25
-3,00
QBE = 4000
5000
25
5,00
6000
50
3,00
7000
75
2,33
8000
100
2,00
-
DOL ?
,
.
,
/ . ,
" " ,
,
, . 16.2,
Q = Q DOL=1. , , ,
,
.
DOL (
) .
, "" ,
, DOL Q/Qij S/S .. DOL
. (
, ,
"".) ,
DOL. , ,
""
(, 1,50 1,5S ), DOL.
2
BE
BB
BE
16. ""
733
(Q)
. 162. DOL
. ,
DOL
(business risk)
, .
(EBIT) .
, ""
(business risk) .
, ,
.
""
( E B I T ) .
"" .
D O L ,
.
""
. -
""
734
VI. ,
, , .
, ""
" ", " "
.
-
, DOL,
,
. 16.1, (F, V 2F)
50%-
?
, DOL
, [(EBIT + FO/EBIT),
DOL,
hi
\/
,
{
^ =
V:
2F
$1000+$7000
$ 2 0 0 0 + $2000
$2000
= 2
; 2 5 0 0 + $ 1 4 0:
$2500
= 6,6
F, DOL 8,
" " . 50%-
400%- (8 50%)
.
""
""
, . ,
"" ;
"", .
"" .
,
, .
"" .
,
.
.
, "".
""?
16. ""
735
""
. , , ""
, ,
( ) ( ,
), ,
( .
. .) . ,
,
. , , ""
, ,
.
"" (, , "trading on
the equity") ,
EPS. , ""
" ". ""
.
"" ""
.
(earnings per share EPS)
(earnings before interest and taxes E B I T )
(indifference point) .
(indifference point, EBIT-EPS indifference point)
EBIT, EPS (
) .
( )
EBIT-EPS
EBIT-EPS (EBIT-EPS break-even
analysis)
. EBIT,
EPS ( ) .
.
E B I T - E P S (EBIT-EPS
break-even analysis) "", , Cherokee Tire
Company 10 . . ,
,
5 . .
.
, -, , , , 12%, , -, -
736
VI. ,
11% .
( E B I T ) 1,5 . .,
2,7 .
. 40%;
200 .
50 .
, 100 .
( )
E B I T - E P S ,
, , EPS,
E B I T
EPS =
(EBIT-I)(l-t)-PD
(16.10)
NS
/ ;
PD ;
t ;
NS .
,
, EBIT
2,7 . . . 16.3.
, ,
,
. ,
(earnings available to common share
holders EACS), "" ,
,
, ,
.
16.3. EPS
16. ""
.
737
16.3
(PD)
550 000
,
(F/ACS) (.)
1620000
1 260 000
1 070 000
,
(NS)
300000
200 000
200000
(EPS) (.)
5,40
6,30
5,35
EBITEPS. Ha , . 16.3,
EBITEPS (EBITEPS breakeven
chart), , "".
, .
,
EPS EBIT.
,
. EPS,
EBIT. . 16.3 ,
EBIT, 2,7 . .,
( , )
EPS: 5,40, 6,30 5,35 .
EBIT, 2,7 . . ""
, EBIT
EPS. " "
, .. , EBIT.
, EPS .
EBIT,
(
).
,
(16.10).
EBIT.
:
0 = (EBITI)(lt)PD
= (0)(10,40)0
= (/)(0,60)
EBIT = 0 /(0,60) = 0
(16.11)
738
VI. ,
( , ).
, EPS EBIT .
3
(EBITI)(lt)PD
(EBITI)(lt)PD
,
. ,
EBIT, , I, PD (6.11) .
EBIT, 1,8 . ., "
", " ".
,
EBIT.
EPS EBIT, 1,8 . ., ,
(
). " " EBIT
EPS, .
16. ""
739
.
.
2,75 .
. EBIT.
.
.
.
EBIT (
95 ).
EBIT, $ .
. 16.3. ( ) EBIT-EPS
.
.
(16.10) EPS
, , ..
(EBIT
l2
- 1 , )(1 - 1 ) -
XS,
(1
- J )(1 - 1 ) - PD
NS
'
2
'
1 E B I T
( 1 2);
I 1 ,
1 2;
PD PD ,
1 2;
12
740
VI. ,
t ;
NS NS ,
1 2.
,
. (16.12)
:
V
(1
12
300000
200 000
,
:
( )(0,60)(200
12
000) = ( )(0,60)
2
=$1800000.
EBITEPS,
, 1,8 . .
(. . 16.3). ,
, .
. EBITEPS
, ,
EPS. , EBIT 1,8 . .,
.
,
. ,
"" . EBITEPS
. . ,
, ,
,
EBIT. E B I T (,
),
.
,
E B I T . ,
E B I T 2,2 . .
EBIT,
E B I T 1,8 . . ,
. ,
E B I T ,
1,8 . .
16. ""
741
,
.
. 16.4,
EBIT ,
. 16.2. . 16.4, ,
:
. (safe), .. ,
, EBIT ,
. , ,
(
, ).
(risky), .. , , E B I T
,
.
.**
. 16.4. ( ) EBIT-EPS
EBIT
, :
E B I T
E B I T ,
. E B I T EPS
, .
.
.
742
VI. ,
"" (DFL)
"" (degree of financial leverage DFL)
(%) (earnings per share EPS),
1%- (EBIT).
" " (degree of financial leverage D F L ) .
""
,
. ,
(EPS)
(DFL),
(16.13)
EBIT X
(EBIT)
(16.13)
DFL, , ,
DFL:
DFL
E B I T
EBIT
/ ( _
D
) ] -
1 6 4
(16.14) , DFL
(
)
,
. (,
, ; ,
1 .)
,
EBIT, 2,7 . ., :
,2,7..
$2 700 000
$ 700 000 - $600 000
2
'
'
"" :
DFL
E B I T
2,7 . .
$2 700 000
,- ~~^ ,,
-, 1,51.
$2 700 000 - [$550 000/(0,60)]
(cash insolvency)
.
16. ""
743
:
,
, ,
(550 . 600 . . ), D F L
, .
. ,
,
-. (cash insolvency),
, , . D F L
, EPS
(
).
"".
DFL
(financial risk)
(earnings per share
EPS) ,
"".
. (financial risk)
,
, "".
,
.
. ,
, "",
.
80 . .
. 15%-
200 . . ,
30 . .,
.
75% , (.. 20 . .),
. , ,
, ,
.
. ,
, E B I T
,
80 . .,
40 . . , ,
4000 10 .
15%- 200 . ., 2000
10 .
VI. ,
744
16.4. "", ,
"" ,
(100%
(50%
80 000
80 000
.
{E(EBIT)) (.)
(/)
30 000
(()) (.)
80 000
50000
{() )
32 000
20000
,
[E(EACS))
(.)
48 000
30000
,
(NS)
4000
2000
{E(EPS)) (.)
12,00
15,00
( ), (.)*
6,00
12,00
{a /E(EBIT))
0,50
0,50
^ ^- /. $800 000
1,00
1,60
0,50
0,80
EBIT
((1))/((1)
-/-PD/(1-f))
( < r / f (EPS)) [
E F S
/E(EBIT))x(DFL )
EiEm
" X: _
(
EPs
= ( ) ( ) ; ,
= / , )(1-0( )
. 16.4 , ,
, 48 . .,
30 . .
,
, , ,
16. ""
745
,
, , 15 12 . .
6 .,
12 .
(total firm risk)
(earnings per share EPS).
.
. ,
,
EPS,
.
(total firm risk). . 16.4 ,
EPS ( 100%-
) 0,50. ,
EBIT.
, ""
. ,
EBIT. ( 50%-
) EPS 0,80.
"",
(.. 0,80 - 0,50 = 0,30)
(added) ,
""; ,
,
EPS EBIT.
, :
= + ;
, CV ,
: CV = o /E(EPS);
EPS
EPS
EPS
,
CVEBIT, : CV =
o/E(EBIT);
,
, CV ,
, C V ,
: (CV - CV ).
EBT
EPS
Em
EPS
EB
. 16.4 , ,
,
50%-
, 100%-
. -
746
VI. ,
. , ,
"/" ,
"".
DFL .
, EPS, ,
EPS . ,
, , ,
, ""
EBIT .
"" D F L 1; ,
, CV ,
EPS > ,
. CV CV (
), 1,6 ( D F L E B I T ) .
, , "", D F L
EPS. , D F L
,
,
"".
,
DFL, .
5
EBRR
EPS
EBIT
""
^1
...
&
""
"", "" (
) "" (total [or combined] leverage).
"" ""
,
EPS.
"" (degree of total leverage D T L ) .
5
(l/JVS)(l-0(<w)
E(EPS)
[E(EBIT)(\
-t)-I(i-t)-PD]/NS
E(EBIT)-I-[PD/(\-t)]
()
E(EBIT)
E(EBIT)-I-[PD/(\-t)}
=
DFL (
E
EBTT)
16. ""
747
"" (DTL)
"" (degree of total leverage DTL)
EPS, 1%-
( ).
"" (DOL), ""
(DFL) ( ).
""
( )
EPS
( ),
EPS. ,
( D T L ) ,
Q . ( S )
!
(16.15)
(EPS)
()
,
""
"" "", ..
(16.16)
, D O L ,
(16.8) (16.9), D F L , (16.14), :
(16.17)
(16.18)
,
,
"" ,
"".
, , (
""),
200 . .; . ,
50 ., 25 .
, 100 . . -
748
VI. ,
, 40%.
"" , 8000 .
, (16.17), :
, 10%-
23,8%-
.
""
"" "", :
"" ""
"", 2 (, D F L
"" 1). ,
"" D O L 1,19.
"" 2,38.
DTL
"" ""
,
"" .
, .
.
, ""
.
, ,
""
.
"",
.
-
16. ""
749
(senior securities)
, .
,
.
,
,
.
( )
.
,
(debt capacity).
(debt capacity)
( ) ,
, .
,
, ,
(coverage ratios). , , ,
6,
( ) .
, , ,
( E B I T ) ,
. ,
(interest coverage ratio times interest earned).
( E B I T )
:
[ ]
( E B I T )
(16.19)
, ,
6 . .,
1,5 . .
E B I T ""
. ,
, E B I T 75%.
1,
, .
-
750
VI. ,
,
, .
, ,
, ,
,
.
,
.
,
. ,
(debt-service burden).
(EBIT)
(16.20)
.
1-
(
), . ,
E B I T .
,
, . ,
,
EBIT.
1 . ., 40%,
:
=
$6 .
_
. .
$1.
$1,5 .
1-0,40
: 1 - (1/1,89) = 0,47.
16. ""
751
, ,
.
,
"",
.
() ,
. (
21.) ,
, (16.20),
,
.
, -
,
"" "", .
.
. 16.5,
E B I T .
E B I T .
, (16.20). ,
: 100 . ./ . . = 1,67.
,
EBIT. , E B I T
, .
, ,
. ,
1,67, ,
. , ,
,
.
( ),
. ,
. ,
.
,
. ,
, , ,
.
, E B I T , ,
.
,
. .
752
VI. ,
-20
20
60
100
140
180
220
EBIT, $ .
. 16.5. EBIT
,
1, ,
. ,
,
. ,
,
: , ,
. .
, ,
. 7,
,
.
,
.
, : ,
, .
,
,
,
, .
, , ,
5%-
,
16. ""
753
. ,
""
, .
, ,
,
, .
: ,
.
.
,
, ,
( )
.
, ,
.
. "/ "
,
(, ).
"/ "
. ,
"/ " .
.
(capital structure)
( )
, ,
.
(capital structure)
, .
, ,
. -
754
VI. ,
,
, " " .
, .
, ,
.
"/ ",
. ,
, ,
. "" "
" , ,
, ,
, ,
.
""
.
, ,
, ,
. ,
"/ " .
"/
"
()
1,2
()
1,2
()
1,8
()
1,8
()
1,9
()
2,9
( )
3,2
(,
)
5,0
"",
. , ,
, .
, , .
,
, "".
16. ""
755
.
,
. ,
. ,
"", .
,
,
. ,
"" ,
.
.
(
, ),
.
Moody's Investors Service Standard & Poor's.
,
.
. , ,
.
,
, ,
, .
. , Moody's Investors Service Standard
& Poor's, . 16.5.
. ,
, " ".
( Moody's
; Standard & Poor's A A A ) "
" ( " ,
") investment grade quality. ,
,
" " (speculative grade). ,
,
.
, .
756
VI. ,
16.5. ,
AAA
. " ";
, ,
.
,
:
, , ;
( , );
; ,
; , ,
. -
,
""
.
(
), , ,
.
, ,
, "",
, , .
,
16. ""
757
,
"".
, :
""
?
EBIT-EPS,
,
, ,
, ,
"", .
, ,
.
,
.
,
"", .
,
.
, ""
- . ,
,
(
) . , ,
, .
,
, ,
.
( "") .
"" ,
, ""
( ,
). ""
, ,
.
,
,
.
758
VI. ,
,
.
.
"" ( D O L ) . D O L
( )
( ) , .
,
D O L .
""
. ,
,
( )
. ""
.
""
"" .
""
.
""
.
( ) EBITEPS
.
EBIT, EPS
. E B I T (,
),
( ). ,
,
E B I T .
EPS
"" (DEL). D F L
EPS
,
.
,
EPS,
"".
""
"", ( -
16. ""
759
) "".
"" (DTL). D T L
( )
( )
, .
"" ,
.
,
.
,
,
, ,
"", .
,
. ,
, .
.
1. ""
"" (DOL). ?
2.
1) 2)
. , ,
? -
?
a)
d)
b)
)
g)
h)
c) f)
3.
?
a) .
b) .
c)
.
d) .
e) .
760
VI. ,
4. ?
5.
: "
".
? .
6. ""
( D O L ) . ?
D O L
. ?
7. ""
"" (DFL). ?
8. ""
"".
9.
""? .
10. EBIT-EPS :
,
EBIT, .
,
EPS?
EPS
11.
, ?
12. "/ "
,
? .
13. ,
? ( , , ?)
14. ,
?
- ?
15. ""
,
,
?
?
16. ,
,
" ".
17.
, ?
16. ""
761
1. Stallings Specialty Paint
Company, ,
3 . . ; 1,75 .
,
2 . .
a) ,
(QBE)?
(SBE)?
b)
(QBE),
1,68 . ?
c) (QBE),
3,75 . . ?
d) "" ( D O L )
, 16 .
e)
( E B I T )
,
15% (16 )?
2. D O L Gahlon Gearing, Ltd.
, 10 , 2;
1000 .
a) ,
20%
, 10 ?
b) "" DOL,
12 ?
3. David Ding Baseball Bat Company
3 . .
( 12%).
,
4 . ., :
14% ( 1);
12%-
( 2); 16 .
( 3).
800 .
40%.
)
,
1,5 . .
(,
)?
762
VI. ,
b) ( )
. ()
? ,
,
.
.
c) "
" ( D F L ) EBIT, 1,5 . .
d) ?
EBIT, "" (
EPS)
?
4. , (16.8)
DOL
~
Q(P-V)-FC
Q
(Q - Q )
BE
(16.7)
( D O L ) Q
_ ( E B I T )
( ) -
( )
5. Archimedes Torque and Gear
Company 7,4 . .
(. .).
15%- , 100 . ,
2,4
13%- ,
, 150 , ,
3,0
18%-
10
2,0
7,4
16. ""
763
a)
.
b) ,
"1:1"?
c) Archimedes Torque and Gear Company
?
6. Aberez Company Vorlas Vactor, Inc.
.
ABEREZ
"/ "
VORLAS VACTOR
1,10
1,43
0,78
0,47
6,10
5,70
7,30
7,10
"
/ "
0,08
0,07
0,10
0,13
,
. ?
764
VI. ,
2.
Andrea S. Fault Seismometer Company (. 1)?
a) 50 .
(, ).
b) 20 .
. .
c) 10 .
60 . . .
3. Crazy Horse Hotel
50 .
100 . . ,
1200 . .
: 12 .
8 . .
a) (
)?
b) ,
40 .
4. Cybernauts, Ltd. ,
.
( 16%) 15%-
.
5 . .,
20 . . ,
50% (
).
, .
(%)
(%)
100
30
70
50
50
50
20
30
a) EBIT-EPS
. (, EBIT 1 . .)
,
.
b) (16.12),
1 3; 3 4.
c) "" ( D F L )
EBIT,
1 . .
d) ? ?
16. ""
765
100
Hi-Grade Regulator Company;
60 . . ,
2 . . 6%- .
, 3 . .
( 60 . ) ( 1);
8%- ( 2);
7%- ( 3);
( 60 .
) 8%- ( 4).
a) EBIT, 1 . .
,
EPS
. 50%.
b) EBIT-EPS.
.
.
Hi-Grade Regulator Company (. 5) ,
E B I T
1 . .; 2/3 ,
600 . . 1,4 . .
a)
? .
b) , EBIT
1,5 . .,
2/3 ,
1,3 . 1,7 . .
? .
Fazio Pump Corporation
1,1 , ,
8 . . (
10%).
, 5 . .
( 20 . ) ( 1);
( 11%) ( 2);
10%-
( 3). ,
( E B I T )
6 . .
35%.
766
VI. ,
a)
.
b) , E B I T 3 .?
4 .? 8 . .?
c) ,
46%?
8%,
7%?
40 . ?
8. Boehm-Gau Real Estate Speculators, Inc. Northern
California Electric Utility Company
(. .) E B I T .
BOEHM-GAU
NORTHERN CALIFORNIA
EBIT
5,0
100,0
1,6
45,0
2,0
35,0
/
*
0,56
0,43
0,64
0,66
0,47
0,08
0,42
0,26
" .
:
, ,
( ,
). ,
.
16. ""
767
1. ) <2 =
$3 .
($2,00 $1,75)
= 12 .
$3 .
S,
1-($1,75/$2,00)
=$24 .
$3 .
b)
~ ($2,00 - $ 1 , 6 8 )
9,375 .
)
QE =
B
$3,75 .
($2,00-31,75)
d) DOL16
)
15 .
16
(16 . 12 .)
( 1 5 % ) 4 = 6 0 % - EBIT
2. ) ( ) DOL =
EBIT
(20%) 2 = 40% - EBIT
, 1000 . (1+0,40) = 1400 .
'
i0mmm
~i0 0Q0-Q ~
BE
, Q 5000 .
BE
DOL
12 000
12000 .
12000-5000
1,7
3. ) ( . .)
1500
1500
1500
360
360
360
560
(.)
580
1140
1140
232
456
456
(EBIT)
(.)
768
VI. ,
(.)
348
684
684
480
,
(.)
348
204
684
(. .)
800
800
1050
0,435
0,255
0,651
(.)
)
4000
1500
2000
EBIT, $ .
:
(1) (3): 2,7 . . E B I T
(2) (3):
3,7 . . E B I T
(1) (2)
.
(1)
(3)
(. .)
16. ""
769
$920)(10,40)0
_ (1
800
$360)(10,40)0
1050
, :
( )(0,60)(1050) ($920)(0,60)(1050)
3
= ( )(0,60)(800) ($360)(0,60)(800)
13
( ) ( 1 5 0 ) = $406 800
13
( / ) = $2712.
1 3
,
920 ., ,
. ,
, 480 .
(1 0,4) 800 .
360 . (
),
1160 .
)
(1):
DEL,-EBIT,
1,5 . .
$1500 000
$1500 0 0 0 $ 9 2 0 000
=2,59
(2):
) FT
L
^, 1,5 . .
$1500000
=4,41
EBIT, 1,5 . .
$1500 000
$1500 0 0 0 $ 3 6 0 000
d) EBIT
.
, EBIT
: 2 712 000 . 1 500 000 . = 1 212 000 .
,
770
VI. ,
,
.
, E B I T
, (
).
DOL .
Quim
(EBIT)
( )
AQ(P-V)
Q(P-V)-FC
AQ/Q
:
( - V), :
DOL
-.
_
p Q-Q
)
.
Q
15% 2,4 . .
13% 3,0 . .
18% 2,0 . .
=
=
=
BE
360 . .
390 . .
360 . .
1 000 .
: 2 . . /
1,11 . . = 1,80
: 100 . . + 150 . . = 250 . .
$2 000 000
[$1110 000 + [$250 000/(1 - 0,50)]
1,24
) E B I T ,
"1:1".
: 1,11 . . - 2,0 . . =
-890 . .
16. ""
:
-390 . .
771
1,61 . . - 2,0 . . =
Z-.
:
- $ 8 9 0 000 _
$1500000]
0,593
( )
:
-$3900001
$1500000 ~
-0,260
( )
,
Z
, . V
, .
,
EBIT,
, "1:1".
,
1:1,
28 40% ,
EBIT.
) (40%) ,
. (
)
(0,47).
, , ,
Archimedes .
, ,
.
6. Aberez ,
. Vorlas ,
, .
.
"/ "
, -
772
VI. ,
Vorlas, , ,
, , ,
Aberez. Aberez ,
, Vorlas .
Vorlas ,
Aberez,
. , Aberez
Vorlas ( Aberez
). Vorlas
,
(investment-grade bonds). , ,
, ,
Vorlas.
,
, , Vorlas
.
Donaldson, Gordon. Corporate Debt Capacity. (Boston: Division of Research, Harvard
Business School, 1961).
, "Strategy for Financial Emergencies", Harvard Business Review 47 (NovemberDecember 1969), p. 67-79.
Gahlon, James, "Operating Leverage as a Determinant of Systematic Risk", Journal of
Business Research 9 (September 1981), p. 297-308.
, and James Gentry, "On the Relationship Between Systematic Risk and the
Degrees of Operating and Financial Leverage", Financial Management 11 (Summer
1982), p. 15-23.
Harvey, Campbell R., and John R. Graham, "The Theory and Practice of Corporate Finance:
Evidence from the Field" Journal of Financial Economics 60 (May/June 2001), p. 187-243.
Hong, Hai, and Alfred Rappaport, "Debt Capacity, Optimal Capital Structure, and Capital
Budgeting", Financial Management 7 ( A u t u m n 1978), p. 711.
Levy, Haim, and Robert Brooks, " F i n a n c i a l B r e a k - E v e n Analysis and t h e V a l u e of the
Firm", Financial Management 15 (Autumn 1986), p. 22-26.
Myers, Stewart C, "Capital Structure Puzzle" Journal of Finance 39 ( b u y 1984), p. 575-592.
Piper, Thomas R., and W o l f A. Weinhold, "How M u c h Debt Is Right for your Company?"
Harvard Business Review 60 (July-August 1982), p. 106-114.
Zivney, Terry L., "Alternative Formulations of Degrees of Leverage", Journal of Financial
Education 26 (Spring 2000), p. 7 7 - 8 1 .
VI Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part6.html)
17
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.
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(172) ,
, ,
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777
(17.3)
'
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o
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(17.4)
B+S
(capitalization rate)
,
,
, k , k k
"", B/S.
t
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operating income (NOI) approach (to capital structure))
,
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(net operating income approach).
, ,
1000 . 10%.
( N 0 1 E B I T )
1000 ., , k , 15%.
, .
0
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(/) (.)
6 6 6 7
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:
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$3 667
, , k ,
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,
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. . 17.1
N O I .
e
17.
779
"" (B/S)
. 17.1.
(NOJ)
, ""
, .
, ( ),
, 1000 ., 100
. , : 5667 ./100
= 56,67 .
2000 .
2000 . 56,67 . ( 35,29 , ,
0,29 ).
100 - 35,29 = 64,71 . ,
3667 . , : 3667
./64,71 = 56,67 ., .. ,
"", (recapitalization).
Coca-Cola
.
,
"/".
,
.
. The Coca-Cola Company, 2002 Annual Report, p. 50.
The Coca-Cola Company.
780
VI. ,
(recapitalization)
, ,
,
.
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, , k ,
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, ,
(traditional approach)
.
3
(traditional approach
(to capital structure))
,
"".
Franco Modigliani and Merton Miller, 'The Cost of Capital, Corporation Finance and the Theory of
Investment," American Economic Review 48 (June 1958),p. 261-297.
17.
781
(optimal capital structure);
,
"". ,
"".
, k
" " .
""
.
e
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. 172.
,
. 17.2, , k
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e
782
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, k .
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o
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. 17.3.
,
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17.
783
. ,
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,
. ,
. 17.3.
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,
.
( "") - ,
,
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. (arbitrage),
. ,
.
(arbitrage)
, , , ,
.
( ),
, , NL
"", L 12% 30 . .
L
NL. ,
L (
,
, ).
, L
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.
( . )
(.)
NL
10 000
10 000
3600
784
VI. ,
NL
,
(-/) (.)
10000
6400
-0,15
-. 0,16
(/ke) (.)
66 667
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(.)
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( + S) (.)
66 667
70 000
,(B/V) + k (S/V))
0,15
0,143
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B/S
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.
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, L
, , , ,
.
, , , 1%
I (, "")
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1. L 400 .
2. 300 . 12% .
1% L, .. ,
. ( ,
, : 400 . + 300 . =
700 .)
3. 1% NL ( "")
666,67 . : 700 . - 666,67 . = 33,33 .,
.
L 16%.
400 ., 64 .
17.
785
NL 15%; 666,67 .,
100 .
. ,
( ) .
NL (.)
100
: (300 , 0,12)
36
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, 366,67 . (666,67 .
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.
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leverage). &
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.
786
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.
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17.
787
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. 17.4.
,
(agency costs)
, ( ),
,
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(agency costs).
(, ) (agents) ().
, ,
,
VI.
788
.
, ,
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), ().
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.
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.
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(,
0
Michael C.Jensen and William H. Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs
and Ownership Structure", Journal of Financial Economics 3 (October 1976), p. 305-360.
, , ,
Michael C.Jensen, 'The Takeover Controversy: Analysis and Evidence", Midland
Corporate Finance Journal 4 (Summer 1986), p. 12-21.
17.
789
)
.
.
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.
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(approved list),
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790
VI. ,
.
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.
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,
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.
, ,
ND D 2000 .
, , D
5000 . ( 12%),
ND . (
) , 40%,
ND
(.)
D
(.)
2000
2000
(
)
600
2000
1400
( 40%- )
800
560
1200
840
,
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1440
,
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240
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, , D,
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.
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.
, (tax
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791
, , a t
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c
:($5000)(0,40) = $2000.
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, ,
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, 2000 . , ,
. ,
, , 240 . ,
. 240 .,
12%- , : 240 ./0,12 = 2000 .
, , ,
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(17.6)
"'
792
VI. ,
( ),
ND, , 16%.
100%- , ,
"" : 1200 ./0,16 =
7500 . 2000 .,
D (, "")
: 7500 . + 2000 . = 9500 .
(17.5) (17.6) : ,
(
). , "",
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. ,
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.
, (17.6).
""
.
Franco Modigliani andMeiton Miller, "Corporate Income Taxes and the Cost of Capital: A Correction",
American Economic Review 64 (June 1963), p. 433-442.
17.
793
,
(17.5).
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17.
795
. 17.5 . ,
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796
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17.
797
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( E B I T )
(EPS)
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.
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800
VI. ,
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17.
801
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802
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11
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>J< j j
Qwert Typewriter Company Yuiop Typewriters, Inc.
, .
Qwert 50%
50% .
Yuiop 20% 80%
. (
.)
13% (,
, ). -
17.
803
,
.
a) 2% Qwert,
( ),
360 . .,
, k 18%?
, k ?
e
b) Yuiop ,
Qwert.
Yuiop?
Qwert?
2. Enoch-Arden
Corporation 3 . ., 40%.
14%,
18%.
Enoch-Arden Corporation.
. &
,
( "" )?
, 4 .
7 . .
3. LEtoile du Nord Resorts
.
,
15 . . , ,
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, 20%
.
,
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804
VI. ,
(
).
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10
15
20
25
30
,
,
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0,6
1,2
3,2
? , ?
b) ,
10 . .,
. ,
,
, ).
.
2. Wannabee Company Gottahave Company
, ,
"", 12%-
2 . . ,
, . ,
,
.
.
(, .)
(. .)
IVonnobee
Gottahave
600
600
240
17.
Wannabee
Gottahave
,
( /) (. .)
600
360
40,15
40,16
(/ ) (. .)
(. .)
805
2,250
4 , 0
2,0
(S + S)
(. ,)
4,0
4,25
0,15
0,1412
0,89
[k'B/V) + kS/V))
B/S
"/ "
( ) (%)
(.)
10,00
100
10,0
10,00
200
10,0
10,50
300
10,5
10,75
400
11,0
11,00
500
12,0
10,50
600
14,0
9,50
VI. ,
a) , , ,
( ,
)? ?
b) ,
(k ,
k k ) "/ " (B/S)
.
e
c) ,
)?
4. , Gioanni Chantel Truffles, Inc.
, 1 . .
.
, Gioanni Chantel Tmffles 15%-
3 . . ,
.
a) ,
, -
, 40%?
b) ,
?
c)
20%
. ,
-
?
?
5. Stinton Vintage Wine Company
.
.
Stinton Vintage Wine Company 10 . . (
). ,
,
.
,
.
, ,
22%
( ,
). ,
, ,
, .
17.
(.
.)
807
,
(. .)
50
100
200
400
700
1100
1600
" / ( +
)"
(%)
, (%)
,
(%)
10,00
10,00
0,10
8,0
10,50
10,50
0,20
8,0
11,00
11,25
0,30
8,5
11,50
12,00
0,40
9,0
12,25
13,00
0,50
10,0
13,25
14,50
0,60
11,0
14,50
16,25
0,70
12,5
16,00
18,50
0,80
15,0
18,00
21,00
a)
""
, , 50%?
b)
, ?
7. Wyatt Vintage Wine Company
15 . . , -
808
VI. ,
.
, ,
,
. , ,
( )
? , ,
, ,
? .
1. a) Qwert Typewriter Company:
(. .)
(8 + S) (. .)
2,0
(50%) (. .)
1,0
(50%) (. .)
1,0
(. .)
360
(13%) (. .)
130
,
( - 0 (. .)
230
360
-0,18
2% 230 . ,= 4600 . .
, k = E/S = 230 . . / 1 . .= 23%.
e
(. .)
360
-0,18
( + S) (. .)
2,0
(20%) (, .)
400
(80%) (. .)
1,6
(. .)
360
(13%) (. .)
52
,
( - /) (. .)
308
17.
809
, k = E/S = 308 . . /1,6 . .= 19,25%.
e
Yuiop , Qwert, Yuiop
.
,
,
"/ ",
,
.
2. , "":
(. .)
3,0
(. .)
3,0
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1,8
- 0,18
( "")
(. .)
10,0
4 . .:
,
'"
,
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= $10 000000 + ($4 000 000)(0,40)
= $11600 000.
7 . .:
VI. ,
810
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PV ,
(1)0,20
PV ,
,
(2) + (3)-(4)
(1)
(2)
(3)
(4)
(5)
15
0,0
15,0
15
0,0
16,0
10
15
0,6
16,4
15
15
1,2
16,8
20*
15
2,0
17,0
25
15
3,2
16,8
30
15
5,0
16,0
' 20- .
A r d i t t i , Fred D., "The Weighted Average Cost of Capital: Some Questions on Its Definition,
Interpretation, and Use"'Journal of'Finance 28 (September 1973), p. 1001-1009.
Barclay, Michael J., and Clifford W. Smith Jr., "The Capital Structure
Puzzle: Another
and
Evidence",
Midland
17.
811
18
,
,
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VI. ,
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,
1
Merton . Miller and Franco Modigliani, "LHvidend Policy, Growth, and the Valuation of Shares",
Journal of Business 34 (October 1961), p. 411-433.
1
18.
817
. ,
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.)
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.
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.
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819
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.
, . , , Alpha
Corporation 100 Omega Corporation,
1 . , 70%
. ,
Alpha Corporation 30 . .
, Omega
Corporation 100 .,
, . -
820
VI. ,
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826
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18.
829
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831
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833
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Industries , , ,
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20 (400 . 0,05).
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.
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5%- ,
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834
VI. ,
. ). 700 . . "
".
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Industries
(5 . ;
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(5 . ; 420
) (. .)
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dividend) ( , 25% ,
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( 5%- ,
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Chen Industries ( ,
, ).
18.
835
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(5 . 400 . )
400 ,
( ) .
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18.2.100%- ,
Chen Industries
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) (. .)
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(5 , ; 800
) (, .)
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(. .)
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1,0
(, .)
7,0
(. .)
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(, .)
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(. .)
10,0
(stock split)
; , 2 1,
,
(stock split)
.
Chen Industries 100%-
. 2 1
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. . 18.3
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836
VI. ,
)
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.
,
.
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.
, 2 1
1,20 .
, 2 . .
, 100 ,
200 . .
200 240 . .
18.3. Chen Industries 2 1
(5 . ; 400
) (. .)
2,0
(2,50 . ;
800 ) (. .)
2,0
(, .)
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(, .)
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.
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4000 .). 5%- ,
, 38,10 . (40 ./1,05).
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18.
837
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.
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.
3
. Guy Charest, "Split Information, Stock Returns and Market Efficiency", Journal of Financial
Economics 6 (June-September 1978), p. 265-296; Eugene F. Fama, Lawrence Fisher, Michael Jensen,
and Richard Roll, "The Adjustment of Stock Prices to New Information", International Economic
Review 10 (Febmary 1969), p. 1-21; Mark S. Grinblatt, Ronald W. Masulis, and Sheridan Titman,
"The Valuation Effects of Stock Splits and Stock Dividends", Journal of Financial Economics 13
(December 1984), p. 461-90; J. Randall Woolridge, "Stock Dividends as Signals", Journal of
Financial Research 6 (Spring 1983), p. 1-12.
18.
839
Motley Fool
. ?
. : "
?" :
" ,
, ?"
, , ,
. . ,
100 Sisyphus Transport C o t p . ( ,
.) 60 . (..
6000 .). Sisyphus Ttansport C o t p .
2 1, 200
30 . . 6000 . -,
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,
6500 ,
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.
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, 20-,
, ,
, , " " ,
. , .
. The Motley Fool (www.fool.com), The
Motley
Fool.
840
VI. ,
(reverse stock split)
, : ,
, 1 2,
, .
,
, .
(reverse stock split).
Chen Industries (. )
1 4,
.
: 20 . (5 . 4), 400
100 (400 /4).
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.
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(,
).
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.
4
,
.
, , AT&T Corp., Lucent
Technologies Inc. Palm Inc.?
, .
.
"
3 5 . ",
.]. Randall Woolridge, and Donald R. Chambers, "Reverse Splits and Shareholder Wealth", Financial
Management 12 (Autumn 1983), p. 5-15; R. C. Radcliffe and W. Gillespie, "The Piice Impact of
Reverse Splits", Financial Analysts Journal 35 (January-February 1979), p. 63-67.
18.
841
, Capital. ,
Ned Davis Research, ,
, , 5 50 .
,
, Palm Inc.
1 20. ,
, AT&T Corp.,
, ,
, . Palm Inc., ,
,
, .
, Palm Inc. ,
, N A S D A Q ,
.
, AT&T Corp.
, 4 5 .
( 1 5)
, AT&T Corp. , ,
" ". AT&T Corp.
S&P 500,
.
. Tim Reason, "Reverse Psychology Today", CFO (December 2002), p. 19. (www. cf . com).
2002 CFO Publishing Corporation. . .
(stock repurchase)
- () ,
(self-tender offer),
.
.
.
(stock repurchase)
, .
,
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,
), ,
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.
, .
" " .
842
VI. ,
(self-tender offer)
,
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(dutch-auction)
() , ,
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844
VI. ,
, ,
, .
, Deuce Hardware Company
1,5 . . ,
.
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(. .)
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(.)
63
(.)
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(63 .)
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18.
845
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.
(Internal Revenue Service)
, , -
.
UBS Group
2002 UBS , -
. , ,
, ,
5,9 .
( 79 789 414 ) .
6,4% UBSAG.
, .
, - ,
UBS (UBS Group Treasury). "
( )
,
. ,
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2002 9%".
(Group Exe
cutive Board), ,
.
(Business Groups) .
,
.
,
, .
" ,
, UBS,
".
. UBS Group, UBS Annual Review 2002, p. 44. 2003 UBS AG.
. .
846
VI. ,
, CFO Europe, - I
, I
.
2001 CFO Europe 127
.
, 1993 2000
, ,
, ""
. ,
, 1993
2000 , 55%, ,
, . 1993
, 2000 15% ,
, .
, ,
,
.
, CFO Europe, ,
, , .
, 1990- . , , CFO Europe,
, 1993 3,9%
"" , 2000 80,3%.
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847
, ,
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,
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). , ,
, ,
.
. Justin Wood, "The dividend dilemma", CFO Europe (December
2001/January 2002), p. 16-22. 2001/2002 CFO Europe (www. cf oeurope. com).
. .
?
(treasury stock)
,
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848
VI. ,
(,
), .
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6
Georgia-Pacific
,
. Georgia-Pacific
Group 0,25 . .
, .
1998 , , GeorgiaPacific Group ,
, .
,
. ,
Georgia-Pacific Group.
Georgia-Pacific Group,
5,75 . ., GeorgiaPacific Group 4,75 . . 1998 GeorgiaPacific Group 7,7 .
436 . . (
); , 8%-
1 .
. Georgia-Pacific CorporationGeorgia-Pacific Group, 1998 Annual Report, p. 28. 1998
Georgia-Pacific CorporationGeorgia-Pacific Group. .
.
, ""
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.
7
"", ,
( ). . Larry Y. Dann, "Common Stock Repurchases:
An Analysis of Returns to Bondholders and Stockholders", Journal of Financial Economics 9 (June 1981),
p. 113-138; Theo Vermaelen, "Common Stock Repurchases and Market Signaling", Journal of Financial
Economics 9 (June 1981), p. 139-183; Theo Vermaelen, "Repurchase Tender Offers, Signaling, and
Managerial Incentives", Journal of Financial and Quantitative Analysis 19 (June 1984), p. 163-182.
Robert Comment and Gregg A.Janell, "The Relative Signaling Power of Dutch-Auction and Fixed-Price
Self-Tender Offers and Open-Market Share Repurchases", Journal of Finance 46 (September 1991),
p. 1243-1271. . Laurie Simon Bagwell, "Dutch-Auction Repurchases: An Analysis of
Shareholder Heterogeneity", Journal of Finance 47 (March 1992),p. 71-105.
18.
849
(.. ,
),
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.
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(record date)
, ;
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.
,
(record date).
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United Chemical Company 8 ,
( 1 . ).
15 ,
31 . - United Chemical
Company, 31 .
,
(15 ).
( ).
(settle), ..
( ).
, ,
, ,
,
. Paul Asquith and David W. Mullins Jr., "Signaling with Dividends, Stock Repurchases, and Equity
Issues", Financial Management 15 (Autumn 1986),p. 27-44.
850
VI. ,
,
. ,
. "
" (ex-dividend date).
" " (ex-dividend date)
,
,
(declaration date)
,
.
(payment date)
, ,
. 18.3 ,
( ). 8 ,
(
(declaration date)), 15 ( (payment
date)); , 31
( (record date)). 31
, " " 29 ( "
" (ex-dividend date)). ,
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29 , , (exdividend), .. .
8
29
31
15
(dividend reinvestment plan DRIP).
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18.
851
.
DRIP, :
,
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.
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VI. ,
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VI. ,
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18.
855
15.
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(DRIP)
17. :
? .
1. Borowiak Water Company
.
, (. .)
2000
1500
2500
2300
1800
(. .)
1000
1500
2000
1500
2000
1
Borowiak Water Company,
1 . .
a) ,
, ,
,
.
b) ,
,
,
, .
c) ,
, ,
,
50%.
d)
(
)?
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2. EPS
10 .
856
VI. ,
EPS (.)
10
1,70
1,82
1,44
1,88
2,18
2,32
1,84
2,23
2,50
2,73
a)
.
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,
40% ( ).
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,
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,
.
30 50%,
40%.
b)
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3. ,
Klingon Fastener Company .
( 1 .) (. .)
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(. .)
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(, .)
8,4
(. .)
12,0
60
a)
, , , -,
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10%- ,
?
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.
18.
( 5 .;
1 ) (. .)
857
5,0
(. .)
5,0
(. .)
15,0
(, .)
25,0
DeWitt Company
. DeWitt Company
500 . ., .
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a)
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.
b)
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.
c)
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5 4.
2.
858
VI. ,
3. (, )
, ,
.
a) ,
;
.
b)
.
c) ,
.
d) , ,
(
).
e) ,
.
4. Jumbo Shrimp Corporation Giant Shrimp Company
;
.
.
Jumbo
Giant
(. .)
50
35 000
(. .)
30 000
25 000
(. .)
42 000
40000
(, .)
5000
7000
(. .).
100 000
85000
(. .),
25 000
10000
0,05
0,08
( )
(
)
? .
5.
18.
859
, Harpo Corporation,
Oprah Corporation
, Harpo Corporation.
) ,
Oprah Corporation?
b) ,
?
Oprah (.)
EPS
Harpo (.)
EPS
1,00
0,50
6,00
1,00
0,23
4,75
0,50
0,25
4,00
0,50
0,23
4,00
-0,25
2,00
-0.25
0,23
4,25
0,50
0,25
3,50
0,50
0,23
4,50
Sherill Corporation
30 20X3
( 1 .;
1 ) (. .)
1,0
(, .)
300
(, .)
1,7
(, .)
3,0
860
VI. ,
20X3 ( )
300 . . 50%
. 30
5 .
a) 31 3%-
,
?
b) ,
, 20X3
? ?
c) 3%- ,
(EPS)
(DPS) 20X3 ?
d) 3% ""
?
8.
( 2,00 .;
2,4 ) (. .)
(, .)
4,8
5,9
(. .)
87,3
(, .)
98,0
a) 12%-
,
? 25%-
? 5%- ?
b)
,
3 2? 2 1? 3 1?
c) ,
1 4? 1 6?
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.
3,5 . . ( ).
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3,50 .
72 . .
. -
18.
861
. . Homes Company
72 .
.
a) ,
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Asquith, Paul, and David W. Mullins Jr., "The Impact of Initiating Dividend Payments on
Shareholders' Wealth" Journal ofBusiness 56 (January 1983), p. 77-96.
, "Signalling w i t h Dividends, Stock Repurchases, and Equity Issues", Financial
Management 15 ( A u t u m n 1986), 27-44.
Bagwell, Laurie Simon, "Dutch Auction Repurchases: An Analysis of Shareholder
Heterogeneity" Journal of Finance 47 (March 1992), p. 71-105.
864
VI. ,
, and John . Shoven, "Cash Distributions to Shareholders", Journal of Economic
Perspectives 3 (Summer 1989), p. 129-140.
Baker, H. Kent, Aaron L. Phillips, and Gary E. Powell, "The Stock Distribution Puzzle:
A Synthesis of the Literature on Stock Splits and Stock Dividends", Financial Practice
and Education 5 (Spring/Summer 1995), p. 24-37.
Baker, H. Kent, and Gary E. Powell, "Determinants of Corporate Dividend Policy: A Survey of
NYSE Firms", Financial Practice andEducation 10 (Spring/Summer 2000), p. 29-40.
Benartzi, Shlomo, Roni Michaely, and Richard Thaler, "Do Changes in Dividends Signal
the Future or the Past?" Journal of Finance 52 (July 1997), p. 1007-1034.
Black, Fischer, "The Dividend Puzzle" Journal of Portfolio Management 2 (Winter 1976), p. 5-8.
, and Myron Scholes, "The Effects of Dividend Yield and Dividend Policy on
Common Stock Prices and Returns"Journal of Financial Economics 1 (May 1974), p. 1-22.
Bline, Dennis M . , and Charles P. Cullinan, "Distributions to Stockholders: Legal
Distinctions and Accounting Implications for Classroom Discussion", Issues in
Accounting Education 10 (Fall 1995), p. 307-316.
Brennan, Michael J., and Thomas E. Copeland, "Stock Splits, Stock Prices, and Transaction
Costs"Journal of Financial Economics 22 (October 1988),p. 83-101.
Charest, Guy, "Split Information, Stock Returns and Market Efficiency", Journal of
Financial Economics 6 (June-September 1978), p. 265-296.
Comment, Robert, and Gregg A. Jarrell, "The Relative Signalling Power of Dutch-Auction
and Fixed-Price Self-Tender Offers and Open-Market Share Repurchases", Journal of
Finance 46 (September 1991), p. 1243-1271.
Dann, Larry Y., "Common Stock Repurchases: An Analysis of Returns to Bondholders and
Stockholders" Journal of Financial Economics 9 (June 1981), p. 113-138.
Fama, Eugene F., Lawrence Fisher, Michael Jensen, and Richard Roll, "The Adjustment of Stock
Prices to New Information", International Economic Review 10 (February 1969), p. 1-21.
Grinblatt, Mark S., Ronald W. Masulis, and Sheridan Titman, "The Valuation Effects of Stock
Splits and Stock Dividends" Journal of Financial Economics 13 (December 1984), 461-490.
Hansell, Gerry, and Eric E. Olsen, "The Case for Reconsiderig Dividends", Shareholder
Value 3 (May/June 2003), p. 32-35.
Healy, Paul M . , and Krishna G. Palepu, "Earnings Information Conveyed by Dividend Initiations
and Omissions" Journal of Financial Economics 21 (September 1988), p. 149-175.
Ikenberry, David L., Graeme Rankin, and Earl K. Stice, "What Do Stock Splits Really Signal?"
Journal of Financial and Quantitative Analysis 31 (September 1996), p. 357-375.
Judd, Elizabeth, "Demystifying Share Buybacks", Shareholder Value 2 (July/August 2002),
p. 28-33.
Lakonishok, Josef, and Theo Vermaelen, "Anomalous Price Behavior Around Repurchase
Tender Offers" Journal of Finance 45 (June 1990), p. 455-478.
Lease, Ronald C, Kose John, Avner Kalay, U r i Loewenstein, and Oded H. Sarig, "Dividend
Policy: Its Impact on Firm Value". (Boston, M A : Harvard Business School Press, 2000).
Lintner, John, "Distribution of Income of Corporations Among Dividends, Retained
Earnings, and Taxes", American Economic Review 46 ( M a y 1956), p. 97-113.
Litzenberger, Robert H, and Krishna Ramiswamy, "Dividends, Short Selling Restrictions,
Tax Induced Investor Clienteles and Market Equilibrium", Journal of Finance 35 (May
1980), p. 469-482.
18. 865
, "The Effects of Dividends on Common Stock Prices: Tax Effects or Information
Effects? "Journal of Finance 37 ( M a y 1982), p. 429-444.
Litzenberger, Robert H., and James C. Van Home, "Elimination of the Double Taxation of
Dividends and Corporate Financial Policy''JournalojFinance 33 (June 1978), p. 737-749.
Markese, John, "Common Stock Dividends: W h a t Are They Worth?" AAIIJournal 11 Quly
1989), p. 9-33.
McNichols, Maureen, and Ajay Dravid, "Stock Dividends, Stock Splits, and Signaling",
Journal of Finance 45 (July 1990), p. 857-879.
Miller, Merton H., "Behavioral Rationality in Finance: The Case of Dividends", Midland
Corporate Finance Journal 4 ( W i n t e r 1987), p. 6-15.
, and Franco Modigliani, "Dividend Policy, Growth, and the Valuation of Shares",
Journal of Business 34 (October 1961), p. 411-433.
Miller, Merton H., and Kevin Rock, "Dividend Policy under Asymmetric Information",
Journal of Finance 40 (September 1985), p. 1031-1051.
O'Byrne, Stephen F., and Justin Pettit, "Stock Splits: What Good Are They?" Shareholder
Value 2 (May/June 2002), p. 34-39.
Roberts, Michael, W i l l i a m D. Samson, and Michael T. Dugan, "The Stockholders' Equity
Section: Form W i t h o u t Substance?" Accounting Horizons 4 (December 1990), p. 35-46.
Szewczyk, Samuel H., and George P. Tsetsekos, "The Effect of Managerial Ownership on Stock
Split-Induced Abnormal Returns", Financial Review 28 (August 1993), p. 351-370.
Van Home, James C, and John G. McDonald, "Dividend Policy and New Equity
Financing" Journal of Finance 26 (May 1971), p. 507-519.
Vermalelen, Theo, "Common Stock Repurchases and
Financial Economics 9 (June 1981), p. 139-183.
Market
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, 7,50 . ,
350 . .
.
, , 75 . .
3 .
, ,
40 . . .
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,
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?
Cliff Claven Artists School
200
40 . .
( -
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.
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, 40 .
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c) "
-".
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. ,
40 . (
).
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4. .
48 . , X
42 .,
,
41,50 . -,
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,
?
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, ?
5.
- .
.
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? ?
b) -.
?
? ?
?
904
VII.
c) . ?
?
? ?
?
d) .
? ?
? -
? -
?
e) .
, ? ? -?
?
1. a) R,
) =
P -S
-^ =
9+1
(P )(N) + S
_ ($150)(9) + $125
) R,
$150
N+1
1. )
=
10
$2,50
$1475
-1
JV + 1
P-S
10
$143- $125
$18
= $147,50
:$2
1000 .,
, 6 . . (
), : 6 . ./990 .
= 6 061, 6 061 000 . .
=
$6 061000 15% 6 = $5454 900
= $5 454 900 + $195 000 = $5 649 900
=
$6 000 000 15,5% 6 = $5580 000
= $5 580 000 + $20 000 = $5 600 000
.
,
.
.
19.
)
905
=
$6 061 15% 12 = $10909 800
= $10909 800 + $195 000 = $11104 800
=
$ 6 0 0 0 0 0 0 15,5% 12 = $11160000
= $ 11160 000 + $20 000 = $11180 000
,
.
.
Admati, Anat R., and Paul Pfleiderer, "Robust Financial Contracting and the Role of
Venture Capitalists"Journal of Finance 49 (June 1994), p. 371-402.
Allen, David S., Robert E. Lamy, and G. Rodney Thompson, "The Shelf Registration and
Self Selection Bias" Journal of Finance 45 (March 1990), p. 275-287.
Asquith, Paul, and David Mullins Jr., "Equity Issues and Offering Dilution", Journal of
Financial Economics 15 (January-February 1986), p. 61-90.
, "Signalling w i t h Dividends, Stock Repurchases, and Equity Issues", Financial
Management ( A u t u m n 1986), p. 27-44.
Berlin, Mitchell, "That Thing Venture Capitalists Do", Business Review of the Federal Reserve
Bank of Philadelphia (January/February 1998), p. 15-26 (
"" www. p h i 1. f r b . o r g / e c o n / b r / j f 9 8mb. p d f ) .
Bethel, Jennifer E., and Erik R. Sirri, "Express Lane or Tollbooth in the Desert? The SEC's
Framework for Security Issuance", Journal of Applied Corporate Finance 11 (Spring
1998), p. 25-38.
Caney, M a r k S., Stephen D. Prowse, John D. Rea, and Gregory F. Udell, "Recent
Developments in the Market for Privately Placed Debt", Federal Reserve Bulletin 79
(February 1993), p. 77-92.
Fung, W. . H., and Andrew Rudd, "Pricing New Corporate Bond Issues: An Analysis of
Issue Cost and Seasoning Effects", Journal of Finance 41 (July 1986), p. 633-642.
Gompers, Paul A., "Optimal Investment, Monitoring, and Staging of Venture Capital",
Journal of Finance 50 (December 1995), p. 1461-1489.
Hansen, Robert S., "The Demise of the Rights Issue", Review of Financial Studies 1 (Fall
1988), 289-309.
, and John M. Pinkerton, "Direct Equity Financing: A Resolution of a Paradox",
Journal of Finance 37 (June 1982), p. 651-665.
Hess, Alan C, and Peter A. Frost, "Tests for Price Effects of New Issues of Seasoned
Securities" Journal of Finance 37 (March 1982), p. 11-26.
Ibbotson, Roger G, Jody L. Sindelar, and Jay R. Ritter, "The Market's Problems w i t h the
Pricing of I n i t i a l Public Offerings", Journal of Applied Corporate Finance 7 (Spring
1994), p. 66-74.
906
VII.
Johnson, Greg, Thomas Funkhouser, and Robertson Stephens, "Yankee Bonds and CrossBorder Private Placement" Journal ofApplied Corporate Finance 10 (Fall 1997), p. 34-45.
Keane, Simon M . , "The Significance of the Issue Price in Rights Issues" Journal of Business
Finance 4 (1972), p. 40-45.
Loughran, T i m , and Jay R. Ritter, "The New Issues Puzzle"', Journal of Finance 50 (March
1995), p. 2 3 - 5 1 .
Myers, Stewart C, and Nicholas S. Majluf, "Corporate Financing and Investment Decisions
When Firms Have Information That Investors Do Not Have", Journal of Financial
Economics 13 Qime 1984), p. 187-221.
Q&A: Small Business & the SEC, Washington, D.C.: U.S. Securities and Exchange
Commission, 1997 ( :
www.sec.gov/smbus/qasbsec.htm).
Ritter, Jay R., "The Costs of Going Public" Journal of Financial Economics 19 (June 1987),
p. 269-282.
Smith, Clifford W., Jr., "Investment Banking and the Capital Acquisition Process" Journal
of Financial Economics 15 (January-February 1986), p. 3-29.
Tinic, Seha M . , "Anatomy of Initial Public Offerings of Common Stock"Journal of Finance
43 (September 1988), p. 789-822.
Wilhelm, W i l l i a m J., Jr., "Internet Investment Banking: The Impact of Information
Technology on Relationship Banking", Journal of Applied Corporate Finance 12 (Spring
1999), p. 21-27.
The Work of the SEC. Washington, D.C.: U.S. Securities and Exchange Commission, 1997 (
: www. s e c . g o v / a s e c / w o t . htm).
Wruck, Karen Hopper, "Equity Ownership Concentration and Firm Value: Evidence from
Private Equity Financings" Journal of Financial Economics 23 (June 1989), p. 3-28.
W u , Congsheng, and Chuck C. Y. Kwok, "Why Do US Firms Choose Global Equity
Offerings?" Financial Management 31 (Summer 2002), p. 47-65.
V I I Web-, (Wachomcz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part7.html)
20
()
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,
( )
, ,
,
20 :
,
;
,
( )
;
,
,
,
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19 (capital market)
, ..
.
,
:
(),
. ,
.
()
.
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(bond)
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10 ,
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.
. , (par value
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. (principal).
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- , 1000 .).
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, .
(coupon rate)
;
, .
.
, (coupon rate).
, 13%- ,
130 .
1000 .
910
VII.
.
(maturity). ,
,
, (trustee)
,
, ,
- ,
, ,
, (trustee),
.
1939
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.
,
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.
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,
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,
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,
, .
,
20. ,
911
.
,
.
,
, ,
.
Moody's Investors Service (
Moody's) Standard & Poor's (S&P).
,
. -
. ,
.
,
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.
.
,
, " ". " ", " ",
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" ",
. (,
Moody's S&P,
16, . 16.5.) , ,
,
,
, ,
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, () ,
,
.
912
VII.
(debenture)
,
debenture ,
.
- ,
. ,
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,
, ,
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,
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600 . .
400 . .,
400 . .; ,
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, -
20. ,
913
: 300 . .
, 800 . .
. ,
(800 . . / 1,2 . .)
, 400 . .,
(400 . . / 1 , 2 . .)
, 200 . .
,
, .
. ,
,
.
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, ,
,
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bond) , .
(cumulative feature),
, .
,
, .
, .
,
.
, ,
. ,
,
.
, , , ,
.
""
"" (junk bonds)
, ( ) ;
, , .
914
VII.
1980-
. ,
(Moody's); "", "",
. "" (junk bonds)
Drexel Burnham Lambert,
1990 .
,
. , ""
"" ( 23).
""
,
, .
,
" "
. 1980- ,
"", ,
. ,
. ""
1990- ,
,
""
, , ,
.
(mortgage bond)
, ,
20. ,
915
,
.
,
.
(second mortgage) ,
(first mortgage).
, ,
;
, .
,
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- ,
(, )
,
,
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- .
.
.
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, ,
,
, ,
( )
.
,
.
;
15 .
, , ,
, .
.
, ,
.
,
.
916
VII.
(asset securitization)
, (asset-backed securities ABS).
(asset securitization) ,
,
, ,
.
. , Acme Aglet Company ,
,
. ,
(special-purpose vehicle, SPV),
, Acme Aglet Company ,
, .
, ,
, (asset-backed securities
ABS), Acme Aglet Company.
, (asset-backed securities A B S )
,
,
,
,
, ,
. , ABS,
Acme Aglet Company. ,
,
. , ,
,
Acme Aglet Company.
(securitized)
,
, ,
.
"" :
,
,
.
, .
20. ,
917
,
(ABS)
,
(, ) ,
, . ,
,
,
,
.
. ABS
,
, ,
(special-purpose vehicle SPV). SPV
,
, .
- .
?
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. , .. ,
-,
.
ABS
. ,
.
:: , SPV
"" ,
( ).
ABS
-:.
, ,
,
, .
,
.
''" " " "" ABS,
,
, . ; , ABS. 1991 1996 ABS I 50 . 150 . . . ,
ABS, , 1,8 .
. 2003 .
. Simon Littlewood, "Tomorrow's Cash Today", CFO Asia (February
1999), p. 7073. 1999 CFO ASIA, (www.cfoasia.com) .
.
918
VII.
(retirement)
. ,
;
(conversion), .. ,
; ()
, ,
.
.
22,
.
.
(sinking fund)
,
,
.
(sinking fund),
.
.
.
, , , (call price)
. (
, .)
,
Wall Street Journal . ,
-,
.
,
.
,
"" .
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.
,
"" , .
, ,
, ,
. /
20. ,
919
,
.
. ,
, "" ,
.
, (amortization
effect), - , ,
, .
, ,
, ,
.
" " (balloon payment)
, .
" " ,
. ""
, ,
/ ,
.
,
. ,
.
" " (balloon payment).
(serial bonds)
,
( ).
, ,
,
.
(serial bonds) ,
. ,
20 . .
( 1 . .),
20- .
,
. ,
, ,
.
920
VII.
, (call provision)
, - I
( - I
) ; - I
(call feature).
, (call provision),
( )
. .
,
, .
, ,
(call price),
.
.
14%, 114 (1140 .
, 1000 .) .
1
, (call price)
, (
) ,
, ,
( ) . ,
, , , :
.
. , ,
, 10
.
-.
.
,
.
,
( , )
, . ,
, 105, ,
105% 1000 ., 1050 . , 1000 .
1
20. ,
921
. ,
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, ,
, -
.
.
()
-, .
,
,
(yield to maturuty Y T M ) . ,
, ,
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(20.1)
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, ,
.
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, ,
.
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922
VII.
.
.
, .
,
, . (
21 .)
,
, .
()
,
, .
(preferred stock)
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.
.
(preferred stock)
, .
, ,
.
.
100 .,
100 .
,
.
.
,
.
,
, ,
.
, 100 10,5%-
50 . , ,
, 525 .,
.
.
. ,
20. ,
923
, ,
, ,
.
(cumulative dividends feature)
, ,
,
(cumulative dividends feature),
, - .
,
(in arrears)
. ,
8%-
. 100 .,
24 . .
,
24 . .
,
, .
,
(arrearage) .
, ,
,
, .
(arrearage)
, .
(participating feature)
.
. ,
6%- ( 100 .)
,
(participating preferred stock),
-
924
VII.
, 6 . .
7 ., 1 .
.
. ,
,
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.
22.
926
VII.
.
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, .
? ,
. ,
.
, ,
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. , ,
.
.
(money market
preferred stock M M P )
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). (0,75
),
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. ""
.
2
,
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.
, .
.
, ,
.
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2
20. ,
927
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,
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()
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,
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.
,
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. ,
""
. ,
.
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,
12 ,
(TPS):
1990- -
, "" , " ", - .
(trust-preferred securities TPS).
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|
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1
I
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|
|
i
|
928
VII.
(, ),
, .
, , SPV
. ,
,
.
, SPV ,
(
, ).
25 .,
. 70%-
, - .
TPS,
MIPS, QUIPS TOPRS.
, MIPS, "Monthly Income Preferred Securities"
( ). Goldman Sachs
( ) MIPS 1993 . ,
.
("Quarterly Income Preferred Securities" QUIPS)
. TOPRS
"Trust-Originated Preferred Redeemable Securities" (
, ). TOPRS Merrill
Lynch. .
TPS ,
-, .
|
!
(common stock)
,
( ) ,
.
,
.
.
(
).
(common stock), ,
.
, .
20. ,
929
, ,
,
, (authorized shares),
, ,
.
,
, .
,
, .
,
.
(issued shares). , (outstanding
shares), ,
.
(treasury stock).
(treasury stock)
, -
.
(par value)
.
, ,
(par value), .
, ,
. , ,
,
(, )
.
.
, (
- )
. ,
Fawlty Pacemakers, Inc., 10
5 . 45 . ,
.
.
930
VII.
( 5 .; 10 ) (. .)
50
(. .)
400
(. .)
450
,
(.. no-par
stock),
(assigned ( stated)
value). ( )
(additional paidin capital).
(assigned ( stated) value)
,
, .
(additional paid-in capital)
,
( ) .
(book value per share)
()
,
, . ,
Fawlty Pacemakers, Inc.,
, ( ) 80 . .,
. ,
80 . .;
: 450 . . + 80 . .= 530 . .,
530 . ./10 . = 53 .
,
( ) (liquidating value
(per share)) , .
, ,
.
, .
,
. ,
, ,
.
20. ,
931
(market value per share)
, .
,
. "" ,
, . ,
,
.
,
.
, ,
.
, ,
.
,
.
, ""
(over-the-counter market ) ,
,
(), .
,
, (listing)
, - .
.
(National Association of Securities Dealers Automated Quotations
N A S D A Q ) .
, (listing)
.
, ,
(listed security).
. ,
, ,
,
. , , -
932
VII.
.
,
,
.
,
.
, .
, ,
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.
.
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( ).
,
.
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.
, .
, , ,
,
. -
, , ,
20. ,
933
, .
, ,
,
.
(proxy)
,
.
.
,
.
. -
,
SEC ,
.
.
. ""
, ,
.
"" ,
. ,
,
:
,
.
(majority-rule voting)
,
, ,
;
(statutory voting),
(cumulative voting)
,
, ,
, ,
.
.
(majority-rule voting), (cumulative
voting).
,
, .
, 100 , 100
.
934
VII.
, ,
.
50%
, .
.
,
, .
, 100 , 12 ,
100 12 = 1200 . 1200
, .
,
,
. ,
,
+1.
(20.2)
+1
15
,
:
3 000 000x2 , , _ _ . ,
1 = 375001 .
15 + 1
375 001/3 000 000 = 12,5%
, 2/15 = 13,3%
.
,
. ,
,
.
,
.
. ,
,
( )
.
20. ,
935
375 001 (. ).
15 , .
,
,
, , :
3 000 000x1
6+1
1 = 428 572 .
"
" ,
.
15 , 5 ,
.
750 001 (.. , , 15
).
19,
,
, ,
(preemptive right).
- ,
. ,
,
,
.
,
- ,
. ,
.
,
,
,
.
,
, ,
936
VII.
.
,
.
,
(
), 20 .
. 2 . .
80 ( 1,6 . .)
2 0 0 ( 4 0 0 . .),
, ,
.
.
,
(dual-class common stock).
(dual-class common stock)
, .
, ,
( ),
.
-,
.
.
,
.
- . ,
,
, Ford Motor Company.
,
.
,
4 0 % Ford Motor Company.
,
, ,
, , .
,
, , 10 .
,
( ) .
20. ,
937
, ,
;
,
, ,
.
,
-. ,
() ,
,
.
. ,
,
, ,
, ,
.
.
,
.
,
, .
, ,
.
, ,
.
,
.
70% (
) , ,
, ,
.
(money market preferred stock M M P ) .
-
-
.
.
.
""
.
938
VII.
.
.
, .
.
" ",
.
.
(refunding)
.
.
(refunding) ""
"" . ,
, , ,
.
, ,
.
,
.
, ""
, ,
"", , .
.
, .
12%-
20 . .;
20 .
,
4
20. ,
939
, 20-
20- 10%- ,
19,6 . . .
(call premium)
,
(
) ,
(call premium)
( )
, .
250 .
. ,
200 . . ,
, ,
100 . .
109 . (1090 .
1000 .); ,
, 150 . .; 40%;
"" 30 . ""
, , ,
.
,
, .
,
, .
""
.
. ,
.
.
( 109) (. .)
21,8
(, .)
19,6
(. .)
2,2
(. .)
150
(. .)
200
350
940
VII.
(. .)
2,55
:
(. .)
200
(. .)
1,8
(. .)
200
(. .)
100
(. .)
2,3
(40% 2,3 . ,) (. .)
920
(. .)
1,63
,
30- "".
, , , , ,
. ,
( ). ,
"" , .
(12%- )
(. ,)
2,4
:
(. .)
2,4
(200 . ./20) (. .)
10
(100 . ./20) (.)
5000
(. .)
2,415
(40% 2,415 . .) (. .)
966
(. .)
1,434
, ,
,
. ,
, .
20. ,
(10%- ) (, .)
941
2,00
:
(. .)
(400 . ./20) (. .)
(150 , ./20) (.)
(.)
2 027 500
811
(. .)
1,189
(1434 000 .-1 189 000 .) (. .)
245
. , ,
1,63 . ., 20
: 1 434 . - 1 189 . = 245 . .
,
.
?
.
. ,
.
.
, ,
.
,
,
.
(0,10) (1 - 0,40) = 6%
, ,
, .
1180 131 .;
.
13,92%; , -,
,
6%- .
5
13, ,
.
. ,
.
,
. Jess . Yawitz and
James A. Anderson, "The Effect of Bond Refunding on Shareholder Wealth", Journal of Finance 32
(December 1979), p. 1738-1746.
5
942
VII.
,
, , .
,
,
.
,
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,
.
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.
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20. ,
943
6. , ,
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7.
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8.
:
9.
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10.
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12.
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13.
?
14.
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?
15. ,
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.
?
16.
,
- ,
,
?
944
VII.
17. , ,
.
,
?
18. , ,
, ?
,
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1
Phelps Corporation 10%-
8 . .,
(.. ,
).
.
a) ((
+ )/ )
4.
b)
.
c) "/ " 5.
d) Phelps Corporation 2 .
., 40%, 40 .
30 . . ,
. 10%-
,
50%
, ,
?
?
Alvarez Apparel, Inc.
, 12%- .
,
14%.
40%.
a)
?
b) Powder Milk Biscuits, Inc.
.
40%. -
20. ,
945
1.
946
VII.
,
? ,
14,60%?
2. Zapada International
10%- 25-
50 . . (
990 .).
( )
1100 . ;
10 . Zapada
International ,
.
a)
( )?
b) 25-
,
1000 . 20-
, 8% ?
Zapada International,
. ( ,
.
, .)
3. Crakow Machine Company
10 . . 10 .
11,4%- ,
12%- ,
. ,
.
, , ,
, .
10
11
12
13
0,1
0,2
0,4
0,2
0,1
, , ,
, 200 . . ,
.
)
10 ? (
.)
, -
20. ,
947
, ?
(,
,
, .)
,
?
) ,
.
11
13
15
0,2
0,2
0,2
0,2
0,2
,
.
4. .
.
, ,
, ,
.
""
. , ,
"" ( ,
)?
5. O.K. Railroad
9,5 . . .
( 8%-
100 .),
9%.
5%
.
. (
.)
a)
? (,
.)
b) .. Railroad,
9,5 . .?
6. Lost Dutchman Silver Mining Company
200 7%-
100 . (
).
.
948
VII.
1 . ,
,
"". ,
2 .,
0,50 . .
.
, ,
, : ) 1 . ., 600 . 3 . .?
) 2 . ., 2,4 . 4,6 . .? ) 1 . ., 2,5 .
5,7 . .? (,
; .)
7. , Penultimate
Corporation,
. Penultimate Corporation,
10 ,
.
a) Penultimate Corporation
,
?
b) , ),
.
c) , ) ), ,
.
8.
20. ,
949
200 . .
,
.
?
, X =
, .
)
[ $ 2 / ( 1 - 0,40)] + [$8(0,10)]
[$8(0,10)]+ [(0,10)]
$3,33+ $0,80
$4,13
$0,80 + (0,10)
$0,80 + (0,10)
$30 + (0,5)
X
= 2
$8 +
$40
.
= 0,5
$8 + = (0,5)($40)
= $ 2 0 - $ 8 = $12
)
2,325 . .
a)
= 12%
= 14%(1-0,40)=8,40%
b) ,
, 70 80% .
40%,
:
= 12%(1-[(0,30)(0,40)]) = 10,56%
= 12%(1-[(0,20)(0,40)]) = 11,04%.
950
VII.
:
= 14%(1-0,40) = 8,40% .
3. )
(.)
1 532
,
,
63
1469
1 750
1469000
281 000
281 19 , =
5 339 000 .
)
( 1 .) (.)
1 750 000
10 372 000
*
" : 18 . 281 000 + 5 314 000 ,
4. ) , ,
:
=
2000000x1
(9 + 1)
, .
) , ,
=
2000000x1
(3 + 1)
.
Alderson, Michael J., and . . Chen, "Excess Asset Reversions and Shareholder Wealth",
Journal ofFinance 41 (March 1986), p. 225-242.
Anderson, James S., "Asset Securitization: An Overview for Issuers and Investors", TMA
Journal 15 (November/ecember 1995), p. 38-42.
Ang, James S., "The Two Faces of Bond Refunding", Journal of Finance 30 (June 1975),
p. 869-274.
20. ,
951
Bowlin, Oswald D "The Refunding Decision: Another Special Case in Capital Budgeting",
Journal of Finance 21 (March 1966), p. 55-68.
Crabbe, Leland E., and Jean Helwege, "Alternative Tests of Agency Theories of Callable
Corporate Bonds", Financial Management 23 ( W i n t e r 1994), p. 3-20.
DeAngelo, Harry, and Linda DeAngelo, "Managerial Ownership of V o t i n g Rights: A Study
of Public Corporations w i t h Dual Classes of Common Stock", Journal of Financial
Economics 14 (March 1985), p. 33-70.
, "Proxy Contests and the Governance of Publicly Held Corporations", Journal of
Financial Economics 23 (June 1989), p. 29-59.
Donaldson, Gordon, " I n Defense of Preferred Stock", Harvard Business Review 40 (JulyAugust 1962), p. 123-136.
, "Financial Goals: Management vs. Stockholders", Harvard Business Review 41
(May-June 1963), p. 116-129.
D y l , Edward ., and Michael D. Joehnk. "Sinking Funds and the Cost of Corporate Debt",
Journal of Finance 34 (September 1979), p. 887-894.
Emerick, Dennis, and W i l l i a m White, "The Case for Private Placements: H o w
Sophisticated Investors Add Value to Corporate Debt Issuers", Journal of Applied
Corporate Finance 5 (Fall 1992), p. 8 3 - 9 1 .
Finnerty, John D., and Douglas R. Emery, "Corporate Securities Innovation: An Update",
Journal of Applied Finance 12 (Spring/Summer 2002),p. 21-47.
Fooladi, Iraj, and Gordon S. Roberts, "On Preferred Stock", Journal of Financial Research 9
( W i n t e r 1986), p. 319-324.
Ho, Andrew, and Michael Zaretsky, "Valuation of Sinking Fund Bonds", Journal of Fixed
Income 48 (March-April 1992), p. 59-67.
Kalotay, Andrew J., "On the Management of Sinking Funds", Financial Management 10
(Summer 1981), p. 34-40.
, George O. Williams, and Frank J. Fabozzi, "A Model for Valuing Bonds and
Embedded Options", Financial Analysts Journal 49 (May-June 1993), p. 35-46.
Khanna, Aran, and John J. McConnell, "MIPS, QUIPS, and TOPrS: O l d Wine in New
Bottles' 'Journal ofApplied Corporate Finance 11 (Spring 1998), p. 39-44.
1
952
VII,
Van Home, James , "Implied Fixed Costs in Long-Term Debt Issues" Journal of Financial
and Quantitative Analysis 8 (December 1973), p. 821-833.
, Financial Market Rates and Flows, 6 ed. (Upper Saddle River, NJ: Prentice Hall,
2001, Chaps. 7 and 11.)
th
. Financial Market Rates and Flows, 6th ed. (Upper Saddle River, NJ: Prentice Hall,
2001, Chapters 7 and 11).
V I I Web-, (Wachowicz's Web World),
"" Web-,
, , .
21
21 :
,
;
,
.
?
, .
,
!
1
, X V I I I
( .. )
^ ,
^ , .
. , ( ,
. . .)
(term loans TL)
, (,
, ). ( . .
.)
. ,
.
,
10 . (.. "
"), . ("
10 ") .
, .
(term loan)
,
, 10 .
. (term loan)
-. -,
. -,
,
.
:
"Rough winds do shake the darling buds of May,
And summer's lease hath all too short a date..."
: lease "", "" ..;
lease "". , .
lease, , ,
. . .
1
956
VII.
, ,
, .
. ,
,
(
) .
(amortized), ..
, (balloon
payment), .
- .
,
( ).
"-" ,
0,25-0,50% .
,
. ,
, , -,
,
, ; , -, ,
.
,
, .
(commitment fee)
,
.
,
,
. ,
(commitment fee):
" "
.
, ,
. ,
0,25 0,75%. , ,
1 . .
0,50%; ,
.
: (1 . .
0,005 3 / 1 2 ) = 1250 .
21.
957
. ,
.
, .
,
.
, ,
. ,
,
, ,
.
() (revolving
credit agreement)
,
.
11,
() (revolving credit agreement)
, ,
.
( , 90 ),
(
)
.
,
. ,
0,25-0,50% , ,
.
,
.
(commitment fee), 0,50% ,
.
,
.
" ",
-
958
VII.
.
, " "
. ,
, ,
"
".
,
, ( "
") .
" "
.
,
.
:
,
.
. , ,
,
.
( )
,
,
, , ,
.
,
, ,
,
.
,
, ,
. ,
, .
, ,
.
, (medium-term note MTN)
,
.
30 ( ).
, (medium-term note
M T N ) ,
, 1970- ,
21.
959
"" ,
. M T N
.
30 ( ""
).
M T N (shelf
registration) .
415 SEC
.
M T N , ,
1980- Merrill Lynch.
, Goldman Sachs, Lehman Brothers CS First Boston
.
M T N ,
, .
(Euro medium-term note Euro MTN)
MTN, ,
.
M T N 1980- .
(Euro medium-term note Euro M T N )
, , ,
. ,
1970- , M T N
, .
,
" ". ,
.
,
(, ,
) ,
. ,
, (covenants).
(covenant)
, ; ,
,
960
VII.
(loan agreement)
, - I
.
(loan agreement)
, -
.
. ,
,
,
" "
.
. , ( )
, .
.
.
, .
. ,
.
.
.
: 1) ,
; 2) ,
, , ; 3)
, .
,
"", ,
, ,
20.
. , (working
capital requirement), , ,
. ,
.
(,
6 . .),
21.
961
" ".
,
.
( ).
.
, ,
, ..
.
(cash dividend and repurchase of common stock restriction)
, .
, ,
.
,
.
(
).
,
.
, .
(capital expenditures limitation)
.
,
, ,
.
,
,
.
, ,
,
. ,
,
.
(limitation on other indebtedness).
.
.
,
. ,
-
962
VII.
, ,
.
.
( , ) ,
. ,
. ,
.
( ,
). ,
- ,
.
(negative pledge clause).
(negative pledge clause)
,
.
,
. ,
, .
,
,
. ,
, ,
, "" .
, .
, .
,
. ,
,
. "" ,
""
.
.
,
. ,
,
, .. ,
.
, ,
, ,
.
.
,
. -
21.
963
, .
,
, .
"".
, ,
, .
, .
,
.
,
,
( ),
.
,
.
"" .
,
.
, ,
, , ,
. ,
, ,
. ,
( ).
, .
,
.
" ",
. ,
, ,
. ,
80%. (,
)
. ,
964
VII.
40%
.
, .
, .
,
- .
,
. ,
,
.
,
.
,
.
(lien)
.
.
(chattel mortgage)
(lien);
.
,
. (to perfect) ,
, .
, ,
.
(conditional sales contract)
, ,
, .
(promissory note)
.
.
(conditional sales contract)
,
. ,
,
21.
965
(.. ).
.
, .
,
(promissory note) .
,
.
, , (
), -
, , ,
.
,
() ()
.
, , .
,
, , .
, .
,
( ,
). , (lease) ,
.
(full service, maintenance),
, , .
(net lease) .
(lease)
, , ()
,
, , .
(net lease)
,
.
(operating lease)
,
.
966
VII.
(financial lease)
, ,
() (fair market value)
,
,
() (residual value)
.
(sale and leaseback)
,
,
. , ,
. , (operating
lease)
.
.
( , )
.
,
, .
, (financial lease)
.
,
.
, .
, , ,
.
.
:
( ,
).
.
(fair market value).
,
(residual
value). ,
, ,
. .
21.
967
:
, ,
("" ). ,
.
.
(sale and leaseback,)
, . ,
. ,
,
. ,
. ,
.
, ,
, .
, .
,
"" ( )
. ,
, ,
, .
. (direct leasing)
, .
. IBM
, Xerox Corporation . ,
.
, , ,
, .
,
,
, , , .
, (leveraged leasing)
,
( 20 40%) ,
,
, .
,
, , ,
.
, (leveraged leasing).
, ,
, : 1) , 2)
( ) 3) .
968
VII.
, ,
, .
, ,
. , , .
, 20%- ( " ").
80% ( )
. ,
,
. , .
.
, , , -,
,
; -, ,
( ); , -,
,
.
(residual value), , ,
.
, ,
,
.
( ),
, , ,
.
.
,
.
"" (.. )
.
,
"" ;
.
.
.
,
. -
21.
969
, " "
, .
,
.
. (Internal Revenue Service IRS)
, ,
.
, IRS . ,
""
, ,
20%
. ,
, 20%
. , ,
,
20%
.
. ,
. ,
(
, ).
IRS , ,
, ,
,
.
, , ,
"" ,
.
, .
.
.
, , ,
,
, , . ,
,
- .
,
.
, . -
970
VII.
,
.
, ,
. , ,
, ,
, .
,
, .
.
(alternative minimum tax )
,
,
, fax perference Items,
: .
(alternative minimum tax ) . ,
,
(tax perference item),
.
, ,
.
, ,
.
,
,
.
, , ,
,
. , ,
, .
, ,
. ,
,
, . , ,
. ,
,
. ,
21.
971
,
.
,
,
.
!
. . .
. . .
,
.
,
, ,
() .
,
,
.
,
,
, V,
,
. ,
,
,
, ..
,
,
, ,
.
, .
, McNabb Electronics, Inc.
148 . .
. -
.
26 .
., , ..
. ,
30 . .
, ;
, (net lease).
972
VII.
.
, R:
$1480< =
* ^ + 0
S i 7
) .
(21.2)
,
, R,
0,
,
,
. R,
, 11,61%.
13%, , X,
:
$148000 =
<
t i f (1 + 0,13)'
(1 + 0 )
(%)
20,00
32,00
19,20
11,52
11,52
5,76
; : 0,20 148 .
. = 29,6 . . .. ,
30 . . McNabb Electronics
,
.
21.
973
,
,
.
. ,
,
, .
, ( 1 1 , 6 1 1 2 % ) ,
.
, ,
. ,
. ,
26 . .
, ,
. 26 . .
0 , ,
1.
.
,
.
12%, (1 - 0 , 4 0 ) , 7,2%.
,
. ,
,
.
,
.
. 2 1 . 1 . ,
93 5 0 9 .
.
McNabb Electronics ,
, 12%-
,
VII.
974
, .
, , ,
. ,
, ""
. 148 . .
0,
28 955 ., .
.
: 148 . .
(28 955 .), 119 045 .
: 119 045 . 0,12 = 14 285 .
. . 21.2 .
2
21.1.
(.)
(.)
()-(b)
() (0,40)
( 7,2%) (.)
()
()
()
(d)
26 000
26 000
26 000
1-6
26 000
10400
15 600
73 901*
10 400
(10 400)
(6392)
93 509
' .
( )
, .
.
,
() . 21.3. ,
,
, ,
3
,
. , ,
. 212, , .
,
. , ("
") ( ) ,
.
21.
975
, 40%- .
(d) .
,
, (). ,
30 . .
(recapture of depreciation) 40%-
, .
, ,
18 . . ,
7,2%- ,
87 952 .
21.2.
(.)
<) - () + ()
(.)
()
()
()
28955
119 045
28 955
104 375
14 285
28 955
87 945
12 525
(.)
() (0,12)
28 955
69 543
10 553
28 955
48 933
8345
28 955
25 850
5872
28 952*
3102
' - .
(87 952 .) ,
(93 509 .).
, ,
McNabb Electronics ,
. , ,
, (11,61%),
, (12%).
,
, .
,
,
.
976
VII.
21.3. (.)
((b) + ())
<)-(d)
( 7,2%)
(0,40)
()
<>
()
<d)
()
(0
28 955
28 955
28 955
28 955
14 285
29 600
17 554
11 401
10 635
28 955
12 525
47 360
23 954
5001
4352
28 955
10553
28416
15588
13 367
10 851
28 955
8345
17 050
10158
18 797
14 233
28 955
5872
17 050
9169
19 786
13 976
28 952
3102
8524
4650
24 303
16 013
(30000)*
(12 000)**
(18 000)
(11 064)
148 000
87 952
" .
"" : 30 . . 0,40 = 12 . .
,
,
. ,
" ", ,
,
.
, ,
( , , ).
,
,
. ,
" ".
, ,
. ,
() , ,
.
21.
977
, ,
. ,
.
(. . 21.3)
, ,
(.. 7,2%),
,
,
( ) ,
, ,
, 18,4%.
,
. .
,
.
,
100%,
,
. , ,
,
.
"" .
40,
20%, .
, , .. 12% (1 - 0,20) = 9,6%.
. 21.1 21.3, ,
,
114 924 .,
112 261 . ,
- , , .
12%-
132 897 . 134 430 .
. ( )
.
, ,
, -
978
VII.
.
. , ,
, ,
, .
,
, ,
.
, .
.
.
.
, , ,
, , ,
. ,
.
, ,
, , ,
, .
: .
() ,
10 .
,
. ,
( ),
.
, ,
.
() .
- ,
.
, ,
. ,
.
21.
979
(,
)
( )
.
,
.
,
;
.
, .
, -, , -,
( ) , -,
,
.
,
, ,
.
,
.
. ,
.
.
.
, .
- ,
( ).
, , ,
. , 1976 13
(Financial Accounting Standards Board Statement No. 13,
FASB 13), -
980
VII.
. ,
:
, ,
,
.
4
13 (FASB13)
, (Financial
Accounting Standards Board FASB)
.
,
, (capital leases). ,
,
.
1.
.
2.
.
3. 75%
.
4.
90%
.
5
- , ,
, . ,
.
, (
) (operating lease) .
, 6
Statement of Financial Accounting Standards No. 13, Accounting for Leases (Stamford, CT: Financial
, ,
, , (lessee's
incremental borrowing rate). FASB ,
, ,
,
, .
6
() ,
21.
981
,
,
.
.
""
. , ,
.
, , ,
,
.
,
:
1) 2) ,
,
.
. (
,
,
.)
,
,
, () ,
, ,
.
,
.
, , .
(. .)
3,0
:
(. .)
1,0
(. .)
90
(. .)
2,0
(, .)
270
.
500 . . 140 . . ,
.
,
500 . .
140 . . , .. 360 . .
90 . . 270 . .,
.
982
VII.
,
. ,
(
,
); ;
,
;
;
"" ; ,
- , ; ,
.
,
, ,
,
. ,
,
,
;
,
( );
; ;
"" ; ,
.
.
,
.
,
. ,
,
.
,
. FASB 13
" " (interest method).
:
. ,
.
.
FASB 13 ,
, , ,
. , -
21.
983
, , .
,
.
1.
?
) ? ) ?
2.
-
?
3. ,
?
4.
!
5.
) ,
? ) ,
?
6.
, ?
7. ,
.
8.
,
?
9. 1 ,
( )
( )
.
,
. .
10. !
}
1
11. .
12. (
)
?
13. ,
:
984
VII.
a ) ;
b) ROI;
c) ROE;
d) ;
e) .
14. ,
.
?
15. ,
? .
a) .
b) .
c) .
d) .
e) .
1. Burger Rex
"-".
3 . .,
.
3 . .,
.
0,5% .
Burger Rex 1%
- 1,5%
- (
). Burger Rex
1,4 . . 1,4 . .
.
.
,
1 . .
a)
?
b)
?
21.
985
2. ,
( )
,
.
a) 46 . .,
11%
.
b) 210 . .,
47 030 .
.
c) 8%,
16 . . .
d) 165 . .,
10%
24 412 . .
3. U.S. Blivet
100 . .,
.
24 . .
(
).
, .
16 . .
14%,
. (
.)
40%- .
?
986
VII,
.
.
2.
(, .)
(. .)
(. .)
10
(
) (. .)
(. .)
(, .)
17
(, .)
17
- Acme
Aglet Corporation
(" ").
24% . (
24% ) ,
.
1,5 . . ( ). ,
250 . .
.
2,5 . ., ,
,
.
21.
987
,
?
.
3.
( ),
.
a) 260 . ., 13%,
, .
b) 138 . ., 6%,
,
20 . .
c) 773 . ., 9%,
10- , .
4. Volt Electronics Company
(
). "",
18,6 . .; .
a)
"", Volt Electronics Company
12%- ? (
, .)
b)
, (
)
4000 .?
5. Fez Fabulous Fabrics
. ,
,
20 . . Fez Fabulous
Fabrics ,
16 . . ( ).
12%-
,
,
.
;
Fez Fabulous Fabrics 35%.
(
)?
?
988
VII.
6.
Locke Corporation
.
30 . ., .
.
- 11%,
12%.
16 332 .
.
a) ,
.
b) ( )
,
. (
,
.)
21.
989
1. a ) , ) .
(. .)
(. .)
1400
3000
3000
3000
2000
1000
1600
1000
2000
10
- ( 1 %
1,5%
)
14
30
30
45
30
15
2.
(21.2).
) $46000 = + ( 4
1 1 % 5
PVIFA = 3,465 .
X5
. IV , ,
4 (4-period row), , 3,465
, 6%. ,
, X, 6%.
c) X = $16000(1 + )
8%6
0 % x
1 , 5,759.
. IV 10%, , 5,759
9 . ,
9 + 1, 10 .
990
VII.
' ,
, 1 :
(14%)(1 - 0,40) = 8,4%.
:
$100 000 = (1 + )
$ 100 000 = (1 + 4,288) = (5,288)
= $100 000/5,288 = $18910
(.)
(.)
(.)
() -()+()
() (0,14)
()
<)
()
18910
81 090
18910
73 533
11 353
18910
64 917
10 295
18910
55 096
9088
18910
43 899
7713
18910
31 135
6146
18910
16 584
4359
18 906*
2322
" - .
21.
991
PV
()
18910
18910
18910
18910
18910
18910
18910
18 906
(24 000)'
<>
0
11353
10 295
9088
7713
6146
4359
2322
()
0
20 000
32 000
19 200
11 520
11 520
5760
(d)
0
12 541
16918
11 315
7693
7066
4048
929
(9600)"
()
18910
6369
1992
7595
11 217
11 844
14 862
17 977
(14 400)
(0
18 910
5875
1695
5962
8124
7913
9160
10 222
(7553)
' .
" : (24 . .)(0,40) = 9600 .
, .
. ,
,
(.. 8,4%),
.
, 11,8% ( ),
,
.
.
7
992 VII.
Bower, Richard S., "Issues in Lease Financing", Financial Management 2 (Winter 1973), p. 25-34.
, and George S. Oldfield Jr., " O f Lessees, Lessors, and Discount Rates and
Whether Pigs Have Wings" Journal of Business Research 9 (March 1981), p. 29-38.
Bower, Richard S., Frank C. Herringer, and J. Peter Williamson, "Lease Evaluation",
Accounting Review 41 ( A p r i l 1966), p. 257-65.
Cenker, W i l l i a m J., and Robert Bloom, "The Leasing Conundrum", Management Accounting
Quarterly 1 (Spring 2000), p. 3 4 - 4 1 .
Crabbe, Leland, "Corporate Medium-Term Notes", Journal of Applied Corporate Finance 4
(Winter 1992), p. 90-102.
, "Anatomy of the Medium-Term Note Market", Federal Reserve Bulletin 79
(August 1993), p. 751-768.
GE Capital: Our Business Is Helping Yours Find Its Way Through Leasing Maze. (Stamford,
CT: General Electric Capital Corporation, 1999).
Fisher, Omar Clark, "Unveiling Islamic Leasing", Journal of Equipment Lease Financing 21
(Spring 2003), p. 2-12.
Gill, Richard C, "Term Loan Agreements",// of Commercial Bank Lending 62 (February
1980), p. 22-27.
H u l l , John C, "The Bargaining Positions of the Parties to a Lease Agreement", Financial
Management 11 (Autumn 1982), p. 71-79.
Lease, Ronald C, John J. McConnell, and James S. Shallheim, "Realized Returns and the
Default and Prepayment Experience of Financial Leasing Contracts", Financial
Management 19 (Summer 1990), p. 11-20.
Lummer, Scott L., and John J. McConnell, "Further Evidence on the Bank Lending Process
and the Capital-Market Response to Bank Loan Agreements", Journal of Financial
Economics 25 (November 1989), p. 99-122.
McConnell, John J., and James S. Schallheim, "Valuation of Asset Leasing Contracts",
Journal of Financial Economics 12 (August 1983),p. 237-261.
McDaniel, Morey W., "Are Negative Pledge Clauses in Public Debt Issues Obsolete?"
Business Lawyers ( M a y 1983), p. 867-881.
Miller, Merton H, and Charles W. Upton, "Leasing, Buying, and the Cost of Capital
Services"'Journal of'Finance 31 (June 1976), p. 787-798.
Mukherjee, Taran K., "A Survey of Corporate Leasing Analysis", Financial Management 20
(Autumn 1991), p. 96-107.
Myers, Stewart C , David A. D i l l , and Alberto J. Bautista, "Valuation of Financial Lease
Contracts" Journal of Finane 31 (June 1976), p. 799-820.
Schallheim, James S. Lease or Buy? Principles for Sound Decision Making. (Boston, M A :
Harvard Business School Press, 1994).
Slovin, M y r o n ., Marie E. Sushka, and John A. Polonchek, "Corporate Sale-andLeasebacks and Shareholder Wealth" Journal of Finane 45 (March 1990), p. 289-299.
Van Home, James, "A -Programrning Approach to Evaluating Restrictions under a Bond
Indenture or Loan Agreement" Journal of Financial and Quantitative Analysis 1 (June 1966),
p. 68-83.
, "The Cost of Leasing w i t h Capital Market Imperfections", The Engineering
Economist 23 (Fall 1977), p. 1-12.
Weingartner, H. Martin, "Leasing, Asset Lives and Uncertainty: Guides to Decision
Making", Financial Management 16 (Summer 1987), p. 5-12.
V I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j wachowi /
part7.html)
\ #111
V I
22
.
-
22 :
,
:
,
;
,
,
;
,
: ,
;
,
;
,
.
""
(straight debt)
(equity)
(options),
, .. ,
-
.
.
,
() (derivative securities).
,
:
, .
.
(straight debt or equity)
( ), .
() (derivative security)
, ()
(,
, ), , ,
(convertible security)
,
( ) .
( ) , (
).
. ,
,
.
(convertible security)
,
.
996
VIII.
(conversion
price) (conversion ratio). ,
McKesson
Corporation 9,75% 1000 .
43,75 ., ,
22,86 .
(22,86 ),
(1000 .) (43,75 .). ,
,
.
(conversion price)
,
, ,
,
(conversion ratio)
,
. ,
,
.
. ,
1000 .
40 . , 45 .
, - 50 . .. ,
.
,
.
2 1, .
() (antidilution clause).
(conversion value)
. McKesson Corporation
50 .,
: 22,86 50 . = 1143 .
22. , .
997
(conversion value)
,
, .
.
,
.
( ) (premium over conversion value).
McKesson Corporation
1000 . .
38,50 . ,
: 22,86 38,50 . = 880 . 120 .
, 1000 .,
.
.
120 . 880 ., 13,6%.
10 20%.
"".
10%.
,
, .
( , .)
(premium over conversion value)
; (conversion premium).
(call price).
,
.
. , ,
,
.
(subordinated) . ,
.
, , -
998
VIII.
. ,
,
.
, ,
(
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. ,
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:
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108 695 (500 391 305).
.
,
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.
. ,
,
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,
. ,
.
, - , , , -
.
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,
.
,
.
,
.
(exercise)
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.
,
. ,
, ,
. ,
,
. , -
1000
VIII.
. (
,
).
. ,
.
, ,
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.
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. ,
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15%
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1080 .
,
1080 . 20, .. 54 .
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, .
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15%
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62 . . ,
,
.
,
. , ,
,
.
. ,
, .
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22. , .
1001
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.
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,
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,
.
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.
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.
(expiration)
,
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.
,
(volatility)
. () ,
, .
,
. (operating risk)
.
,
, .
, ,
.
, (
1002
VIII.
) .
,
.
,
.
,
:
. (
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.)
(hedge), .. ,
. ,
. ,
.
, ,
, ,
, , .
(hedge)
, .
( )
(straight bond value) ,
,
(open) .
, V
SB
SB
;
1/2 ,
;
F ;
2 ;
/ 2 ,
.
22. , ...
1003
(22.1) (22.2)
, . ,
.
,
(straight bond value)
,
, ,
, ,
.
%40
) + $ 1000(PWE
6%40
) = $744.
,
Fawlty Food Company 744 .
,
, ,
744 .
.
. , -,
, -,
-.
,
.
6 7%,
774 667 .
,
.
,
, ,
.
,
. ,
/
1004
VIII.
, .
,
.
1
,
,
. ,
, .
, ,
. ,
, ,
. , ,
,
.
( ) (premium over conversion value).
,
(premium over straight bond value)
- . ,
,
,
.
,
.
, .
(premium over straight bond value)
.
(. 22.1).
, ,
.
, .
1
22. , ,,.
1005
. 22.1.
X,
Y. ,
. ,
, .
, ,
.
.
, , ,
, . ,
, ,
.
,
.
(
), .
,
.
.
,
. , ,
(floor value)
1006
VIII.
,
. 22.1 "" ()
(premium over floor value).
,
. ,
,
.
.
. -,
,
. -,
.
,
. ,
.
,
.
.
, ,
( ).
,
.
. ,
,
. ,
, ,
. . 22.1
( ) .
( ) .
( )
.
(exchangeable bond)
, , ,
. , National Distillers Chemical Corporation
49 . . 6%- ,
Cetus Corporation.
22. , .
1007
(exchangeable bond)
,
, ,
.
(exchan
ge ratio), .
National Distillers 1000 .
(exchange price) 49 . 20,41
Cetus. Cetus
37,50 . . (exchange premium)
30,7%, .
Cetus: ,
. , ,
. ,
,
.
,
,
. , National Distillers
4% Cetus Corporation.
,
, , ,
. ,
.
.
,
,
.
,
.
( )
,
. ,
.
1008
VIII.
+ =
,
"" ,
.
.
, ,
.
.
.
, ,
.
( )
.
, .. ,
.
,
, ,
, (
) ,
.
.
.
, .
.
(warrant)
(exercise price),
. , ,
( , ).
, - (right),
,
(subscription price), ,
( ).
22. , ,
1009
(warrant)
.
, .
. ,
,
.
.
() - (underwriters)
.
, (private placement).
, ,
.
, 2, 3
2,54 . ,
, 12 . . (exercise price)
, .
, 12 13 .
14 . .
(exercise price)
, ,
"", .
.
, , .
,
, ,
.
, .
, .
,
EPS ,
. EPS ,
.
,
.
1010
VIII.
. (exercised)
. , ,
, .
, . 15%
. 40 ., ,
46 .
, ,
, Black
Shoals, Inc. 25 . .
. 10%.
( 1000 .) ,
30 .
. ,
.
25
25
10
11
(. .)
(
10 .) (.
.)
10
(.
.)
(. .)
40
40
40
(. .)
50
50
53
(. .)
50
75
78
,
. ,
, 100
30 . , .. 3 . . ,
.
ma[{N){Ps )-Efl\,
(22.3)
N , ; P
s
;
N; -
22. , ...
1011
: (N)(P ) E , ,
. ,
. -
, ,
, .
,
, ,
(out of the money).
, ,
,
. 22.2. ,
( i n the money).
S
. 222.
, ,
, ,
(leverage),
. "",
Textron.
, 10 .
12 .,
2 . ,
25% 15 . .
2 5 ., 150%- .
1012
VIII.
,
. ,
, .
, ,
. ,
, ""
, ( ).
, ,
. ,
, ,
.
.
,
. ,
,
.
. 22.2.
,
. ,
.
(. . 22.1).
,
. ,
,
.
,
,
.
.
,
,
. ,
, .
22. , .
1013
,
,
.
,
. -
" " .
, ,
,
.
,
, .
.
.
,
.
,
.
(
). (
, ).
, ,
,
, ,
.
, , .
, .
,
.
, , .
.
(option) ,
.
1014
VIII.
, , ,
" " .
. "", " "
. "" "".
"".
"" (put option)
,
( )
.
, "" (
"") . V
0
V =max(P -E,0),
o
(22.1)
P ,
: (P ) .
, Lindahl Corporation
25 . , 15 .
: 25 . - 15 . = 10 .
,
.
.
, .
s
. 22.2,
.
. Y
.
22. , ,..
1015
,
. , ,
.
,
. , ,
. ,
. .
. 22.2 .
, (time to
expiration), ,
. ,
. ,
, ,
.
, . 22.1.
. 1
, 2. , ,
, 3.
(interest rate).
. 22.1.
,
,
. ,
"" ,
1016
VIII.
(.)
(.)
0,10
30
20
0,25
36
30
0,30
40
40
0,25
44
50
0.10
50
60
1,00
40 .
. ,
""
, , 38 . ,
,
.
V
0
(1)
( P ) (.)
(2)
(.)
(3)
0,10
30
0,00
0,25
36
0,00
0,30
40
0,60
0,25
44
1,50
0,10
50
12
1,20
1,00
max ( P -38,0 .)
S
(1)(3)(.)
<4)
% = 3,30 .
V
0
22. , ,
max(P - . 38,0)
(1)
, (P ) (.)
(2)
(.)
(3)
0,10
20
0,00
0,25
30
0,00
0,30
40
0,60
0,25
50
12
3,00
0.10
60
24
2,20
1,00
1017
% = 5,80 .
,
. ,
. ,
,
.
, , .
. 22.2.
. 22.2.
.
,
(
), -
1018
VIII.
, .
W N,
. W
(
),
, N.
, , ( ) ""
.
.
.
,
(hedged positon) (..
. . .) .
.
(
" " (holding it long)) -
. ,
" ", .. ,
. , ,
, ,
, , .
,
"" ,
.
(""
, "")
.
, .
22. , ,,,
1019
-
.
. :
2
(..
);
;
;
;
,
, , ;
.
.
, ,
. ,
, ,
, .
,
XYZ ,
. 22..
. 22..
XYZ
Fischer Black and Myron Scholes, 'The Pricing of Options and Corporate Liabilities", Journal of Political
Economy 81 (May-June 1973),p. 637-654.
1020
VIII.
,
20 ., 7 . 20 .
(market value line) (. . 22.)
0,5 ( 1/2).
. ,
20 . 7 . .
" ", ,
: 20 . - 2(7 .) = 6 .
" " ( ) ""
( ), , .
, " "
. ,
( )
. ,
. 22. .
.
, ,
.
,
, (. . 22.1).
,
" "
.
. -
" "
. ,
,
. ,
. ,
.
.
V ,
, - ,
:
0
=( )[&))-(/"){&)),
0
(22.2)
;
;
= 2,71828 ;
, ,
;
t ( );
22. , ,,,
1021
N(d) ,
, d , :
In ;
a ,
.
,
;
.
. ,
(22.2),
t, , ( ),
, . .
,
, .
. .
. , ,
, ,
.
,
(hedge ratio) ,
.
N(dA. , -
, .
,
.
, ,
.
" "
.
.
. -
1022
VIII.
,
.
-
,
; ; ;
. ,
,
.
.
- .
1. ,
,
.
2. ,
, 10-20%
.
,
.
? .
3.
,
,
?
4.
, . .
5. ,
,
.
.
, ,
( ). ,
,
?
22. , ,
1023
6.
?
7.
?
8.
?
9.
, .
? .
10.
- ,
,
?
11.
?
12. ?
13.
,
? ,
?
14. - (,
),
,
?
15.
?
16.
?
1. Barnaby Boat Company 3 .
; 500 .
40 7%-
50 .
.
21 .
a)
?
b) ?
1024
VIII.
c) , ,
EPS I) ? I I )
?
d) 1 .
., EPS I) ? I I )
?
2. Phlogiston Chemical Company
10%-
10 . .
36 ., ,
(
), 12%.
10 1060 .,
10 1030 .
10 1000 . ,
,
15%
. ,
EPS 8%,
/ .
a) ,
.
b)
?
3. Red Herring Pizza ,
24 .
.
(.)
20
18
27
32
24
38
(.)
12
20
29
,
.
? ?
22. , .
1025
10 . . 9%- 20-
20%
105% (1050 .
1000 .). Blue Sky
1 ;
40%.
a) ?
b)
1000 .?
c)
?
d)
?
e) , Blue Sky
( ) 1 . . .
.
2. ,
( 1) Blue Sky Corporation
10 . .
12%.
, ,
1 . .,
, 1 ( ).
3. Faversham Fish Farm 7,75%-
20- .
1000 . 25
.
,
.
Faversham Fish Farm ,
.
(.)
40
45
32
23
18
(.)
690
700
650
600
550
(.)
1065
1140
890
740
640
) (
)
.
1026
VIII.
) , .
?
4. Faversham Fish Farm (. 3)
. 10 .,
440 .
410 .
.
?
5. Rambutan Fruit Company 10 .
. . : 20-
8%-
50 . 1000 .; 20-
12%- . 1000-
200 .
40%,
40 . .
20% ,
.
( 5 .) (. .)
(. .)
10
(, .)
15
(. .)
30
a) ,
, (
).
b) EPS
, ).
c)
, Rambutan
75 .
6.
Singapore Enterprise
,
16 2/3 Malaysian Palm Oil
Company,
50 . ( )
,
1000 . ?
-
?
22. , ..,
1027
7. (22.3),
.
N
P (.)
(.)
100
400
()
10
10
60
()
2,3
10
(d)
3,54
27,125
35,40
16
18
20
22
24
0,15
0,20
0,30
0,20
0,15
a) ?
b)
?
c)
?
d) ,
? ?
10. , ,
45 .
26 .,
10 .
.
50 . 2 .
.
1028
VIII.
a)
1 .
,
?
b) ?
c) ?
L. ) :
, .. 2 x 2 1 . = 42 .
b) : 50 . 42 . = 8 . ( = 8 ./42 . =
19,05%).
c) :
(3 . 500 000 ) (, .)
1,5
(. .)
140
(. .)
1,36
+ 500 000
(.)
2,72
(. .)
1,5
+ 580000
EPS (.)
2,59
d) :
(. .)
2,5
(. .)
140
(. .)
2,36
+ 500 000
(.)
4,72
(, .)
2,5
580 000
EPS (.)
2. ) : 36
4,31
.
1,12 = 40,32
10 :
40,32 . 1,06 = 42,74 .
,
, :
42,74 . 1,15 = 49,15 .
:
(49,15 . /36 .) - 1 = 36,5%.
22, , ,,,
1029
8% EPS
36% , (1,08) - 1.
/ ,
,
.
4
) , - ,
.
,
. EPS
,
, .
.
3.
(
).
(,)
18
20
24
27
32
38
(.)
12
20
29
(.)
16
28
, , ,
. 22.2.
,
24 .,
0.
(""),
,
.
A r d i t t i , Fred D. Derivatives: A Comprehensive Resource for Options, Futures, Interest
Rate Swaps, and Mortgage Securities. (Boston: Harvard Business School Press, 1996).
Asquith, Paul, "Convertible Bonds are Not Called Late", Journal of Finance 50
(September 1995), p. 1275-1289.
Asquith, Paul, and David W. Mullins, Jr., "Convertible Debt: Corporate Call Policy and
Voluntary Conversion" Journal of Finance 46 (September 1991), p. 1273-1289.
Barber, Brad M . , "Exchangeable Debt", Financial Managevent22 (Summer 1993), p. 48-60.
Barth, Mary E., Wayne R. Landsman, and Richard J. Rendleman, Jr., "Implementation of an
Option-Pricing Based Bond Valuation Model for Corporate Debt and Its Components",
Accounting Horizons 14 (December 2000), p. 455-479.
Black, Fisher. "How to Use the Holes in Black-Scholes", Journal of Applied Corporate
Finance 1 ( W i n t e r 1989), p. 67-73.
Black, Fisher and M y r o n Scholes. "The Pricing of Options and Corporate Liabilities",
Journal of Political Economy 81 (May-June 1973), p. 637-654.
1030
VIII.
Brennan, Michael J., and Eduardo S. Schwarz, "Convertible Bonds: Valuation and
Optimal Strategies for Call and Conversion", Journal of Finance 32 (December 1977),
p. 1699-1715.
Brennan, Michael J., and Eduardo S. Schwarz, "The Case for Convertibles", Journal of
Applied Corporate Finance 1 (Summer 1988), p. 55-64.
Byrd, Anthony K., and W i l l i a m T. Moore, "On the Information Content of Calls of
Convertible Securities" Journal of Business, 69 (January 1996), p. 89-101.
Chen, Andrew H . , "Uncommon Equity", Journal of Applied Corporate Finance 5 (Spring
1992), p. 36-43.
Finnetry, John D., "The Case for Issuing Synthetic Convertible Bonds", Midland
Corporate Finance Journal 4 (Fall 1986), p. 73-82.
Green, Richard C, "Investment Incentives, Debt, and Warrants", Journal of Financial
Economics 13 (March 1984), p. 115-136.
Haugen, Robert A. Modem Investment Theory, 5th ed. (Upper Saddle River, NJ: Prentice
Hall, 2001).
H u l l , John C. Options, Futures, and Other Derivatives, 5th ed. (Upper Saddle River, NJ:
Prentice Hall, 2003).
Jones, E. Philip, and Scott P. Mason, "Equity-Linked Debt", Midland Corporate
FinfanceJournals ( W i n t e r 1986),p. 47-58.
Lauterbach, Beni, and Paul Schulz, "Pricing Warrants: An Empirical Study of the BlackScholes Models and Its Alternatives",/oMn?a/ of Finance (September 1990), p. 1181-1209.
Long, Michael S., and Stephen E. Sefcik. "Participation Financing: A Comparison of the
Characteristic of Convertible and Straight Bonds Issued in Conjunction w i t h Warrants",
Financial Management 19 ( A u t u m n 1990), p. 23-34.
Marr, M. Wayne, and G. Rodney Thompson, "The Pricing of New Convertable Bond
Issues"', Financial Management 13 (Summer 1984), p. 31-37.
Mikkelson, Wayne H, "Convertable Calls and Security Returns", Journal of Financial
Economics 9 (September 1981), p. 237-264.
Sharpe, W i l l i a m F., and Gordon J. Alexander, and Jeffery V. Bailey. Investments, 5th ed.
(Englewood Cliffs, NJ: Prentice Hall, 1995, Chap. 20).
Van Home, James C, "Warrant Valuation in Relation to V o l a t i l i t y and Opportunity
Costs"', Industrial Management Review 10 (Spring 1996), p. 19-32.
Van Home. Financial Market Rates and Flows, 5th ed. (Upper Saddle River, NJ: Prentice
Hall, 1998).
. Financial Market Rates and Flows, 6th ed. (Upper Saddle River, NJ: Prentice Hall,
2001).
V I I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j wachowi /
part8.html)
23
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1034
VIII.
.
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.
(acquired) ,
,
,
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23.
1035
. (vertical merger),
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. (conglomerate merger)
.
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, , (divesting) ,
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VIII.
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1037
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.
, .
,
,
20 .
Richard Roll, "The Hubris Hypothesis of Corporate Takeovers", Journal of Business 59 (April 1986),
p. 197-216.
1
1038
VIII.
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,
. ,
23.
1039
.
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, .
,
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.
,
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.
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1040
VIII.
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,
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.
.
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23.
1041
,
. 23.1. EPS
,
.
. 0,30 .,
.
EPS,
. ( )
EPS.
.
,
[ ]
(23.1)
1042
VIII.
60 .,
30 .
0,5 ,
:
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,
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. ,
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EPS
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23.
1043
40 . .
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30 . . 1 333 333
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.
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, .
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.
,
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,
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,
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.
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.
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.
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,
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.
1044
VIII.
:
,
, . -
,
. .
(takeover)
,
. ,
.
30%, ,
80%.
,
.
,
. . 23.2.
(takeover)
, (
)
.
,
. 23.2. (
)
,
.
, /
.
23.
1045
: ,
/
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. ,
.
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.
, .
.
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.
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, .
,
, ,
.
. ,
.
1046
VIII.
;
(roll-up).
.
, , ,
.
(roll-up)
.
.
.
.
,
.
.
,
,
(initial public offering, IPO).
(initial public offering, IPO)
.
, ,
,
.
j .
|
I . , GMA Capital , , , | .
. ""
. , "
: ,
23.
1047
,
, , ".
, , ,
,
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. , ,
, , ".
,
.
1.
.
2.
, , .
3. ,
.
. : "
, 10
- (
30 . .) IPO".
. Fay Hansen, "Buy, Build and Improve", Business Finance (May
1999), p. 23-24. (www.businessfinancemag.com) Duke Communications International,
1999. . .
IPO, .. I P O (
) ( I P O roll-up).
.
.
: " , !", : "
!"
(IPO roll-up)
(IPO) ,
,
. IPO
,
.
, ,
.
1048
VIII.
.
,
. ,
,
.
(). , ,
,
.
( ), ,
, .
(free cash flows). ,
,
. ,
, ,
NPV,
.
, (.. . .
.) . ,
- . ,
.
, ( ),
. (,
,
.) ,
.
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( ) (, .)
1-5
6-10
11-15
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21-25
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1800
1400
800
200
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600
300
(. .)
1400
1500
1400
800
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23.
1049
. ()
15%,
8 724 . ,
,
, .. 8 724 . ,
.
.
.
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).
.
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.
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.
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, .
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.
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.
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.
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,
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, , -
1050
VIII.
, .
,
.
,
.
. .
,
.
EPS
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, ,
.
,
.
,
,
.
, ,
, . ,
,
.
, EPS
,
. .
,
, 15.
, , . ,
.
.
,
, .
.
,
.
(consolidation)
.
. -
23.
1051
, .
,
.
,
.
,
,
.
(consolidation)
.
. (merger)
(consolidation) ,
( ) .
.
. ,
7 (Clayton Act)
, "
".
, , ,
. ,
, , -
. ,
,
, ,
, .
(Clayton Act)
1914 ,
. ,
,
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,
.
,
.
.
,
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,
. ,
, .
1052
VIII.
,
. ,
.
,
.
, .
, , ,
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. ,
, , ,
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8 0 % .
2 0 0 1
(Statement of Financial Accounting Stan
dards SFAS)
(purchase), (pooling of interests).
,
, ..
.
,
.
,
.
. ,
.
(purchase method)
,
, .
(pooling of interests)
,
,
.
,
(, ) (goodwill). ,
23.
1053
, ..
. .
, 40 ,
" ". ,
. , 1993 ,
" "
15 ,
10 1993 . ,
,
,
.
(
) ,
. ,
/ ,
.
.
, ,
.
.
,
.
1990-
(Financial Accounting Standards Board FASB)
,
, ,
.
, ,
,
(- ). FASB
. SFAS 141
,
. SFAS 142
,
( ) .
,
(
).
1054
VIII.
,
(Financial Accounting Standards Board
FASB), ,
.
141 (" ")
, " ",
, . 142 ("
") ,
.
141
(pooling of interests),
(purchase). , ,
, ,
.
, -
,
.
, .
, (, ),
.
,
.
, ,
.
141 ,
30 2001 , ,
,
1 2001 .
142
, , ,
,
.
: 1)
2) ( ).
142 ,
,
.
, ,
,
.
, .
23.
1055
j
I
j
I
. "New Accounting Standards are Having a Big Impact on Acquisitions and Goodwill", I
First Tennessee Business Review, Vol. 12:3 (2002), p. 7. 2002 First Tennessee Bank. - j
. .
,
. ABC XYZ
2 . . XYZ
1 . . 1,2 . .
2,2 . .
, .. ,
10 . ., 5 . . , ,
15 . . ,
, .
ABC
XYZ
15 000
2200
17 200
17 200
800
15 000
2200
18 000
17 200
(. .)
5000
1000
6000
6000
(. .)
10 000
1200
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11 200
(. .)
15 000
2200
18 000
17 200
, (,
.)
(. .)
(. .)
800 . ., ,
. ,
.
.
1056
VIII.
,
.
.
,
.
(). ,
2,5 . . 2,2 . .,
17,5 . .
17,2 . . 500 ., 800 . .
,
,
( ), ,
, .
,
.
, ,
.
,
() .
,
(tender offer) ,
.
. ,
.
.
, (tender offfer)
, .
,
, ,
.
,
. ,
. -
23.
1057
.
.
,
.
,
, .
" " (two-tier tender offer).
CSX Corporation,
Consolidated Rail Corporation (Conrail) 1990- .
"" ()
, 45%
, 5%.
"" ( )
/ ,
, .. .
. ""
"",
,
, - .
"" (two-tier tender offer)
,
( , )
( )
(,
/ ).
.
,
. ,
. , ,
, ,
.
.
, ,
, .
,
.
"" ,
" " (white knight).
" " (white knight)
, ,
, -
,
,
1058
VIII.
, .
,
( ) (shark repellent). ,
.
.
(managerial entrenchment hypothesis) ,
.
, (shareholders' interest hypothesis)
,
, .
,
, ..
. , ,
, ,
. , , ,
, .
() (shark repellent)
,
-'".
. 20,
(stagger the terms of their boards of
directors) ,
, .
(change the state of incorporation).
,
,
(). ,
, ,
, .
(supermajority merger
approval provision).
.
(fair merger price provision).
,
" ( ) "
.
/ , .
23.
1059
.
, ,
.
(freeze out provision),
" "
.
"" (leveraged
recapitalization).
.
,
, .
, ,
"". ,
- .
; .
,
.
" ".
,
-
(distribution of
rights to shareholders), ,
.
- ,
, 20%,
. ,
, .
, () ,
, ,
, .
" " (poison pill),
.
-
. , " " ,
, ,
.
" " (poison pill)
, ,
. "" ,
("") ,
1060
VIII.
(lockup provision) .
, ,
.
(-).
.
" ", ,
.
,
- , .
. 5% ,
13-D (Form 13-D)
. , ,
( ) .
" ", ,
. , 1%
, 13-D.
.
- (standstill
agreement) .
,
,
.
( ), .
,
(
)
, . -
.
(premium buy-back offer) ,
. ,
,
, . ,
.
" ",
, , , . , ,
,
.
23.
1061
?
.
, ,
, .
-, -,
,
. "", ..
, ,
,
. , ,
. , "
" , ,
. ( ,
,
" " .)
,
.
() (strategic alliances), ,
.
, .
. (,
" ").
(,
);
, (,
, ).
() (strategic alliances)
,
(joint venture),
. ,
NBC Microsoft ,
1062
VIII.
.
24- , MSNBC.
(joint venture)
,
.
, .
-
, (outsourcing)
,
, .
,
. ,
"" ,
" "?
(virtual corporation).
. ,
/
.
, (outsourcing)
, .
(virtual corporation)
,
.
23.
1063
: 1 + 1=3
: , I
.
- I
, . - I
, .
,
. ,
Shan Management Review, 500
60 , Gartner (,
) , , Global 2000,
40% , 2010
65%.
, .
, , ,
.
, , , .
, Gartner
, . "
: ,
, ,
, ""
", ,
Unisys.
,
;
, .
,
"",
,
, , ,
, .
, , , ,
.
(mergers and acquisitions & )
,
.
1064 VIII.
, , I
Gartner, , j
, I
.
,
. , . ,
.
" ". , , , . " , . ,
, ".
I
I
I
I
I
.
. ,
,
.
.
, (divestiture).
, (divestiture)
.
. ,
. ,
(liquidation)
.
,
, , .
. ,
.
(liquidation)
, .
23.
1065
(sell-off)
. -,
, .
.
,
.
(sell-off)
,
; ,
,
()
,
() (spin-off) -
,
. -
. ,
,
. , 1997 Pepsico, Inc.
KFC, Pizza Hut Bell,
Tricon Global Restaurants 10 . .
, .
,
.
Tricon ,
-
(symbol ticker) Y U M .
() (spin-off)
, -
.
,
(ticker symbol)
- .
.
XIX .
.
, -
1066
VIII.
.
, , .
, .
. ,
,
. .
, , .
.
.
.
,
. .
-
.
. ,
,
. .
6
(equity carve-outs)
.
.
. , ,
. , ,
,
.
,
, . ,
, .
23.
1067
(equity ccrve-outs)
,
.
(pure play)
, ,
,
, , I
( I P O ) ,
, - I
I Ford Motor Associates First Capital. j
1996 19,3%
Associates, 1,65 . . , 1998 ,
Associates 23,69 . .
Ford,
, ,
. Associates ( ) - , ,
Ford. ( - ) Ford,
.
.
,
. " Associates
, ", Ford.
,
. ,
20% ,
. ,
, :
, ,
.
,
.
. "Mega-mergers bring a new spate of carve-outs", Cor
porate Finance (September 1998), p. 20-21. Euromoney Publications pic, 1998.
. .
1068
VIII.
,
. -,
,
, .
,
. ,
. ,
.
,
. ,
,
,
.
,
(pure play), .. .
1 , ,
| , ,
.
Century Business Services Inc. (CBiz), , 1997 1999 "" 145 ,
24 . CBiz
, 1
, - I
.
, KPMG, ( 8 8 % )
, Fortune 1000, ,
. "
, . ,
, KPMG LLP ,
. . - ,
"" . , , , , ?".
I
|
I
I
I
I
I
j
|
|
j
23.
1069
,
, ,
, ,
.
12 20%.
, -,
( 2%) . -
1070
VIII.
,
,
, .
(5% ), .
.
.
, ,
( 2%)
. ,
( )
, .
.
.
(going private)
(leveraged buyouts).
23.
1071
'.
: ,
;
,
, . ,
,
,
. ,
.
,
, ,
"" . ,
,
, ,
.
.
. ,
,
, ,
.
,
, .
.
, .
,
,
, .
"" , . ,
, ..
.
.
, , .
,
.
. Harry DeAngelo, Linda DeAngelj, Edward M. Rice, "Going Private: Minority Freeseouts
and Stockholder Wealth", Journal of Law and Economics 27 (June 1984), p. 367-401,
.
1072
VIII.
,
.
, ( 12 22%
) .
,
, .
,
, .
,
,
(leveraged buyout, LBO),
, .
, ,
.
,
.
LBO .
L B O ,
-
. ,
,
.
(management buyout ) . LBO
, , . ,
.
(leveraged buyout LBO)
,
,
.
, LBO,
. LBO
.
.
,
.
.
( R & D ) , , , , ,
LBO. L B O
. ,
23.
1073
.
, ,
, LBO,
, .
L B O .
,
.
.
,
. ,
/ . ,
,
.
, ,
LBO.
LBO, , -
Corporation ,
. , ,
, .
120 . .
170 . .,
95 . . Klim-Oh ,
. .,
.
,
. -
.
2 . . , .
LBO.
, ,
. ,
, ,
100 . . .
,
.
, 8 . .,
10 . . 60%
, .
. L B O
:
1074
VIII.
.
- ,
, 75 . .
8 . . .
2% -.
: , , ,
, .
75 . .
.
,
,
.
.
() 25 . .
,
.
"",
.
, 13%.
,
.
,
, -
. ,
40% .
1 . ,
.
40 24%,
60 36%.
( . .) .
75
25
10
110
8 . .
.
, LBO
.
.
,
. " "
, .
1980- 1990- ,
, LBO, .
, " ".
23.
1075
: ;
, ;
, , ,
;
, ,
.
.
, , ,
,
. ,
( /
) .
,
.
.
.
:
.
, .
, (EPS),
, EPS .
,
,
. ,
,
( ).
,
,
,
,
.
.
, .
, ,
.
1076
VIII.
, ,
.
. ,
()
. ""
.
"".
.
, ,
. , , ,
,
.
,
, , ,
. ,
, , .
( L B O ) .
,
.
: , ,
. LBO
. LBO ,
, .
. :
,
(going concern).
, .
,
, .
. (equitable (technical) insolvency)
. ,
, . , ()
(legal insolvency) ,
23.
1077
(extension)
. ,
.
,
,
,
.
(composition)
,
.
. ,
, .
(voluntary liquidation)
.
, . ,
, , , , .
,
.
, ,
.
, ,
. 7 , 11
() .
,
.
.
, .
. (stay)
.
, .
1078
VIII.
, ,
5 0 0 0 . . ,
- (
) .
. ,
.
, .
.
, .
,
.
(trustee)
.
"" ,
.
.
.
.
. .
1. , ,
.
2. ,
.
3. , 90
( 2000 .
).
4. 180
( 900 . ).
5. ,
, ( 900 .
).
23.
1079
6. .
7. (
) , .
8. ,
.
9. .
10. , .
.
,
, , .
, -
.
. ,
.
15%
, .
.
, .
,
. (reorganization)
.
.
(reorganization)
, ,
11
. , ,
,
. 11
. ,
. ,
, .
,
.
.
, 11
1080
VIII.
,
. ,
(
): .
,
120 .
.
, ,
, .
. ,
, .
(fair),
(equitable) (feasible).
,
, ,
.
.
.
,
.
, ,
(cram down).
.
.
. . -,
, .
, .
. , ,
2 . .,
10%,
: (2 . ./0,10 ) =
= 20 . .
.
,
.
,
,
.
,
,
. -
23.
1081
, .
.
.
,
,
"/ ".
. ,
"" ( )
"" .
,
. ,
, ,
.
.
(. .)
(, .)
(. .)
( )
(. .)
10
28
20 . .,
.
(, .)
(, .)
(, .)
(. .)
8
20
"" ,
.
9 . .,
, 3 . . 6 . . ,
6 . .
.
2 . ., 25% .
1082
VIII.
,
.
.
, (
).
12 . .,
,
3 . . 9 . .
.
.
,
-
(absolute-priority basis),
.
,
(relative-priority basis).
.
,
,
.
,
, .
,
(1939 , Lumber Products
-).
(absolute-priority basis).
,
, ,
,
, 1978
.
, ,
1980- - 1990- . ,
, , ""
. , ,
.
23.
1083
,
. ,
.
,
. "" (..
) , .
, , ,
, .
"",
, .
"" (prepackaged bankruptcy prepack)
, ,
, 11 .
,
11
.
.
,
. ,
Resorts International TWA.
, .
11 ,
"" .
11 .
,
, , .
:
" " ,
.
"" (prepackaged bankruptcy prepack)
,
.
1. .
2. , /
EPS .
3. "
"
EPS?
1084
VIII.
4. ,
. ?
5. X ,
, .
?
?
6.
"". ?
?
7. ,
" "?
8. ,
,
? , ?
9.
? ?
10.
?
11. ,
?
12. , ,
, ?
?
13. ,
?
14. "" ?
15.
(
)?
16. (partial sell-off)
(spin-off) ?
(equity carve-out)
(partial sell-off) (spin-off)
?
17. ?
18. ?
, ?
19.
( L B O ) . ?
20.
LBO? ?
23.
1085
1. Yablonski Cordage Company
Yawitz Wire and Mesh Corporation
.
.
Yablonski
Yawitz
(. .)
4000
1000
(. .)
2000
800
EPS (.)
2,00
1,25
12
Yablonski 20%
Yawitz.
a) .
?
b)
?
c) / Yablonski 12,
? , / 11?
2. Tongue Company
Groove Pharmacies, Inc., 1,5 Groove
Tongue.
.
Tongue
Groove
(, .)
20
(. .)
30
52
() (, .)
(. .)
12
(. .)
(. .)
15
(. .)
28
(. .)
12
52
(, .)
0,2
1,4
(.)
35
28
Tongue 400 . . , .
,
, .
1086
VIII.
3. Hi-Tec Corporation
Lo-Tec Inc.,
. Lo-Tec
( ) 2 . . .
15%-
( ) 10 .
Hi-Tec
1 . . .
, Hi-
25 .
a) HiTec .
b) 18%,
Hi-Tec
?
4. Aggressive, Inc.
Passive Company. Passive 100
5,5 .
. Aggressive
(
) 1,5 . .
Passive 55 . Aggressive
"" : 65 .
50 001 50 . .
a) , Aggressive
Passive"}
Passive?
b) ,
?
, ?
c) , ,
?
d) , Aggressive
65 . 40 .
?
5. McNabb Enterprises
LBO.
21%
. 20 .
, ,
,
40%- .
, 80%
23.
1087
,
. 20%
.
: 2% -
20%
.
""
13%
. ,
30%
. ,
25 . . . -
.
.
a) , - 10%
, LBO?
b) , -
8%?
c)
( E B I T ) ?
1.
(. .)
20
(. ,)
/1
18
10
a)
1 1 (..
)7
?
?
b) 2 1 (..
),
)?
c) )
1,5 1 (.. 1,5
),
d) ?
1088
VIII.
2.
Schoeffler
Stevens
Company
Company
(. .)
(. .)
(.)
(%)
100
50
0,5
60
50
Schoettler Company
Steven Company.
, Schoettler
25%- Steven.
,
Steven.
, Schoettler
.
a)
Schoettler
.
b) , Steven
, 28%-
14 . ,
,
, , )?
3. Schoettler
Steven, 2.
a) .
b) Steven
.
Schoettler .
, ? ?
c) , Schoettler
/ , Stevenl /
?
? ?
d) Schoettler
, a Steven ,
?
e)
/ Schoettler?
4. Copper Clapper Company
10 . .
, 30 . , -
23.
1089
Byer Corporation,
16%,
Cellar Company,
.
.
(. .)
1-5
6-10
11-15
16-20
,
Cellar
10
15
20
15
10
10
.8
10
10
Cellar, ,
?
6. Valdez Coffee Company
Mountain Creamery, Inc. 750 . . ,
100 . . ,
6% . Valdez Coffee
Company ,
( ) 600 . .
,
6% .
Valdez Coffee Company
14%. Mountain Creamery, Inc.
,
15%.
VIII.
a) Valdez
Creamery, Inc.?
Coffee
Company Mountain
b) ,
?
c) ,
8%.
7. Bigge Stores, Inc. (BSI) L. Grande Company (LGC)
4 . . ( ) 2 . .
. (. .)
.
BSI
LGS
10
. (,
LGS
.)
8. Leonardo Company ,
( ) 71 .
.
0,4,
.
.
Leonardo Raphael
20 . .
Leonardo
5 . . 20 . .
Leonardo Company.
,
Leonardo Company. ?
? ?
9. Lorzo -Perez International DelRay
Sorter Company, , ,
1 . . (
).
.
12%.
10 . ., ,
, 1
2 . . Exson Corporation
DelRay,
,
.
23.
1091
10 . .
.
Lorzo -Perez?
a) ?
b) 10 . .?
c) Exson (,
)?
10. Hogs Breath Inns, ,
.
,
,
, 800 .
. . ,
,
. , ,
10% , 9 . . (
). 30%;
/ 12, 10
.
? ( )
?
11. Donatello Industries
10 . .
LBO. 7 .
. .
2% -,
12%.
,
. , ""
2 . .,
( ).
15%,
.
50% .
,
3,4 . . 3,7 . .
. 33 1/3%.
,
-
.
. (,
.)
1092
VIII.
- 12%
,
? ,
20%
?
12.
(. .)
1,75
2,0
1,0
5,0
?
13. Fias Company
11 .
,
1,5 . . ( 40%-
).
,
10%- , 5,
(12%)
, 2, (10%)
(
), 3,
/ , 12.
,
.
23.
1093
500
200
(12%),
600
1300
13%- ,
500
15%-
1700
()
3500
500
420
4420
,
800 . .
. ,
, EBIT.
, , 200 . .,
40%. ,
, ,
: 13%- ,
; 15%- ; 13%-
.
(
), 4, (
) 2. , ,
30% .
a)
?
b)
,
?
c)
?
1094
VIII.
1. )
Yablonski
Yawinz
2,00
1,25
EPS (.)
/
12
(.)
24
10
Yawitz Yablonski ( )
: 10 . 1,20 = 12 . .
)
(. .)
5000
(. .)
EPS (.)
2400
2,0833
,
/ .
) : 2,0833 . 12 = 25,00 .
: 2,0833 . 11 = 22,92 .
24 .
.
/ .
/ ,
/ .
(. .)
() (. .)
() (. .)
(. .)
(, .)
(, .)
(, .)
(, .)
25,0
37,4
3J)
65,4
25,0
37,0
12,0
17,0
36.4
65,4
12,0
17,0
35,0
64,0
2SL
64,0
1,5 Groove
300 -
23.
1095
, : 28 . 300 = 8,4 . .
Tongue.
Tongue 1,4 . .
Tongue
400 . ., Groove
1 . .
.
.
3. ) , )
(.)
(.)
(.)
(18%) ( . )
2 300 000
1000 000
1 300 000
1 101 100
2645000
1000000
1645000
1 181 110
3 041 750
1000 000
2 041 750
1 243 426
3498013
1000000
2498 013
1 288 975
4022 714
1000000
3 022 714
1 320 926
4626122
1000000
3626122
1 341 665
5320040
1000000
4 320040
1 356 493
6118 046
1000000
5118 046
1 361 400
7 035 753
1000000
6035 753
1 358 044
10-25
8 091 116
1000 000
7 091 116
8 254 059*
19,81 . . ,
.
10- 25-
,
, 4,303, 25 ,
5,467. (5,467 - 4,303 = 1,164)
, 10-
25- .
, -
.
4. )
50 001 65 . - 3 250 065 .
49 999 50 . = 2 499 950
= 5 750 015 .
:
100 000 55 . - 5 500 000 .
Passive -
250 . .
1096
VIII.
1,5 . .
, Passive
. ,
Aggressive .
b) ""
, , , .
Passive
. ,
.
c)
,
.
.
d) 50 001 65 . = 3 250 065 .
49 999 40 . = 1 999 960 .
= 5 250 025 .
, 5,5 . . ,
,
.
, Aggressive,
.
,
Aggressive 5,5 .
., .. .
5. ) , () =
5 000 000 0,79 - 3 950 000
: 20 . 1,40 = 28 .
23.
1097
Betker, Brian L., " A:n Empirical Examination of Prepackaged Bankruptcy", Financial
1098
VIII.
23. 1099
Marias, Laurentius, Katherine Schipper, and Abbie Smith, "Wealth Effects of Going
Private for Senior Securities" Journal of Financial Economics 23 (June 1989), p. 155-191.
Michaely, Roni, and Wayne H. Shaw, "The Choice of Going Public: Spin-offs vs. Carveouts", Financial Management 24 (Autumn 1995), p. 5 - 2 1 .
Miles, James A., and James D. Rosenfeld, "The Effect of V o l u n t a r y Spin-off
Announcements on Shareholder W e a l t h " , Journal of Finance 38 (December 1983),
p. 1597-1606.
Morck, Randall, Andrei Shleifer, and Robert W. Vishny, "Management Ownership and
Market Valuation: An Empirical Analysis", Journal of Financial Economics 20 (JanuaryMarch 1988), p. 293-316.
Nathan, Kevin S., and Terrence B. O'Keefe, "The Rise in Takeover Premiums: An
Exploratory Study", Journal of Financial Economics 23 (June 1989), p. 101-120.
Opinions of the Accounting Principles Board, No. 16 (New York: American Institute of
Certified Public Accountants, August 1970).
Roll, Richard, "The Hubris Hypothesis of Corporate Takeovers", Journal of Business 59
( A p r i l 1986), p. 197-216.
Rosenfeld, James D., "Additional Evidence on the Relation Between Divestiture
Announcements and Shareholder Wealth", Journal of Finance 39 (December 1984),
p. 1437-1448.
Ryngaert, Michael, "The Effect of Poison P i l l Securities on Shareholder Wealth",
Journal of Financial Economics 20 (January-March 1988), p. 377-417.
Schipper, Katherine, and Abbie Smith, "A Comparison of Equity Carve-Outs and
Seasoned Equity Offerings: Share Price Effects and Corporate Restructuring", Journal of
Financial Economics 15 (January-February 1986), p. 153-186.
Schipper, Katherine, and Abbie Smith, "Effects of Recontracting on Shareholder
Wealth: the Case of Voluntary Spin-Offs", Journal of Financial Economics 12 (December
1983), p. 437-468.
Shleifer, Andrey, and Roberts W. Vishny, "Management Entrenchment: The Case of
Manager-Specific Investments", Journal of Financial Economics 25 (November 1989),
p. 123-129.
Sicherman, Neil W., and Richard H. Pettway. "Acquisition of Divested Assets and
Shareholder Wealth" Journal of Finance 42 (December 1987), p. 1261-1273.
Skantz, Terrance R., and Roberto Marchesini, "The Effect of Voluntary Corporate
Liquidation on Shareholder Wealth", Journal of Financial Research 10 ( W i n t e r 1987),
p. 65-76.
Stulz, Rene M . , Ralph A. Walking, and Moon H. Song, "The Distribution of Target
Ownership and the Division of Gains in Successful Takeovers", Journal of Finance 45 (July
1990), p. 817-834.
Sullivan, Michael J., M a r l i n R.H.Jensen, and Carl D. Hudson, "The Role of Medium of
Exchange in Merger Offers: Examination of Terminated Merger Proposals", Financial
Management 23 (Autumn 2994), p. 51-62.
Torres, Alberto, and Paul Reiner, "The Spin-off as a Transformation Event", Corporate
Finance (March 2001), p. 35-37.
1100
VIII.
24
:
,
24 :
,
;
,
;
,
;
:
;
,
;
,
,
1980-
, .
.
.
,
,
.
,
.
.
, , ,
, , .
,
, , ,
.
, ,
() .
,
. ( . . .)
,
, .
, ,
,
.
.
, ,
. ,
.
, ,
, .
1104
VIII.
:
, .
,
, ,
. ,
, () ,
.
.
1. .
2.
(exchanged rate).
3. N P V , ,
,
( ) ,
.
(exchange rate)
, .
24.1. Teasdale
(.
)
(
)
()/() (. .)
18%
(. . )
()
()
()
(d)
-1500
2,50
-600
-600
500
2,54
197
167
800
2,59
309
222
3
4
700
2,65
264
161
600
2,72
221
114
NPV =
64
, Teasdale Company
. 1,5 .
; ;
18%.
2,50 ; , -
24.
1105
; . , ,
. . 24.1 ,
,
, 64 . .
, ,
, .
.
5 14
.
,
.
,
, ,
, .
,
,
. ,
,
.
1
,
.
.
.
,
, ,
, .
,
,
. , ,
,
. -
,
, , , .
, ,
, ,
.
, ,
, .
1
1106
VIII.
. ,
( 70%
, ), ,
,
.
.
, .
. ,
, ,
.
,
.
, ,
, .
, ,
. ,
,
. -
, .
, ,
,
.
( )
, .
,
, ,
. ,
,
27%. 2 , .
540 . . . , 2 .
. , 34%,
680 . . 540 .
. . ,
140 . .
. 50%,
1 . .
. ,
,
, .
,
. ( .)
, 30%
24.
1107
.
10 . .,
3 . .
. ,
.
, .
,
, -,
.
,
.
,
.
, .
,
.
.
(multinational company)
,
.
,
, ;
;
.
, , , 1971 ,
.
, ,
. ,
.
.
( ),
,
.
(multinational company)
,
.
1108
VIII.
, ,
.
( , ),
, . ,
,
, ,
. (foreign exchange market, "FX"market), "", , -
.
(exchange rate).
,
, .
, FX, , .
, , , ,
. 24 :
8 , , . 13:00
- . .
"" ,
. 2001
, 1210 . .
. The Basic of Foreign Trade and Exchange, Federal Reserve Bank of New York (
: 3 2002). Web- (www.newyorkfed.
org/education/f x/index. html).
24.
1109
, . ,
.
?
?
?
? ?
?
.
.
, , ,
, .
, .
- ,
""
, .
.
,
, , .
, ,
, / .
, ,
, .
(political risk insurance).
,
, ,
(Lloyds) , ,
(Agency for International Develop
ment A I D ) , - (Export-Import Bank of the
United States Eximbank),
(Overseas Private Investment Corporation OPIC).
,
, .
.
. ,
,
. .
, Control Risks Group,
-, , 40%
, ,
1110
VIII.
. |
, , ,
.
" - , , - j
Control Risks Group. ,
" ",
". ,
, ,
10%.
, , , |
(Foreign Corrupt Practices Act FCPA),
"" , "
". , FCPA ,
"": 70% ,
, "" ,
, FCPA.
?
, Investigations and Forensic Services practice (PricewaterhouseCoopers),
. " , ,
.
, ". ,
.
, .
. Royal Dutch/Shell Group, , j
" ". . , - , .
, - , j
( 2001 ).
. Don Durfee, "The Added Cost of Corruption", CFO (January 2003), p. 18. (www. cf . com) I
2003 CFO Publishing Corporation. . .
, ,
. ,
. "" ( )
(spot exchange rate) ,
, ..
. , ,
, .
, .
, ,
: 0,625 ,
1,60 . . ,
(1/0,625 = 1,60; 1/1,60 = 0,625).
24.
1111
(currency risk)
. . 24.1
""
.
2,1
1,0 ' 1 1
1
;
1
1
1
1
1
1
1
1
1
1
1
1
1
1
85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03
. 24.1.
( 1 1985 31 2003 )
, ( )
1985 1988 , , 1988
( ) 1992 ,
. 1,4-1,7 .
.
""
(forward exchange rate).
, , .
, 90 1000
1,59 . .
"" ,
.
(forward exchange rate)
.
1112
VIII.
(translation exposure)
,
. .
(transactions exposure)
, , ,
,
. , (economic exposure)
, , .
, 1,3 .
0,555 , 1,3 . / 0,555 =
2 342 342 . ,
, , 0,615 .
1,3 . / 0,545 = 2 385 321 . 2 385 321 . - 2 342 342
. = 42 979 . .
,
, , .
. 52
(Financial Accounting Standards Board FASB)
. ,
" "
.
,
, .
( 100% )
, .
2
, , .
, , ,
. ,
.
, .
24.
1113
,
. ,
. ,
(translation gain or loss)
, ()
. ,
( ),
. ,
.
, (temporal
method), .
,
.
.
(translation gain or loss)
,
,
.
. ,
, , ,
, , ,
,
, . ,
.
.
, ,
Woatich Precision Instruments,
, ( L ) . 8, .
20X2 , 10.
9. . 24.2
, ,
.
1114
VIII.
24.2. Woatich
Precision Instruments
(2)
(3)
31.12.20X2
31.12.20X2
(4)
(5)
(. .)
600
1000
75
100
100
(FIFO)
2000
2600
250
260
260
4000
4500
500
450
500
6600
8100
825
810
860
5000
4400
625
440
550
11 600
12 500
1450
1250
1410
3000
3300
375
330
330
2000
1600
250
160
160
600
600
75
75
75
6000
7000
750
861
845
11 600
12 500
-176
1 450
1250
1410
( . .,
)
10 000
1111
1111
4000
444
500
600
67
75
3500
389
389
900
100
100
1000
111
47
48
()
()
1000
111
-176
95
24.
1115
, 31
20X1 , 3
, 1,
, 8. 31 20X1 ,
, , ,
,
.
, 2,
, 10. ,
( 4),
,
. ,
,
.
, FIFO,
.
( L 9 : $ l ) 500 . .
,
, 8.
.
, . (
.
,
( ) ,
( ).
(.. )
. ,
, .
.
, ( L 9 : $ l ) .
( 4)
.
( ) ,
( L 8 : $ l ) ,
( L 9 : $ l ) . ,
, .
,
31 20X1 31 20X2 -
1116
VIII.
. , 845 . - 750 . = 95 .
,
, 111 .
176 .,
.
, .
, 176 .
,
. ,
, .
,
.
,
, .
.
, ,
52 FASB, ,
.
. ,
. , ,
ROA , ,
.
, .
,
,
. ,
. , ,
.
3
,
.
, , ,
,
. , "
" (transactions exposure) ,
.
Thomas I. Setting and George H. Sorter, "FASB Statement 52 and its Implications for Financial
Statement Analysis", Financial Analyst Journal 39 (May-June 1983), p. 64-69.
3
24.
1117
,
, 680,
0,60 . .
, 0,62 1 .
.
680 /0,60 = 1 133,33 .
680 /0,62 = 1 096,77 .. ,
1133,33 . - 1 096,77 . = 36,56 .
, , 0,58 1 .,
. 680 /0,58 = 1 172,41 .
,
.
, ,
.
(unanticipated)
. ,
.
.
, , .
,
,
. ,
.
, .
,
. ,
, ,
, , .
(natural hedge),
.
,
. ,
, ,
. .
4
1118
VIII.
*
*
X*
X*
X
X
* ,
,
.
,
.
, ,
. ,
. ,
,
.
,
.
. ,
.
,
. ,
,
. .
, .
,
, .. .
,
. .
,
. ,
.
.
.
. . -,
24.
1119
, -
.
. , ,
, ,
.
, .
, .
.
,
,
. , , .
,
.
( ,
). ,
.
,
, - ,
.
.
,
, . "
", , . "
", , The
Gillette Co., ,
, , .
,
, , FAS 133
, (Financial
Accounting Standards Board)
. , , , -,
,
, , -,
, ,
. , FAS 133
. ,
,
.
. Ronald Fink, "Natural Performers", CFO (June 2003), p. 37-39 (www.cfo.com).
2003 CFO Publishing Corporation. . .
1120
VIII.
, ,
, , . ,
.
,
,
, ,
.
, ,
.
. ,
.
.
,
, .
, ,
,
.
,
, (leading),
(lagging). ,
,
. , ,
.
100 . .
. ,
, (to
lead) , .
- (reinvoicing center).
,
( -)
.
-,
.
- (reinvoicing center)
,
( )
.
24.
1121
-
. ,
, ,
. ( )
.
- -
, ,
, . ,
-
.
- (netting)
( ) ,
. ,
.
( ) (netting)
,
,
,
.
. , ,
,
. () ,
, . (
,
.) , ,
,
.
, ,
.
, ,
.
, -,
.
.
.
. , ,
1122
VIII.
. ,
,
.
,
. , ,
,
.
,
.
,
.
.
.
,
,
. .
(eurodollars)
, , , ,
,
,
. (eurodollars)
, ,
. ,
, ,
,
. ( 100 . .
), ,
. ,
.
. ,
,
.
.
.
- .
( L I B O R ) (London interbank offered rate
L I B O R ) . , () LIBOR.
L I B O R . , L I B O R
, - ,
.
24.
1123
(
LIBOR) (London interbank offered rate)
,
.
,
(eurocurrency),
. ,
, ,
.
(financial intermediation).
(eurocurrency)
, ( )
.
.
(Eurobond).
, .
- ,
.
(foreign bond), ,
.
.
. , - (Yankee bonds),
, - (Samurai bonds),
. ,
, ,
. ,
.
(eurobond)
,
, .
(floating-rate notes
FRNs).
, .
, LIBOR.
, ,
. .
(floating-rate notes FRNs)
.
1124
VIII.
.
,
. , ,
. ,
1000 . 8%- .
, .
.
(
),
. - (currency cocktail bonds),
, .
(dual-currency
bonds),
, . ,
, .
: , ,
. ,
.
. (forward contract)
.
.
(forward contract)
,
, ,
. , , ,
,
0,770
90- (.)
0,765
.
1 0,770 ., 1 .
1,00/0,770 = 1,299 . -
24.
1125
(forward discount), .
.
, ,
(forward premium). , ,
.
, .
Phillups , 1 .
90 . 90
, 765 . . (1 . ,
, 0,765 . ).
0,770 . Phillups,
, .
1 . 770 . .
Phillups 0,005 . , .. 5000 .,
.
: (0,005 ./0,770 .)
(365 / 9 0 ) = 2,63%.
, ,
0 5%
.
20%.
.
.
.
. 24.3. ,
, . ,
, ,
Wall Street Journal New York Times.
. ,
. ,
1 . .!
24.3. 5 2004
()
0,3384
2,9551
()
0,7618
1,3127
()
0,3396
2,9446
()
1,8331
0,5455
30-
1,8287
0,5468
90-
1,8194
0,5496
180- 1,8054
0,5539
1126
VIII.
. 24.3
0,7471
1,3385
30-
0,7461
1,3403
90-
0,7446
1,3430
()
180- 0,7426
()
0,00168
1,3466
595,24
()
0,1208
8,2781
()
0,03775
26,490
()
0,1286
7,7760
()
0,02212
45,208
()
0,009442
105,91
30-
0,009451
105,81
90-
0,009469
105,61
180-
0,009499
105,27
()
0,2632
3,7994
()
0,2666
3,7509
()
0,5908
1,6926
()
0,7993
1,2511
30-
0,7999
1,2502
90-
0,8011
1,2483
180- 0,8029
1,2455
()
0,03012
33,201
()
0,02562
39,032
()
0,000626
1597,44
1,2542
0,7973
. 24.3
. ,
0,7618 . , ($)
,
1/0,7618 = $1,3127. 30-, 90- 180-
, ,
. ,
(interest-rate parity).
. . 24.3 (euro).
(European Monetary Union E M U ) ,
12 (European Union EU): -
24.
1127
, , , , , , , ,
, , . 1 1999
" " (
E M U ) .
2002 , .
, 1 1999
1,17 . 1,19 . .
.
2000 2002 1 . .
2002 1 . .
,
. 24.3, 1,2542 .
(. 24.3).
, (euro, European currency unit EUR)
. EUR,
($) (J), ().
.
.
, ,
, , . (future con
tract) ,
,
, , ,
. ( ),
. ,
,
.
. , ,
,
. "" ,
"" .
(future contract)
,
.
,
(marked-tomarket).
.
.
() ,
.
:
1128
VIII.
.
,
. ,
, 12,5 . ,
.
.
.
.
, - ,
. ,
(currency options)
.
"", ,
"", . ,
.
, .
.
1
(currency option)
, ( "") (
"")
( ).
-
.
, .
, .
( 22.)
, ,
.
.
(currency swap).
, .
. ,
. (notional) ,
.
.
. : ,
; ;
,
,
.
' . James . Wan , Financial Market Rates
and Flows, * ed. (Upper Saddle River, NJ: Prentice Hall, 2001).
24.
1129
, . :
,
.
:
.
: . ^ , -. . - -: ,
. ,
^. . , ,
-: .
,
z :<: , .
(
). , .
- ^- ,
. , ,
.
: , - .
, ,
. , ::-
;: .
,
, .
,
.
.
,
, .
(purchasing-power parity ) .
,
.
(purchasing-power parity )
,
, .
1130
VIII.
, , ,
,
. , ,
.
( ) .
,
, .
.
, .
, ,
,
.
, .
,
,
. , ,
.
, .
,
.
,
, ,
, .
- , ,
.
,
.
The
Coca-Cola Company
,
. 77%
1998 .
- .
,
.
. The Coca-Cola Company 2002 Annual Report, p. 51.
Coca-Cola.
24.
1131
. ,
,
. (interest-rate parity) ,
,
.
,
. ?
()
. 2,
(Fisher effect) ,
(
) , (expected)
.
Big Mac
Big Mac McDonald's 118 .
, ,
.
, Big Mac,
, . The Economist
Big Mac , ,
. , , ,
.
Big
Mac. Big Mac .
Big Mac
(
1 .)
$2,71
$3,00
1,11
1,61
-31
L1.99
0,73
0,63
+ 16
()
262
96,7
120,0
-19
% (+)
( ( - )
1 .)
(. )
$5,04
1,86
3,80
-51
SS3.30
1,22
1,78
-31
SKr30,0
11,1
8,34
+33
SFr6,30
2,32
1,37
+69
Big Mac ,
. : $ 3 , 0 0 / $ 2 , 7 1 = 1,11. 1,61, I
(1,11 - 1,61)/1,61 = - 31%. Big Mac , . I
, j
1132
VIII.
(appreciate) ,
(depreciate) . Big Mac
,
, ,
.
I
I
j
I
(international Fisher effect). ,
. ,
7%, 12%, 5%.
, ,
5%. ?
,
,
.
.
( $ ) () 90 .
,
- = ^,
5
1+
(24 )
F 90 ;
t
90 ) ;
(
%
90 ) .
8%,
6%,
90 2 1,5% .
0,625 :
0,625
1,020
1,015
:
(1,015)F = (0,625)(1,020)
F = 0,6375/1,015 0,6281.
t
24.
1133
, 0,6281
.
, 0,625 , . ,
(1/0,6281 = 1,592 . ) , (1/0,625 = 1,60 .).
(0,6281 0,625) = 0,005.
,
(1,020 1,015)/1,015 = 0,005.
, ,
.
. ,
( ) 8%,
6%, 90
:
F.
1,015
0,625
1,020
, :
(1,020) =(0,625)(1,015)
F =0,6344/1,020 = 0,6220.
t
,
, ..
, .
.
,
? ,
,
.
,
.
,
,
. , ,
.
.
(openaccount credit). ,
.
1134
VIII.
,
. ,
. ,
.
.
: ; , ;
, .
,
: , .
() (international
trade draft, bill of exchange)
. ( , (), .. ,
, , , . .)
"", ,
, .
(sight draft),
(time draft). ,
. (drawee). ,
, ,
,
( ).
. ,
90 .
. 24.2.
6
. -,
, .. . ,
(), .
,
(acceptance) , .
,
90 .
, (banker's acceptance).
, ,
.
' , . ,
.
.
.
24.
1135
January 5,2004
810,000
Ninety -
To Auslander Imports
Dollars (U.S.)
Hamburg, Germany
Kent Otdmb
. 24.2
, ,
, ,
. ()
. ( ) . , 90-
10 . . .
, 90- 8%,
: 10 000 . -[10 000 . 0,08 (90/360)] 9800 . 90
- 10 . . ,
, ,
(bill of lading)
.
. -, ,
, -,
. , ,
.
,
.
, .
7
(bill of lading)
,
, .
' , .
.
1136
VIM.
,
.
,
. , ,
,
.
, ,
.
(letter of credit) ,
.
, , ,
. ,
. ,
,
. ,
,
.
. ,
. -
,
--. --
,
. ,
.
- .
,
. -
. -
, ,
, .
, ,
.
- ,
, .
. -. , ,
- .
,
.
. ,
.
,
24.
1137
,
. , ,
, ,
, . ,
.
, .
, .
,
.
,
.
.
. ,
.
,
, ,
.
(countertrade).
.
(countertrade)
,
,
,
1138
VIII.
:
Trade Partners UK, ,
, 5 40%
.
,
.
. ,
,
, .
" ,
".
, ,
10 . (33 . . ). -,
,
: ; ; 1
; ; () -
, , ,
,
. ,
, ( ).
, , -.
,
,
, ,
.
, ,
.
,
, ,
, ,
.
,
, " "
, . ,
, .
"
- ",
, .
.
. "A deal with strings attached", Financial Times (July 18, 2002), p. 8 (www. f t. com).
The Financial Times Limited 2002. . .
24.
1139
() ,
11. -
, - (factor), ,
. -
.
.
2% ,
90%
. .
,
. ,
,
.
, ,
,
(forfaiting)
, .
(forfaiter)
,
.
- .
.
,
.
.
,
.
-
.
(forfaiting)
-
, .
, ,
,
1140
VIII.
. ,
.
() .
,
.
, .
,
, ,
.
: ,
.
,
.
, , , ,
,
.
, ,
.
.
,
, ,
, ,
.
,
,
.
,
, .
,
.
,
.
, ,
- , .
, , , .
24.
1141
.
.
,
.
, ..
, .
,
. .
,
.
.
,
.
, ,
,
.
,
.
. ()
,
,
,
. (bill of lading)
, ,
. (letter of credit)
, .
.
, .
.
-, .
, -
( ) ,
. ,
.
142
VIII.
L.
,
. ,
?
2.
,
?
3. ,
50%
. ? .
4.
, ?
5.
.
6.
( )
" " ?
7. ,
.
?
8.
? .
?
9.
, ,
?
10.
? .
11. ? ?
12. ?
" "
?
13. .
14. ?
15. ,
?
16. ?
?
?
17.
?
24.
1143
1. ( )
Forex.
(. )
()
0,100
()
1,500
()
0,015
()
0,130
()
0,005
:
a) , 1000 .
b) , 30 .
c) 900 .
d) 100 .
e) 50 .
2.
31.12.20X2
300
400
1800
2200
(FIFO)
1500
2000
2100
1800
5700
6400
2000
1900
600
600
3100
3900
5700
6400
1144
VIII.
10400
6000
300
2400
900
800
3 1 .
2,7 1 .
2,6
1 .
. 2,75
1 ., , ,
. ,
.
,
, 31
20X2 (,
).
,
. ?
3. Zike Athletic Shoe Company
.
50 . 90 .
Zike
.
1,71, 90- 1,70.
a) Zike ?
?
b) :
!
c)
? (
.)
1. ( )
Forex.
24.
( 1 .)
()
0,62
()
1300,00
()
1145
140,00
()
1,90
()
6,40
()
1,50
(
):
a) , 100 .
b) ,
50 .
c) , 40 .
d) , 10 .
e) , 1000 .
2. Imports Company
100 .
( ) .
.
"2/10, net 90". 0,55 .;
90- 0,56 .
a) 10-
, .
b)
90 .
c) ) )
(
)
. .
3.
1146
VIII.
a)
, 1,90?
b)
, : 1,84
; 1,78 ; 1,72
7- 9- ; 1,65 10- 19- ?
4. Fleur du Lac
,
90 . -
124 . .
5,70 1 . 90
5%,
?
, 5%? (.
.)
5. 4 .
. 4,56
. 1,2 1 .
. ?
, , ?
6. 1 .
140 .
90 4%,
8%.
, 90-
? ,
6% 8%?
7. Cordova Leather Company 38% .
, 200 .
. .
52% 35% ,
( )
Cordova ?
8. McDonnoughs Hamburger Company
500 . . .
Tsunami Heavy Industries
.
(parallel loans) (
). McDonnoughs 500 .
. Tsunami
13%.
(
24.
1147
). Tsunami
McDonnoughs 70 .
10%. (
)
. 140
1 . , ,
5 ( 1 .) .
a) ,
Tsunami ?
b) McDon
noughs
Tsunami ?
9.
. Comstock
International Mining Corporation
. ,
25 . .,
,
.
,
, ,
IRR, 34%.
, ,
. Comstock,
, 10%-
,
. 25 . .,
IRR 100%. 15%-
, ,
.
IRR 40%. ,
15%- ,
,
, .. 25 . .,
, ,
.
60%- , IRR 34%.
Comstock.
? .
1148
VIII.
1.
i) 1000 ./ = 10
b) 30 1500 . = 45 .
c) 9 0 0 . / 0 , 1 5 = 60 0 0 0
d) 100 1,3 . = 130 .
e) 50 ./0,005 = 10 000
31.12.20X2 .
160
880
800
720
160
880
741
600
2560
2381
760
200
760
200
1198
1421
(1033 .
31 20X1 .)
402
2560
2381
3782
2308
3782
2222
109
873
_327
100
873
_327
165
260
128
388
402
165
,
,
,
, 2,50.
, 2,75, -
24.
1149
,
2,60.
.
,
165 .,
1033 ., 1198 .
.
402 .
,
}' , 2,70;
,
3,00. ,
( ) .
.
.
, ,
(1421 . - 1033 . = 388 .),
: 388 . - 260 . = 128 .
,
,
.
3. ) ,
90 .
90 50 . ,
50 000/1,70 = $29 412. Zike
, 50 000/1,71 = $29 240.
b) , 90-
,
. , :
[(1,70 -1,71)/1,71] [365 / 9 0 ] = - = -0,0237.
c) 2,37%.
, ,
2,37% ,
.
Abuaf, Niso, and Phillipe Jorion, "Purchasing Power Parity in the Long-Run",Jottraa/o/
Finance 45 (March 1990), p. 157-174.
Baker, James C. International Finance: Management, Markets, and Institutions. (Upper
Saddle River, NJ: Prentice Hall, 1998).
1150
VIII.
I.
1 . i (FVIF,)
II.
1 . i
<PVIF,)
III.
1 . i
(FVIFA,)
IV.
1 . i
(PVIFA ,)
V.
, Z
I
I. 1 . i (FVIF )
ln
(FVIF )
in
(Uif
(i)
8%
7%
9%
10%
11%
12%
1,080
1,166
1,260
1,360
1,489
1,090
1,188
1,295
1,412
1,539
1,100
1,232
1,368
1,518
1,685
1,200
1,254
1,405
1,574
1,762
1,501
1,606
1,718
1,838
1,967
1,587
1,714
1,851
1,999
2,159
1,677
1,828
1,993
2,172
2,367
1,100
1,210
1,331
1,464
1,611
1,772
1,949
2,144
2,358
2,594
1,870
2,076
2,305
2,558
2,839
2,105
2,252
2,410
2,579
2,759
2,332
2,518
2,720
2,937
3.172
3,426
3,700
3,996
4,316
4,661
2,580
2,813
3,066
3,342
3,642
2,853
3,138
3,452
3,797
4.177
3,152
3,498
3,883
4,310
4,785
1,974
2,212
2,476
2,773
3,106
3,479
3,896
4,363
4,887
5.474
3,970
4,328
4,717
5,142
5,604
4,595
5,054
5,560
6,116
6,727
5,311
5,895
6,544
7,263
8,062
6,848
10,063
14,785
21,725
46,902
8,623
13,268
20,414
31,409
74,358
10,835
17,449
28,102
45,259
117,391
13,585
22,892
38,575
65,001
184,565
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1%
2%
3%
4%
5%
6%
1,010
1,020
1,030
1,041
1,051
1,062
1,072
1,083
1,094
1,105
1,116
1,127
1,138
1,149
1,161
1,173
1,184
1,196
1,208
1,220
1,020
1,040
1,061
1,082
1,104
1,030
1,061
1,093
1,126
1,159
1,040
1,082
1,125
1,170
1,217
1,050
1,102
1,158
1,216
1,276
1,060
1,124
1,191
1.262
1,338
1,070
1,145
1,225
1,311
1,403
1,126
1,149
1,172
1,195
1,219
1,194
1,230
1,267
1,305
1,344
1,265
1,316
1,369
1,423
1,480
1,340
1,407
1,477
1,551
1,629
1,243
1,268
1,294
1,319
1,346
1,539
1,601
1,665
1,732
1,801
1,873
1,948
2,026
2,107
2,191
1,710
1,796
1,886
1,980
2,079
1,373
1,400
1,428
1,457
1,486
1,384
1,426
1,469
1,513
1,558
1,605
1,653
1,702
1,754
1,806
1,419
1,504
1,594
1,689
1,791
1,898
2,012
2,133
2,261
2,397
2,183
2.292
2,407
2,527
2,653
2,540
2,693
2,854
3,026
3,207
25
30
35
40
50
1,282
1,348
1,417
1,489
1,645
1,641
1,811
2,000
2,208
2,692
2,094
2,427
2,814
3,262
4,384
2,666
3,243
3,946
4,801
7,107
3,386
4,322
5,516
7,040
11,467
4,292
5,743
7,686
10,286
18,420
2,952
3,159
3,380
3,617
3,870
5,427
7,612
10,677
14,974
29,457
6,130
6,866
7,690
8,613
9,646
17,000
29,960
52,800
93,051
289,002
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
I ()
(i)
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
13%
1.130
1,277
1,443
1,630
1,842
2,082
2,353
2,658
3,004
3,395
3,836
4,335
4,898
5,535
6,254
7,067
7,986
9,027
10,197
11,523
21,231
39,116
72,069
139,782
450,736
14%
15%
16%
17%
18%
1,140
1,150
1,160
1,170
1,180
1,300
1,322
1,346
1,369
1,392
1,482
1,521
1,561
1,602
1.643
1,689
1,749
1,811
1,874
1,939
1,925
2,011
2,100
2,192
2,288
2,195
2,313
2,436
2,565
2,700
2,502
2,660
2,826
3,001
3,185
3,059
2,853
3,278
3,511
3.759
3,252
3,518
3,803
4,108
4,435
3,707
4,411
5,234
4,046
4,807
4,226
4,652
5,117
5,624
6,176
4,818
5,350
5,936
6.580
7,288
5,492
7,699
6,153
6,886
8,599
6,261
7,076
7,988
9,007
10,147
8,137
7,138
9,266
10,539
11,974
8,137
9,358
10,748
12,330
14,129
9,276
10,761
12,468
14,426
16,672
10,575
12,375
14,463
16,879
19,673
12,056
14,232
16,777
19,748
23,214
16.367
19,461
13,743
23,106
27,393
32,919
40,874
26,462
50,658
62,669
50,950
66,212
85,850
111,065 143,371
98,100 133,176 180,314 243.503 327,997
188,884 267,864 378,721 533.869 750,378
700,233 1083,657 1670,704 2566,215 3927,357
19%
20%
25%
30%
40%
50%
()
1,190
1,200
1,250
1,300
1,400
1,500
1
2,250
2
1,416
1,440
1.563
1,690
1,960
1,685
2,197
2,744
3,375
3
1.728
1,953
2,074
4
2,005
2,441
2,856
3,842
5,063
7,594
2,386
2,488
3,052
3,713
5,378
5
7.530
2,840
2,986
3,815
4,827
11,391
6
3.379
3.583
6,275
10,541
17,086
7
4,768
4,021
4,300
5,960
8,157
14,758
25,629
8
4,785
5,160
7,451
10,604
20,661
38,443
9
6,192
5,696
9,313
13,786
28,925
57,665
10
6,777
7,430
11,642
17,922
40,496
86,498
11
8,064
14,552
56,694
8,916
23.298
129,746
12
10,699
79,372
13
9,596
18,190
30,288
194,620
12,839
11,420
22,737
39,374
111,120
291,929
14
15,407
437,894
13,590
28,422
51,186
155,568
15
16,172
217,795
656,841
18.488
35,527
66,542
16
19,244
86,504
985,261
17
22,186
44,409
304,914
22,901
26,623
112,455
426,879
1477,892
18
55,511
27,252
31,948
69,389
146,192
597,630
2216,838
19
32,429
38,338
86,736
190,050
836,683
3325,257
20
95,396
77,388
264,698
705,641
4499,880 25251,168
25
184,675 237,376 807,794
191752
2620,000 24201,432
30
440,701 590,668 2465,190 9727,860
130161
1456110
35
1051,668 1469.772 7523.164 36118,865
700038
11057332
40
5988,914 9100,438 70064,923 497929,223 20248916 637621500
50
II. 1 . i (PVIF )
in
(PWF,) = 1/(1 + /)
(i)
()
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
1
2
3
4
5
0,990
0,980
0.971
0,961
0,951
0,980
0,961
0.942
0,924
0.906
0,971
0,943
0,915
0,888
0,863
0,952
0,907
0,864
0,823
0,784
0,943
0,890
0,840
0,792
0,747
0.935
0,873
0,816
0,763
0,713
0,909
0,826
0,751
0,683
0,621
0,901
0,812
0,731
0,659
0,593
0,893
0,797
0,712
0,636
0,567
0,942
0,933
0,923
0,914
0,905
0,896
0,887
0,879
0,870
0,861
0,888
0,871
0,853
0,837
0,820
0,746
0,711
0,677
0,645
0,614
0,596
0,547
0,502
0,460
0,422
0,564
0,513
0,467
0,424
0,386
0,535
0,482
0,434
0,391
0,352
0,507
0,452
0,404
0,361
0,322
0,650
0,625
0,601
0,577
0,555
0,585
0,557
0,530
0,505
0,481
0,705
0,665
0,627
0,592
0,558
0,527
0,497
0,469
0,442
0,417
0,666
0,623
0,582
0,544
0,508
0,804
0,789
0,773
0,758
0,743
0,837
0,813
0,789
0,766
0,744
0,722
0,701
0,681
0,661
0,642
0,926
0,857
0,794
0,735
0,681
0,630
0,583
0,540
0,500
0,463
0.917
0,842
0,772
0,708
0,650
6
7
8
9
10
11
12
13
14
15
0,962
0,925
0,889
0,855
0,822
0,790
0.760
0,731
0,703
0,676
0,475
0,444
0.415
0,388
0,362
0,429
0,397
0,368
0,340
0,315
0,388
0,356
0,326
0,299
0,275
0,350
0,319
0,290
0,263
0,239
16
17
18
19
20
0,853
0,844
0,836
0,828
0,820
0,728
0.714
0.700
0,686
0,673
0,623
0,605
0,587
0,570
0,554
0,458
0.436
0,416
0,396
0,377
0,394
0,371
0,350
0,331
0,312
0,339
0,317
0,296
0,277
0,258
0,292
0,270
0,250
0,232
0,215
0,252
0,231
0,212
0,194
0,178
0,218
0,198
0,180
0,164
0,149
0,287
0,257
0,229
0,205
0,183
0,163
0,146
0,130
0,116
0,104
25
30
35
40
50
0,780
0,742
0,706
0,672
0,608
0,610
0,552
0,500
0,453
0,372
0,478
0,412
0,355
0,307
0,228
0,534
0,513
0,494
0,475
0,456
0,375
0,308
0,253
0,208
0,141
0,317
0,286
0,258
0,232
0,209
0,188
0,170
0,153
0,138
0,124
0,295
0,231
0,181
0,142
0,087
0,233
0,174
0,130
0,097
0,054
0,184
0,131
0,094
0.067
0,034
0,146
0,099
0,068
0,046
0,021
0,116
0,075
0,049
0,032
0,013
0,092
0,057
0,036
0.022
0,009
0,074
0,044
0,026
0,015
0,005
0,059
0,033
0,019
0,011
0,003
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
()
(i)
()
13%
14%
15%
16%
17%
18%
19%
20%
25%
30%
40%
50%
1
2
3
4
5
0,885
0,783
0.693
0,613
0,543
0,877
0,769
0,675
0,592
0,519
0,862
0,743
0,641
0,552
0,476
0,855
0,731
0,624
0,534
0,456
0,847
0,718
0,609
0,516
0,437
0,410
0,354
0,305
0,263
0,227
0,195
0,168
0,145
0,125
0,108
0,370
0,314
0,266
0,225
0,191
0,162
0,137
0,116
0,099
0,084
0,335
0,279
0,233
0,194
0,162
0,135
0,112
0,093
0,078
0,065
16
17
18
19
20
0,071
0,060
0,051
0,043
0,037
0,062
0,052
0,044
0,037
0,031
0,047
0,026
0,014
0,008
0,002
0,016
0,007
0,003
0,001
0,000
0,013
0,005
0,002
0,001
0,000
0,054
0,045
0,038
0,031
0,026
0,010
0,004
0,002
0,001
0,000
0,028
0,023
0,018
0,014
0,012
0,004
0,001
0,000
0,000
0,000
0,015
0,012
0,009
0,007
0,005
0,001
0,000
0,000
0,000
0,000
0,005
0,003
0,002
0,002
0,001
25
30
35
40
50
0,390
0,333
0,285
0,243
0,208
0,178
0,152
0,130
0,111
0,095
0,081
0,069
0,059
0,051
0,043
0,020
0,009
0,004
0,002
0,000
0,714
0,510
0.364
0,260
0,186
0,133
0,095
0,068
0,048
0,035
0,025
0,018
0,013
0,009
0,006
0,667
0,444
0,296
0,198
0,132
0,456
0,400
0,351
0,308
0,270
0,237
0,208
0,182
0,160
0,140
0,800
0,640
0,512
0,410
0,328
0,262
0,210
0,168
0,134
0,107
0,086
0,069
0,055
0,044
0,035
0,769
0,592
0,455
0,350
0,269
0,480
0,425~
0,376
0,333
0,295
0,261
0,231
0,204
0,181
0,160
0,141
0,125
0,111
0,098
0,087
0,840
0,706
0,593
0,499
0,419
0,352
0,296
0,249
0,209
0,176
0,148
0,124
0,104
0,088
0,074
0,833
0,694
0,579
0,482
0,402
6
7
8
9
10
11
12
13
14
15
0,870
0,756
0,658
0,572
0,497
0,432
0,376
0,327
0,284
0,247
0,002
0,001
0,001
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,123
0,108
0,095
0,083
0,073
0,038
0,020
0,010
0,005
0,001
0,215
0,187
0,163
0,141
0,123
0,107
0,093
0,081
0,070
0,061
0,030
0,015
0,008
0,004
0,001
0,093
0,080
0,069
0,060
0,051
0,024
0,012
0,006
0,003
0,001
0,207
0,159
0,123
0,094
0,073
0,056
0,043
0,033
0,025
0,020
0,000
0,000
0,000
0,000
0,000
0,088
0,059
0,039
0,026
0,017
0,012
0,008
0,005
0,003
0,002
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
III. 1 . I d VII )
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
1%
2%
1,000
2,010
3,030
4,060
5,101
6,152
7,214
8,286
9,369
10,462
11,567
12,683
13,809
14,947
16,097
17,258
18,430
19,615
20,811
22,019
28,243
34,785
41,660
48,886
64,463
1,000
2,020
3,060
4,122
5,204
6,308
7,434
8,583
9,755
10,950
12,169
13,412
14,680
15,974
17,293
18,639
20,012
21,412
22,841
24,297
32,030
40,568
49,994
60,402
84,5/9
3%
1,000
2,030
3,091
4,184
5,309
6,468
7,662
8,892
10,159
11,464
12,808
14,192
15,618
17,086
18,599
20,157
21,762
23,414
25,117
26,870
36,459
47,575
60,462
75,401
112,797
47
1,000
2,040
3,122
4,246
5,416
6,663
7,898
9,214
10,583
12,006
13,489
15,026
16,627
18,292
20,024
21,825
23,698
25,645
27,671
29,778
41,646
56,085
73,652
95,026
152,667
5%
1,000
2,050
3,153
4,310
5,526
6,802
8,142
9,549
11,027
12,578
14,207
15,917
17,713
18,599
21,579
23,657
25,840
28,132
30,539
33,066
47,727
66,439
90,320
120,800
209,348
(i)
7%
8%
6%
1,000
2,060
3,184
4,375
5.637
6,975
8,394
9,897
11,491
13,181
14,972
16,870
18,882
21,015
23,276
25,673
28,213
30,906
33,760
36,786
54,865
79,058
111,435
154,762
290,336
1,000
2,070
3,215
4,440
5,751
7,153
8,654
10,260
11,978
13,816
15,784
17,888
20,141
22,550
25,129
27,888
30,840
33,999
37,379
40,995
63,249
94,461
138,237
199,635
406,529
1,000
2,080
3,246
4,506
5,867
7,336
8,923
10,637
12,488
14,487
16,645
18,977
21,495
24,215
27,152
30,324
33,750
37,450
41,446
45,762
73,106
113,283
172,317
259,057
573,770
9%
10%
11%
1,000
1,000
1,000
2,100
2,110
2,090
3,310
3,342
3,278
4,641
4,710
4,573
6,105
6,228
5,985
7,716
7,913
7,523
9,200
9,487
9,783
11,859
11,028
11,436
13,579
14,164
13,021
15,937
16,722
15,193
18,531
19,561
17,560
22,713
20,141
21,384
26,212
24,523
22,953
30,095
26,019
27,975
34,405
31,772
29,361
35,950
39,190
33,003
44,501
36,974
40,545
50,396
45,599
41,301
56,939
46,018
51,159
64,203
51,160
57,275
98,347
114,413
84,701
136,308 164,494 199,021
215,711 271,024 341,590
337,882 442,593 581,826
815,084 1163,909 1668,771
12%
1,000
2,120
3,374
4,779
6,353
8,115
10,089
12,300
14,776
17,549
20,655
24,133
28,029
32,393
37,280
42,753
48,884
55,750
63,440
72,052
133,334
241,333
431,663
767,091
2400,018
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
()
(i)
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
13%
14%
15%
16%
17%
18%
19%
20%
25%
30%
40%
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
2,130
2,140
2,150
2,160
2,170
2,180
2,190
2,200
2,250
2,300
2,400
3,407
3,440
3,473
3,506
3,539
3,572
3,606
3,813
4,360
3,640
3,990
4,850
4,921
4,993
5,066
5,141
5,215
5,291
5,368
5,766
6,187
7,104
6,480
6,610
6,742
6,877
7,014
7,154
7,297
7,442
8,207
9,043
10,946
8,323
8,536
8,754
8,977
9,207
9,442
9,683
9,930
11,259
12,756
16,324
10,405
10,730
11,067
11,414
11,772
12,142
12,253
12,916
15,073
17,583
23,853
12,757
13,233
13,727
14,240
14,773
15,327
15,902
16,499
19,842
23,858
34,395
15,416
16,085
17,519
16,786
18,285
19,086
19,923
20,799
25,802
32,015
49,153
18,420
19,337
20,304
21,321
22,393
23,521
24,709
25,959
33,253
42,619
69,814
21,814
23,045
24,349
25,733
27,200
28,755
30,404
32,150
42,566
56,405
98,739
25,650
27,271
29,002
30,850
32,824
34,931
37,180
39,581
54,208
74,327
139,235
29,985
32,089
34,352
36,786
39,404
42,219
45,244
48,497
68,760
97,625
195,929
34,883
37,581
40,505
43,672
47,103
50,818
54,841
59,196
86,949
127,913 275,300
40,417
43,842
47,580
51,660
56.110
60,965
66,261
72,035
109,687
167,286 386,420
46,672
50,980
55,717
60,925
66,649
72,939
79,850
87,442
138,109 218,472 541,988
53,739
59,118
65,075
71,673
78,979
87,068
96,022
105,931
173,636 285,014
759,784
61,725
68,394
84,141
75,836
93,406
103,740
115,266
128,117
218,045 371.518 1064,697
70,749
78,969
98,603
88,212
110,285
123,414
138,166
154,740 273,556 483,973 1491,576
80,947
91,025
102,444
115,380
130,033
146,638
165,418
186,688 342,945 630,165 2089,206
155,620
181,871 212,793 249,214 292,105
342,603 402,042 471,981 1054,791 2348,803 11247,199
293,199 356,787 434,745 530,312 647,439
790,948 966,712 1181,882 3227,174 8729,985
60501
546,681 693,573
881,170 1120,713 1426,491 1120,713 2314,214 2948,341 9856,761
325400
32423
1013,704 1342,025 1779,090 2360,757 3134,522 4163,21 5529,829 7343,858
30089
1750092
120393
3459,507 4994,521 7217,716 10435,649 15089,502 21813,1
45497
31515
280256
1659761 50622288
50%
()
1,000
1
2,500
2
3
4,750
4
8,125
13,188
5
20,781
6
7
32,172
8
49,258
74,887
9
113,330
10
170,995
11
12
257,493
387,239
13
581,859
14
873,788
15
1311,682
16
17
1968,523
2953,784
18
19
4431,676
6648,513
20
50500
25
383500
30
2912217
35
22114663
40
1275242998
50
IV. 1 . i (PVIFA,)
(PWFA,)=X:I/(I+O'
=-
()
1%
2%
3%
4%
5%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
0.990
1,970
2,941
3,902
4,853
5,795
6,728
7,652
8,566
9,471
10,368
11,255
12,134
13,004
13,865
14,718
15,562
16,398
17,226
18,046
22,023
25,808
29,409
32,835
39,196
0,980
1,942
2,884
3,808
4,713
5,601
6,472
7,326
8,162
8,983
9,787
10,575
11,348
12,106
12,849
13,578
14,292
14,992
15,679
16,352
19,524
22,396
24,999
27,356
31,424
0,971
1,913
2,829
3,717
4,580
5,417
6,230
7,020
7,786
8,530
9,253
9,954
10,635
11,296
11,938
12,561
13,166
13,754
14,324
14,877
17,413
19,601
21,487
23,115
25,730
0,962
1,886
2,775
3,630
4,452
5,242
6,002
6,733
7,435
8,111
8,760
9,385
9,986
10,563
11,118
11,652
12,166
12,659
13,134
13,590
15,622
17,292
18,665
19,793
21,482
0,952
1,859
2,723
3,546
4,329
5,076
5,786
6,463
7,108
7,722
8,306
8,863
9,394
9,899
10,380
10,838
11,274
11,690
12,085
12,462
14,094
15,373
16,374
17,159
18,256
(j)
7%
6%
8%
0,943
1,833
2,673
3,465
4,212
4,917
5,582
6,210
6,802
7,360
7,887
8,384
8,853
9,295
9,712
10,106
10,477
10,828
11,158
11,470
12,784
13,765
14,498
15,046
15,762
0,935
1,808
2,624
3,387
4,100
4,767
5,389
5,971
6,515
7,024
7,499
7,943
8,358
8,745
9,108
9,447
9,763
10,059
10,336
10,594
11,654
12,409
12,948
13,332
13,801
0,926
1,783
2,577
3,312
3,993
4,623
5,206
5.747
6,247
6,710
7,139
7,536
7,904
8,244
8,560
8,851
9,122
9,372
9,604
9,818
10,675
11,258
11,655
11,925
12,233
9%
10%
11%
12%
()
0,917
1,759
2,531
3,240
3,890
4,486
5,033
5,535
5,995
6,418
6,805
7,161
7,487
7,786
8,061
8,313
8,544
8,756
8,950
9,129
9,823
10,274
10,567
10,757
10,962
0,909
1,736
2,487
3,170
3,791
4,355
4,868
5,335
5,759
6,145
6,495
6,814
7,103
7,367
7,606
7,824
8,022
8,201
8,365
8,514
9,077
9,427
9,644
9.779
9,915
0,901
1,713
2,444
3,102
3,696
4,231
4,712
5,146
5,537
5,889
6.207
6,492
6,750
6,982
7.191
7,379
7,549
7,702
7,839
7,963
8,422
8,694
8,855
8,951
9,042
0,897
1,690
2,402
3,037
3,605
4,111
4,564
4,968
5,328
5,650
5,938
6,194
6,424
6,628
6,811
6,974
7,120
7,250
7,366
7,469
7,843
8,055
8,176
8,244
8,304
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
IV ()
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
13%
14%
15%
16%
17%
0,885
1,668
2,361
2,974
3,517
3,998
4,423
4,799
5,132
5,426
5,687
5,918
6,122
6,302
6,462
6,604
6,729
6,840
6,938
7,025
7,330
7,496
7,586
7,634
7,675
0,877
1,647
2,322
2,914
3,433
3,889
4,288
4,639
4,946
5,216
5,453
5,660
5,842
6,002
6,142
6,265
6,373
6,467
6,550
6,623
6,873
7,003
7,070
7,105
7,133
0,870
1,626
2,283
2,855
3,352
3,784
4,160
4,487
4,772
5,019
2,234
5,421
5,583
5,724
5,847
5,954
6,047
6,128
6,198
6,259
6,464
6,566
6,617
6,642
6,661
0,862
1,605
2,246
2,798
3,274
3,685
4,039
4,344
4,607
4.833
5,029
5,197
5,342
5,468
5,575
5,668
5,749
5,818
5,877
5,929
6,097
6,177
6,215
6,233
6,246
0,855
1,585
2,210
2,743
3,199
3,589
3,922
4,207
4,451
4,659
4,836
4,988
5,118
5,229
5.324
5,405
5,475
5,534
5,584
5,628
5,766
5,829
5,858
5,871
5,880
(i)
18%
19%
20%
25%
30%
40%
50%
0,847
1,566
2,174
2,690
3,127
3,498
3,812
4,078
4,303
4,494
4,656
4,793
4,910
5,008
5,092
5,162
5,222
5,273
5,316
5,353
5,467
5,517
5,539
5,548
5,554
0,800
1,440
1,952
2,362
2,689
2,951
3,161
3,329
3,463
3,571
3,656
3,725
3,780
3,824
3,859
3,887
3,910
3,928
3,942
3,954
3,985
3,995
3,998
3,999
4,000
0,769
1,361
1,816
1,166
2,436
2,643
2,802
2,925
3,019
3,092
3,147
3,190
3,223
3,249
3,268
3,283
3,295
3,304
3,311
3.316
3,329
3,332
3,333
3,333
3,333
0,714
1,224
1,589
1,849
2,035
2,168
2,263
2,331
2,379
2,414
2,438
2,456
2,469
2,478
2,484
2,489
2,492
2,494
2,496
2,497
2,499
2,500
2,500
2,500
2,500
0,667
1,111
1,407
1,605
1,737
1,824
1,883
1,922
1,948
1,965
1,997
1,985
1,990
1,993
1,995
1,997
1,998
1,999
1,999
1,999
2,000
2,000
2,000
2,000
2,000
0,840
1,547
2,140
2,639
3,058
3,410
3,706
3,954
4,163
4,339
4,486
4,611
4,715
4,802
4,876
4,938
4,990
5,033
5,070
5,101
5.195
5,235
5,251
5,528
5,262
0,833
1,528
2,106
2,589
2,991
3,326
3,605
3,837
4,031
4,192
4,327
4,439
4,533
4,611
4,675
4,730
4,775
4,812
4,843
4,870
4,948
4,979
4,992
4,997
4,999
()
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
25
30
35
40
50
1161
V. ,
Z
(Z)
(
)
( )
(Z)
0,00
0,05
0,5000
0,4801
1,55
1,60
0,0606
0,10
0,4602
1,65
0,0495
0,15
0,4404
1,70
0,0446
0,20
0,25
0,4207
1,75
1,80
0,0401
0,0359
0,30
0,3821
0,3632
1,85
1,90
0,0322
0,35
0,40
0,45
0,3446
0,3264
1,95
2,00
0,0256
0,50
2,05
0,55
0,3085
0,2912
2,10
0,0179
0,60
0,2743
0,65
0,2578
2,15
2,20
0,0158
0,0139
0,70
0,2420
0,2264
2,25
0,0122
0,75
2,30
0,0107
0,80
0,2119
2,35
0,0094
0,85
0,1977
0,90
0,1841
2,40
2,45
0,0082
0,0071
0,95
0,1711
2,50
0,0062
1,00
0,1577
2,55
0,0054
1,05
0,1469
2,60
0,0047
1,10
0,1357
2,65
0,0040
1,15
0,1251
2,70
0,0035
1,20
0,1151
2,75
0,0030
1,25
0,1056
2,80
1,30
0,0968
2,85
0,0026
0,0022
1,35
0,0885
2,90
0,0019
1,40
0,0808
2,95
0,0016
1,45
0,0735
3,00
0,0013
1,50
0,0668
0,4013
0,0548
0,0287
0,0228
0,0202
V
,
Z
.
(..
) 1,5
( )
,
. V , 6,68%
. , , ,
1,5 ,
6,68%.
. ,
.
, ,
" " Web- W a c h o w i c z ' s
(
) , ,
[ 11 21].
(letter of credit L/C)
(
) -
.
[ ].
, (letter stock)
,
[ 19].
() (shareholders' equity)
, , ,
\ 6\.
1164
(firm
commitment
underwriting)
[
19].
(annuity) ,
.
(ordinary annuity)
, (annuity due)
[ 3].
(arbitrage) , , ,
,
[ 17].
(lease) , ,
() ,
, ,
[ 21].
, (leveraged leasing)
,
( 20 40%)
,
[ 21].
(lockbox) ,
,
1165
. ,
, ,
,
[ 9].
, (balance sheet) ,
,
[ 6].
(book value) 1) :
, ..
; 2) :
,
( ) [ 4].
(credit-scoring sys
tem) ,
,
, [ 10].
(bankers' acceptances BAs)
, ( "")
[ 9 11].
(cash insolvency)
[ 16].
(certainty equivalent ) ,
,
[ 5].
" " (white knight) ,
, .
- ,
[ 23].
(zero-coupon bond) ,
,
;
[ 4].
() (perpetuity) ,
" "
[ 3].
"" (junk bonds) ,
( ) ; ,
, [ 20].
1166
1167
() (term structure of
interest rates)
[ 2].
3 (temporary working capital)
8].
(lead time)
-
[ 10].
(countertrade)
,
,
[ 24].
(secondary market)
[ 2 19].
(equity carve-out)
,
[ 23].
(stock repurchase) -
() , (self-tender of
fer) [ 18].
(leveraged buyout L B O )
,
,
[ 23].
(management buyout )
(leveraged buyout L B O ) ,
[ 23].
(treasury stock) ,
(treasury) [ 18 20].
() (securuty [collateral]) ,
, .
,
[ 11].
"" ( , ,
) (Dutch-auction) ()
, ,
. ()
.
, () ,
() [ 18].
1168
(majority-rule voting)
,
, ,
;
(statutory voting) [ 20].
(amortization schedule) ,
.
[ 3].
(break-even chart)
,
[ 16].
(aging
accounts receivable)
,
[ 6].
, (goodwill)
. ,
, .
[ 23].
" " (ex-rights date) ,
[ 19].
" " (ex-dividend date) ,
[ 18].
(payment date) ,
[ 18].
(declaration date) ,
[ 18].
(record date) ,
;
,
[ 18].
(double taxation).
.
(
) [ 2].
(two-tier tender offer)
,
(, )
1169
( )
i , /
) [ 23].
(accounts receivable) ,
, -
.
, (
) [ 10].
() (intrinsic value) ,
" ", ,
[ 4].
(business risk) ,
.
( E B I T ) [ 16].
(cash dividend)
. [ 2].
(cash equivalents) ,
, ,
, ,
[ 6].
(money market) (
)
.
,
,
, [ 2].
(probability tree)
,
.
. -
[ 14].
(stockout) -
[ 6].
(default)
,
[ 2].
(dividend yield)
, [ 18].
, (stock dividend)
.
( ) [ 18].
(bond discount)
, , [ 4].
1170
1171
2 1,
[ 18].
(Euro, E U R ) .
EUR. ($) (),
(), "",
"=" [ 24].
(Eurocurrency) ,
[ 24].
(Eurodollars) , ,
, ,
,
[ 9 24].
(Eurobond) ,
,
[ 24].
(sole propriet orship) ,
,
[ 2].
(Uniform Commercial Code)
,
1954 .
[ 11].
(post -complet ion audit )
,
, .
, ..
,
[ 13].
( ) (dependent [or cont ingent ]
project) ,
^ (. 13>\.
(st akenoVders) ,
. , , ,
, [ 1].
(chat t el mort gage)
(
), [ 11].
(Clayt on Act ) 1914
, .
,
,
,
[ 23].
1172
1173
(mortgage bond) ,
[ 20].
(mortgage banker) ,
[ 2].
, (outsourcing)
,
[ 9 23].
(treasury bills T-bills)
,
[ 9].
(treasury notes) (
)
[ 9].
(treasury bonds) (
10 )
[ 9].
(capitalized expenditures) ,
, ,
, ,
[ 12].
(cash budget) ,
,
[ 7].
(covariance) ,
, (, ).
,
[ 5].
(North American
Industry Classification System NAICS, "")
, ,
. -
, [ 15].
(commitment fee)
,
[ 11 21].
(Securities and Exchange
Commission S E C ) ,
,
1933 1934 [ 19].
1174
(going-concern value) ,
(
) [ 4].
, (commercial paper)
, (), ,
, (
) [ 9 11].
(limited liability company
L L C ) ,
( "")
,
[ 2].
(compensating balance)
,
,
[ 9 11].
(conversion value)
, ,
.
[ 22].
(convertible security)
,
[ 22].
(bill of lading) ,
,
[ 24].
(consol) ,
: [ 4].
(indenture)
,
(deed of trust), , ,
;
[ 20].
(conditional sales contract)
, ,
,
[ 21].
(controlled disbursement) ,
(
), (
) ,
[ 9].
1175
(cash concentration)
,
- [ 9].
, (corporation)
, .
,
,
[ 2].
"" (beta) ;
. ""
"", [ 5].
"/" (price/earnings ratio)
,
12 [ 20].
(coefficient of variation C V )
-
. (relative)
[ 5].
(dividend-payout ratio)
, (, ,
, ,
). ,
[ 18].
(conversion ratio)
, .
,
[ 22].
(correlation coefficient)
,
-1,0 ( )
0 ( ) +1,0 (
) [ 5].
, " " (acid-test
[quick] ratio) - ,
.
[ 6].
(interest coverage ratio)
,
.
[ 6].
1176
(profitability index P I )
[ 13].
()
.
[ 6].
(activity ratios) ,
[ 6].
(debt ratios) ,
, [ 6].
(liquidity ratios) ,
[ 6].
(coverage ratios) ,
[ ].
(profitability ratios) ,
[ 6].
(line of credit) ,
.
[ 10].
( ) (line of credit)
,
,
- [ 11].
(loan agreement) ,
[ 21].
(trade liabilities) ,
[ 11].
(indifference curve) ,
,
[ 15].
(yield curve) ,
,
[ 2].
(cumulative voting)
, ,
,
, ,
1177
[ 20].
(coupon rate)
; ,
[ 4 20].
(liquidation value) ,
-
(, )
[ 4].
(liquidation) ,
[ 23].
(liquidity)
[ 6].
(marketability [or liquidity])
[ 2 9].
(securuty market line S M L )
,
( )
, "" [ 5].
(listing)
. , ,
1178
(purchase [method])
, ,
[ 23].
(pooling of interests [method])
,
.
[ 23].
( ) (hedging
[maturity matching] approach) ,
,
( ) [ 8
15].
,
, (hurdle rate)
,
; ,
[ 13].
(multinational company) ,
[ 24].
" " (tax shield) ,
. "" (
)
[
15 17].
() (accrued expenses) ,
, ,
, , .
[ 11].
(sunk costs) ,
( )
[ 12].
(arrearage) ,
[ 20].
(independent project) , (
)
[ 13].
"" (tombstone advertisement) ,
.
" ",
[ 19].
1179
(debenture)
() [ 20].
(unsecured loans)
,
[ 11].
(safety [of principal])
[ 9].
(risk averse) ,
, , ,
[ 5].
(unsystematic risk)
,
. [ 5].
() (nominal [stated] interest
rate) ,
.
,
, [ 3].
(par value)
[ 20].
, (face value)
- .
1000 . [ 4].
(floating-rate note F R N )
[ 24].
(secured loans) ,
, [ 11].
, (equipment trust certificates)
- ,
(, )
[ 20].
(bond) ,
[ 4 20].
(exchangeable bond) ,
, ,
[ 22].
(cash cycle)
,
,
, [ 6].
(reverse stock split) ,
: , , -
1180
1 2,
, [ 18].
(debt-service burden, debt service)
, ( ),
,
[ 16].
(consolidation)
.
. (merger) (consolidation)
, (
) [ 23].
(common stock) ,
( )
[ 4 20].
(dual-class common stock)
, .
, ,
( ),
[ 20].
(straight debt or equity) (
), [ 22].
(negative pledge clause)
,
[ 21].
(expected return)
,
[ 5].
, (expected
value) -
,
[ 14].
(operating lease) ,
[ 21].
"" (operating leverage)
[ 16].
(operating cycle)
, ,
[ 6].
(payable through draft P T D )
, , ,
, , .
, ,
[ 9].
1181
1182
(primary market) ,
( " ")
[ 2 19].
()
(initial public offering I P O )
[ 19 23].
, (draft)
, ()
()
( ).
() [ 11].
() (spin-off)
, -
.
[ 23].
(translation gain or loss)
,
[ 24].
(credit period) ,
,
[ 10].
(payback period ) ,
,
[ 13].
(capital budgeting)
, , (
) , ,
( , ) [ 12].
" " (balloon payment) ,
.
" "
[ 20].
(disbursement float) ,
,
[ 9].
(takeover) ,
( )
[ 23].
( ), "
" (net operating income N O I )
,
1183
"" [ 17].
(absolute-priority rule)
,
,
[ 23].
(lien)
.
[ 21].
-, (prime rate)
,
. "" [ 11].
(red herring)
, (
) ,
[ 19].
, (tender offer)
, .
[ 23].
(preemptive right)
,
[ 19].
(call premium)
[ 20].
(bond premium) , ,
, [ 4].
(premium over conversion value)
;
(conversion premium) [ 22].
(premium over straight bond
value)
[ 22].
(earnings per share E P S )
( E A T ) ,
[ 1].
1184
(going private)
/
[ 23].
(present value) -
,
[ 3].
(privileged subscription)
,
, ;
(rights offering) [ 19].
(preferred stock) , ,
, (
).
[ 4 20].
(money market preferred
stock MMP) ,
49 [ 9].
,
(participating preferred stock) ,
""
,
[ 20].
(oversubscription privi
lege) ( )
- [ 19].
() (fair market value) ,
[ 21].
(capital gain/loss) ,
( , )
[ 2].
(dividend reinvestment plan
D R I P ) ,
[ 18].
, (divestiture)
[ 23].
(sale and leaseback)
[ 21].
1185
() (derivative security)
, ()
(, , ), ,
[ 22].
(2 exchange). (business-to-business)
-,
,
[ 10].
(business-to-business 2).
, (
).
- (.. "2")
,
[ 10].
(prospectus) I ,
SEC. .
[ 19].
(promissory note)
[ 21].
(simple interest) ,
() , , (principal),
( ) [ 3].
N P V (NPV profile) ,
[ 13].
(common-size analysis)
,
, [ 6].
( ) (interest-rate [or yield] risk)
,
[ 4 9].
(interest) , ()
[ 3].
(straight-line depreciation)
,
[ 2].
() (dilution)
[ 18 22].
" " (best efforts
offering) , -
1186
-.
[ 19].
(probability distribution) ,
,
[ 5].
"" (prepackaged bankruptcy [prepack])
,
[ 23].
(capital rationing) ,
,
( ) [ 13].
(registration statement)
, SEC
.
, SEC [ 19].
(regular dividend) ,
, "" [ 18].
(shelf registration) ,
,
.
415 SEC.
, [ 19].
(standby arrangement) ,
,
" " ()
[ 19].
(safety stock) - ,
( ) ,
[ 10].
(recapitalization) .
, ,
[ 17].
(reorganization) ,
,
11 .
. ,
,
[ 23].
1187
(refunding)
[
20].
(risk)
[ 5].
(capital market) ,
( )
(, ) [ 2 19].
(market value) ,
[ 4].
"", (leverage)
[ 16].
(negotiable certificate of
deposit C D )
,
[ 9].
(cumulative dividends feature)
, ,
[ 20].
(cost of goods sold)
,
;
[ 6].
(seasonal dating) ,
,
[ 10].
(asset securitization)
, (asset-backed securities ABS)
[ 20].
(serial bonds)
,
( ) [ 20].
- (right)
( ) -;
(subscription right) [ 19].
"" (degree of operating leverage D O L )
( E B I T ) ,
1188
(
) [ 16].
"" (degree of total leverage D T L )
EPS, 1%-
( ).
"" ( D O L ) ,
"" ( D F L )
( ) [ 16].
"" (degree of financial leverage D F L )
( %) (earnings per share EPS),
1%- ( E B I T ) [ 16].
(synergy) , ,
,
[ 23].
(Clearing
House Interbank Payments System C H I P S )
,
.
" " (CHAPS) [ 9].
(systematic risk)
,
[ 5].
(cash discount)
, ,
- .
, ,
[ 10].
(field warehouse receipt)
, -
(
),
[ ] .
(terminal
warehouse receipt) ,
,
[ 11].
"" (adjusted beta).
"" ,
, ,
""
,
[ 5].
(adjusted present value
A P V )
( -
1189
) " ",
,
,
[ 15].
(merger) ,
[ 23].
(compound interest) ,
() () ,
, ( ) [ 3].
(event risk) ,
( )
[ 19].
(Financial Accounting Standards
Board F A S B ) ,
[ 24].
(joint venture) ,
.
,
[ 23].
( ) "" (total [or combined] lever
age)
, [ 16].
(total firm risk)
(earnings per share EPS).
[ 16].
(preauthorized debit)
;
[ 9].
(repurchase agreements R P s , repos)
( , )
[ 9].
(spontaneous financing)
,
[ 8].
(Euro medium-term note Euro MTN) M T N ,
,
M T N [ 21].
, (medium-term note MTN)
,
.
30 ( ) [ 21].
1190
(term loan) ,
,
10 [ 21].
" " (shark repellent)
,
"" [ 23].
(maturity) " "
;
[ 2].
(cash discount period)
,
[ 10].
() (futures contract)
,
.
[ 24].
( ) (discount rate
[capitalization rate]) ,
[ 3].
(risk-adjusted discount rate
R A D R ) ( ),
, ""
, ,
"" [ 15].
(capitalization rate) ,
[ 17].
13 ( F A S B 13)
, (Financial
Accounting Standards Board FASB)
[ 21].
() (standard deviation)
, .
[ 5 14].
(credit standard)
[ 10].
(cost of debt [capital])
[ 15].
(cost of capital)
.
-
1191
(
) [ 15].
,
(straight bond value)
, ,
,
, ,
[ 22].
(abandonment value) ,
; ,
" " (..
- ) [ 14].
(cost of preferred stock [capital])
[ 15].
(cost of equity capital)
[ 15].
() (strategic alliance)
[ 23].
(capital structure) ( )
,
,
[ 16 17].
() (subordinated deben
ture) ,
,
; " " [ 20].
(zero balance account Z B A )
, .
() ,
[ 9].
- (invoice) ,
. ,
[ 9].
(wire transfer)
,
"" [ 9].
(self-tender offer)
[ 18].
1192
(general
partnership),
(limited partnership),
[ 2].
() (trade credit) ,
[ ] .
(indifference point, E B I T - E P S indifference point)
EBIT, EPS
( ) [ 16].
(break-even point) ,
;
[ 16].
(order point) ,
- ,
[ 10].
(just-in-time J I T )
- ,
,
[ 10].
( ) (traditional approach [to
capital structure]) ,
"" [ 17].
- (depositary transfer check D T C )
, [ 9].
(trust receipt) , ,
-
[ 11].
1193
(remote disbursement) ,
,
,
[ 9].
(roll-up)
[ 23].
(IPO roll-up)
(IPO)
, ,
. IPO
[ 23].
(working capital management)
, ,
[ 8].
() (managerial [real] options)
,
, ,
[ 14].
(accelerated depreciation) ,
, [ 2].
(call provision)
, -
(
) ;
(call feature)
[ 20].
(factoring)
, ( ) " " (
- , ,
) [ 11].
(federal agency) ,
, ,
,
[ 9].
(permanent working capital)
,
[ 8].
(financial lease) ,
[ 21].
(financial intermediaries)
,
. -
1194
, ,
, , ,
[ 2].
(financial markets) ,
,
[ 2].
"" (financial leverage) ,
( ) .
( gearing) [ 16].
(financial ratio) ,
[ 6].
(financial management)
, ,
[ 1].
(financial risk)
(earnings per share EPS),
, "" [ 16].
(sinking fund) ,
.
[ 20].
Standard & Poor's 500 (S&P 500 Index) ,
500
, .
[ 5].
(forward contract) ,
,
,
. , ,
, [ 24].
(forward exchange rate)
[ 24].
(forfaiting)
, . ,
, [ 24].
(characteristic line) ,
. "" [ 5].
(hedge) ,
[ 22].
1195
(exercise price) , ,
"",
[ 22].
(conversion price) ,
.
,
[ 22].
, (asset-backed securities A B S )
,
, [ 20].
(capital-asset pricing model )
, ()
, ()
,
[ 5].
- (reinvoicing center)
,
(
-)
[ 24].
(sell-off)
, ;
, [ 23].
( ) (private [or direct] placement)
(
) (
, ) [ 19].
(net lease) ,
[ 21].
(pure play) ,
.
[ 23].
(net present value N P V )
, [ 13].
(net working capital) ()
[ 8].
(net float) , ,
[ 9].
(economic value added E V A )
. , E V A
1196
,
,
( ) [ 15].
(economic order quantity E O Q )
,
-
[ 10].
(economies of scale)
,
[ 23].
(electronic commerce )
("") ,
[ 9].
(electronic data interchange E D I )
,
[ 9].
(Financial E D I F E D I )
[ 9].
( ) (electronic funds transfer E F T )
, (
) [ 9].
( )
(automated clearinghouse [ A C H ] electroinc transfer) , ,
[ 9].
(electronic lockbox) ,
,
[ 9].
(underwriting syndicate)
,
[ 19].
(effective annual interest rate)
, ()
,
[ 3].
(efficient financial market)
,
[ 5].
" " (poison pill) , ,
. ""
, ("")
[ 23].
1198
Countertrade, 1137
Coupon effect, 170
rate, 153; 909
Covariance, 198
Coverage ratios, 749
Credit
period, 441
cash discount, 444
cash discount period, 443
ceasonal dating, 445
credit period, 441
standards, 437
Credit-scoring system, 457
CS First Boston, 959
Cumulative voting, 933
Currency options, 1128
risk, 1111
swap, 1128
Current ratio, 253
D
Debenture, 912
Debt capacity, 749
coverage ratios, 749
Debt-service burden, 750
Declaration date, 850
Default, 87
Deferred taxes, 286
Degree of
financial leverage (DFL), 742
operating leverage (DOL), 729
total leverage (DTL), 746
Dell Computers, 406
Dependent (contingent) project, 578
Deposit float, 389
Depository transfer check ( DTC, 395
Depreciation
accelerated, 68
declining-balance, 70
denned, 68
double-declining-balance method, 70
half-year convention, 71
Modified Accelerated Cost Recovery
System (MACRS), 69
straight-line, 68
Depriciable basis, 546
Derivative securities, 995
Diluted earnings per share, 998
Dilution, 817; 998
Direct leasing, 967
Discount
1199
bond, 156
cash, 493
quantity, 493
trade, 493
Discount basis, interest paid on, 508
Discount, capitalization rate, 111
Discounted cash flow (DCF), 567
Dividend police
stock repurchase, 841
Dividend reinvestment plan
(DRIP), 850
Dividend yield, 172; 819
Dividend(s)
declaration date, 850
ex-dividend date, 850
extra, 832
payment date, 850
record date, 849; 850
regular, 832
stock, 833
stock split, 835
Dividend-payout ratio, 815
Double taxation, 65
Draft, 492
Drawee, 1134
Dun & Bradstreet, 456
E
Earning power, 273
Earnings per share, (EPS), 40
EBIT-EPS break-even analysis, 735
Economic
exposure, 1112
order quantity (EOQ), 463
profit, 681
value added (EVA), 681
Economies of scale, 1034
Effective annual interest rate, 131
Efficiency, turnover ratios, 260
Electronic commerce (EC), 403
data interchange (EDI), 403
funds transfer, 404
lockbox, 392
Enron, 243; 457
Equipment trust certificates, 915
Equitable (technical) insolvency, 1076
Equity, 995
carve-outs, 1066
Euro, 1126
Euro medium-term note (Euro
MTN), 959
1200
Eurobond, 1123
Euro-commercial paper (Euro CP), 419
Eurocurrency, 1123
Eurodollars, 420; 1122
Event risk, 891
Excess return, 661
Exchange rate, 1104; 1039
Ex-dividend date, 850
Exercise price, 1014
Expected return, 190; 191
value, 618
Expiration date, 1014
Explicit interest cost, 665
Export-Import Bank of the United
States (Eximbank), 1109
Ex-rights date, 877
Extension, 1077
Extra dividend, 832
F
Face value, 909
bond, 153
Factor, 1139
Factoring, 520
accounts receivable, 520
Fair
market value, 966
merger price provision, 1058
Fama, Eugene, 214
Federal agencies, 417
Field warehouse receipt, 519
Financial Accounting Standards Board
(FASB), 1112
Financial
acquisition, 1038
failure, 1077
intermediaries, 81; 889
lease, 966
leverage, 723
management
defined, 38
markets, 77
ratio, 249
risk, 700; 743
Financing decision, 39
hedging approach, 371; 665
spontaneous, 491
Fisher's rate of intersection, 581
Float, 398
availability, 389
collection, 389
deposit, 389
mail, 389
net, 398
processing, 389
Floating lien, 516
Floating-rate notes 9FRNs), 1123
Floor planning, 517
Flotation costs, 677
Flow of
funds, 308
funds statement, 309
Forecast financial statements, 331
Foreign bond, 1123
Forfaiter, 1139
Forfaiting, 1139
Forward
contract, 1124
discount, 1125
exchange rate, 1111
premium, 1125
Free cash
flows, 1048
Free cash segment, 412
Freeze out provision, 1059
French Kenneth, 214
Full service, 965
Funds provided by operations, 313
Future
contract, 1127
value
with simple interest, 105
G
General Electric, 405
partner, 63
partnership, 62
Going concern firm, 1076
private, 1070
Goldman Sachs, 959
Goodwill, 1052
Gross working capital, 363
H
Hard currency, 1137
Hedge, 1002
ratio, 1021
Hedged positon, 1018
Homemade financial leverage, 785
Hurdle rate, 570
I
Income
bond, 913
cumulative feature, 913
statement, 238
Indenture, 910
Independent project, 577
curve, 695
Indifference point, 735
Inflation
anticipated, 543
Initial
probability, 623
offering (IPO), 893$ 1046
Insolvency, 826
Interest
continuous compounding, 129
coverage ratio, 258; 749
defined, 103
effective annual interest rate, 131
nominal, 128
rate
Interest-rate (or yield)
risk, 414
parity, 1131
risk, yield risk, 169
Internal rate of return (IRR), 167; 570
International
Fisher effect, 1132
International trade draft, bill of
exchange, 1134
Internet
Dell Computers, 406
Intrinsic value, 152
Inventory
ABC-method of control, 462
banker, 83$ 871
decision, 38
economic order quantity (EOQ), 463
General Motors Corp., 475
grade quality, 88
indays(ITD), 265
just-in-time (JIT), 473
order point, 468
payback period (PBP), 568
project
safety stock, 469
turnover ( I T ) ratio, 264
Invoice, 389
IPO roll-up, 1047
Issued shares, 929
1201
J
January effect, 214
Joint probability, 623
venture, 1061
Junk bonds, 913
Just-in-Time, 461; 473
M
Mail float, 389
Majority-rule voting, 933
Management
as agents, 42
1202
lease, 965
period, 493
present value (NPV), 573
working capital, 363
Netting, 1121
New York Stock Exchange, 897
Nominal interest rate, 128
Nonconventional investment
project, 585
North American Industry Classification
System (NAICS), 685
Note, 909
Notes payable, 492
NPV profile, 575
1203
R
Payment date, 850
Permanent working capital, 369
Perpetuity, 120
Poison pill, 1059
Portfolio, 197
Post-completion audit, 593
Preauthorized debit, 391
Preemptive right, 875
Preferred stock, 159
cumulative dividends feature, 923
defined, 922
participating feature, 923
Premium
bond, 156
buy-back offer, 1060
over conversion value, 997; 1004
Prepackaged bankruptcy
(prepack), 1083
Present value, 111
Price/earnings ratio, 214
Primary market, 79; 869
Prime rate, 507
Principal, 104
Private (or direct) placement, 889
placement, 871
placement with registration rights, 891
Privileged subscription, 875
Probability distribution, 191
tree, 622
Processing float, 389
Profit
maximization, 40
Profitability index (PI), 577
ratios, 272
Promissory note, 965
Prospectus, 882
Protective covenants, 910
Proxy, 932
Public issue, 870
Purchasing-power parity ( ) , 1129
Pure play, 1067
Put option, 1014
Q
Qualified institutional buyers
(QIB), 891
Quantity discount, 493
1204
liabilities, 491
notes payable, 492
open accounts, 492
Transactions exposure, 1112
Translation exposure, 1112
Treasurer, 49
Treasury
bills (T-bills), 416
bonds, 416
notes, 416
stock, 847; 929
Trust receipt, 517
Trustee, 910
ABC- , 462
(), 395
, 1109
, 502; 1136
, 238
, 152
()
, 152
, 255
, 78
, 152
, 151
, 981
, 78
, 493
, 847
, 172
, 172
, 850
, 929
, 893
, 212
, 212
1205
1206
, 159
, 41
, 40
, 75
, 42
, 111
, 970
, 897
, 546
, 919
, 68
, 121; 132
, 69
, 70
, 71
, 70
, 68
, 69
, 68
, 71
, 68
, 726
EBIT-EPS, 735
, 263
, 451
- , 264
, 235
, 26
, 872
, 872
, 872
i
, FVIFA , 117
in
i ,
PVIFA ,119
, 116
, 116
, 122
, 222;783
, 215; 222
, 223
, 224
,
, 967
, 968
, 965
, 969
, 966
, 966
, 970
, 391
, 896
, 43
, , 110
, 25; 1062
tn
, 238
, 333
, 152
, 930
, 457
-, 394
, 418; 502; 1134
, 742; 826
, 752
, 196
, 252
, 157; 909
() , 120
, 61
, , 1019
- , 363
, 105
, FVIF , 107
in
, 117
, 114
, 122
, 968; 979
, 244
, 1052
, 1052
, 1128
, 1119
, 1111
, 1117
, 1110
, 1112
, 1112
, 1112
, 1128
, 1104
, 1129
, 1129
, 1131
, 1108
, 1124
, 1128
, 1128
, 1124
, 1127
, 330
, 1008
, 1134
() , 892
, 752
, 1035
- , 82
, 83
, 424
, 578
, , 459
, 1062
, 1062
- ,
, 49
1207
()
, 542
,
84; 897
, 569
, 570
, 541
( ,
), 116
()
, 89
, 40
, 467
, 797
, 1137; 1138
, 915
, 79; 84; 869
, 886
-, 887
, 897
, 1036
, 1066
, 841
, 842
, 842
, 1072
, 1072
, 925
, 847; 929
, 929
, 872
() , 511
, 797
, 49
, 25
, 131
, 131
, 133
, 726
1208
EBIT-EPS, 737
, 263
, 850
, 1014
, 850
, 849
, 65
, 437
, 513
()
, , 152
, 1076
, 820
, 700; 733
, 75
, 325
, 330
, 748
, 1049
, 541
, 323
, 239
, 79
, 103
( ), 40
(), 395
, 81
- , 82
, 81
, 82
- , 82
, 389
, 622
, 265
, 87
, 199
, 632
, 819
, 41; 815; 823; 846
, 818
, 820
, 821
, 819
, 821
, 818
, 820
, 841
,
, 833
,835
, 815
, 815
, 849
, 815
, 829
, 828
, 827
, 827
, 826
, 827
, 825
, 824
, 822
, 826
,826
, , 825
, 75
, 833
, 850
, 850
, 849
, 75
, 832
, 830
, 815
, 815
, 846
, 850
, 832
, 156; 169
, 111
, 192
, 192; 619
,
, 578
, 1077
, 1064
, 1077
, 42
, 42
, 42
,
, 910
, 500
, 788
, 749
, 749
, 911
, 203
, 239; 930
, 832
-, 323
, 970
, 172
, 192
, 661
, 167
, 193
, 190
, 191
, 189
1209
, 172
, 197
, 666
, 166
, 190
, 166
,
, 192
, 913
, 913
, 687
, 835; 836
, 1126
, 1123
, 420;1122
, 419
, 1123
, 1019
, 61
, 61
, 62
, 512
, 1117; 1119
3
, 593
( )
, 578
, 25; 45
, 132
, 121
, 133
, 506
, 121
, 500
, 502
, 502
, 500
, 513
- , 515
, 517
, 516
1210
, 519
, 518
, 517
, 914
, 517
, 1051
1934 ., 882
1933 ., 882
- 2002 ., 47; 887
, 1103
, 959
, 930
, 826
, 398
, 787
(), 463
, 677
, 820; 874
, 1001
, 516
, 627
, 411
, 980
, 83
,
, 695
, 683
, 622
, 577
, 661
, 540
, 593
, 635
, 620
, 540
, 578
, 600
, 616
, 621
, 41
, 38
, 871
, 197
, 422
, 567
, 40
, 575
, 196
, 389
, 1123
, 415
, 418
, 420
, 416
, 416
, 416
, 416
,
, 418
, 421
, 421
, 420
, 417
, 894
, 37; 91
, 91
, 43
, 84
, 914
, 964
, 1010
,
, 1062
-
, 370
1211
,
,49
, 416
, 587
, 546
, 273
,
, 578
, 323
, 891
, , 387
, 389
, 407
, 198
, 685
, 506; 956
, 882
,
, 63
, 151
, 81
, 419
-, 1009
, 43
, 43
, 42
, 42
, 43
, 46
, 661
, 45
, 43
, 25
,42
, 42
, 65
, 65
, 509
, 410
, 753
,1077
, 999
, 996
, 995
, 996
, 996
(
), 997
, 1001
, 997
(), 996
, 996
, 997
, 995
, 662
, 37
, 1135
, 154
, 910
, 964
, 43
, 1033
, 45
, 47
, 48
, 49
, 47
, 46
()
, 500
, 790
, 47
1212
, 64
S-, 65
, 68
, 43
, 67
, 65
, 64
, 1109
, 1109
/, 214
i
,
FVIFA^m
i
, FVIF , 107
, 272
, 194; 620
, 39; 163; 815
, 273
, 274
, 257
, 996
,221
, 255
, , 1039
, 749
, 113
i
, PVIFA , 119
i
,
PVIF , 112
" /
", 214
, 258
, 256
, 253
, 338
, 1021
, 276
, 251
, 253
jn
iD
in
, 255
, 253
, 256; 257; 258
/
, 251
, 251
, 278
, 337
/
, 258
, 258
, 260
, 260
, 270
, 263
, 264
, 271
,
, 261
, 258; 749
, 278
, 253
, 489
, 523
, 1133
, 459; 504
, 504
, 437
, 446
, 445
, 444
, 443
, 438
, 439
, 441
, 441
, 88; 756
, 911
, 82
, 454
Dun & Bradstreet, 456
, 456
, 455
, 960
, 959
, 961
, 961
, 961
,
, 960
, 962
, 962
, 88
, 88
, 88
, , 459
, 496
, 491
, 451
, 451
, 453
, 453
, 452
, 454
, 451
, 695
, 89
, 153
, , 909
, 155
, 170
, 211
, 151
( ), 930
, 1064; 1078
, 1078
, 88
1213
, 255
, , 207
, 931
, 507
, 110
, 377
, 374
, 727
, 438
, 585
, 873
,
, 578
, 618
-, 220
, 404
, 1133
, 1121
, 1121
, 1123
, 1122
(), 1134
, 1105
, 1104
, 1107
, 1133
, 1136
, 1137
, 1135
, 1134
1214
, 1139
, 1139
, 1132
Du Pont Company, 273
, 246
(
), 665
, 753
, 508
, , 782
,
, 570
, 1107
, 215
, 584
, 162
, 338
-, 1019
, , 782
(&)
, 816
, 51
, 43
, 44
, 1124
, 789
, 65
, 67
, 68
, 68
, 67
, 67
, 67
, 74
, 66
S, 77
, 704; 790
- , 37
, 84
, 931
, 623
, 499
, 542
, 923
, 212
, 577
(,
), 1052
, 912
, 503
, 129
, 129
, 196
, 201
, 786
, 787
,
, 786
, 789
, 789
, 585
, 1121
, 128
, 929
()
, 153; 909
, 619
, 193
, 909
, 1123
-
, 897
, 897
, 503
, 909
, 909
, 154
, 169
,
, 910
, 166
, 910
,910
, 911
, 153
, , 909
, 155
, 170
(), 153; 909
, 1006
, 995
, 909
, 153
, 919
, 168
, 918
, 169
, 939
, 169
, 938
, 156
, 156
, 891
, 153; 910
,
, 920
, 920
, 918
, 171
, 1006
, 1007
, 260
, 267
-
, 265
, 370
, 369
, 369
(
), 366
1215
, 363
, 363
, 369
, 363
, 963
, 966
, 1035
, 750
, 1050
, 160; 929
, 932
, 935
, 928
, 928
, 931
, 932
, 935
, 931
, 933
, 933
, 933
, 172
, 116
, 238
, 377
, 190; 191
, 197
, 966; 980
, 313
, 266
,
, 52
, 781
, 465
, 1014
, 1013
, , 615
, 1013
, 49
, 84; 897
, 998
, 104
, 966; 968
, 197
, 870
1216
(), 195
, 1035; 1065
, 286
, 1077
, 308
, 316
, 322
, 238; 242
, 332
, 315
, 164
, 163
, 149
, 153
, 160
, 162
, 164
, 159
, 166
, 1129
Big , 1131
, 1131
,
, 63
,
, 63
, 82
, 79; 869
, 893
, 1046
, 399
, 492
, 212
, 1113
, 441
, 263
, 568
, 1080
()
, 542
, 541
, 541
, 627
, 1104
, 567
, 539
, 541
, 552
, 543
, 550
, 567
, 569
, 568
, 581
, 540
, 543
, 570
,
,615
, 540
, 918
, 918
, 1034
, 1034
, 1059
, 1058
,1058
, 1060
-
, 1059
-, 1060
, 1060
, 1059
, 1058
, 1059
, 1044
, 1058
, 1061
,1058
, 76
, 1008
, 871
, 842
, 437
, 447
, 1107
,
, 62
, 411
, 412
, 412
, 412
, 826
, 389
, 931
72,111; 112
, 1082
, 964
()
, 1076
, 61
- (,
), 507
1217
,882
, 67
, 196
, 248
, 49
, 497
, 875
, 939
, 196
, 156; 169
,
, 997
, 1004
, 43
, 40
, 76
, 76
,
, 998
, 1070
(, )
, 105; 110
i
, PVIF , 112
, 114
, 123
, 875
, 159
, 421
, 922
in
, 923
, 172
, 923
, 923
, 879
, 1000
, 782; 818
1218
,
, 543
, 333
, 332
, 324
, 323
, 331
, 337
, 331
, 850
, 1014
, 1035
, 1064
, 967
, 261
(), 995
, 882
, 965
, 104
, 104
, 25
NPV, 575
, 508
, 507
, 103
, 508
, 508
, 508
()
, 128
, 169; 414
, 74
, 129
, 103
,
, 157
, 131
, 131
, 106
, 129
, 106
, 127
, 129
, 131
, 665
, 967
, 817,998
, 191
, 86
, 1069
, 42
, 338
, 496
(), 463
, 587
, 190
, 78
,
, 506
, 882
, 886
, 409
, 882
, 832
, 959
, 879
, 468
, 755
, 87
Moody's Investors Service, 911
Standard & Poor's (S&P), 911
, 780
, 1079
, 1070
, 1070
, 938
, 39
, 39
, 41; 189
, 196
, 373
, 87
, 192
, 199
, 378
, 616
, 196
, 194
, 196
, 201
, 191
, 190
, 195
, 1112
, 1112
, 196
, 191
, 200
-, 1109
, ., 222
, 342
, 339
, 109
, , 338
()
, 42
, 79
, 869
, 874
, 892
, 869
, 870
, 869
, 893
, 889
, 871
, 166
, 172
, 172
1219
, 210
, 152
, 931
, 413
, 413
, 413
, 413
, 415
, 202
, 723
-, 1123
, 420
, 1048
, 242
, 412
, 412
, 445; 494
, 916
, 916
, 919
-, 876; 1008
, 877
, 729
, 746
, 742
, 1034
, 404
, 200
, 205
, 493
, 493
, 493
, 519
, 518
1220
, 703
, 1034
EPS, 1039
, 1041
, 1047
, 1036
, 1038
, 1037
, 1046
, 1036
, 1051
,
, 1056
, 1033
, 1048
, 1050
, 1046
, 1044
, 125
, 43
, 42
()
, 239
, 821
, 46
, 47
, 1112
, 623
, 1061
(
) , 746
, 745
, 391
() , 957
,
, 416
, 661
, 662
, 661
, 44
,
371; 491
, 491
, 492
, 66
, 61
, 674
, 676
,
, 618
, 955
, 959
(), 958
, 958
, 438
, 261
, 263
, 67
, 153; 910
, 443
(
) , 89
, 492; 1134
, 122
, 122
, 123
- , 82
(), 511
, 503
, 503
LIBOR, 1122
, 692
, 777
, 581
,
, 111
(), 192
, 244
, 437
, 439
, 439
, 1000
, 151
, 152
, 1010
, 1004
, , 152
, 151
, 52
, 40
, 664
, 507
, 663
,
, 151
, 1001
, 151
-, 1019
, 1002
, 1008
, 663
, 640
, 672
(&), 782
,
, 668
,
, 669
,
NPV, 694
, 151
, 1004
(
), 1004
, 664; 667
, 507
, 125
, 664
, 692
, 25
, 1061
, 1062
1221
, 1061
, 1038
, 25
, 82
,
, 82
,
, 82
, 753
, 777
, 797
, 775
, 781
, 780
() , 912
,
, 407
, 1077
, 621
, 631
, 401
-, 389
, 108
, 396
, 842
, 42
, 1076
, 1065
, 62
, 62
,
, 63
, 467
, 515
, 465
" ", 473
, 468
, 468
, 460
, 463
-
ABC- , 462
, 492
1222
, 492
, 492
, 498
, 494
, 492
, , 492
, 497
, 735
, 726
, 468
, 473
, 820
, 1134
, 517
, 166
, 166
, 687
, 75
, 840
, 1047
(), 395
, 411
, 1117
, 400
(),395
, 1117
, 398
, 398
, 399
, 1121
, 387
, 387
, 399
, 424
, 387
, 1120
, 387
, 401
, 396
, 401
, 1120
, 389
, 38
, 377
-
, 460
, 264
, 461
, 638
, 638
, 638
( ), 638
, 402
, 493
- , 493
, 493
, 493
, 623
, 1137
, 520
, 520
, 522
, 1139
, 224
-, 520; 1139
, , 214
, 417
, 373
, 500
, 964
, 374
, 964
, 489
1222
, 492
, 492
, 498
, 494
, 492
, , 492
, 497
, 735
, 726
, 468
, 473
, 820
, 1134
, 517
, 166
, 166
, 687
, 75
, 840
, 1047
(), 395
, 411
, 1117
, 400
(), 395
, 1117
, 398
, 398
, 399
, 1121
, 387
, 387
, 399
, 424
, 387
, 1120
, 387
, 401
, 396
, 401
, 1120
, 389
, 38
, 377
-
, 460
, 264
, 461
, 638
, 638
, 638
( ), 638
, 402
, 493
- , 493
, 493
, 493
, 623
, 1137
, 520
, 520
, 522
, 1139
, 224
-, 520; 1139
, , 214
, 417
, 373
, 500
, 964
, 374
, 964
, 489
, 374
(
), 371
, 965
, 963
, 1123
, 999
, 967
, 967
, 1122
, 998
, 491
, 999
, 971
, 966
, 106
, 238
Enron, 243
, 254
, 331
, 77
, 1077
, 1038
, 81
,78
, 83
, 83
, 84
, 995
, 83
, 251
, 250
, 250
1223
, 81; 889
, 1082
, 77
, 79
, 79
, 78
, 79
, 79
, 215
, 796
, 1076
, 237
, 252
, 247
, 286
, 249
, 37
, 38
, 43
, 38
, 49
, 53
, 38
, 25
, 39
, 39
, 25
, 25
, 25
, 25
, 25
, 25
, 25
, 25; 37
, 700; 743
, 25
, 37
, 152
, 45
, 152
1224
, 49
, 40
, 398
, 389
, 389
, 389
, 389
, 389
, 398
,
, 918
Standard &
Poor's, 202
, 121
, 308
, 308
, 308
, 309
, 313
, 1125
, 1111
, 1124
, 1125
, 61
, 65
LLC
(PLLC), 66
, 66
,
, 64
, 61
, 62
,
, 62
,
, 63
, 1139
, 1139
, , 214
, 1127
X
, 203
, 1002
, 1119
, 1124
, 1018
, 1018
, 41
, 42
, 40
, 1009
, 1014
, 996
, 918
, 91
,
, 92
, 995
(), 81
, 89
, 88
, 90
, 874
(), 81
, 885
, 875
, 889
, 873
, 882
, 755
,
( ), 89
, 889
, 91
, 201
, 215
, 214
, 1013
, 1120
, 52
, 1065
,
871; 889
144, 892
, 1067
, 573
NPV, 575
, 363
, 398
, , 1019
, 26
, 171
, 681
, 681
, 970
, 463
JIT, 473
(), 463
(), 463
, 1034
-
, 1109
, 403
, 406
1225
, 403
, 404
, 25
( ) , 404
, 872
, 25
,
, 214
, 1131
()
, 131; 172
, 26
, 131
, 131
, 260
, 216
, 216
, 216
, 215
, 214
, 665
, 1059
-, 1123