Вы находитесь на странице: 1из 1226

12-

Fundamentals of

Financial
Management
twelve edition

James C. Van Home


Stanford

University

John M. Wachowicz, Jr.


The

University of Tennessee

Prentice Hall
FINANCIAL TIMES

An imprint of Pearson Education


Harlow, England London New York Boston San Francisco Toronto Sydney Singapore Hong Kong
Tokyo Seoul Taipei New Delhi * Cape Town Madrid Mexico City Amsterdam Munich Paris Milan

12-

. , .

-
2008

()65.26
17
336.7
""
. .
..
. . ..
. . .
"" :
info@williamspublishing.com, http://www.williamspublishing.com

17

, , , , ., , .
, 12- : . . .:
".. ", 2008. 1232 : . . . .
ISBN 978-5-8459-1074-5 (.)
, 12- ,
. -,
, ,
: ,
.
,
. -,
.
, ,
. -,
,

. -,
,
.
,
. Excel,
"". , , -, ,
,
.


, .
,
; , ,
- .
()65.26

.
, ,
, Prentice Hall, Inc.
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.

I.
1.
2. ,

25
35
35
59

II.
3.
4.
5.

101
101
149
187

III.
6.
7. ,

235
235

IV.
8.
9.

10.
-
11.

361
361

V.
12.

13.
14.

537

305

385
435
489

537
565
613

VI. ,

15.
16. ""
17.
18.

659
659
721
773
813

VII.
19.
20. ,
21.

867
867
907
953

VIII.
22. ,

23.
24.

993
993
1031
1101
1151
1163
1197

I.
1.

25
31

35
35

37











- 2002





38
38
39
39
40
40
42
44
46
46
47
49
50
52
53
54
55
55
56

57

2. ,

59

61
61
62
64
65

66
67
76

77
78
78

81
83
84
86
92
93

95

96

98

99

II.

3.

101
101

103

104

106
106
116
125
127
127
129
131
132
134

135

136

137

139

145

147

4.

149

151
151
152
152

153
154
155
159

160





: ( Y T M )




( )

5.

161
162
166
166
172
172

173
174
175
177
178
182
185

187

189
189
190

191
191
194
195
197
197
198
199
200



""
()

( )




202
203
205
206
206
211
214
215
216
217

217
219

222
223
224

III.

6.

224
226
226
227
227
231
231
232
233

235
235

238







"" ()
,
,








238
242
247
249
251
253
253
256

258
258
260
271
276
278
278
280
283
284
286

10

286

289

290

292

298

302

7. ,

( )
""




















305
308
308
309
312
315
316
317
322
323
324
325
327
328
330
330
331
331
332
333
337
337
338

339

342

344

346

346

348

349

353

11

354

359

359

IV.
8.

361
361





( )
:
-

( )
-



377
377
378
379
380
381
381
383

384

9.













363
363
364
365
366
366
369
370
371
373

385
387
389
394
398
398
399
401
403
403
406
407
409
410

12

411
411
413
415

432

433

10.
-












:

-

:
:
:

" "
-

422
426
428
429
430

435
437
438
441
446
447
449
451
451
454
458
459
460
461
463
467
468
473
474
476
478
479
481
485
487

11.


( , )




:




V.
12.

13

489
491
491
499
500
500
503
507
510
520
521
522
523
525
527
529
531
534
535

537
537

539







1.
2.

540
541
541
543
547
550
552
555
555
556
557
558
561
563

14

13.
:















:

565
567
568
569
573
576
577
577
578
584
587
590

593

. " "
, ( )

594

14.

:


,
,

:

596
599
600
600
601
603
604
608
610

613
616
616
617
621
622
627
629
631
633

15





( )


634
635
635
637
638
639
640
644
644
644
646
647
650

654

656

VI. ,

659

15. 659


661
661
662




: ,

: ,

: ,






:
( )
,



663
665
667
668
669
672
674
676
679
681
682
683
687
689
690

16


,

, NPV
: ,

. ""
""
.

WACC APV

16. ""
""

"" (DOL)
DOL
DOL
""
( )
EBIT-EPS
"" (DFL)
DFL
""
"" ( D T L )
D T L







691
692
694
695
697
698
700
703
704
706
707
708
710
714
715
715
718

721
723
726
729
731
733
734
735
742
743
746
747
748
748
749
752
753
753
754
755

17

756

757

759

761

763

767

772

17.







,






, " "



, ,




,

773
775
777
780
782
783
786
786
787
788
789
789
789
790
792
793
793
793
795
796
797
798
800
801
802
804
808
810

18

18.

813






,
,









, ,

815
815
816
818
822
824
824
825
826
827
827
827
828
828
829
830
832
832
833

,

, , :





?



833
835
836
840
841
842
843
847
847
849
849
850
851
854

855

856

861

863

VII.

19.

19

867
867

!


" "




-








()




869
870
872
873
873
875
875
876
877

898

879
881
882
882
889
889
890
890
892
892
893
895
895
896
897

900

901

902

904

905

20. ,





907
909
909
910
911
911

20


()

""

,








( )



, , ,








912
912
913
913
914
915
916
918
918
919
920
922
923
923
924
925
926
928

944
945
948
949
950

21.

929
929
930
931
931
931
932
935
935
936
938
938
942
942
944

953
955
956

21

957
958
958

959
960
963

963
964

965
967
968
969
970

971
971
973
973
976
977
978
979
980
982
983
984
985
988

989

991

VIII.

22. ,




993
995
996
996
997

22

.



-

23.

998
999
1001
1001
1002
1004
1004
1006
1007
1007
1008
1008
1009
1010
1011
1012
1013
1013
1014
1015
1018
1019
1021
1022
1023
1024
1028
1029

1031







""

1033
1033
1035
1036
1036
1037
1037
1037
1038


EPS

1038
1039
1041

23

:







EPS




,








()

,

1044
1046
1047
1048

. :


1049
1049
1050
1050
1051
1052
1052
1056
1058
1061
1061
1061
1062
1064
1064
1065
1065
1066
1069
1070
1070
1071
1072
1072
1073
1073
1075
1076
1077
1077
1078
1079
1082
1083
1085

24

1087

1092

1094

1097

24.

:












:
,

1101

1104
1105
1105
1107
11
1112
1116
1117
1117
7
1120
1121
1124
1129
1129
1133
1134
1135
1136
1137
1139
1139
1140
1142
1143
1144
1148
1149

1151
1163
1197

, , .
.
, , , .
. -.

.

, .
,

.


,
. ,
, ,
, , ,
,

.
, .
,
.
, ,

,
.
:
, .

26

, " "
, ""
.
, .
, ,
; , ,
- . ,
Web- (
),
.
.
, ,
,
. , ,
, .

. , ,

. ,
.
. 1 "
" ,
. 5 " "
.
,
6 " ". 9 "
"

. 10
" - "
,
- " ",
.
13 " "
, , 15 "
"
,
. 17 " "

.
, .

23 "
".
, ,
.

27

, , ,
"" -.
, ,
. ,
.
: Business Owner's Toolkit: Ask
Alice!(www.toolkit.cch.com/advice/askalice.asp);

Europe, Shareholder Value, The Treasurer Treasury & Risk Management;


Tinancial Times; Anheuser-Busch, NASDAQ International,
Protiviti, Volkswagen AG UBS AG.

, ,
,
, ,
III
" "
II " ".
,
. ,
,
,
, .

. ,
,
,
.
Test-Item Tile, ,
.
.
Prentice Hall ,
( Windows). ,
,
Microsoft PowerPoint,
( ).
PowerPoint- Prentice Hall:
w w w . b o o k s i t e s . n e t / w a c h o w i c z .
.

Microsoft
Excel, ,
. Web "" ( w w w . w i l l i a m s p u b l i s h i n g . c o m )
.
Web- " "
(Online Study Guide), . .
, -

28

, ,
, "/" .
"
". ""
,
.
, ,
.

.
.
, 400
,
, , . , Web Pearson Education ( w w w . b o o k s i t e s . n e t / w a c h o w i c z )
- ,
.

(.. ,
"http://www.") Web-
: , ,
, ,
, .
Web- ,
.
.

Web- . Web-
, ,

. , Web-
, Financial Times,
Corporate Finance CFO Asia.


,
Web- ( )
Wachowicz's Web W o r l d ( w w w . u t k . e d u / ~ j w a c h o w i / w a c h o _ w o r l d . h t m l ) .
Web- Pearson
www.booksites.net/wachowicz. Web-
Web-, ;
,
(, Valuation [ ], Tools of Financial Analysis and
Planning [ ] ..).
, Web- ,
"/" ,
Microsoft PowerPoint
Web.

29

, ,
, ,
. , Pershing Yoakley & Associates, CPAs and Consultants;
CCH, Inc. The Motley Fool. ,
, , )
Pearson Education, , , .
, 12-
, ,
. , , .
, .
.
: j w a c h o w i @ u t k . edu.
. , -,
. -., ,


, , .
, ,
.
,
.
.
, Web-
. ,
, ,
, .
,
, .

. :
E-mail:

i n f o@williamspublishing. com

WWW:

h t t p : / /www.williamspublishing. com

:
:

115419, , / 783

03150, , / 152

,
,
12- :
(Bode Akinwande),
(London Metropolitan University),
(Jean Bellemans), V U B ,
(Enrico Gallina), (The
European School of Economics),
(Peter Went), (Bucknell University),
(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.
, Iron Age; Anheuser-Busch Companies, Inc.
2002 (2002 Annual Report), p. 34.
2002 Anheuser-Busch Companies, Inc.
. ; The Association of Corporate Treas
urers The Treasurer
"Money Market Phenomena", The Treasurer ( Bedell D.), May 2003.
2003 The Association of Corporate Treasur
ers. . ; Incorporated
Alice Magos, "Ask
Alice about Ethics" "Ask Alice about Accountants", www.
t o o l k i t . c c h . com. Business Owner's
Toolkit,

32

Incorporated; CFO Publishing Corporation


CFO Asia , "Wheel of Fortune", CFO Asia
( Winton . Tsui E., April 2003, p. 28-37) "Tag Time?" CFO Asia
( Deady M.), February 2003, p. 16, www. cf o a s i a . com.
2003 CFO Publishing Corporation.
. ;
CFO Publishing Corporation CFO
, "The Added Cost of Corruption", CFO
( Durfee D.), January 2003, p. 18 "Natural Performers", CFO (
Fink R.), June 2003, p. 37-39. CFO
Publishing Corporation. . . "Reverse
Psychology Today", CFO ( Reason .), December 2002, p. 19, www. cf . com.
2002 CFO Publishing Corporation.
. ; CFO Europe (The Economist
Group) ,
"The dividend dilemma", CFO Europe ( Wood J.), December
2001/January 2002, p. 16-22. 2001/
2002 CFO Europe (www. cf o e u r o p e . com). .
; The Coca-Cola Company (Annual Re
port, 2002) :
Coca-Cola Contour Bottle. Coca-Cola Contour Bottle
The Coca-Cola Company; Federal Reserve
Bank of New York "The Basics of Foreign Trade and Ex
change",
September
2002,

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.
.
2004 Dell Inc. ; The First Tennessee Bank
"New Accounting Standards are Having a
Big Impact on Acquisitions and Goodwill", First Tennessee Business Review, Vol. 12:3,
2002, p. 7. 2002 First Tennessee Bank.
. ; The Economist
"The Big-Mac Index", Web- www. e c o n o m i s t .
com/markets/bigmac/displayStory.cfm?story
id=1730909.
The Economist Newspaper
Limited. . ; Harvard Business
Review "Must
Finance and Strategy Clash?" ( Barwise P., Marsh P. R. Wensley R.), Oc
tober 1989. 1989 Harvard
Business School Publishing Corporation; ; Institute of Man
agement Accountants Strategic Finance
"Why Automate Payables and Receivables?", Strategic
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

Kennedy Information Inc. "Harmonizing Accounting


Standards", Shareholder Value Magazine, January/February 2003.
2003 Kennedy Information Inc.
. ;
. . "Prepare for paperless payments", 2002
2004 MasterCard International Incorporated. .
; The Motley Fool ,
Web- w w w . f o o l . c o m , ;
NASDAQ International Ltd. , "Lessons
from the European boardroom?" The NASDAQ & International Magazine (
Brummer A.), September/October 2002, p. 54-55.
2002 NASDAQ International Ltd. .
; The Nasdaq Stock Market, Inc.
"Money Mechanics: A Guide to U.S. Stock Markets (release 1.2)", The NASDAQ
Stock Market Educational Foundation, Inc. ( Angel J.J.), 2002, p. 7.
2002 The Nasdaq Stock Market, Inc.
. ; Penton Media, Inc.
Business Finance "A New
Chapter in Lockbox Technology", Business Finance ( Gamble R.H.), March
2003, p. 35-38, "Asset-Based Financing Gains Ground", Business Finance (
Sammer J.), July 2003, p. 31-35 "Divest and Conquer", Business Finance
( Hansen F.), January 2003, p. 7-9, www.bfmag.com.
2003 Penton Media, Inc.
. ; Protiviti Inc.
"The Sarbanes-Oxley Act of 2002", October 10,
2003, Web- w w w . p r o t i v i t i . c o m .
2003 Protiviti Inc. .
; UBS Group
UBS Annual Review 2002, p. 44.
2003 UBS AG.
. ; Unisys Corp.
, "Strategic Alliances: When 1 + 1 = 3", Exec
( Schoeniger E.), Vol. 24:4, 2002, p. 13-18, w w w . u n i s y s . com/execraag.
2002 Unisys Corp.
. . "When Not to Focus on Cost Savings",
Exec, V o l . 25:1, 2003, p. 4 "Being a Responsible Corporate Citizen", Exec,
Vol. 25:1, 2003, p. 5. 2003 U n i
sys Corp. . ; Volkswagen AG

Annual Report 2002, p. 57.
2002 Volkswagen AG. . ; Wicks
Business Information Treasury & Risk
Management , "Bad Company?" Treasury
and Risk Management ( Sherman J.), March 2003, p. 34-36
( w w w . t r e a s u r y a n d r i s k . c o m ) .
2003 Wicks Business Information. .
.

34

Financial Times Limited


:
"A manager's real responsibility" Financial Times, 30 January 2002;
"Companies go back to basics in search for cash" Financial Times, 1 October 2002;
"A deal w i t h strings attached" Financial Times, 18 July 2002;
"How bigger dividends build trust" The Financial Times Limited, 7 October
2003 J o e Fuller and Michael Jensen.

, ,
.



- 2002 .

1 :
,
;


,

;

,

;

,

(.. ,
,
);

,
;



-,


.
,

Coca-Cola

( ,
)
. . XX
,
,
, .
1950-


.

-.
,
, - ,
,
, ,
, .
.
, ,
. "
" . "
" ,
.
, ,

. .
,
, ,
,
.
. ,
:
.
. , ,
- , ,
.

38

I.

,
, ,
,
,
.
.
- ,
.

.
. ,
,

.

, (financial mana
gement), ,
, . ,

: ,
.
(financial management)
,
, .


(investment decision)

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

1.

39


,
, (financing decision).

.
.
,
. -
? , ?
?
,

. (
) ,
. ,
.

,
, ,
.
(dividend-payout ratio)
,
, ,
,
. ,
() ,


,
.
,
,
.


, ,
(asset management decision).

, .
. ,
,
.
,
.

40

I.


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

.
; , ,
, ,
. ,
, ,
, .


(profit maximization)
. , ,
,
.
, ..
" " (earnings per share EPS) .
EPS
. EPS ,
,
, .
(profit maximization)
, (earnings after
taxes EAT).
(earnings per share EPS)
(EAT),
,

,
100 . ., , ,

15 . .?
( ) ,
. , ,
100 ,
. ,
/ .

1.

41


"
".
. ABMAMRO Annual Report 2002.

" Cadbury Schweppes ,


".
. Cadbury Schweppes Report & Accounts Form 20-F2002.

"

".
. CLP Holdings Limited,
China Light & Power Group, Annual Report 2002.

" ,
,
".
. Credit Suisse Group, Annual Report 2002.

" , :
".
. The Dow Chemical Company, Annual Report 2002.

" ExxonMobil ,
".
. ExxonMobil 2002 Summary Annual Report.

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

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

42

I.

,
, ,
.

. EPS;
; ;
, ; ,
.
, ,
.

, ,

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

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


,

. ,
.
,
.
,
,
, .
(agents),
. , ,
,
.
(agency theory) . , (
) , (
)
, 1

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.
1

1.

43

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

. ,
,
,
"" .



. ,
.
,
. "
" (principal-agent problem).
, ,
"- ".
"- " :
, ,
. , , . ,
(
). ,
- ,
,
.

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

44

I
|
|
I
|
I
J
|
I
I
I
I
|

I.

,
. .
,
. . , , ,
, .

.
. ( ), , ,
.

I . Martin Wolf, "A manager's real responsibility", Financial Times (January 30,
1 2002), p. 13 (www. f t . com). The Financial Times Limited 2002. ,
j .

(agents)
, , (principal),
,

(agency theory)
, (,
) (, ).

,
,
. ,

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


,

, ,
,
, -

1.

45

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


,
, ,
" "
.
"
", , - ,
(Center for Corporate Citizenship)
(). ,
.
,
,
. " , : ", , ,
,
",
.
, .
,

. , ,
. ,

.
,
. "
, .

. ".
, ,
, .
"
, ,
. ,
".
. "Being a Responsible Corporate Citizen", Exec, Vol. 25:1 (2003), p. 5 (www.
unisys.com/execmag/). 2003 Unisys
Corporation. . .

, ,
. ,
, , ,
. -

46

I.


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



.
, -
.
.

: -, ,
; -,
; -, ,
(chief executive officer CEO).
(corporate governance)
,
, .


, ,
.
, .
, ,
, ,
.



, . ,

, .
,
. , -

1.

47

,
,
.

10-11 ,
.
, , ,
.

2002



,
, Enron, WorldCom,
Global Crossing, Tyco .

.

- 2002 .
- 2002 (Sarbanes-Oxley Act of 2002 SOX)
, , ,
, ,
,


(Public Company Accounting Oversight Board PCAOB)
, 2002
,
, .

- 2002 ,

.
.


( ) . (Securities and
Exchange Commission SEC)
, ,
,
,
.

48

I.

:

. , ,
.
( ,
)
. , , ,

,

( ).


. .

. ,
, " "
, .
,

-,
.
, -,
, Barings Bank,
Guinness,

.

, ,
,
, .
" " ,
. ,
| , Cadbury
Schweppes, , ICI, , Marks and Spencer,
.
.
,
,
- .
, ,
, .

, , .

1.

49


(, ,
)
.
,
.
, ,
.
. Alex Brummer, "Lessons from the European boardroom?" The NASDAQ
International Magazine (September/October 2002), p. 54-55. 2002 NASDAQ International, Ltd.
. .



,
, , ,
. . 1.1
.
.

- ( ) (chief financial
officer CFO) (chief
executive officer CEO). ,
CFO, :
( ) (treasurer),
(controller).

. ,
" ".
(Internal Revenue Service IRS),
(Securities and Exchange Commission SEC)
.
,
: (
, ) ,
( ,
, ) (
,
).
,
.

.
,
.

50

I.

( )



( ,
/
)
( ,

)

1.1.

'
,
.


,
,
, ,
.
,
.
.
:
, .

,
, .
,
.

,
!
, ,
?
,
, !
,
. ,
, "" ,
, , .
,
. ,
, ;
,
.
, . ,
, ?
,
?
, , .
, ,
. , ,
.
,

.
,
, . , ,
, , ,
, ,
"" ( ).
,
,
. - , "
" {Cicero and the Ethics of Honest Business Dealings) (www. stthom.
e d u / c b e s / o j e / a r t i c l e s / r i c h a r d s .html). ,
,
, , , , ,
, , .

52

I.

, , ,
.
.
. (
) ,
, , ,
,
. Enron
Andersen! Firestone!
, !
: .
, ,
.
, , ,
,
,
.
. Alice Magos, "Ask Alice about Ethics". Web- www.
t o o l k i t . c c h . c o m / a d v i o e / 0 9 6 a s k a l i c e . a s p .
Business Owner's Toolkit,
:
Incorporated
I 2700 Lake Cook Road
Riverwoods, Illinois 60015
(www. t o o l k i t . cch. com)

1 ( I) ,

,
.

. , 2

.
,
. , ,
. (time
value of money), , (valuation),
3,4 5
( I I ) ,
. ,

.
.
,
, -

1.

53

. , ,
,
. ,


.
.
,
,
.
,
,
6 7 ( I I I ) .

-
,
?

.
,
.
,

. , ,
" ",

, . ,

,
.


, ,

. IV ,
, ()
, -
.
() ,
.
.
,
, , .

(.. -

54

I.

, ).
- ,

.
V ( , )
.
, ,
, (
). -
, ,
, ,
.
,
.
. ,

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



,
.
.
,
, , ,
, .

. ,
,
.
VI (
) .
(
, ""),
, ( ) .
,
.
,
, . IV -

1.

55

, V I I
.
, ,
.

V I I I
, ,
; ,
.
, ,
.
,
; ,
. ,
,
.
, ,
, .
: (
)
,
, .
, ,
.
.
.

,
,
.

, ,
: ,
, .

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


.
; ,
;

56

I.

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

.

,
.

.
, -
.

- (CFO), , ,
. ,
CFO, ,
( )
, .
, , ,
,

1.
,
, ,
?
2. , ,
,
.
3. ?
4. ,
( )
(, ), ,
?
5. ,
.

1.

57

6. ?
?
7.
?
"" "" .
8.
, ,
,

. ,
, ,
, - ?
9. ,
? ,
?
10.

11. " "?


?
12.

,
.


Ang, James S., Rebel A. Cole, and James Wuh Lin, "Agency Costs and Ownership
Structure" Journal of Finance 55 (February 2000), p. 81-106.
Barfield, Richard, "Shareholder Value: Managig for the Long Term", Accountancy 108
(October 1991), p. 100-101.
Barnea, Amir, Robert A. Haugen, and Lemma W. Senbet, "Management of Corporate Risk",
in Advances In Financial Planning and Forecasting. (New York: JAI Press, 1985).
. Agency Problems and Financial Contracting. (Englewood Cliffs, NJ: Prentice Hall,
1985).
Birchard, Bill, "How Many Masters Can You Serve?" CFO 11 (July 1995), p. 48-54.
Bernstein, Peter L. Capital Ideas. (New York: Free Press, 1992).
Chambers, Donald R., and Nelson J. Lacey, "Corporate Ethics and Shareholder Wealth
Maximization", Financial Practice and Education 6 (Spring-Summer 1996), p. 93-96.
Chen, Andrew H., James A. Conover, and John W. Kensinger, "Proven Ways to Increase
Share Value", Journal of Applied Corporate Finance 12 (Spring/Summer 2002), p. 89-97.
Dore, Lucia, "Corporate Governance in Europe", Shareholder Value 3 (January/ February
2003), p. 54-59.
Friedman, Milton, "The Social Responsibility of Business Is to Increase Its Profits", New
York Times Magazine (September 13, 1970).
Felo, Andrew J., and Steven A. Solieri, "New Laws, New Challenges: Implications of
Sarbanes-Oxley", Strategic Finance (February 2003), p. 31-34.

58

I.

Hart, Oliver. Firms, Contracts and Financial Structure. (Oxford: Oxford University Press,
1995).
Holmstrom, Bengt, and Steven N. Kaplan, "The State of US Corporate Governance:
What is Right and What's Wrong?" Journal of Applied Corporate Finance 15 (Spring 2003),
p. 8-20.
Jensen, Michael C, 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.
Jensen, Michael C, and Clifford W. Smith, Jr., "Stockholder, Manager, and Creditor
Interests: Applications of Agency Theory", In Recent Advances in Corporate Finance, ed.
(Edward I. Altman and Marti G. Subrahmanyam, p. 93-132. Homewood, IL: Richard D.
Irwin, 1985).
McTaggart, James M., Peter W. Contes, and Michael C. Mankins. The Value Imperative:
Managing for Superior Shareholder Returns. (New York: Free Press, 1994). 1 2
, .
Millman, Gregory J, "New Scandals, Old Lessons: Financial Ethics After Enron",
Financial Executive 18 (July/August 2002), p. 16-19.
Rappaport, Alfred. Creating Shareholder Value. (New York: Free Press, 1986).
Seitz, Neil, "Shareholder Goals, Firm Goals and Firm Financing Decisions", Financial
Management 11 (Autumn 1982), p. 20-26.
Special Issue on International Corporate Governance, Journal of Financial and
Quantitative Analysis 38 (March 2003). ( )

.
Treynor, Jack L., "The Financial Objective in the Widely Held Corporation", Financial
Analysts Journal 37 (March-April 1981), p. 68-71.
I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . edu/
-jwachowi/wacho
world.html)

2 :


,
;

,

,
;

,




;

,


;

, "
",
" ",

( ). ,

.
,
" "

,
, .
, , ,
.

, ,
. ,
,
.



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

. , ,
, , ,
, .
,
.


(sole proprietorship)
. ,
,

.
.

, .
.
,
,
. .

62

I.


.
,
.
, , ,
,
. ,
, .

,
, - .
,
. ,
,
, (IRS)
, ,
.
.
, .
,
, ,
.
, .

, .
(sole proprietorship)
,
, .

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

,
( ).
, ,
,
.

,
(general partnership),
.
. , , -

2. ,

63

,
.
( ) ,
, , ,
,
-
.
, .
, ,
,
.
,
(limited partnership),
, (limited partners),
,
;
, .
,
(general partner).
(partnership)
,
.

(general partnership),
, ,

(limited partnership),
.
, (limited partner)
,
,

, (general partner)
,
.


: ( )
. ,
;
( )
.
.

64

I.



. ( ) (corporation)
" ", .
.
(Dartmouth College), 1819 ,
,
, ,
. ,
, ,
, .
1

, (corporation)
, .
,
,
.

,
.

.
.
,
. ,

.
,
,
,
. ,

. , ,
, -
" ".
,
( ).
, -
.
,
,
,
-

The Trustees of Dartmouth College v. Woodward, 4 Wheaton 636 (1819).

2. ,

65

,
.
,
,
.

.

,
(double taxation).
, ,
. (
.)
,
,
, ,
, . ,
, .
2


(limited liability company LLC)
,
, .
( "")

, .
:
,
S- (
, ).
1990 L L C
. 1988 (Internal Revenue
Service IRS) ,
LLC
.
L L C .
LLC
,
.
3

S-,
(Internal Revenue Code),
, " ".
,
, .
LLC
, .
6

66

I.

, ,

(): 1) ; 2)
; 3) ; 4)

. LLC ( )
. , LLC
, LLC. LLC
.
LLC, , , , ,
"
", LLC
,
. LLC ,

LLC.
L L C
, , LLC,
- .
, ,
LLC (PLLC)
{limited liability partnership LLP), - PLLC.
P L L C / L L P
,
LLP.
(limited liability company LLC)
, (
)
, .


.
, ,

. -,
,
( ).
.
,
.

. .
, .

2. ,

67



() ,

.
.


(.) (.)
(%)

(.)

50000

15

0,15 ( 0 .)

50 000

75 000

25

7500 + 0,25 ( 50 000 .)

75 000

100 000

34

13 750 + 0,34 ( 75 000 .)

100 000

335 000

39

22 250 + 0,39 ( 100 000 .)

335 000

10000 000

34

113 900 + 0,34 ( 335 000 .)

10 000 000

15 000 000

35

3 400 000 + 0,35 (


10 000 000 .)

15 000000

18 333 333

38

18 333 333

35

5 150 000 + 0,38 (


15 000 000 .)
6 416 667 + 0,35 (
18 333 333 .)

a) 100 . 335 . .
5% ( 34%). ,
, 335 . 10 ,
., 34%
.
b) 15 000 000 18 333 333 .
3% ( 35%). ,
, 18 333 333 .,
35% .

,
,
, ,
(marginal rate). ,
50 . .
25%, 75 .
. 34%.
(average tax rate)
.
, 100 000 .
22 250 ., , ,
22 250 ./100 000 ., .. 22,25%. (.. ,

68

I.

335 . .)

.
34% 335 .
10 . . , , 35%
18 333 333 .
.
,
, .
, , ,
,
- .
(alternative minimum tax ) .
20%
(alternative minimum taxable income A M T I )
, " "
. , A M T I
,
.
. -
.
, ,
25%
: 15 , 15 , 15 15 (
).
, . ,
,
15 .
(depreciation)


, .
, ,
. ,
. ,
, .
, (straightline depreciation) (accelerated
depreciation).
:
.

:
, , .

2. ,

69

(depreciation)


, .
(straight-line depreciation)
,
,
(accelerated depreciation)
,
, .

(Tax Reform Act) 1986



.

{Modified Accelerated
Cost Recovery
System MACRS, "") . MACRS
, ,
, (
" ")
. , ,
(
), ;
"
" .
. 2.1. (
, (Internal Revenue Code).)
4

2.1. MACRS

"3 , 200%". ,
,
. " " (Asset
Depreciation Range ADR), ,
(
, . .).

"5, 200%".
ADR , , ,
,
, ,
,
, , .

" " (MACRS)


, , , 1986 , , ,
1987. " " (ACRS).
4

70

I.

2.1

"7, 200%",
A D R 10 16 .
,
-
.
"10, 200%".
A D R O T 1 6 A O 20 .

"15, 150%".
A D R 20 25 , .

"20, 150%".
A D R 25 , , .

"27,5 ",
,

"39 ".
.

,
.
, ,
10 . ., (
) 10 . . / 5 , .. 2000 . (

).

(declining-balance depreciation) ,

(
) ,
. ,

(double-declining-balance D D B method)
.
. (

.)

(declining-balance depreciation)
, ,

,
.



:
m(l/n)JV5V,

(2.1)

2. ,

71

,
, a NBV
.
10 . .,
D D B :
2(1/5)$ 10 = $4000
2(1/5) "
" (40%),
.
, 6000 . 6000 .
(4000
.) .
, :
2(1/5)$6 000 = $2400
:
2(1/5)$3600 = $1440
..

(Modified Accelerated Cost Recovery System MACRS). -, -, -



. ,
,
, ,
. , 15- 20- ,
150%-
-
.
.
,
(half-year convention).

.
,
.
, ,
, .
, , ,
,
.
200%- ,
, 10 . . .

,

72

I.

2(1/5)=40%. ,
20%, 2000 .
.
, .

(.)


( ) (.)

10 000

(0.2) 10 000 .

2000

8000

(0,4) 8000 .

3200

4800

(0,4) 4800 .

1920

2880

2880 ./2,5

1152

1728

2880 ./2,5

1152

576

(0,5)2880 ./2,5

576

,
, ,
. 2,5
. ,
576 .,
.
(,
, ),

, .
,

(%)

(%)

(%)

(%)

33,33

20,00

14,29

10,00

44,45

32,00

24,49

18,00

14,81

19,20

17,49

14,40

7,41

11,52

12,49

11,52

11,52

8,93

9,22

5,76

8,92

7,37

8,93

6,55

4,46

6,55

6,56

10

6,55
3,28

11
,%

100,00

100,00

100,00

100,00

2. ,

73

,
,
.

"" .
2003 ,
, "
" 2003 (Jobs and Growth Tax Relief Reconciliation Act of 2003
JGTRRA). ,
"". , ,
,
, , ,
.
" " (Increase and
Extension of Bonus Depreciation).
,
.
"
" 2002 (Job Creation and Worker Assistance Act of
2002 J C W A A )
30%- . ,
, ,
;
.
10 2001 , 11 2004 .
,
(alternative minimum tax ) .
"
" 2003 (JGTRRA)
,
" ", 30 50%
" ()" .
, 50%-
, , 30%-
() 5
2003 1 2005 .
( 50%- )
1 2004
, , 100 .
. (2004)
, 60 . ., ..
50 . , (100 , , 50%)
, MACRS, 10 . .,
((100 , . 50 000 .)
20%). (2005) MACRS 16. .
((100 . . - 50 . .) 32%). .

74

I.


60% [( 50 . .
10 . .),
, 100 . .]. ""
16% (16 . . + 100 . .). .
,
, " ",
2004 , , ,
, " ". ,
, MACRS,
" " ,

, , ,
"" 30%- .
, ,
- ""
. ,
. J C W A A Web-
w e b . u t k . e d u / ~ j w a c h o w i / h r 3 0 9 0 . h t m l .
JGTRRA Web- web. u t k . e d u / ~ j w a c h o w i / h r 2 . h t m l .

:
? ,
, , ,
. ,
, ,
. , ,
()

,
. 35%,
, 1 . ,
35 , 1 .,
,
. 1 .
( ),
65 : 1 . (1 - ). ,
1 . ( )
- 1 .,
. , ,
,

.

2. ,

75

. .
(cash dividend),
7 0 % .

(cash dividend)
.
.


( ),
. 3 0 %
. , 10 . .
, 3 0 0 0 . .
, 3 5 % ,
1 0 5 0 ., 3 5 0 0 .,
, .

(carryback and
carryforward).
, 20 ,
. ,
,
. 2 0 0 4
4 0 0 . .,
, .. 2 0 0 2 .
4 0 0 . .
1 3 6 . ., 2 0 0 2 ,
. ,
1 3 6 .
. 2 0 0 4
, 2 0 0 2 ,
2 0 0 3 .
,
,

2 0 0 5 - 2 0 2 4 .
,
6

- ,
45 . 20%
, 80%
. , 80% ,
.

,
.
5

, ,
20 . ,
,
. 1998
() 15 ().
6

76

I.

.
,
.
(capital gain/loss). ,
( ,
) , .

(capital gains income)
(operating income),
.
(Revenue Reconciliation Act) 1993 ,
( 35%).

.
(capital gain/loss)
,
( , ).


, ,
,
, ,
: , , L L C . ,
,
LLC, ()
.

: 10%, 15%, 25%, 28%, 33% 35%.
,

: ; ,
; ,
; .

,
.
(

),
.
, . ,

, . (

2. ,

77

.) ,
, .

. ,

( 28%- ).
S. S (Internal Revenue
Code) (S- S corporation)
. ,
,
, , .
,
,
, .
(
) , .
,
,
,
. , ,
, "" -

.
, ( L L C )
, , S-
, (,
). , L L C ,
L L C S-.



, ,
, .
,
(financial markets).
(financial markets)
, ,
.

, , ,

.
.
, -

78

I.

.
,
,
,
.


,
, ,
.
, , , ,
- .

, ,
.
.
.
,

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

.
, ,
, .

, .

. ,
,
,
.


,
""
() . . 2.1
-

2. ,

79

pa ( )
( ).
,
"" .
,
, ,
.
.
.
: . (money
market) (
)
. , (capital market)
(
) : .
.
, , ,
"", IV .
(money market)
( )
.
,
,
,
(capital market)
, (
) (, ),

.
, . (primary market)
" ". ,
,
. (secondary
market) .

. (.
. 2.1 ,
).
(primary market)
, (
" ").
(secondary market)
.

80

I.

~
( "" ).
,
(,
) .
. ;
, ,
,
.
. 2.1. ,
""

.
,
. ,
- "
".
" "
,
,
.
.

, .

2. ,

81

,
. ,
.



;
, .
(financial intermediaries) ,
, ,
, , .
,
.
( ) ,
, (
) . , ,
- , ,

. , ,
.
(financial intermediaries)
,

.
, , ,
, , .

:

( )
.
,
, / ,
.

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

82

I.

,
,
.
.
-
, .
,
.
. : ,
, ,
. ,
,
. ,
, ,
.
, ,
, ,
.
,
,
.
.
, ,
.
,
. ,

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

. , ,
.

,
. .

. (
), , ,

.

.
. -

2. ,

83


.

.

. ,
( 0,5%
)
. ,
.
,
.
,
, (
, )
. , ,
,

.
,
. , - ,
.

, .
,

. , .



. ,
, ,
, , ,
.
(investment bankers) ,
. -
,
(), ( ).
,
, ,
, .
, ,
, -. V I I ,
,
.

84

I.

(investment banker)
,
(
) .

(mortgage bankers)
,
,
. ,
.
, ,
,
. ,
.
.
(mortgage banker)
,
.




.
(secondary market).
,
, ,
( )
. , -
, -
, ,
.
.
, (over-the-counter ( ) market)
,
,
. ,
.

, .
"":
. -
, .
,
,
(National Association of Securities Dealers

2. ,

85

Automated Quotation Service NASDAQ ( "-". . .)).


, -
(
), .

,
- . ,
, ,
.
,
, .

.
, .
.
Motley Fool
The

Motley

Fool

",

Motley

The

100 .

150

".

Fool,

The

(www. f o o l .com)

Motley

Fool

Web- www. f o o l . com.

,
,

Web

The

Motley Fool

. (OTC-issued stocks)?
. "" " o v e r t h e c o u n t e r " ("
"), " o v e r t h e
c o m p u t e r " ("" " ").
, ,
, .
,
. 1971
NASDAQ,
. ,
,
,
, , ,
( "").
( stocks).
, ,
. NASDAQ .
5500 . NASDAQ
, ,
,

86

I.

Microsoft Intel.
( " "),
NASDAQ, ,
"
". (
), ,
(fools).
I . The Motley Fool (www.fooi.com), The
|

Motley Fool.


,
. , ,
- ,
.
,
,

.

, ..
. ,
, ,
, ,
. , ,
, .
, ,
,
, .
.
,
. . 2.2
""
. : ,
, ,
.
, (
).
, , ,
, .

,
.

2. ,

87

. 2.2.
:
,

. (default),
,
. ,
(),
( ).
, ,
, .
,
,
.
,
'.
(default)
,
,

,
,
Moody's Investors Service Standard & Poor's.
,
. .

'
, Van ,
Financial Market Rates and Flows, 8.
,
.

88

I.

Moody's Investors Service Standard & Poor's


. ,
, . 2.2.
, ,
"".
( Moody's
; Standard & Poor's A A A ) "
" ( " ,
" investment grade quality).
,
, ,
. ,
,
" " (speculative grade).

,
, .
. (liquidity, marketability)
, .
(liquidity, marketability)


,

: ,
.
, ,
.
,

.
,
. , ,
, .
, ,
,
, .
2.2. ,

Standard & Poor's

Moody's Investors Service

AAA

2, ,

Moody's Investors Service

89

.2.2,

Standard & Poor's

. " "; ,
, " ".

, . ,
, ,
. ?
. , , (maturity),

.
,
, (
) (term structure of interest rates).
-
(yield curve). "-
" (..
, . . .)
. 2.3.
, .
.
(maturity)
" " ;
,
()
(term structure of interest rates)
,
.

(yield curve)
,

, .

90

I.

. 2.3.


( )
.

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

. , ,
,

. ,
, -

2. ,

91

,
.
,
,
( 35%).
.
- (..
. . .).
,
.
,
,
(),

. ,
-
. , -
- ,
,
. , ,
. 22.
. ,
,
.
,
,
. ,
, , , ,
.

(.. )
,
"" .
4%
, 10 6%
, 10%- 10-
. (.
,
.) ,
,

, .
8

(inflation)
.

Appreciation and Interest (New York: Macmillan, 1896).

92

I.

.
, , ,

. ,
(, , )
. ,

.


, ,

(LLC).
( )

.
,
,
.

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

.

.
,
. ( -

2. ,

93

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

.
,
. " ",

.
,
( ) ,
, ,
.

, .
, , ,

.
, (, ,
) .
,
.

1.
?
.
,
.
2. (
)?
3.
: ) , )
, ) (LLC)?
4.
?

I.

5. ,
(MACRS)?
6.
,

. ?
7.
, ..
?
8. ,
, , ,
?
9. ,

. ?
10.

,
( )
S-? .

11.

.
,

. ?
, , - ,
?

12.

,

!

13.

?
.

14.

15.


,
. ?

16.
? ?
17.

, -
?

18.


?
a) .
b) -
.
c)
.

2. ,

95

d)
, .
e) .
19.


.
?

20.

?
?

21.

22.

23.


1.
, .
,
480 . .
90 . ., 263 .
.
467 . .,
, ,
, 42 . .
, .
,
: (
).
36 . .
a)
(,
600 . .),
?
b) ,
?
?
c) ,
?
2. Bernstein Tractor Company
16 . .,
(

I.

() ).

?
3. Wallopalooza Financial, Inc. ,

.
7% .
,
, 3% (
, ).
Wallopalooza Financial,
, 2 . . (
100 . .).
a)
Wallopalooza Financial:
b) Wallopalooza Financial 100 . .
( 6,5%) (
3,5%), Wallopalooza
Financial ? (,
.)
4. , 91 6%, 25-
7,25%. Lopez Pharmaceutical Company
25- ,
9%.
a) ,
,
,
Lopez Pharmaceutical Company!
b)

?

1>

|3
1. Zaharias-Liras Wholesalers
418 . .
1 346 .,
140 . . Zaharias-Liras
Wholesalers.
893 . ., ,
.
(280 . .) ,
.
.

2. ,

97

a)
?
?
b)

?
2. Loann Le Milling Company
28 . .
53 . .
,
.
?
3. Tripex Consolidated Industries 1,5 . .
12%- Solow Electronics Company.
100 Solow
Electronics, 10%
Solow Electronics.
Solow Electronics
3 .
.
Tripex Consolidated Industries 34%.
Tripex Consolidated Industries ,
?
4. Castle Cork Company 20X1

(.).
20X1

20X2

20X3

20X4

20X5

35 000

68 000

-120 000

52 000


( ,
).
5.

Loquat Foods Company


9% . 4%-
.
a)
?
?
b) , 2%,
- ? ? ?
c) , ,
6%?

98

I.

6. Wall Street Journal (


) -
,
(
), (
),
. (
, Bond Market, Money Market Rates
Treasury Issues.)
?


1. ) ,
, ,
.
,
467 . .
, 90 .
. , -
.
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 :

,
" ";

,

;

: )
, ; )
(); )
;

" "
"
";


,

;



,
,
;

" "
.

, ,
.
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

( ) (future value, terminal value)


(
) - ,
.

,
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 +

= $108(1,08) = $100(1,08)(1,08) = $100(1,08) 2

= $116,64.
:

FV = FV (1+0 =
3

0(1 + 0 = -(1 + ~
3

= $ 116,64(1,08) = $108(1,08)(1,08) = $ 100(1,08) =


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

= $58 11,467 11,467 11,467 11,467 2,079 =


= $58 35946,26 = 2084883,08.
-,
,
. ,

,
.

,
.

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

,
"" .

, . : "*" = ".

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

FVA = R(\ + i)"" + R(l + )"" +... + R(l + ) + R(l + if


n

R[FVIF ^
t

+FVIF _
in

+ ... + FVIF FVIF ].


il+

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

(.FVIFA, ) = (1 + / ' = ((1 + 0" -1) / /

()
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/(1+/)' = (1 - (1 /(1 + /)"))//


t=1

(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

FVAD = R(FVIFA )(l + i).


n

in

(3.14)

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

.

3.

]
$
1

\
$

\
$1000
I

123

* $1080
1166
1260

($1000)(FVIFA )(1,08) = ($3246)(1,08) =


8%i3

$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

$2783 = ($1000)(PVIFA +1)



8% 3 (PVAD )
8%2

.
(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.

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

PV = FV (PVIF o/ i) = $5000(0,952) = $ 4760


0

0|

PV = FV (PVIF o/ ) = $5000(0,907) =

4535

PVfj = FV (PVIF o/ ) = $6000(0,864) =

5184

PVrj = FV <PVIF o ) = $6000(0,823) =

4938

PVfj = FV (PVIF o/ ) = $1000(0,784) =

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)

= $100(1 + 0,02) =$108,24,


4

, , ,
.

:
FV = $100(1+ [ 0 , 0 8 / 4 ] )

(4)<3)

= $100(1 + 0,02) =$126,82,


12

:
FV = $100(1 + [0,08/ 2] )

( 2 ) ( 3 )

= $100(1 + 0,04) =$126,53.


6

3.

129


:
FV = $100(1 + [ 0 , 0 8 / 1 ] )

(1)(3)

= $100(1 +0,08) =$125,97.


3

, ,
. (3.17)
, (continuous
compounding) .
.
. ,
,
, .
(1+)",
,

PV =FVJ(l+[i/m]r,

(3.18)

, , FV ,
,
, a i .
(3.18), , , 100 .,
, 8%-
:
n

PV = $ 1 0 0 / ( 1 + [ 0 , 0 8 / 4 ] )

(4)(3>

= $ 100/(1 + 0.02) =$78,85.


12

, :
PV = $ 1 0 0 / ( 1 + 0,08) =$79,38 .
3

,
,
. ,
.


. ,
, . ,
(3.17)
:
FV =PV (l+[i/m]r.
n

( )
(),

130

II.

, (1+[/]) ein,
2,71828. ,

( ) :
0

FV =PV (e) .

(3.19)

in

. 100 .
(
8%) :
FV =$100(e) '
(0

08K3)

= $100(2,71828)

(()

=$127,12,


:
FV = $100(1 + 0,08) = $125,97.
3



.
, ,

, , :
PV =FV /(ey .

(3.20)

, 1000 .,
10 20%-
, :
=$1000/() '
< 0

2 0 ) ( 1 0 >

= $1000/(2,71828) =$135,34.
2

,

, .
,
,
.


,

?
, ,
() , -

3.

131

,
.
( a n n u a l p e r c e n t a g e yield APY), , APY
, ,

,

. ()
( e f f e c t i v e a n n u a l interest rate), APY
( 365
366 , ),
.
(Truth-in-Lending A c t )

.
( a n n u a l p e r c e n t a g e r a t e A P R ) .
""
APR,
, .
, , ,
, .

(effective
p e r i o d i c interest r a t e )
(.. ,
),
. APR.



.
, ,
, .
, ( )
(effective annual
interest rate).
, ,
m .
(effective annual interest rate)
, ()
,
,
, ,
(1 + ) = (1 + [ / ])'

132

II.

,

:
4

= (1 + [/tn]) -1

(3.21)

, ,
,
8%, :
(1 + [ 0 . 0 8 / 4 ] ) -1 = (1 + 0,02)" -1 = 0,08243.
4

, ,
8%- .
. 3.7
1000 ., 8%,
. ,
,
( , )
.
3.7.
1000 . , 8 %

(.)

(.)
(%)*

1000

1080,00

8,000

1000

1081,60

8,160

1000

1082,43

8,243

1000

1083,00

8,300

1000

(365 )

1083,28

8,328

1000

1083,29

8,329

"1000 ., , ,
, , 3.



,
. ""
:
= ()' -1

3.

133

,
, .
, , .
, ,
.

, , 22 . . 12%
, ,
.
. ,

(22 . .) 12%- .
, R, :
$22 000 = 7? J l / ( 1 + 0,12)'
=

R(PVIFA ).
l2%s

. IV , , ,

12%- 4,111.
R, :
$22 000 = ^(4,111)
i? = $22 000/4,111 = $5351.
, 5351 .
()
22 . .
.
(amortization schedule) . 3.8. ,
12%
( ) .
, ,
, , ,
.
(amortization schedule)
,
.
,

, ,
, , ,
, .
, 22 . .,
, , .
,
.

134

II.

3.8.



(.)

(.)

(4) 0,12,



(.)

(2)

(1)



(.)

(1) - (2)

(4) -(3)

(3)

(4)


()

FV =P (l
n

(3.4)

iy

FV =P (FVIF )

(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)

PVA =R[(i-[l/(l+i) ])/i)

(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

PVAD =(l
n

i)(R)(PVIFA )
iri

(3.16)

IV

3.

135

,
, .
.

, ( )
( )
.

, ( )
,
( ) .

.

, ,

.
(
), .
(
), .

, ,
( ),
.


, .

,
, .
1. :
;
,
.
2. :
;
.
3. :
;
.
4. :
;
,
.


, .
() -

136

II.

"
.

.

, ,

.
,
, .
,
,
;
.

.

1. " "?
2. " "?
?
3. ,
, ?
4. ""? ,

,
?
5.
? ?
6. ()
.
?
7.
?
8.
,
,

? ?
9. " 72" ,
12 6%
( -

3.

137

12%).
?
10.
,

? ?
11.
,

, ? ?
12. 35 , .
,
3%. 200 .
60 ?


1.

(.)

100

600

200

200

200

300

300

1200

500

300

a)
, ,
, 10% .
b) ,
14%.
2.
. ,
500 . 7% ,
.
,
1000 . 7,5% ,
. ,
,
,
( ),
) ()
10 ?

II.

b) ()
10 ?
c)
, , ,
10 ?
d) ,
7%?
3.
25 . . , 50 .
. .
( )
?
4. ,
7000 . .
Philo Life Insurance Company
( ),
20 .
, Philo Life Insurance Company
, 6%
.
a)
?
b) ,
8%?
5. 10 . . 14%
, .

.
a)
,
? ( .)
b)
?

? {.

, .)
6.
, 20 1000 .
.
, .

"", ,
, 10% , -

3.

139

? (
.)
7.
( ) ,
7,06% ,
( A P Y ) 7,25%. ,
(, , )
? ,
(
) , 10 . .? ,
,
?
8. ( ) 65
1 .
,
, , 8
(.. 80 . . 40 ).
1230 .
65 ,

5% ,
?
" ",
, ?
9. 10- 50 .
. 8% ,
.
( 7451,47 .
10 ).
a) ( )
?
b)
? (.
,
. , ,
.)

1. .
)
100 . ,
: I) 100%, I I ) 10%,
I I I ) 0%?

II.

b)
500 . (

100 .), : I) 10%,
I I ) 5%, I I I ) 0%?
c)
500 . (

100 .), : I) 10%,
II) 5%, I I I ) 0%?
d)
100 .
, :
I ) 100%, I I ) 10%?
e) d)
)?
f) 10
100 ., , 10%,
( ): I) , I I )
, I I I ) , I V ) ?
2. .
a) 100 .,
, :
I ) 100%, I I ) 10%, I I I ) 0%?
b) 500 .,

, : I) 4%, ) 25%?
c) 100 . , 500 .
1000 . .
,
: I) 4%, I I ) 25%?
d) 1000 . ,
500 . 100 .
.
, :
1)4%, ) 25%?
e) ) d)
.
3. 25 . .
,
12 .
,
6% .
,

3.

141

( )
, 12 (
) ? (,
.)
4. 10 50 . .
,
10 .
8%
.
( )?
5. , 4, ,
10
( ).
6. 10 .
. .
,
16 . .
( )?
7. ,
(
) 3000 .
10 200 .

( )?
8. , P.J. Cramer
Company, 500 . .
, ,
, 20%.

?
9. & L Bark Company
.
,
.

(.)

1200

2000

2400

1900

1600

10

1400

1400

1400

1400

1400


(.)

,
14%?

II.

10. , 10 1000 .
,
10%, I)
, I I ) , I I I ) ?
11. 200-
1000 .,
100 1 . .

?
12. , ,
63 .

Philo Life Insurance Company.
.

. ,
Philo Life Insurance Company,
15 .

.
a)
,
, 10 . ., ,
Philo Life Insurance Company
, 5%?
b)
,
10%?
c)
,
30 . ., , Philo Life
Insurance Company
, 5%? , 10%.
13. Happy Hang Glide Company .
20
190 . . ,
, 17% (
).
20 .
?
14.
( ). (
. 3.8.)

3.

143

a ) 36- 8000 .;
36
. 1% .
b) 25- 184 . .
10% (
).
25 .
15.

14 300 .; ,
, 15%.
,
3000 . (
, .)
(
)?

16. Lost Dutchman Mines, Inc.


.

. .
, Lost
Dutchman Mines 5 . .
, ,
Lost Dutchman Mines (
).
Lost Dutchman Mines
,
, ,
20%, I) , I I )
, I I I ) , I V ) ?
17.

. .
21 (
) 2000 . 7%
, .
10 ,
.
. ,
35 65

( 7% ).
( ) 35
2000 . 7% .
, 31 .

65-? ( )
?

18. , ,
,


1000 . ( ,
).
(5% ). 25 ,
. ,
( )
-, -
.
25-?
19. , ,
100 . . 5%
, ,
,
.
R .

R (
).
. (.
;
1; ..)
...
R,
R
? (.
!)
20. ,
9,6%.
, ,
al) , I I ) , I I I )
, I V ) , V) (365 ), V I )
? (.
, 0,0987 9,87%.)
21. " ? ...
,
, 1 000 000 ."
W o r l d Wide
Web.
" ": "40 ,
25 . . ; 1 000 000 .
1 ;
1 ".
" "
1 , ,
, 8%?

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

= $1000{[(1 + 0,07) - 1 ] / [ 0 , 0 7 ] } = $13 816,45.


1
, (323,37 .).
10

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

4. ) = $ 7 0 0 0 ( 4 .
0

/20

%e

) = $7000(11,470) = $80 290;

b) PV = $ 7 0 0 0 ^ / 7 ^ 2 0 ) = $7000(19,818) = $68 726;


0

5. a)

PV =$10QQ0 = R(PVIF\ ) = R(2,9U).


0

%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

= $1000 = R(FVIFA ) = (2,100).

i0%2

, R = 1000 ./2,100 = 476,19 .


1 000 .
476,19 . 20 .
PVA = $ 4 7 6 , 1 9 ( , ) = $476,19(8,514) = $4 054,28
?

20

2 0

7.

= (i + [i/m]) -1 =
m

= (1 + [0.0706/4]) -1 = 0,07249 ( 7,25%).


4

,
. 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 . ( )

b) 7451,47 . - 4000 = 3451,47 . (


)
c) -
=

d) 74 514,70 . - 50 000 .= 24 514,70 .


Cissell, Robert, Helen Cissell, and David C. Flaspohler, Mathematics of Finance, 8
(Dallas, T X : Houghton Mifflin, 1990).

th

ed.

Johnson, Ramon, Financial Valuation and Analysis. (Dubuque, I A : Kendall/Hunt, 1981).


Trainer, Richard D.C., 77ze Arithmetic of Interest Rates. Federal Reserve Bank of New York.
( Public Information Department, Federal
Reserve Bank of New York, 33 Liberty Street, New York, NY 10045.)

148

II.

Vichas, Robert P., Handbook of Financial Mathematics, Formulas, and Tables. (Englewood
Cliffs, NJ: Prentice Hall, 1979).
II Web-, (Wachowicz's Web World),
"" Web-,
, , .
(web.utk.edu/~jwachowi/part2 .html)

.,

, Annuities:

Due? What do I do?


( w e b . u t k . e d u / - j w a c h o w i / a n n u i t y 1 . h t m l ) Annuity Problems
(web.utk.edu/~jwachowi/annuity

prob.pdf)

Ordinary?












: (YTM)




(
)

4 :

,
,
,
,
,
;

,
;

( )
;

,
.

? , ,
, .


.

. ,
: ,
(
). , ( )
.

,
,
.

:
(value) -.
,
. .

(liquidation value) ,
-
(, )
.
(going-concern value) (, -,
), ,
.
, , ,
, , "" .
(liquidation value)
,
- (, )
.
(going-concern value)
,
, (- .)

152

II.

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


(book value) -
, ..
.
,
(
).
,
.
(market value)
, ( )
. , -
, , .
(book value)
1) : , ..
; 2) :
,
( ).
(market value)
, .


,
- .
,
,
, .
, ,
.
() (intrinsic value)
,
,
: , , ,
.. ,
,
. -

4.

153

,
,
.
() (intrinsic value)
, " " ,
.

, ,
, .. "
" .
,
, ,
.
,
, .


(bond) ,
, , -,
( ).
, ,
. ,
() (face value) .
1

(bond)
, .

( . . .) 1000 .
.
(maturity) ,
. ,

(coupon rate), . , 2

,
, "". , (face value)
par value, principal. , ,
,
, "".
(coupon rate) ,
(bearer bond)
, ,
, .
(registered bonds),
,
.
1

154

II.

,
1000 . 12%, (
) 120 .
, (face value)
- .
1000 . .
(coupon rate)
;
, .

(
), ,
, ,
.
(
) ,
, .
(), ,
( ),
. ,
. , ,
,
. (, , 2
"" ,
.
.)



,
. ,

. (
),
.

.
(consol)

, ,
.


.
- -

4.

155

I, () ,
V,
, k ,
d

V=

..

. . , + ..

(
00
J

- 2 + - +

(i+^)

{i+KT
(4.1)

= I(PVIFA ),

(4.2)

kdX

, 3,
:
V = I/k .

(4.3)

,

. ,
,
50 . ,
12%, ,
:
F = $50/0,12 = $416,67.
,
. ,
.


.
,
, .
, ,
:

_ ^

_/_

1__
I _

(+

MV
(4.4)

MV

(i+k y
d

= I(PVIF\,) + MV(PVIF ),
kjM

(4.5)

n , MV
.

156

II.

, ,
1000 .; 10%,
.
100 .
12%,
$100

$100

"(1.12) (1,12)

$100

$1000 _

" ' (1,12) ( 1 , 1 2 ) ~~

1 +

2 +

= $ 1 00(iWA,

2 % 9

9 +

) + $ 1000(PVJF

).

i2% 9

. IV , ,
, 12%
5,328. . II (. ,
12%) ,
, , 0,361.
, , V, :
V = $ 100(5,328) + $1000(0,361) =
= $532,80 + $361,00 = $893,80.
532,80 .,

360,00 . (.
,
;
893,44 .)
, 12%, 8%-
,
:
$100

$100

~ (1.08) ( 1 , 0 8 )
1 +

2 +

$100

$1000

" ' (1,08) ( 1 , 0 8 ) ~~


+

9 +

= $ 100(PVIFA ) + $ 1 0 0 0 ( _ ).
8% 9

II IV , ,
, :
= $100(6,247)+ $1000(0,500) =
= $624,70 + $500,00 = $1124,70.

, 1000 .,
.
, (premium).
,
.
.
, (discount)

4.

157

.
,
(1000 .).
, .
. (zero-coupon bond)
,
. ,
? ,
.

( ),
.
(zero-coupon bond)
, ,
;
.


,
(.. , ). "
" ,
"
", ..
(4.6)
(4.7)
, Enterprises
10- 1000 .
12%,
$1000 _
~ (1,12)

10

= $1000(PWF

~
12%10

).

. II ? ,
,
10 , 12% 0,322. ,
V = $1000(0,322) = $322.
322 . 10
1000 ., ,
, 12%-
.
.
( , )
, , -

158

II.

, .
,
,
. (4.4) (4.5) :
3

v = Y-

(4.8)

tt(i + k /2)

(\ + k /2)

= (I/2)(PVIF\ ) + MV(PVIF , ) ,
(4.9)
kj , 1/2
, 2
.
/Un

kj / 2

:
,
,

, ,
,
.

10%-
12- ( U.S. Blivet Corporation). ,
14%.
1000 . :

V = ($50)(PVIFA )+$1000(PWF
7%M

) =

7%i24

= ($50)(11,469) + $1000(0,197) = $770,45 .


, ,
,
.

.
, ,
. ,

, .
,
.

: (4.4), (4.5), (4.6), (4.7), (4.8) (4.9)


, MV
,

, ,
, ,
, .
.
3

4.

159


(preferred stock)
, , ,
( ).

.
(preferred stock)
.
20.
-
. ,
, ,
. , ,
,
. ,
:
4

V = D /k ,
p

(4.10)

Dp
, a k .
P

, , Morgana Cipher Corporation 9%-


100 .,
14%,
:
V = $9/0,14 = $64,29.

Motley Fool

. " "?
. ,
, . ,

. , ,
, ,


(), .
, ,
,
: (4.4) (4.5)
,
" ";
, .
4

160

II.

.
,
, , .

. ,
, ,
,
,
,
, : ,
One-Legged Chair . ,
.
, .
,

,
. The Motley Fool ( w w . f o o i . c o m ) . The
Motley Fool.


(common stock)
,
( ) .

, ,
.
,
.
, ,

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

4.

161



,
,
.
,
- . ,
3

V = ^ + ^ + +
(l + k f
n
= ^ - ,
e

" =
(l + k r

(4.11)

(4.12)

D , t,ake
,
. , .
, ?
:
t

(1 + kJ

(\ + k f
e

(l + k ) '
2

P .
,
. ,

( ) .
,
, ..
,
,
. ,
- . ,
.
,
, . (
18.)

: , ,
( ) ?
,
, , .
,
2

. The Theory of Investment


Value (Cambridge, MA: Harvard University Press, 1938).
, " , , ,
, , !"

162

II.

. ,
, " ".
,
( , )

. ,
(
).
.





. Merrill Lynch, CS First Boston
,
.
, .
.
. ,
, ,
?
KaKg, (4.11) :

AO+g)
(1 + kJ

A,(i+g)
(l + k f
e

A(i+gr

(i + k r
e

(4i3)
'

D . ,
, ,
, ,
(l+g).
"" (4.11). , k , g
( ,
, ,
), (4.13) :
0

(4.13) (1+ke)/(1+g)
(4.13), :
VQ + K)
A(i+gr
(l + g)
(1+,
, ke , g,
. ,
(l + * ) ( l + g)
V
= D ;VVc,g) = D (l + g) = D ;V = D l{k g).
(1+*)
' " . ,
, . . 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)

ke (
), :

A , = ( A / V ) + g.

(4.15)

,
, , (
g).
.
(4.14), ,
LKN, Inc. t ~ 1 4 .,
6%
14%. LKN:
/ = $4/(0,14 0 , 0 6 ) = $50.
, " " ,
.

(4.14) (4,15)
D ,
,
.

.
(4.14),
(conversation
to an earnings multiplier approach). ,
,
. ,
;
.
(
) . ,
(16) = >,/
(1)

1 =

(4.16)

E 1.
(4.14) :
i

V = [(\b)EA/(k g),
e

(4.17)

1.
(. ),
LKN, Inc. 40%,
1 6,67 . :

164

II.

= [(0,60)$6,67]/(0,14-0,06) = $50.
(4.17), :
= V/E = (l-b)/(k -g).
l

(4.18)

, (4.18)
. :
= (1 - 0,40)/(0,14 - 0,06) = 7,5.
, , 6,67 .,
, 7,5, LKN
50 . (6,67 . 7,5 = 50 .). ,

.
.

(g = 0).
,
. (4.14) :
V = D,/k .

(4.19)

, ,
.
,
(4.19) .
.
, ()
,
(4.13). ,

( g , ke),
. ,
,
. , ,
, 10% , 6%,
(4.13) :
7

/(10

^(1,06-*

,
5. ,
t -5; , ,
, AT&T. 36 ( 1922 .
1958 ) 9 . .
7

4.

165

6 1, 7 2 ..
, () ,
. ,
(4.20) :

(4.21)

4.1.

1. ,

PVIF^

2 . (1,10)1=2,20 .

0,877

1,93

2 . (1,10)2=2,42 .

0,769

1,86

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

3,22 . (1,06) = 3,41 .

5 =

D / - 0) = $3,41/(0,14 - 0,06) = $42,63

42,63
. 5

($42,63)(PV/F )

(42,63 .)(0,519) = 22,13 .

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)

= $8,99 + $22,13 = $31,12

166


,
. , , ,
10%- ,
8%- 6%- .
,
.
, ,
. , ,

.
, .


,

(
), ,
.
() , V,
, , ,
, (market required rate of return).
,

, (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

= $80(6,814) + $1000(0.319) = S864,12.


, 10%-
,
(761 .). ,
,
761 .
15%- :
V =

S80(PVIFA )
i5%12

$1000(PVIF )
l5XA2

= $80(5,421) + $1000(0,187) = $620,68.

168

II.


. ,
(761 .). ,
761 .,
10 15%.
(interpolation)
, -
.

,
10 15% .
8

X = YTM - 0,10, YTM = 0,10 + X = 0,10 + 0,0212 =


0,1212, 12,12%.
11,82%. ,

:
.
, ,
}' . ,
12%, ""
11,82%.
. (4.22),
.


:
= i + ^ . ,
L

\\_ , , YTM ( IRR)


, i , ,
YTM , P V
, iL, P V
, i , PVYTM
, Y T M , (
) , .
H

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&
, . ,

/< = $2,40/$40+ 0,09 = 0,06 + 0,09 = 15%.




( )



^ D ( 1 + g)'
D,
0

(4.14)

174

II.


, , ,
.

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



.

.




(
).

(,
)

, ,
.


,
.

,
, ,
, .


,
-.


,

.

, ,
,
, :

4.

D /(k -g).
i

(4.14)

, ,
:
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 .
.
- , ,

. ?
a) ,
(..
) ?
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%? (
.)

Gonzales Electric Company


10%-
1000 ., .

Suresafe Fire Insurance Company. Suresafe Fire

. ,
14%- (
) . Suresafe Fire
?

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.

7. Buford Pusser Baseball Bat


Company 100 .
8 .
a) ?
b) , ,
, 110 .
( ).
(.

110 . .)
?
8. Wayne's Steaks, Inc. 9%-
, ;
100 .
73 .
31 .

1 , 12%-
?
9.
Melbourne Mining Company ( 9%)
15 .
1000 . 700 .
. ,
14%.
( ), ,
( )?
10. Fawlty Foods, Inc.
1,40 .
; , ,
21 . , ,
,
12%; ,
.
a) .
b) ?
c) ?
11.

Great Northern Specific Railway


, .

955 . ; (1 )
1120 . .
(30 31 )
45 . .

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 ?

13. Red Frog Brewery


1000 .,
: ;

; 9% (
). ,
Old Chicago Brewery ,
, ,
15 . ,

9 8%.
a)
? ?
b)
,
. (
)?
14. Burp-Cola Company
( 2 .
).
10%.
16%- .

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)

1,60 . (1,20)' = 1,92 .

0,862

1,66

2(1)

1,60 . (1,20) = 2,30 .

0,743

1,71

3(1)

1,60 . (1,20) = 2,76 .

0,641

1,77

4(1)

1,60 . (1,20)' = 3,32 .

0,552

1,83

5(2)

3,32 . (1,13)' = 3,75 .

0,476

1,79

6(2)

3,32 . (1,13) = 4,24 .

0,410

1,74

7(2)

3,32 . (1,13) = 4,79 .

0,354

1,70

8(2)

3,32 , (1,13)" = 5,41 .

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

= $312 /$ 1000 = 0,312.

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

= ([$1(1 + 0,06)]/$20) + 0,06) =


= 0,053 + 0,06-0,113
b) = / = 1 . (1 +
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

Investment, Financing, and Valuation of the Corporation.


D. I r w i n , 1962).
Investment Theory, 4 ed. (Upper Saddle River, NJ: Prentice
th

C. Brown, Investment Analysis and Portfolio Management, 6 ed.


lh

(Orlando, FL: Dryden Press, 2000).


Rusbarsky, Mark, and David B. Vicknair, "Accounting for Bonds w i t h Accrued Interest in
Conformity w i t h Brokers' Valuation Formulas", Issues in Accounting Education 14 ( M a y
1999), p. 233-253.
Shao, Stephen P., and Lawrence P. Shao, Mathematics for Management and Finance, 8
(Cincinnati, O H : South-Western, 1998).

th

ed.

Sharpe, W i l l i a m F., Gordon J. Alexander, and Jeffrey V. Bailey, Investments, 6 ed. (Upper
th

Saddle River, NJ: Prentice Hall, 1999).


Siegel, Jeremy J., "The Application of the D C F Methodology for Determining the Cost of
Equity Capital", Financial Management 14 (Spring 1985), p. 46-53.
Taggert, Robert A., "Using Excel Spreadsheet Functions to Understand and Analyze Fixed
Income Security Prices" Journal of Financial Education 25 (Spring 1999), p. 46-63.
Van Home, James C, Financial Market Rates and Flows, 6 ed. (Upper Saddle River, NJ:
Prentice Hall, 2001).
White, Mark A., and Janet M. Todd, "Bond Pricing between Coupon Payment dates Using
a 'No-Frills' Financial Calculator", Financial Practice and Education 5 (Spring-Summer,
1995), p. 148-151.
Williams, John ., The Theory of Investment Value. (Cambridge, M A : Harvard University
Press, 1938).
Woolridge, J. Randall, "Do Stock Prices Reflect Fundamental Values?" Journal of Applied
Corporate Finance 8 (Spring 1995), p. 64-69.
th

II Web-, (Wachowicz's Web World),


"" Web-, ,
, , ( w e b . u t k . e d u / ~ j w a c h o w i /
part2.html)




""


()

()





5 :

( "")
;


,
,

;



,
, ;

,
( ),
()
,

;


(), ""
;

,


;

,
" "
( ) ,

, ,
.
.
.

2 "
" :
, ,
. 3,

.
,
.
. ,
,
.
,
, . ,

.
, , .

.
.
,
, -,
( ).

(return)
, ,
,
. ,
100 ., 7 .
106 . : (7 . +
1

,
.
(yield) (
(internalrate of return)), .
.
1

190

II.

+ 6 .)/100 . = 13%. ,
: , , (
) .
(return)
, -
,
.



R =

D HP ~P - )
t

(5.1)

t 1 i

R () , a t
(); ,
t;
, ti.
,
(
), (
).
(5.1) .


.
, .
. ,
8% .
, 8%-
.
.
,
. ,
, . ,
(actual)
(expected). (risk)
() ,
,
. ,
.
2

. ,
.
, , .

5.

191

(risk)
,




, ,
, . ,

,
(probability distribution). , ,

, . 5.1,

.
.
1.

(expected return).

2. (standard deviation).
(probability distribution)
, ,
.


(expected return) R :
R = (R,)(P ),
t

(5.2)

;"=1

R i- , P ,
. ,
,
.
. 5.1 9%.
t

(expected return)
,
.


,
, . -

192

II.

(standard deviation).
, , ,
.

= ^(-).

(53)

(variance)
.

,
.
. . 5.1 ,
0,00703.
, 8,38%.
(standard deviation)

, .

5.1.
( )


( )


( )
2

, /?,


, ,

<R,)(P,)

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)

= 1,00

= 0,090 = /?

= 0,00703 =

= (0,00703) = 0,0838 =
5

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

5.

193

. , ,
, . 5.1: :
0,05 + 0,10 = 15%.
(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)
:
( V) = / R.

(5.5)

(CV) (coefficient of variation)


-
. (relative) .

,
() (relative dispersion (risk)), .. , "
". CV,
. ,
, CV = 0,75 ,
, CV 0,33.


,
,
,
. ,
: 10 . . , ... /
. ,
. , , 1 ... , .
,
. ,
.
( , ,
:
. ,
- ,
,
. .
.)
, : ""
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 .). ,
,
( ) .

,
(risk aversion) ;

,
(risk indifference) ;

,
(risk preference) .

,
, 5000 .,
.

(risk premium), .. ,
,
. ,
2000 .
3000 ., .

5.

197

,
, ..
, (risk averse) . ,
,
, . (
, , (expected) ;
(actual)
, (actual) .)
,
. , ,
.
.
(risk averse)
, , ,
, .



,
.
- .
(portfolio). ,
.
(portfolio)
.




. ,
,
( 100).

(5.6)
Wj , ,
, j;
.
.
.

198

II.

, /?,
,

(%)

(%)

14,0

11,5

10,7

1,5

,
: (0,5) 14,0% + (0,5) 11,5% = 12,75%.



,

.

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

, ,
(,
). ,
,
. ,

: .

.

,
.
,
. .
,


,
:

m ,
,
j, W , , a
j .
t

Jt

5.

199

"" . "
" ,
, ,
.

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

.
: " ".
,
. ,
. , , 10 .
. 10
, .
"" ,
( ) . 10
,
.
,
,
.
,
, . 5.2.
, .
. ,
.
,
.
,
.

,
. 24 ,
,
. ,
, ,
24 .

200

II.


, ,
,
. ?
? . 5.3
.
,

. ,
. ,

.
. .

, , 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 )
, ()
, ()
,
.

, .

, .

, .
, . , , , ..
, ,

, .
, ,
""
, , .
. ,
.
-
.
(market portfolio),
,
.
,
, , ,
Standard & Poor's 500 ( S & P 500).
, ,
500 .

5.

203

Standard & Poors 500 Stock Index (S & P 500 Index)


, 500
,
.
,

,
. ,
, ,
. , ,
, , .
Motley Fool
. ""?
| . ,
j . | .
. S&P500.
I j . ,

(, , ).
I .
[ ,
, . ,
, , I , .
. The Motley Fool ( w w w . f o o i . c o m ) . The I
Motley Fool.



.
,
,
. (excess)
. . 5.4

. ,
(characteristic line) ,
.
.

, -

204

II.

.
.
S&P 500 (
60 ).
+ (-)


, .
(characteristic line)
,
, "",

,
, .
,
,
"" .
,
.
.

. 5.4.
, 60

5.

205

""

. 5.4 ,
"" (beta). (..

) .
1,0, ,
.
, ,
.
5% , ,
5%. 1,0 ,
.
, ,
, .
"". ,

. "
". . 5.5.

. 5.5.
""

206

II.

"" (beta)
, .
,
"" "",
.


, "",
. ,

, "".
"" 1,0
. ,
.
,
, ,
, .
, ""
"" ,
,
, . ,
"" .

()

,
. 5.4
, .
, ;
..
. , ,
. ,

. 20
.


()
,
.
.
. ""
, -

5.

207

. ,
, j :
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.

() (security market line SML)


,
( ) ,
"".

5.2. "" (
20 2004 )
( )
Amazon.com (AMZN)

""
2,22

Apple Computer (AAPL)

1,75

Boeing (BA)

0,70

Bristol-Myers Squibb (BMY)

0,42

The Coca-Cola Company ()

0,20

Dow Chemical (DOW)

0,90

The G a p (GPS)

1,67

General Electric (GE)

1,09

Georgia-Pacific Group (GP)

1,81

Hewlett-Packard (HPQ)

1,71

The Limited (LTD)

1,46

Microsoft (MSFT)

1,70

Nike (NKE)

0,72

Yahoo! (YHOO)

3,30

. Reuters Investor (www. i n v e s t o r . r e u t e r s . com)

5.

209

"".
,
"" ,
.
"" ,
. ""

- . ,
"", , , 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 ,
""
. "" 0,4
1,4. , ,
- , -, ,
""
.
"".
"" , ,
"" (1,0)
"" ,
.
, , ,
, .
, Merrill Lynch, Value Line
"".
, ,
"" (1,0). "" 1,4
0,67,
"" 0,33,
"" : 1,4(0,67) + 1,0(0,33) = 1,27.
,
"" (, 1,2).
"" ,
"",
.
. "",

.
.
,
,
.
""
. -

210

II.


, ,
, . ,
""
.
(ticker symbol)
- .
,
XIX .

.
( )
(market risk premium). (5.8)
(R R,)-
S&P 500 5 8%.
,
. , ,
.
, :
m

= 0,08 + 0,07 = 15% ,

0,08 , 0,07
. , ,
, 5%.
13%.
,
, (5.8),
. ""

.
Motley Fool
. ?
.
. , , ( N e w York Stock E x c h a n g e ) ,
. ,
( A m e r i c a n
Stock E x c h a n g e ) , . ,
NASDAQ, ,
,

. , F ,
, Q
.

5.

211

| ,
j , Southwest Airlines LUV (
I
" l o v e " ), Tricon Glob al RestaurantsYUM ( " y u m " ,
), Dynamic
Materials (,
) B O O M ( " b o o m " , ),
Crosswalk.comAMEN (""), aAnheuserBusch BUD
("").
. The
Motley Fool.

Motley Fool (www.fooi.com),

The



,

. ,
.
,

)
=
' , ,
(5.9)
t, k

, 1 .
, Savance Corporation
,
.
,
e

/ = _ ,

(5.10)

g
. , Savance Corporation, ,
2 . ,
10%. ,
Savance 14,5%.
, :
V =

$ 2

'
(0,1450,10)

= $44,44.

,
(expected return) (required return).
44,44 . (equilibrium price)
, , ,
, .

212

II.

, ( )
. ,
.
,
. ,
.
.

0,08

0,07

0,13

0,11

1,30

1,20

0,10

0,09

, R,
, R

"" Savance, 3

Savance,


Savance :
R = 0,07 + (0,11 - 0,07)(1,20) = 11,8%.
}

k ,
e

$ 2

'

(0,118-0,09)

$71,43.

,
44,44 71,43 . .
, 71,43 .
. , ,
.
. ,

. , SML.
? , . 5.7 S M L

, , . -
X Y .
X
, Y .

5.

213

. 5.7.

X ,
. , Y
,
. ,
X, .
.
? , ,
.
Y , ,

. Y
,
.
S M L
.
.
,
"" .
,


.
.
4

""
.
. &
,
.

214

II.


.
,
"" .
, ""
,
. , ;
- ! .
, ,
, ,
.

.
.
, .
(small-firm effect), (size effect).
,
( ,
) , ,
, .
,
/ (price/earnings ratio) /
(market-to-book value ratio)
, .
. ,
, ,
.
(January effect).
, .
.
) (Kenneth French)

(), /
"" .
1963 1990 , ,
/
.
,
"" .
, , ,
"" , ,
"". ,
3

Eugene F. Fama and Kenneth R. French, "The Cross-Section of Expected Stock Returns", Journal
of Finance 47 (July 1992), p. 427-465. . Eugene F. Fama and Kenneth R. French,
"Common Risk Factors in the Returns on Stocks and Bonds", Journal of Financial Economics 33
(February 1993), p. 3-56.
5

5.

215

, ,
( )
" / ".

, .
(
) ( ).
, .
- .
"" , ,
(realized) ,
. ,
, ""
, . , ,
.

.
.
,

. (multifactor
models), .. , ,
,
, , ,
, , .
,
, (arbitrage pricing theory).
,
.
(
),
.
.


, ,
. (efficient
financial market),
,
.
. ,
" ".
,

.
, .

II.

216

(efficient financial market)


,
.


,
. ,
,
.
, ,
- ,
. ,
"", "",
, .


,
.

(weak-form efficiency):
(historical sequence
of prices). ,
.

(semistrong-form efficiency):
(all
publically available information), ,
.

(strong-form efficinecy):
(all information) ,
(.. ,
).

, ( ,
- (NYSE))
.
. ,
,
.. , ,
.
(SEC) ,
(,
)
.
,
. .

.

5.

217

,
. ,
,

,
. ,
,
.


, 19 1987 ( .
. .), 20%- -
,
. , , ,
. 1987
. ,
.
:
"" , ,

, . - ,
, ,
. ,
1987 , , -, ,
, .
, , ,
, .

, .

( ) -
,
,
, .


,
.


, .
( ) .
2

218

II.


,
.
, , CV,
.
", ".

, , ,
. ,
.



. ,
,
( 100%).


, ,
.

, ,
"" .


, .
,
.

( )
: .
, ,
, , .


.
.


, .. ,
.
()
.

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


""

5.

219

. ,
.

,
"".


,
. , ,
/ , .
, ()
" / "
, "".

,
.

,
.
.

.


.

=Jiww,>,

(5)

V j=i k=i
, W
, j, W ,
k, na
k. ( .)
.
,
( ) , .. .

,
, .
, 4.
.
}

jk

220

II.

1
2

4
1,1 , j =
1
1. ,
( 5 - 1 ) - = ,^ = \, .
42


, j = k,
. WjW a
1 2. ,
, 2 W W G ,
2 1. ,
1 2 .
,
. , ,
, " "
.
.
16 : 4
6 , .
- (variance-covariance matrix).
2

li2

2 1

(5.1) .

, .

.
-. ,

.
. ,
30 30
870 .
, , ,
.
(covariance)
, ,
. (5.1)

(5.2)

5.

jk

221

(correlation coefficient)

,
;

j,

. ( 5 . 1 ) ; = ,
, ,

fjjGjaj

.
2

.
(correlation coefficient)
.
-1,0 ( )
0 ( ) +1,0 ( ).

-1,0 +1,0.
,
,
. ,
.
,
, ..
( ).
, .
, , , 1,0.
.
(5.1),
16%
15% 14 12% . ,
0,40.
, :
R

= (0,5)16% + (0,5)14% = 15%.


, . ,

.
.
,
-
.
1
1 f

(0,5) (1,0)(0,15)
2

2
2

2 [(0,5)(0,5)(0,4)(0,12)(0,15)
,

(0,5)(0,5)(0,4)(0,15)(0,12)
(0,5) (1,0)(0,12)
2

222

II.

o- =V(0,5) (l,0)(0,15)
2

+ V(0,5) (l,0)(0,12)
2

+ 2(0,5)(0,5)(0,4)(0,15)(0,12)

= 7012825 = 11,3%.
(5.1) ,
, 2. j = 1 k = 1 1,
(0,5) ,
(0,15). , , 1,0.
2, j = 2 k = 2.
: 1,0,


. (
(5.1):
(0,5)15% +
+ (0,5)12% = 13,5%.) ,
:
1,0,

.
, , ,
,

. <1,0. .

.

, ,
( ) , (arbitrage pricing
theory) (). . . ,
(arbitrage)
.
,
, .
, , ? ,
.
6

() (arbitrage pricing theory) (APT)


,
.

Stephen A. Ross, "The arbitrage Theory of Capital Asset Pricing", Journal of Economic Theory 13
(December 1976), p. 341-360.

5.

223


,

Rj = +

+ b F + ,,
2j

(5.1)

, F F (
) 1 2, b ,

, a e .
,
, . .

. ,
. , ,
, ,
"" .
.
( (5.1)),
:
l

2j

R =\+b (\) + b (X ).
j

ij

2j

(5.2)

\ .
()
. , \ (
) b =1 b = 0 .
xj

2j

, .
,
.
.
, Torquay Resorts Limited
,

2j

1,4 0,8 . 8%, 6%, 4

2%, :
R =\+b (\)
j

ij

b (\ )
2j

= 0,08 + 1,4(0,06) - 0,8(0,02) = 14,8%.



,
, . ,
"" .
, ,
. . .
7

224

II.

, (5.2) ,
(\ )
.
"" ("")
, ( ),
.
.
.



. (5.1)
. ,

, ( ). ,
().
,
(factor analysis), , , ,
.

. ,
. , : 1)
; 2) ; 3)
; 4)
(
); 5)
- ( ).

, , ,
.
. ,
, .
"",
. , ""

.
8



- ( )
? ,
,
Richard Roll and Stephen A. Ross, "The Arbitrage Pricing Theory Approach to Strategic Portfolio
Planning", Financial Analysts Journal 40 (May-June 1984), p. 14-26.
. Nai-Fu Chen, Richard Roll, and Stephen A. Ross, "Economic Forces and the Stock
Market", Journal of Business 59 (Jule 1986), p. 383-403.

5.

225

, . ,
(
(5.2)) .
?
.
,
, 7%.
R. = 0 , 0 7 - 0 , 0 4 ) - 0,01)
2

Quigley Manufacturing Company Zolotny Basic Products Corporation


: 6,- =1,2 b = 0 , 9 . ,
2]

:
. = 0,07 + 1,3(0,04) - 0,9(0,01) = 11,3%.
Quigley
, 12,8%.
, Zolotny ,
10,6%. Quigley Zolotny (
"" Zolotny).
, 1 2,
. -
, ,
, . ,
, .

, . Quigley ,
. Zolotny, , ,
. ,
11,3%.
,
.
,
.
, .
,
, .

. , ,
,
.
, .
, - .
, , ,
.
.

Ml
1. ,
,

"-?"
2.
"".
3. ""
? ?
4. ?
?
5.
? ?
6. ,
, ?
a)
.
b)
.
c)
.
d) (
) .
7. , ,
.
"" , ,
? ?
8.
, ,
?


1. ,
. Eye-Eye Corporation
.

0,1

0,2

0,4

0,2

0,1

(%)

-10

20

35

50

) ?

5.

227

) , )
.
,
? 10%? 40%? (,
.)
2.

"" Sorbond Industries 1,45.


8%,
13%.
2 .
,
10%.
a) ?
b)
?
c)
, ""
0,80? (, .)


3.
.
-0,35.
R

0,10

0,05

0,06

0,04

, 60%
40% .

v t > |3
1. .

.

0,10

0,20

0,30

0,30

0,10

-0,10

0,00

0,10

0,20

0,30

)
?

II.

) , ?
.
2. Summer Storme
20%.

15%.
a) ,
?
b) ,
10%? 20? 30? 40? 50%?
3. ,
Markese Imports, Inc.
.


Markese

0,04

0,05

0,05

0,10

-0,04

-0,06

-0,05

-0,10

0,02

0,02

0,00

-0,03

0,02

0,07

-0,01

-0,01

-0,02

-0,08

10

0,04

0,00

11

0,07

0,13

12

-0,01

0,04

13

0,01

-0,01

14

-0,06

-0,09

15

-0,06

-0,14

16

-0,02

-0,04

17

0,07

0,15

18

0,02

0,06

19

0,04

0,11

20

0,03

0,05

21

0,01

0,03

22

-0,01

0,01

23

-0,01

-0,03

24

0,02

0,04

5.

229



.
""?
?
4.
,
0,07,
1,13.

""

1,5

1,0

0,6

2,0

1,3

?
5.
,
12%.

7%.
Kessler Electronics Corporation.



S&P 500 ,
1,67. ,
Kessler
Electronics Corporation?
6. 10%,
15%.
,
"", .

(%)

""

1. Stillman Zinc Corporation

17,0

1,3

2, Union Paint Company

14,5

0,8

3. National Automobile Company

15,5

1,1

4. Parker Electronics, Inc.

18,0

17

a) ,
( )?
( )?
b)
12%,
16%, ( )
? ? (,

II.

""
.)
7.
.
.

(.)

One-Legged Chair Company (WOOPS)

6000

0,14

Acme Explosives Company (KBOOM)

11000

0,16

Ames-to-Please, Inc. (JUDY)

9000

0,17

Sisyphus Transport Corporation (UPDWN)

7000

0,13

Excelsior Hair Growth, Inc. (SPROUT)

5000

0,20

In-Your-Face Telemarketing, inc. (RINGG)

13000

0,15

McDonald Farms, Ltd. (EIEIO)

9000

0,18

()

a) ( )
?
b) , ,
Excelsior Hair Growth, Inc., ,
, ?
8. Salt Lake City Services, Inc.
.
"" 1,08.
10%,
15%. 1 ,
2 . .
,
11%.
, ,
( ) ?
9.
.
()

""

Nanyang Business Systems (NBS)

1,40

Yunnan Garden Supply, Inc. (YUWHO)

0,80

Bird Nest Soups Company (SLURP)

0,60

Wacho.com! (WACHO)

1,80

Park City Cola Company (BURP)

1,05

Oldies Records, Ltd. (SHABOOM)

0,90

5.

231

a) 20%
10% ,
"" ?
b) 8%,
14%,
?


10. D, F
,
.
RJ

jy

0,08

0,02

0,40

0,15

0,16

D F

0,60

0,12

0,08

0,80


, 20% D, 30%
50% F?


1. )

, /?,

, ,

0,10

0,10

0,010

(0,100,20) (0,10)

0.05

0,20

0,010

(0,050,20) (0,20)

0,20

0,40

0,080

(0,20,20) (0,40)

0,35

0,20

0,070

(0,350,20) (0,20)

0,50

0,10

0,050

(0,500,20) (0,10)

= 1.00

= 0,200 = /?

= 0,027 =

(R,-RJ4P,)

(0,027) = 16,43% = s
05

) ,
,

: (0% 20%)/16,43% = 1,217 .
. V , , ,

232

II.

1,217
1,20 1,25,
0,1151 0,1056 . ,
11%- ,
.
,
10%, :
(10% - 20%)/16,43% - -0,609 .
. V , 27%.
,
40% , :
(40% - 20%)/16,43% = 1,217 .
,
,
,
. , 40%-
11%.
2. )

= 8% + (13%-8%)1,45 = 15,25%.

)
, :
$2(1,10)
k -g

0,1525-0,10

) = 8% + (13%-8%)0,80 = 12%

$2(1,10)

0,12-0,10

$110.


3.

R =(0,60)(0,10) + (0,40)(0,06) = 8,4%


p

=V(0,6) (1,0)(0,05) +2(0,6)(0,4)(-0,35)(0,05)


2

V(0,04) + (0,4) (l,0)(0,04)


2


(-0,35)(0,05)(0,04),
0,6 0,4 (
).
, , 1,0.

CT =V0,00082
P

= 2,86%

5.

233


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).
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.
nd

, "Components of Investment Performance", Journal of Finance 27 (June 1972),


p. 551-567.
, and Kenneth R. French, "The Cross-Section of Expected Stock Returns", Journal
of Finance 47 (June 1992), p. 427-465.
, and Kenneth R. French, "Common Risk Factors in the Returns on Stocks and
Bonds" Journal of Financial Economics 33 (February 1993), p. 3-56.
, and Kenneth R. French, "Multifactor Explanations of Asset Pricing Anomalies",
Journal of Finance 51 (March 1996), p. 55-84.
Ferson, Wayne, and Robert A. Korajczyk, "Do Arbitrage Pricing Models Explain the
Predictability of Stock Returns?'Journal of Business 68 (1995), p. 309-349.
Grundy, Kevin, and Burton G. Malkiel, "Reports of Beta's Death Have Been Greatly
Exaggerated", Journal of Portfolio Management 22 (Spring 1996), p. 36-44.
Haugen, Robert A., Modern Investment Theory, 4th ed. (Upper Saddle River, NJ: Prentice
Hall, 1997).
Horim, M. Ben, and H. Levy, "Total Risk, Diversifiable Risk and Nondiversifiable Risk: A
Pedagogic Note" Journal of Financial and Quantitative Analysis 15 (June 1980), p. 289297.
Jagannathan, Ravi, and Ellen R. McGrattan, "The C A P M Debate", Federal Reserve Bank of
Minneapolis, Quarterly Review 19 (Fall 1995), p. 1-17.
Kothari, S. P., and Jay Shanken, "In Defense of Beta" Journal of Applied Corporate Finance
8 (Spring 1995), p. 53-58.
Levy, Haim, Deborah Gunthorpe, and John Wachowicz, Jr., "Beta and an Investor's
Holding Period", Review of Business 15 (Spring 1994), p. 32-35.
Lindahl, Mary, and John Wachowicz Jr., "Judging Your Portfolio's Return, Given its Risk",
Review of Business ( ).
Modigliani, Franco, and Gerald A. Pogue, "An Introduction to Risk and Return", Financial
Analysts Journal 30 (March-April 1974), p. 68-80, (May-June 1974), p. 69-86.
Mullins, David W., Jr., "Does the Capital Asset Pricing Model Work?" Harvard Business
Review 60 (January-February 1982), p. 105-114.
Reilly, Frank K, and Keith C. Brown, Investment Analysis and Portfolio Management, 6 ed.
th

(Orlando, FL: Dryden Press, 2000).


Roll, Richard, "Performance Evaluation and Benchmark Errors", Journal of Portfolio
Management 6 (Summer 1980), p. 5-12.

234

II,

j and Stephen A. Ross, "The Arbitrage Pricing Theory Approach to Strategic


Portfolio Planning", Financial Analysts Journal 40 (May-June 1984), p, 14-26.
Rosenberg, Barr, "The Capital Asset Pricing Model and the Market Model", Journal of
Portfolio Management 7 (Winter 1981), p, 5-16.
Ross, Stephen A., "The Arbitrage Theory of Capital Asset Pricing", Journal of Economic
Theory 13 (December 1976), p. 341-360.
Shanken, Jay, and Clifford W. Smith, "Implications of Capital Markets Research for
Corporate Finance", Financial Management 25 (Spring 1996), p. 98-104.
Sharpe, William, "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions
of Risk" Journal of Finance 19 (September 1964), p. 425-442.
, Gordon J. Alexander, and Jeffrey V. Bailey, Investments, 6 ed, (Upper Saddle
River, NJ: Prentice Hall, 1999).
Shrieves, Ronald E and John M. Wachowicz Jr., "A Utility Theoretic Basis for
'Generalized' Mean-Coefficient of Variation (MCV) Analysis", Journal of Financial and
Quantitative Analysis 16 (December 1981), p. 671-683.
Siegel, Jeremy J., "The Application of the DCF Methodology for Determining the Cost of
Equity Capital", Financial Management 14 (Spring 1985), p. 46-53.
Ih

Stocks, Bonds, Bills and Inflation: Valuation Edition 1999 Yearbook. (Chicago: Ibbotson

Associates, 1999).
Wachowicz, John M., Jr. and Ronald E. Shrieves., "An Argument for 'Generalized' MeanCoefficient of Variation Analysis", Financial Management 9 (Winter 1980), p. 51-58.
II Web-, (Wachowicz's Web World),
"" Web-,
, , , (web.utk.edu/~jwachowi/
part2.html)







""
()

6 :


;
,
,
;
,
(,
"", ,
)
,
;
,

;

,

;

(.. )

, Du Pont;

;
,

.

,
.


.

.

-.

, . ( )
.
,

.
.

. ,
,
,
.


, .
(), ,
.
,
.

,

.
. (
)
.


. ,
,

, .
, ,
.

238

III.



.
. -, (balance sheet)
,
, . -,
(income statement)
, , , .
( ) (financial (statement) analysis)
, ,
, ,
(balance sheet)
,
,
.
(Income statement)
,

.


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

.
,
,
.

. 6.1 Aldine Manufacturing company


, 31 20X2 31 20X1 .
,
.. .

6.

239

(cash equivalents)
, ,
, , ,
,

(cash equivalents)
.
,
. ( )
, -
.
,
, 30 60 , -
.
, , ,
.
,
, ,
() (shareholders' equity)
, , ,

,

) (shareholders' equity, net worth) .


.
,
. ""

. , ,
, . (
)
(additional paid-in capital) ,
. 20,
.
1 . , , 31
20X2 421
.
, ,
, 6 .
, 1 .,
5 .

. ,
, ( ) .

240

III.

,
. ,
,
,
( ), ,
,

,
. ,
. ,
.
. ,
, .
, ,
.
( ) (, , )
( ),
( ).
.
, . ,
.
, ,
.
,
,
.
6.1. Aldine Manufacturing Company ( . . )

31

20X2

20X1

178

175

1.


( )

678

740

2. , Aldine

1329

1235

3.

21

17

4, ,

35

29

5.
(, ),

6.

241

. 6.1

31

20X2
() *

2241

20X1
2196

1538

7. ,

(857)

(791)

8.

739

747

65

205

205

53 250

53 148

6, ,


1596

9. = +

31

10. , Aldine

20X2

11.

10,11

20X1

448

356

12.
, ,


( )

148

136

13, ""
,
,

36

127

14. ,
..

191

164

15.

823

783

16. ,

631

627

17, ,


1 ."

421

421

18.
(..
)

361

361

19. +
=

1014

956

12

13

14

15

14

18

1796

1738


'

3250

3148

242

III.


( ),
. 6.2, (),
Aldino manufacturing company .
(cost of goods sold)

,
,

,
(cost of goods sold)
,
.
6.2. Aldino Manufacturing Company
(. . )
1

, 31

20X2

20X1

1,

3992

3721

2. ,

2660

2500

3. ,
: ,
, ,

1312
912

1221
841

400

380

5,

85

70

6,


'

315

310

7,


( )

114

112


"

201

198

143

130

58

68

,

"

4. ,
,
.,

8, ,

. 20X1 20X2 114 ,


112 . .

6.

243

,
, ,
. , ,
,
, ,
, .

, Enron,
, ?
.

. !
, ,
: " , ?" ,
"", : ,
, , , ,
,
, , ,
(,
, ).
,
, ,
, .

,
, ,
.
, ,
,
(, , ).
,
/ , - , , ,
, .
, ,
,
( ), "".
- ,
,
, ,
"" (
"" - ).
.

.

244

III.

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

,
.
- -
, Enron, , .
: ,
( ,
). ,
, .
, , ,
.
. Alice Magos, "Ask Alice About Accountants". Web-
( w w . t o o l k i t . c c h . c o m / a d v i c e / 0 2 - 2 5 a s k a l i c e . a s p ) .
Business Owner's Toolkit,
:
INCORPORATED
2700 Lake Cook Road
Riverwoods, Illinois 60015, USA
(www.toolkit.cch.com)


(The Internarional Accounting
Standards Board IASB)
. IASB
, , ,

. , " " (Generally Accepted
Accounting Principles GAAP), ,
.
, IAS .
. 2005 ,
,
(The Internarional Accounting Standards IAS).

6.

245

US GAAP IAS,
(Financial Accounting Standards Board
FASB), ,
(IASB)
. .
"
12 , , IAS.
, ,
".
, FASB IASB .
, ,
, .
(pensions accounting) (expensing stock
options) ,
. , , . , "

" "
". , 7 2003
(ED2 Share-based Payment),
7 2004 .
, ,
,
,
IAS,
US GAAP ( ).

,
, US
GAAP, GAAP.
,
.
"
, ", . ,

(SPE). ", ,
SPE ,
. .
. ,
".
, ,
.
.
" (2005 ) ,
",
. "
GAAP . ".
. "Harmonizing Accounting Standards", Shareholder Value Magazine (January/February
2003), p. 59. 2003 Kennedy Information Inc. . .

246

III.

, ,

, . (
) ,
( ),
.
2, ,
,
.
. 6.2
.
.
, 20X2
58 , .
. 6.1 " ".
, ,
956 . 1014 . . ,
,
, .. 58 . . ,

.
.
(statement of retained earnings)
,
,
( ) ,
,

Motley Fool
. , ?
. , ,
,
, .
, , " ",

. "" ,
,
. ,
Beehive Wig ,
, ,
.
" " ,
" ".

6.

247

,
,
,
,
, The Motley Fool www, f o o l , com. The Motley Fool.



.
. -
,
,
. , , . 6.1.
,
.

?
? ,
,
, ,
7.

, .

248

III.

,
.
,
""
.
() , .
,
.
, /
. , , /
.
,
, , .
.

. ,
.
,
.
. ,

. ,
,
. ,

. ,
,
.
,
,
'.

. ,
,
. ,

. ,
. 6.1, , ,
, ,
. "" .
, , 1 . .
,
, . ,
.
16 ,
.
1

6.

249

,
.
, .
,
,
(. . 6.1). ,
.

, .
, , .
-, ,
.
, .
,
, .



"
" . , ,
(financial ratio).
,
.
(financial ratio)
,
.

?
?
, ,
, . ,
, 1 . . .
, . ,
100 . .?
,
. ,
1%.
, ,
.
. .
, -
. ,
- .

250

III.


. -,

.
( )
.
,
, ,

. ,
- ,
.

.



.

.
().

, The Risk Management Association, Dun &
Bradstreet, Prentice Hall (Almanac of Business and Industrial Financial Ratios),
Federal Trade Commission/Securities and Exchange Commission,
.

. , .
2


. , ,
1,5 ,
The Risk Management Association ( Robert Morris Associates), ,
,
, ,
. 640 16 .
, . Dun &
Bradstreet 14 800 .
" " ( Upper Saddle
River, NJ: Prentice Hal) no 22 .
180 , .

. Federal Trade Commission Securities and Exchange Commission
,

.

6.

251

. ,
, .
.
, ,
, ,
1,5. , .

.
, , ,
3,5 ,
, , 3,4
, ,
, .

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

Aldino manufacturing company 20X2


:
$2241000 _

$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)

Aldino manufacturing company 20X2


.
$1454000
$3250000

= 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

(Interest coverage ratio)


,
.



, :
( E B I T )

(6.6)

Aldino manufacturing company 20X2 :


$400000
$85000

= 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)

, Aldino manufacturing company


, :
$3992000
$678000

= 5,89.

(
) .
,
. Aldino manufacturing company
20X2 5,89 .
,
.
,
.
-

6.

261

.
. ,

, .
8,1.
, Aldino manufacturing company
, .


. ,
,
.

.
,
. ,
,

(RTD), , ,
.

(Receivable turnover in days (RTD)),


(average collection period),

'

(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)

Aldino manufacturing company , 2,02,


- ( I T D ) :

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

* PTD , (ITD + RTD),


!
. 6.3.

? ,
,
.
,
.
""
, ,
.
"" ,
.
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

37- Dell, Inc.



. Dell, Inc. (Dell),
, ,
( ,
).

1.
2.
3.
4.
5.

( )

( )
: (1) +
(2)

( )
: (3) (4)

IV
1996
31

IV 2003

42

28

73

31

33

68

40

-37

. Dell, Inc., . 2004 Dell, Inc. .

1996 ,
, Dell, Inc.
: 40 " 37 "
2003 . ( .
.)
(build-to-order manufacturing model)
,
, Dell -
.
( ) 28 .

,
, Dell 68 .
37-
, Dell
, ,
.

, ,
/ .
, . ,
" " (just-in-time) -
( 10),


.

270

III.

Aldino manufacturing company.


, Aldino manufacturing company

.
,
- .

,
, ,
, .

, .


(. ).
( ).

(total asset turnover),
(capital turnover ratio):

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

(profitability in relation to investment).



.

, (rate of return on investment (ROI), or
return on assets):

7;

(6.20)

Aldino manufacturing company R O I 20X2 :

$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, , .

. 6.4. Du Pont Company

Geraldine Lim's Oriental Grocery 2%


, 10, 20% ,
Megawatt Power Supply Company, 20%
1. 20
.

(return on equity (ROE)).



.
(
) ,
:



.

.
, -

6.

275

(ROE) ,
. ROE Aldino
manufacturing company , (14,04%).

Du Pont,
:

Aldino manufacturing company :


11,2% = 5,04% 1,23x1,81.
, Du Pont ,
ROE Aldino manufacturing company , .
,
,
, ,
ROE , .
,
, ,
.


.
,
. - ,
.
9


. (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

156 563 193917 262 517

65,1

65,8

68,5

79187

94 652

115461

32,9

32,2

30,1

4695

5899

5491



(
)

240 445 294 468 383 469

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

121 741 141 820 171 820

50,6

482

44,8

172 341 232 920 283 700

71,7

79,1

74,0

240445 294468 383 469

100,0

100,0

100,0

280

III.

6.5. R. . Harvey Electronics


Company ( 3 1 )
,
(. . )

(%)
20X0

20X1

20X2

323 780 375 088 479 077

100,0

100,0

100,0

148 127 184 507 223 690

45,8

49,2

46,7

175 653 190 581 255 387

54,2

50,8

53,3

131 809 140913

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

6.7. R. V. Harvey Electronics Company


( , 31 )

(. .)
20X0

20X1

20X2


(%)
20X0

20X1

20X2

323 780

375 088 479 077

100,0

115,8

148,0

148 127

184 507 223 690

100,0

124,6

151,0

175 653

,
131 809

190 581 255 387

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.

U.S. republic corporation 31 20X3


(.)

1000000

()

4000000

5 000000

2000000

7 000000

2000000


( )

17 000 000

12000 000

30 000000

4 000000

2000000

4000000

30 000000

U.S. republic corporation ,


31 20X3 (.)
, :

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)

U.S. Republic corporation


- 500 .
. 90 ;
II)
U.S. Republic corporation

10 14%;
I I I ) 100
80 . .
50 .



: 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 . .,
, , .
,
,
,
.
- ,
.
- ,
,

( ) .
,

.

- ,
.

. , ,
, 20X3 .
-
,

.
g

_ Q ^ _

$200
=100 . .
= 400 . .
= 400 . .

_ ^ ^ _

$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

,

( )

""



7 :


(
)

;

""
;


,
;


, ,
;


,
, ;

, .


. ,
. (flow of funds statement
(
))

.
,

. 1989 ,
,
.
(cash flow statement).


, : ,
.
,
. -
,
.


.

,

. ,
,
.


.

,
.
.
(. )
.
,
-

308

III.

.

.
,

,
.
.

(
)
()
,

. (
)
(flow of funds) .
,
(

).

""
""?
: ( ).
, ,
. ,
, (
).
. ,
, ,
" ",
.
, ,
,
,
,
.
( ) (investments
and claims (against those investments)) ,
.
" " ,
. ,
( " "). -

7. ,

309

() (
) . ,

.

, .
""

=
= ""

(flow of funds statement)

,
;
(sources ana uses of funds statement)
(statement of changes in financial position).
, (flow of funds statement)
(net), (gross)
. ,
,
.

,
, .



() .
,
.


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

. : ,
,
( + ) ()
. :
.

7. ,

309

() (
) . ,

.

, .
""
.
=
= ""

(flow of funds statement)

,
;
(sources and uses of funds statement)
(statement of changes in financial position).
, (flow of funds statement)
(net), (gross)
. ,
,
.

,
, .



() .
,
.


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

. : ,
,
( + ) ( - )
. :
.

310

III.


(-)
(+) ( )

(+)
(-) ( )

, - ( )
,
. ( ),
,
.
. 7.1 ,
Aldino Manufacturing Company,
.
. ,
(263 . .) (263 . .).
,
.

,
,


i
1
, , ,
" " ("")

+
() ,


. 7.2. ""

, 31 20X2 .


?
, "", .
, ,
, ,
, .

7. ,

311

7.1. Atdine Manufacturing Company


(. .)

31
20X2

20X1

178

175

678

740

1329

1235

94

21

17

35

29

2149

2196

1596

1538

(857)

(791)

739

747

,



:

65

205

3250

348

205

3
62

65

448

356

148

136

36

127

191

164

823

783

631

627

, 1 .

421

421

361

361

1014

956

1796

1738

3250

3148

92

12
91

27

58
/
263

263

. "/" "";
, "
".

312

III.



""
, ,
.

( ).
. 7.2,
.
,
,
(, , 6,2. 6 ) .

7.2.
Aldino Manufacturing Company 31
20X1 31 20X2 (. .)

58

62

94

92

12

27

65

91

263

263



,
.

. ""

.

7. ,

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

313

201
143
58

()
,
.

()

,
-
.
,
. ,
(funds provided by operations),
. ,
,
.
, ,
. ,
, .
1

,
,
() (gross addition or reduction)
, (change in net fixed
assets).
(. . 7.2).
Aldino manufacturing company
(. . 6.2 6).
()
.
()

(7.1)

()

,
, , .
Aldino .
1

314

III.

, Aldino manufacturing company


()
= - 8. + 112. = 104.
.
:

112 .

: ()

104

( ) : ,

8 .


()

.
. 7.3
Aldino manufacturing company.
. 7.2
()
.

510 . .
7.3. Aldino
Manufacturing Company 31 20X1
31 20X2 (. .)

201

143

112

104

62

94

92

12

27

65

91

510

510

7. ,

315


. 7.3
20X1 : , ,
- , ,
.
,
, . ,
3000 .
,
() .

, () .
Aldino manufacturing company
, , ,
, .
()

. ,
.



,
,
.

. ,
, ,
-
. -
. , ""
, .

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

. -
.

,
.

III.

316


-
. ,
, :
- , ..



. ,

()
.

, .



(statement of cash flows)

.

(statement of cash flows)



.
: , .

(Statement of Financial Accounting Standards SFAS) 95.

,
.


,
, .


.
2


, , ,
. ,
,
. ()

.
2

7. ,

317



(
, , , )
, .

: , . . 7.4
,
.
""
(
Financial Accounting Standard Board) ""
( - ).
. 7.5
Aldino manufacturing company,
( , . 7.5

,
,
).
7.4. ,

*

,

,

.
, ,

"" ,
,
,




()
()



()**


318

ill.
. 7.4




(
),





(
),





( )


* SFAS 95
: , , .
" ""
, .
(Standard Board)
,
, , .


,
. ,

( ) ( ).

. ( Aldino

7. ,

319

manufacturing company . 7.5


.)

,
,
, .
, . 7.5,
, . ,
Aldino
manufacturing company ,
.

Aldino manufacturing company . 7.3.
,
, .
, . 7.5,


. ,
, , .
7.5.
( )


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

+(-)

() -

94

+(-)

()

(12)

+(-)

()

+
+(-)
=

912

()

(27)

3539

( )

114

+(-)

()

+(-)

()

91

211

3992

' . 20X2 , 31 .

322

III.


. 7.5 , Aldino manufacturing company
20X2 201 . .,
219 . . ,
169 . . 75% ,
(
, , ).
50 . .
143 . . ,
,

. Aldino
manufacturing company ,

. ,
.
(
), . 7.5, ,
,
-

. , ,

.
,
.
.
(
) ,
, ,
.

.
.

/ .
. ,

, .

.
.
(
)
.

7. ,

323


,
.
?
,
.

.
.

( ).



. - ,

.
, ,
,
" ", .. .
- (Dot-com)
, ,
"" (dot),
(.com)
World Wide Web. ,
dotcom

dot.com.


. (cash budget)

.
.

,
,
.
,
.
.
.
(cash budget)
,
, .

324

III.



,
, .

.
"" .

.
"".
.
Motley Fool
I . ?
1
I
1
1
|
I

. , , Coca-Cola. , , ,
.
, -,
,
1 , ,
J , ,
| , - ,
.
j ,
|
|
1
I
I

,
Coca-Cola , , : ()
, , ,
, , j .
) , , ,
, , . | ,
1 .

I
| ,
I .
j . , | , ,
J . ,
I ,
1 .

7. ,

325

j , Coca-Cola | 212 , 1995- 751 , . 1997 . J .


Coca-Cola ,
I 1 . . , I ,
I 1997 4,03 , .,
| , <
I .
J , | .
|

. The Motley Fool (www. f o o l . com). The


Motley Fool.

._u.,.. ,

i.u_LL 141IOLI-L1L-L lLLULU4ILUL-L-.LL.il I I. H L H H


U L

^ ^ ^ ^ . ^ _

^ ^ ^ ^ ^

^ ^

. - _ ^


-.
.

.
, , .
,

.
.

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


, .
.

, .
,
. Pacific Jams Company

326

III.

" 30", 30
. , ,
9 0 %
, 1 0 % ,
. ,
1 0 % .
,
. 7.7, ,
, .
. 7.7. 2 5 0 . .,
25 . . 2 2 5 . . 90%,
2 0 2 . ., , 10%,
22,5 . ., .
. , ,
.
,
.
.

.

, .
7.7. -
(. .)

, 90%

270,0

315,0

225,0

180,0

225,0

270,0

315,0

342,0


, 10%

30,0

35,0

25,0

20,0

25,0

30,0

35,0

38,0


, 100%

300,0

350,0

250,0

200,0

250,0

300,0

350,0 380,0

25,0

20,0

25,0

30,0

35,0

90%

283,5

202,5

162,0

202,5

243,0 283,5

10%

27,0

31,5

22,5

18,0

355,5

254,0

209,5

250,5

22,5

38,0

27,0

300,5 348,5

7. ,

327

,
. Pacific Jam
40 . .,
294 . .

.
.


.


.



, .
, ,
() .
" 30"
,
. Pacific Jams
,
,
. . 7.8.
,
.
. ,
.

. .
,
. , , .
, .

.

. ,
, .
.

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


,
, ,
, .
, .
,
.
.
.

, . 7.9.
7.9. - (. .)

230

210

240

150

50


260

285

20

30

260

300

20
30

360

310

290

285

320



,
.

, , , 100 . .,

7. ,

329


.
. 7.10.
, ,
.
, 200 . . 20 . . -.

13 . . .
,
.
75 . ., ,
66 . . .
105 . .,
61,5 . . ,
.
7.10. (. .)


(
)

100,0

175,5

109,5

9,0

(30,5)

(15,0)

333,5

294,0*

209,5

250,5

300,5

348,5

260,0

360,0

310,0

290,0

285,0

320,0

75,5

(66,0)

(100,5) (39,5)

15,5

28,5


(
)

175,5

109,5

9,0

(15,0)

13,5

(30,5)

* 254 . .
40 . .


.
.

, .


.
,
.

.
.

330

III.


- ,
.
. ,
.


.
.
.



,
,
,
.
.

. . 7.1

- .
, , , . 7.10. ,
. 7.1 ,

.

7. ,

331




,
.
,
.
,
, .

.
? ? ?
?
?
?
?
?
? ,
.


. .

.
.
,
, ,
.


.
.
,
.


,
(forecast financial statements)
.
,
,
. ,
,
.

332

III.

. ,

.
(forecast financial statements)
,
,
.



,
(). ,

. .
,
, .

.
(.)

1730

1305


. 7.7

425

300

60

75,4%
;

. , 7.8

125

48%

65

40

25

. . 7.9

,
. , , ,
.
, .
,
.

.
.
. , Pacific Jam

7. ,

333

( - ) 1 730 .,
. 7.7.
.
, ..
.

. 75,4.
(1 730 .)
1 305 .
(, ) 50 .
. , . 7.8.
300 . . , (
) 48%.
- .
, ,
.

.
25 . . ,
.



, Pacific Jam
30 . 31
(. .).

100

50

342

100

350

150

370

1222

1592

792

800

1592

70

30
31

. ,
30 342 000 . + 1 557 000 . - 1 525 500 .,
.. 373 500 .
10%
: 342 000 . + 315 000 . = 373 500 .

334

III.


,

.

.

. ,

. - 30
, , ,
.
, -
, .
,
- .
,
-
. ,
, .

- ( )


,
, ,
.
-
( )

2 ( 6 .^

6,2143
12 ,
1 305 ., :
-

2 ( $ 1 305 )
6,2143

$420 .

-
30 420 . .
31 .
()
()
(
) .
, -

7. ,

335

200 . . (
) 40 . . 110 .
., ()
50 .: 200 . . - 40 . . - 110 . . = 50 .
.
850 . . ,
.


.


. ,
: 740 . . - 690 . + 100 ., .. 150 . ., ,
,
.

. ,
140 . .
, 31 ,
.
31 70 . .,
60 . .
( ),
30 70 . .
() 30
31
.
65 . .
, 30 1 222 000 .,
31 1 222 000 . 65 000 .
40 000 . , 1 247 000 .
: .
, 30
13 500 . .
75 . .
,
30 75 . .;
61,5 . . 31
111,5 . . , (
)
, .
.
. 7.11 SpecificJams 30 .

336

III.

7.11. Pacific Jams Company


30 20X2 (. .)


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

+101,5

471,5

1 222

+25

1 247,0

1592

+126,5

1 718,5



, 6,2143,


200 .,


40 .
110 .

7. ,

337




,
.
.
, ,
,
. , - ,
,

, . ,
45 ,
. 500 .
., 2 . .,
250 .: 2 . ./8 = 250 . . ,

750 . .

.
, , ,

.

, .
,

.

, , . ,

.


.

.

, -
.
, .

,
-

338

III.

. , ,
.
, ,
.



: ,
.


, ,

.


.
,
.
,
.

,
.



,
.
.

.


,
. ,
;
.
,
. ,

, , ,
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

) bx^-x (So + AS),



. ,
,
,
D
(So + AS) . , :
S
Eq

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

<7Q + New Eq Div 1 +


SGR

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

0,50 04292 0,5263

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

0,0909 0,2046 0,04222 0,1294 0,0325 0,1083 0,25

10

0,0623 0,0536

0,7682 1,0272 1,1659

. 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

0,42, 0,06, D / E 0,45.


5 . .,
.
Herb I. Vore Hydroponics Corporation
35%.
30 ., 12 .
. 5 . .

. .
: A / S 0,67,
0,08, D / E 0,60.
,
35%.
a) A/S
35%- ,
.
b)
?
c) D / E
?


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%

1 - [(0,05) (1,80) (1,6129)



,
,
.
.
SGR .


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.

Van Home, James , "Sustainable G r o w t h Modelling", Journal of Corporate Finance 1


( W i n t e r 1988), p. 19-25.
I I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part3.html)

IV







( )

-

( )

8 :

,
-
" ";


,
, ,
;

,
;

,

;

,

"" ""
(.. , );


(
),

;

,


.

;
, ,
.


- .
" ", , ,
(net working capital),
,
.

,
, ,
.
(net working capital)
() .

, ,
(
, . . .) ,
- (gross working capital). ,

,
- .
(working capital management)
, ,
, -
, ,
( ).
- (gross working capital)
, ,
, , - .
(working capital management)
, ,
,

364

IV.


,
, . ,
.
.
( R O I ) .

.

.
,
. ,

.

.
, ,
,
;
- .
, ,
. ,
, ,
. ,
,
.
,
.



" ".
23 . . ,
- 45 .
,
- .
, , ,
, , -, .
; ,
- ""
.
,
- .
.

8.

365


. ,
- ,
- , ,
.
, ,
.
,
, ,
,
, , ,
.
, " "
, . 2003
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. . .

-
.

,
, .
(
)
( R O I ( R O A ) ) .
,
, ,

- .

, . ,

IV.

366

, , ,
.
,
()
.
,
.


. ,
, . , ,
. ,
,

(,
- ).

,
,

.



( )

, , ,

.
, ,
100 '.

.
.
.

. 8.1. ,
,
.
. , ,
. ,
( )
.
1

8.

367

( ).

. ,

, ,
.

50

100

()
. 8.1.

"" ,
.
,
. , ,
. ,

; ,
.
; "". " "
, ,
- . ,

, . ,
" " . ,

.




, , .
, , -

368

IV.

?
,
( R O I ) :
(_)1
_


( + +-)+

, (
, )
. ,

, .
, -
; ,
, , , .
, ,
.

.

.

. ,
.
,
. , .
, .

<

>


,
.
1.

.
,

. , ,
.
2. (..
).
, .
,
. , .

8.

369

, (
, , -
)
.
,
, -
.

:
,
,
.
,

: , ,
- (
)

: .

,
. ,
,
(permanent working capital).
"" . ,
(temporary working capital)
, . 8.2
, ,
, .
(permanent working capital)
,
.

. 8.2.

370

IV.


. ,
, ,
"". -,

, ,
.
:
. -
(, ).

- .
, - .
, , -
, , ,
, . ,

;
,
. ,
.
,

. ,
,
,
.
.
(temporary working capital)
,
.

-



. ,
, ,
. ,
(accruals) -

8.

371

.
(spontaneous financing)
11. -
, , ,
,
.

, .
,
.
.
2

(spontaneous financing)
,
.

( )

( ) (hedging (maturity matching) approach),
,

.
;

.
. 8.3.
, ,
, ,
. ,


.
, . 8.3

. ,
.. ,
. ,


. ( , ,
,
. , "-----"
, . ,
, ,
, ,
. . 11.

372

IV.

; ,
. 8.3,
.)

* .
** ( )
. 8.3. :
( )

( ) (hedging (maturity matching)


approach)
,
,

( ).


, ,
, , . 8.3,
.
,
,
.
, - (
) , ,
.
- .
, ,
.
.

8.

373

, .

. , ,
, ,
- .
" " ,
, ( STISL short-term,
inherently self-liquidating).

.

. ,

.

-


, , , ,
.
. ,

.
:

? ,
: .
. ,
,
. ,
.

. ,
.
,
,

. ,

.
,
. , ,

, .

374

IV.

, ,
.
,
.
,

.
. ,
, .
,
,
,
. ,
.

.

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

.
. ,
,
,
.
. 8.4,

. ,
,
, .
,
( 8.4
) ,
.
. 8.4,

. ,
.

8.
**

* .
** ( ).
. 8.4. :

* .
** ( ).
. 8.5. :

376

IV.


( )
, . 8.5.
.
.

, .
, ,
. ,
,
,
, .
, . 8.3.
,
. ,

,
() .
. - . 8.1.
3

8.1.

()

1.

2.

()

4,

3.


, ..
?

,

, ,
?


,
.
. ,
Jerry A. Viscione, "How Long Should You Borrow Short
Term?" Harvard Business Review (March-April 1986),p. 20-24.

8.

377

, . 8.1

. ,
,
, ( 1)
,
( 3),
,
( ).
, . ,
, (,
, 2 4), ,
. ,

.
, , . 8.1,
.




:
. .
,
, , ,
, ,
.
, ,
,
, ,
(" ")
.
.



,
,
,

. ,
( ) ,

. ,

378

IV.


.
,
.
,

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



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

, .
,

.
,
.
,
. , , ,
.
,
, .
4

. 11.

8.

379


(
) /- ( ).


() .

( ),
.

, , ,

. ,
, .
, .

.
1. .
2. .

:
, ,
- . ,
: .
,
,
. ,
,
.


( ),
,

. , ,
;

.

,
,
. ,
.


:
.

.

IV.

1. ?


?
2. ""

(
).
""
.
?
3. 10%
;
60% . ,

?
4. "" "
"?
5.
( ),
?
6.


,
.
.

7. , ()

.
?
8. , ,
, .
,

? .
9.
,
,
.

?

8.

381

10.
?
?
11. ,
?
12.
?

U11
1. Zzzz Worst
3,2 . .,
0,2 . . 10 . .,
( ) (
) 12%.

,
,

.
0,2 . .
0,5 . 0,8 . .

.
a)
, ,
.
b)
,

15%- ?

t>

|3
Anderson Corporation (
)
280 . .,
( )
10%.
100 . .
50 . .
)

( ).

IV.

b) (
) ,
10 . 15 . 100 . .
c)
)? , ),
,
,
?
2. Malkiel Corporation
, .
,
.
50 . . ,

. 1 . . .


(. .)


(. .)

( )
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

30,06.20X3

59

32

30.09.20X3

60

27

31.12,20X3

61

23

a) I)
I I ) (

).
b) ,
( ).
3. Mendez Metal Specialties, Inc.
. Central Bank
, 1%
-.
( )
(. .) :

8.

383

1-

2-

3-

4-

45

48

5,5

5,9

5,0

,
.
4,5 . . ,
,
.

(-) 11%,
. Mendez Metal
Specialties
13,5% .
: , 500 . .
1 . .

.
a)
-
. (
, ,
.) ?
b) -
, ?
c)
,
( E B I T )
.


1. )

(, .)

10,0

10,0

10,0

(. .)

1,2

1,2

1,2

(. .)

3,2

3,5

3,8

3,125

2,857

2,632

( ) (%)

37,5

34,3

32,6

( ) (%)

12,0

12,0

12,0

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),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part4.html)

9 :



,
;

,
(EDI)

;

,
;


,

;


,
( )
.

: , .


.
,
,
. ,
. ?
?
. ,
.



,
. , :
, . ,
,
,
.
1

(transactions motive):
,
, , , , , .

(speculative motive):
, .

(precautionary motive): - "


"
.
,
.

.

,
.

, .

John Maynard Keynes, The General Theory of Employment, Interest, and Money. (New York:
Harcourt Brace Janovich, 1936),p. 170-174.
1

388

IV.

. ,
,
.
(
), .
, ,
. ,
(. 7), ,
, , .
,
.

(. 9.1).

-*

*

,
,
.

. 9.1.

, ,
.
, , ,
() ,
.
.

9.

389


, .. ,

.


,
,
.
. , ,
---------
.
, . ,
,
,
, .


. , .


,
, ,

.
,
: 1) -
(invoice); 2) ;
3) ,
.
- (invoice)
, .
, ,

.
(collection float)
,
- (. 9.2). ,
, (mail float), ,
. ,
(deposit float), . , (processing
float), ,
.
. ,
(availability float), ,

390

IV.

.
,
.
,
(Federal Reserve System FRS) ,
, .
, ,
, ,

.
, ,
. , ,
,
,
.

:
,
-
. 9.2.

,
, , , ,
,
, . ""
,
,
.
,
.

9.

391

.
,
, .
.

( ),
-. ,

,
.
. ,
,
.
(preauthorized debit),
, .
,

.

, ,
.
(preauthorized debit)

;
,

.
(lockbox)
.

.
.

.
.
,
, .
,
-.
, ,
. ,
.

,
.

392

IV.

(lockbox)
, ,
, ,
- ,
, ,
,
.


.
,
.
,
.


.
, }- ,
.
:
,
,
.
. ,
, ,
. ,
,
. ,

(electronic lockbox).

;
, I .

I
I
J
J
|
1
I


.
. .
(, )
. (first-pass imaging).
, . , - ,
, " ".
.

9.

393

,
(intelligent character recognition ICR) ,
, ,
"" ,
-. , \ ICR,
, .


, .
.


. -
, - .
. ,
. .
:

.
Web-
;
( );

. , ,
; ,
,
;

.
.

. Richard . Gamble, "A New Chapter in Lockbox Technology", Business Finance


(March 2003), p. 35-38.(www. bf mag. com). 2003 Penton Media, Inc.
. .


,
. ,
; .

,
.


<

* " "

. " "

I .

IV.

394


,
.
, ,
, ,
, . ,
Federal Express, ,
.
, , ,
-, " " .
, .
" ,
" ".
,
" ". ,
,
.

".

, , ,

.
. First Tennessee Business Review, Vol. 9:2 (Spring 1999),
p. 4. Copyright 1999, First Tennessee Bank.


, , -
, ,
.
. ,
,
- (concentration bank).
(cash concentration) .


. ,
( ) ,
.

, ..
,
(, ,
(compensating balance)).
, , .

9.

395

.


,
. ,
100 . . .

(cash concentration)


,
-.
(compensating balance)

,
, .
.

.
: ,

.

(depository transfer check D T C )

, -.

,
.

-,
. , ,
,
.
() (depository transfer check DTC)

, -.
(automated clearinghouse A C H ) .
,
.
.
,
,
.

396

IV.

()
(automated clearing-house (ACH) electronic transfer)
, , ,


"" . ,

.

.
. " 1980
, , -
Unisys Corp.
85 ,
3%".
.
,
, - :
, ""
. " , ,
,
. ,
,
.
, ".

.
,
30
, .
,

.
. Exec, 1999 . 1999 Unisys Corp.
.

(wire transfer).
,

.

("")
.
. ,
50 - , -

9.

397

10 . -
, ,
,
.
(wire transfer)

, , "",

,

, ,
.

,
.
, , "" ,
, 81% 1990
61% .

, , 50% -
.
,
, .
Nikon,
5500 . ., 3400 .
. ,
2100 . .,
.

.
.

. ,
() .
. ,
" " (stored value card),
.
, ""
.
"
", .
.
,
.

398

IV.



. (peer-to-peer
payment)
"" Web-.
-, ,
"".

(electronic bill presenting and payment ) .
(,
) (, ,
)
. "".
,
. ,
, ,
" ". - ,
,
, ,
.
(, EZ Pass )
.
. Ruth Aim Marshall, "Prepare for Paperless Payments", 2002 2004 MasterCard
International Incorporated. . .



,
.
.


,
,
.
, ,
.
, ,
(net float), (float).
,
. ,

,
.

.
" ".

9.

399

(net float)

,



,
,
. ,
,
, ,
-
. ,
.

;
,
.

.
,
.

(
), , .
,
.
.

.
, ,

. ( 11
.)
. (Payable
Through Draft P T D ) .
.
,
. , ,
.
, ,
2

, , .
" ", 1818 , ,
.

400

IV.

. ,
.
, .
,
. - ,
,
, .
(payable through draft PTD)
, ,
, .
, ,
.

.
.
,
, .
,
. ,
.
-
.
.
. 9.3. ,
,
.
,
. ,
, ,
.

CD

100

|
><

75-

9.

401

. (zero balance
account ZBA), ,

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

,
.
, ,

, .
3

(zero balance account ZBA)


, .
() ,

.



,
, ,
.
(disbursement float),

. ,
,
. ,
(remote disbursement), , ,
, . , .
(disbursement float)
, ,
.

,
(
-).

402

IV.

(remote disbursement)
, ,
,
,

,

. , ,
. ,
,
. ,
.
1985 E.F.Hutton,
,
,
. Hutton "
" .

.

.
, ,
,
.
, ,
, (controlled disburse
ment).
( ).
,
, ,
, .
.
(controlled disbursement)
, ( ),

,
.

:
.
, ,
,
. , ,
, . ""
,
. "/"
, .

9.

403

|
. (giro system) I .

| ; .
I .
I
j
1
I
1
I

, . . ,

.

.
, , , !
. - j
( - I
24).

, .
,
| , .

|
|
I
|


,
. ""
(electronic commerce )
.

, ( )
(E-mail).
() (electronic data interchange
E D I ) . ,
.
() (electronic commerce )
("") ,
.


( ) (electronic data interchange E D I )
(, -,
..) .

404

IV.


,
, , -.
() (electronic data interchange EDI)
,
.

(electronic funds transfer E F T ) .


,
( ) , ( )
.

( ) .


("") (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)
,
.
"" (CHAPS).

1999
, , ,
,
.

, , .

( ) ( f i n a n c i a l E D I F E D I ) .
( )
.
,
.

9.

405

() (Financial EDI FEDI)



.
,
, , ,
. ,

.
, - (data interchange)
, (payments)
( ) .


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.




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

. .
, ,
. ,
, ,
(float).
.
,
,
. , ,
, , ( ,
) -
"".
Dell Computers
Dell Computers
, .
- .

, 42 ,
13,6 . .

Dell 1996 . Web-,
42 ,
, 1,5 .

Dell
,
Web-.
, Dell
, , ,
, , ;
- .

9.

407

Web- Dell
:

, 42 ;

42 ;

24 36 ;

2 5 .

. . " Del?', Corporate Finance (,


1998), p. 20 Euromoney Publications pic, 1998. . .




(core competences), ,
.
,
,
(outsourcing).
,
(outsourcing) ""
- .
, ,


.
,
.
,

.
, (outsourcing)

, .


.
,
.
,
.
,
. -

408

IV.

,
, . ,
(Outsourcing Institute)
30 ,
, "
" , "
" , "
" .

( ) .

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

.
3
,
,
.
|
.
, ,
( Unisys),
.
, "" ,
, , ,
, . -,
.
" - ,
,
, . ,
"-".
".
, ,
.
" ,
" " ,
, .
,
IT- ( I T
)".

9.

409

, ,

,
(call-center).
, .
,
(
) .
. , ,
.
, ,
,
. " ,
,
,
".

19%

37%

28%

36%

31%

17%

23%

10%

, Unisys, ,

,
. ,
, .
. "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.
.


.
, , ,
. ,

.
, -,
, -, ,

410

IV.

,
.
,
, ,
,

.

.
4



, .
,

.
,
. ,

.
,
10%. .
.
.

. ,
.
; ,
, . ,
.
,
. -
, ,
.
,
.
, ,

, ,
.
, 11.

.

James . Van ,
Financial Management and Policy, 11-th edition. (Upper Saddle River, NJ: Prentice Hall,1998), Chap. 12.

9,

411

,
,
. ,

. ,

.

. ,
,
.




/
.
, , ,
() .
,
. ,
( ) ,
,
" ".
, ,
, " ".

:

, ( )
(. 9.4) . , ,
, .
,

. ,
, ,
,
,
.
. , , ,

3

, . . James
. Stencill, The Management of Working Capital. (Scranton, PA: Intext Education Publishers,
1971, Chap. 2 and 3).
0

412

IV.

.
,
,
(R$) (ready cash segment ( R $ ) ) .

(R$):
,

($): ,
() ,

(F$): ""
(.. )

. 9.4.
, ( )

,
,
"" (.. )
. ,
.
,
. ,
,
. ,
,
(controllable cash segment $ ) ,
() ,
.
, (free cash segment F$).
,
, .
,
.
, ,
.
,
,

9.

413

,
.
.



,
,

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

.
(safety (of principal))
.

(liquidity, marketablity)

. ,
"" , ,
.
( , )
10 .,
, .
,
. .
, ,
. , ,
, , .. ,
.
(marketability (or liquidity))

.

, , /
,
. ,

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,
. ,
(interest-rate (or yield) risk), ..

.
(interest-rate (or yield) risk)
,
,

9.

415

, (26-)
, , ,
, -
,
10%-
.

(.)

(.)

956,00

1000

((1000 ,-956,00 ,)/


(956,00 .)) (365/182)
= 0,0923

952,50

1000

((1000 .-952,50 .)/


(952,50.)) (365/182)
= 0,1000


, ,
, 3,50 . (956,00 , - 952,50 .),
, ,
( ),


.

. (maturity)
.
. , 13,26
52 . , ,
. ,
.


, ,

(money market instruments).
(
),
. , ,
,
, .
,
.
( ) (money market instruments
(broadly defined))
,

416

IV.


.
, .
(Treasury bills (T-bills)) 13 26
. (
.) ,
. ""
, .
, .
1000 ., ,
.
, - ,
. ,
, .
(treasury bills T-bills)
,
.

(Treasury notes)
,
(Treasury bonds) . , ,
,
.
, . ,

.

. (
.)
,
, .
(treasury notes)
( )
,
(treasury bonds)
( )
,

.
, ,
,
, (repurchase agreements RPs; repos).

,
. ,

9.

417

, .

. ,
.

, ,

.
,
. , ,
,
,
.
, (repurchase agreementsRPs; repos)

( , )
,
. (Federal
agencies)
(Federal Financing Bank).
(Federal Housing
Administration),
(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").
, ,
,
(federal agency securities).

- .
,
, ;
"" ,
. ,
.
, ,
,
.
, -

418

IV.

,
.
.
(federal agency)
, ,
, ,
,

banker's acceptances BAs)


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

.

.
.

, .
, ,
.
6

(bankers' acceptances BAs)


, (
"")
,

, (commercial paper)
,
.
.
-
, .
,
.
, ,
General Electric Capital Corporation, Ford Motor Credit Company, General Motors
Acceptance Corporation Sears, Roebuck Acceptance Corporation.
,

,
,
" " 11.

9.

419

.
. -
, .
, (commercial paper)
,
,

, , .
270 ,
.
,
.
.
. -
( - )
, ,
,
,
. ,
, , ,
.
, 100 . .
,
, "" (Yankee
commercial paper). , Mercedes-Benz AG

. ,
,
, - (Euro-commercial pa
per Euro CP).
, General Motors . -

. -
, .
,
270 , - ,
,
. ,
,
.
7

270 ,
(Securities
and Exchange Commission), .
7

IV.

420

.
, 1961 ,
(negotiable certificate of deposit C D )

,
.
, , 30 12 .
(
), ,
, 100 .
. ,
. ,
,
, . ,
-,
. -

,
.
(negotiable certificate
of deposit CD)


,
.
( )
, .
, , .

(Eurodollar DCs, Euro CDs) ,



, (. ).

"" (Yankee CDs) ,


.

(Thrift CDs) ,
,
.

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

9.

421

) (Eurodollar time deposits Euro TDs),


( ) (Eurodollar dertificates of deposit (Euro CDs)).
,
: .
, ,
. ,
, - ,

.
(Eurodollars)
, ,
,
,

(short-term municipals).


. , , ,
. ,
,
.
,
- .
, .

,
.
. 1982
,

. 20,
, .
- ,
. ,
.
,
70%
. ( .)
,
.

(money market preferred stock ( M M P ) ) .
49 ,
,

. -

422

IV.

.

.
.
,
, .
, -, , -,
, -, (
, ).
(money market preferred stock MMP)
,
49 ,

- ,

110% ,
.
, -

.
.




, ,
.
.
,

. ,
(R$) ,
.

, ,
.

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

9.

423

, , .
, , (
).
, , ,

, .
,

: , ,
15 .
,
, ,
, ,
. ,
,
, .
, ,
, , ,
,
.

, . ,

.
,
. ,
( )
. ( . 9.5
.)

. 9.5.

424

IV.

.
,
.
,
. ,
,
.

, , ,
. ,

,
, ,
.
.
, ,
.
- .
. -
,
,
.
1970- (money market
mutual funds M M F s ) ( )
.
,
,
.
,
( ),
.

500 .
, .
,
, ,
, .
(money market mutual funds MMFs)
,
.


,
, .
,

.

9.

425

:

. , ?
(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 ) ,
,
(accumulating net asset value A N A V ) ,
.
C N A V , ,
:
,
. A N A V ,
(roll-up fund), .
, .
,
. ,
, ,
, ""
.
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 ) .

, ,
,
.

(,
) ,
.


.
,
. ,

, ,
.


, ,
.



,
.


: 1) (),
2)

()
3) .


,
, ,
, , .

( )
( ) :
( ) ( ) .

9.

427


, ,
, .

, -,

, -, ,
,
.


, (
) , .
1. ,

.
2. ,
() ,
.
3. ""
(.. ).

,
,

, , .

, ,
.

, ,
, ,
,

,
,

.


,

, , ,
, . ,

.


( )
.

428

IV.

1.

2. .
3. ,
.
4.
,
.

.
5.

.
6.

.

! ?
7.
?
8.
!
" " ?
9. ,
.
?
10.
?
?
11. ?
12.

.
13. (),
(),
() ().
14. ?

?

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,
.
a) "" ?
b) ,

.
.
93 . .,
.
9%
.
? ?
c) ,
.

10,3 . .
? ?
2. The List Company,
7% ,

.
3 . .,
2 . .
a) List ,
- (
1 . .,
1 . .) -
( 2 . .,

2 . .). ,
, .
( )
?
b) ,
(
).
,
,
List?

9.

3.

431

The Franzini Food Company


150 . .,
.
.

20

40

25

10

, ,
,
? - ?
4. Sitmore and Dolittle, Inc. 41
, .

-, , 5000 .,
. -,
, .
Sitmore and Dolittle ,
.
a) ?
b)
,
15 . .,
?
c) , 10%
,
).
, ,
7 .,
250 ? ( ,
.)
5. Wall StreetJournal -
,
,
.
?
, ,

? ?

432

IV.


1. ) 2,5 + 1 = 3,5

3,5
b) 5%

500 000 ,

1 750 000 ,

1 750 000 .

87 500 .

c) ,
(87 500 .)
(75 . .).

0,30

0,00

0,30

(1-0,30)8,00%=5,60%

0,30

0,07

0,37

(1-0,37)8,50%=5,36%

0,09*

0,07

0,16

(1-0,16)7,00%=5,88%

*(1 - 0,70)(0,30) = 0,09



, 70%-
.
, , -
, .
( , ,
.)
, ,
.
,

.
,
.

9.

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",

Fedral Reserve Bank of Richmond Economic

Quarterly 79 (Spring 1993), p. 45-67.


H i l l , Ned C , and W i l l i a m L. Sartoris, Short-Term Financial Management, 3 ed. (Englewood
r<J

Cliffs, NJ: Prentice Hall, 1995).


Kamath, Ravindra R., Shahriar Khaksari, Heidi H y l t i n Meier, and John Winkleplectk,
"Management of Excess Cash: Practices and Developments", Financial Management 14
( A u t u m n 1985), p. 70-77.
K i m , Chang-Soo, David C. Mauer, and A n n E. Sherman, "The Determinants of Corporate
Liquidity: Theory and Evidence", Journal of Financial and Quantitative Analysis 33
(September 1998), p. 335-359.
Lacker, Jeffrey M . , "The Check Float Puzzle", Economic Quarterly of the Federal Reserve
Bank oj'Richmond'83 (Summer 1997), p. 1-25.
Maier, Steven F., and James H. Vander Weide, "What Lockbox and Disbursement Models
Really Do", Journal of Finance 38 ( M a y 1983), p. 361-371.
Maness, Terry S., and John T. Zietlow, Short-Term Financial Management. (Cincinnati, O H :
South-Western, 2002).
Masson, Dubos J., ed. Essentials of Cash Management, 7th ed. (Bethesda, M D : Association
for Financial Professionals, 2001).
Miller, Merton H., and Daniel Orr, "The Demand for Money by Firms: Extension of
Analysis Results", /oM?72a/ of Finance 23 (December 1968), p. 735-759.
i

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

IV.

, "The Design of a Company's Banking System' 'Journal ofFinance 38 (May 1983),


p. 373-385.
, "Corporate Trade Payments: Hard Lessons in Product Design", Economic Review
of Fed of Atlanta 71 (April 1986), p. 9-21.
, and Ned C. Hill, "Cash Transfer Scheduling for Efficient Cash Concentration",
Financial Management 9 (Autumn 1980), p. 35-43.
U.S. Treasury Securities Cash Market. (Chicago: Chicago Board of Trade, 1998).
Van Home, James C, Financial Market Rates and Flows, 6 ed. (Upper Saddle River, NJ:
Prentice Hall, 2001).
IV Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . edu/~j wachowi /
1

th

part4.html)

10


:
-

:
:
:


" "
-

10 :

,

,
;

,
;


,
,

;


,
, ,

,
;

-

;

,
,
,
,
(EOQ),
, " " ().

. .

8 , (accounts
receivable)
. ,

, ,
. ,
, ,
.

,
.
,
- .
(accounts receivable)
, ,
- .
, ( ).




,
. ,
,
. , ,
,
, ,
. , (credit
standards), , , ,
, .
,
, ,
. ,
.

In God We Trust. XIX


. .

438

IV.

(credit standards)

.

, :
,
, (
)
, .

,
.

, ,

. , ,
,
.





, .. ,
. , ,

. ,

, . ,

.
, ,
,
.



.
,
.
, ,
. , ,
, .
,
, ,
.
?

10. ..,

439

,

.
,
,
, . ,

.
, ,
.
, ,
,
, .
, -, , -,
.
,
, , ,
, ,
. ,
,
.
.
, ,
,

,
.
, 10 . .
8 . ( ),
.
, ,
- .
,
,
, .. 10 . - 8 . = 2 .

2,4 . . .


. ,
.
,
25%, ..
3 . . . ,
, 600 . .
60 .
, , , -

440

IV.

,
20% ( ).


,
.
,
, . ,

. 600 .
.
(12 ,
, .. 2 )
600 . ./ = 100 . .

.
0,8 . ,
. ,
: 0,80 . 100 . . = 80 . .
, , ,
. 10.1.
10.1.



( ) (
)
2 . 600 000 = 120 ..

( ) /
(
)
600 . ./ = 100 000 . ,

( /
)
( )
0,80 . 100 . = 80 . .


(
)

( ) (
)
0,20 . 80 .. = 16 . .

, .. 2 . 60 000 =
120 . .,
, .. 0,20 .
80 000 = 16 . .,
.

,

10. .,.

441

,
,
. , ,
,
,
.
,
.

. ,
, , ,
.
, , ,
"2/10, 30". "2/10" ,
10 -,
2%. " 30" (net 30) ,
,
30 . ,
(credit period) 30 .
(credit period)
,
, ,

,
,
, ,
.
,

.
, ,
, " 30" " 60", ..
30 60 .
30 60 .
360 .
.,
.
.
.
360 . .
, 6,
, , : 360 . ./ = 60 .
.
, .
: 8 ./10 . 60 . . = 48 . .

442

IV.



.
, .
2,4 . .
12
: 2,4 . ./12 = 200 . .
: 2,400 . ./6 = 400 . .
,
200 . ., .
() ,
, .. 200 .
. ,
.
,
200 .
., ,
.
200 . .
1

. 10.2 , .
10.2.

= ( ) (
)
2 . 36 000 = 72 . .

= ( ) / (
)
3 6 0

/ 6

6 0

10.2

= ( /

30
, .
,
. 30
,
, 60- .
, 60
.
,
(200 . . , ,
) 200-
.
1

10. ,

443

)
( )

( ) / (

)

0,80 . 60 . . = 48 . .

2,4 . ./12 = 200 . .



,

( ) / (

)
2,4 . ./ = 400 . .

400 , . - 200 . , = 200 . .

= 48 . . + 200 . . = 248 . .


= ( ) (
( )
)
0,20 248 . , = 49,6 . .


,
.
, .. 72 . .,
(49 . .),
30 60
.
,
, .

,
, .
(cash discount period)
,
,


. (cash discount
period) ,
.
, , ,
. ,
10-
- .

444

IV.

(cash discount)
, ,
-
. , ,
,

(cash discount)
.
, ,

. ,
. ,
3 . .,
. , ,
" 45", -
. , :
3 . ./ = 500 . . "2/10, 45"

, 60% ( )
2%- .
: 0,02 0,6 3 . ., .. 36 . . .
12 ,
500 . .
250 . . (3 . ./12 = 250 . .). , ,

250 . .
. ,
20%,
50 . . ( . 10.3
.)
10.3.

- = ( ) / (


)
3 . ./ = 500 . .

= ( ) / ( )
3 . ./12 = 250 . .

= ( ) ( )
500 , , - 250 . , = 250 . .

10. ...
.

445
10.3

() ( ,
(
) ( )
)
0,02 0,60 3 . . = 36 . .


( )

( ) (
)
250 . . = 50 . .

, ,
, , ,
, .
, 2%- .

, ,
, .
, , - ( 2%-)

.
(seasonal dating)
,

, ,

.
,
. (seasonal dating)
"" ,
,
. , ,
,
,
,
, .
,
.
, ,
.
, ,
. (

)
,
.

446

IV,


, ,
- ,
,
, ,
( ).
.
,
,
.
,
(,
2,4 .
.) ,
. , ,
.

( ) (, .)

2,4

(. .)

3,3

600

300

10

18

(%)

(%)

,
, ,
, 2%
( 2,4 . .),
10% (600 . .),
18% (300 . .). ,

,
(600 . .) ,
(300 . .) .

, 12,6 4 .


. 10.4.

10. ,..

447

10.4.



(. . )


(. . )

1.

600

300

2. :

120

60

3, :
( ) (
)

60

54

4. :

100

75

80

60

6. ( )

(20%)

16

12

7.
( ):

76

66

44

(6)

(20%- ) ( )

( /
)
5.
:
(0,80) ( )

(3) + (6)
: (2) - (7)

, , ,
, ,
.

, .
, ,
.





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

448

IV.

, .
,
.
,
,
.

. 10.1.

. 10.1.


,
.
,
,
.
,
,

. ,

, .
.

,
, ,
.

10. ..,

449

, ,
,
. ,
, .
, ,
. , ,
, , , ,
.
, .
,
, .
,
,
.
,
, ,
.
,
. ,
- ,
.



,

, -, ; , ;
-, ; -,
- , ,
-, .
,
, ,
. ,
.

,
, .

, ,
, , .

,
,
-
. . 10.2
, .

450

IV,

. 10.2. ,
, ,

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

,
.
, ,
. , ,
.

.
,
.

,
.
X. ,
.
,
, , -

10. ..,

451

,
. ,

, ,
. , ,

, .
, ,
,
.


,

.
: 1) ; 2)

3) .
, , ,
, .



, ,
,

. , ,
. ,
, ,
.

,
. ,
, . ,
,
.
. ,
,

.

. ,
. ,
, ,
.

452

IV.

.
,
,
.
Dun &
Bradstreet (D&B), .

. . 10.3 "1"
Beaumont & Hunt, Inc., D&B,
D&B .

Puc. 10.3. Dun & Bradstreet, ,


. Dun & Bradstreet Corporation, 2003

10. .,.

453

D&B,

( "Estimated financial strength" ("
")) ,
"high () = 1"
"limited () = " .
, D&B, ,

. , , D&B
,
,
, ,
,
,
: ,
. ,
D&B, ,
,
D&B.
D&B .
2

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

Robert Morris Associates (RMA).
, ,

, , : Code of Ethics
(" ") Statement of Principles (" ").
.
,
. , ,
,
, , , Beaumont & Hunt, Inc.,
, 200-300 .
. 1, , ,
,
.

454

IV.

,
. ,
.
.
,
, .

, .
, "3 ",
: (character) (..
), (capacity) (..
,
) (capital) (..

). ,
,

. , , ,
,
,
.


,
.
.
, ,
, .
,
, . ,
,
, 6.

.
, ,
,
- ,
.
,
,
, .

, ,

.
,
( ),
.

10. ,

455

* , ,
Dun & Bradstreet.
" , .

. 10.4. :

.


. ,
,

456

IV.

,
. , , ,
Dun & Bradstreet, ,

.
, ,
, . ,
,
,
, .
. 10.4
.
, ,
,
, .
Dun & Bradstreet -
. , ,
,
. ,
.
,
.

-,
,

. , ,
, . , :
,

. ,
, ,
,
, .
3

.
,
( ),

,

. , ,
,
( ).
Dileep Mehta, "The Formulation of Credit
Policy Models, Management Science 15 (October 1968), p. 35-50.
3

10. ...

457

,


. , , ,

(credit-scoring
system),
, , , ,
.
(credit-scoring system)

,
,
, .

, .
,

, .
,
,
.

Kpax Enron
.

!
I
I
|
I
\
|

Enron - ,
, .
, ,
,
.
. " -
,
'', ,
Standard & Poor's Corp.
.
Enron WorldCom , - 2000
2001 . ,
,
, "
", .

J ,
I , I . , , -

458

1
I
j
I
j
1
1
j
i

IV.

, ,
, :
, .
, "
" , .
, ,
.
, , :

Moody's KMV, - Moody's Investors Service,


EDF Credit Measure, ,
World Wide Web ,
""
. , Risk Calculator ("-"),
.

Standard & Poor's Corp. Trade Credit Services,


,
"" .
Fitch Risk Management Inc. ,
, ,
, ,
. Fitch Risk Management Inc.,
Fitch Inc., FitchCRS,

"" ,
, .

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

. ,
, ,
.
. Jay Sherman, "Bad Company?" Treasury and Risk
Management (March 2003), p. 34-36. (www.treasuryandrisk.com) J
2003 Wicks Business Information. .


,
.

10. ,,,

459

, .
, , ,
,

.
(line of credit).
(line of credit)
,
, ,

,
. ,
,
.

, ,
-.
, ,
. ,
, ,
.
.
4


:
( )
( ,
).
, Dun & Bradstreet.


. ,

. , .
( )
, .
,

.



: 10%
20% cm .
4

460

IV.

-

-
.
- ,
" ". -
" ", " " " "
,
. , " " ..

. -
,
.
,
, , -
- " ".
-
.
(" "), ..
. ,

.
. -

. - ,

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

.
: . ,
,
-
. ,
, , ,
.
.
-
, .

10. ...

461


-

, JLT (Just-in-Time " ").
, -
,
. JIT ( )
( ) ,
, " ".
, .
J IT
- .
,
, .
, -
,
.

, -
. ,
,
, , ,
.
- ,
.

:
,
- : "
", " ", " " " ".
:
, .
-
,
, . 10.5.
, , ,
, 15%
- , 70% . 30%, ..
, 20% - .
, , .. 55%, 10%
.
,

- , ,

.
.

462

IV.

.
ABC-
- (ABC-method of inventory control).

. 10.5. -
ABC- -
(ABC method of inventory control)
, , .


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

. ,
-
- .
5

, "
Mash", , ,
, . ,
- , , ,
.

10. ...

463

:
,

. , - :
. , ,
, ,
"" "" : ?
(EOQ economic order quantity)
,
-
,

(EOQ economic order quantity)


-
.
,
, .
, . ,
-

. , ,
100 , .. 2600 .
, , (ordering costs),
.

, ,
.
.
, ,
, .
- " ", , ,
, .

, , .
, (earring costs),
, -
,
. ,

,
- . , ,
-
.
, ( )
.

464

IV.

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

= ( 2 / 2 ,

(10.1)

Q ,
.
. 10.6.

. 10.6.


, ,
. ,
Q
- .
-

, .. C(Q/2).

( ) , 5, Q, ..
.
, 0(S/Q).
, -
,

10. ,

465

(10.2)
, , Q,
. ,
, ,
. ,

,
- .
.
-
Q*,
.

- (. 10.2) Q .
( ) :
6

, ,
- 100-
2000 , 100 .,
10 .
:
(10.3)
(100
) (2000 / 200) = 10 ,
, 10 . (10.3) , Q*
, 5,
, ,
, . "
" . ,

- ,

(10.2) Q 0,

dT/dQ = ( C 7 2 ) - O ( 5 / G ) = 0 .
2

Q, :

466

IV.

. ,
" ". , ,
(.. 4000 ),
40%,
.. 280 .
- ( Q / 2 )
40%, .. 140 ( 100 ).

. 10.7.
,
-
, .
,
,
.
- ,
- ,
. ,

(
- ),
- .

. 10.7.

10. ,,.

467

, Q* ,
-
. ,
,
- . ,

. ,

. ,
,
- .
7

:
, ,
, . ""
,
, .
, -
- .


. (lead time)
.
(lead time)
-
,

, , ,
.
,
200 ( ,
10 ). ,
,
20 . . 10.7,
, , .. Q*.
, , ,
()
(), Q:
=
7

C(Q/2)

C(Q )

^P

0(S/Q)
Q(S/Q)
=

Q*=EOQ.

468

IV.

,
,
, .. , 100 .
(order point) :
( ) = .

(.4)

(order point)
, ,

- ,

, :
5 20 = 100 .
, ,
.
. 10.8.

. 10.8.


, ,
;
.
- .
, ,
.
,
,
.
, -

10. .

469

, ,
, .
, ,
- ,
, , (safety stock).
(safety stock)
- ,
( )
, .

. 10.9.
.

. 10.9.

470

IV.

,
100 , 200
10 , 5 .
,
, ,
:
( ) = (

(10 5)

) +
, 100
, 100
, , ,
200 ((5 20 .) + 100 . = 200 .). ,
, .
. 10.9
. ,
, ,
(.. ,
).
200 , 200
. , ,
- ,
. , ,
, , -
. 200
200 ,
.
,
.

, .. ,
, , .
, ,
. ,
, ;
, ,
, .. , .
,
.

.
"",
- .
.
. ,

10. ..,

471


-
. , ,
.
,
, ,
,
, .
, , ,
, , . ,
"
", .
? ,
, , , .

.
, ,
-
. ,
.
, ,
- ,
.

- .
, ,
.
, ,
- ,
. ,
""
,
, ,
, .
-
, .
,
.
,
20%, 100 , , 100
, 10%. ,
.
,
,
, .

472

IV.

j
I
I
|

}
I

|
I
|
j
I
I
I
I
I


,
.
.
(radio frequency identification
RFID) ,
.
, -.
, 2002 AMR Research
Inc., , RFID 3-5%
2-7%
- .
RFID ,
15 ,
(,
) .
, -, " "
: ""
,
( ) , .
.
, AMR Research Inc. (
),
R F I D : , R F I D ,
150 1000 -
- ,
20%. , ""
Unilever (), ,

R F I D ,
1-.
A u t o - I D Center, , M I T ( ) ,
R F I D - , , -
, .
. Monica Deady, "Tag Time?" CFO Asia (February 2003), p. 16. (www. cf oasia. com)
. 2003 CFO Publishing Corporation.
.

10. ,..

473

" "

(JIT just-in-time).
" " (JIT just-in-time)
- ,
,
,

, J I T
"" -
" ", ""
" ".
-
,
, . , ,

, , , " "
- .
J IT ,
,
.
JIT.
, " ",
-

,
EOQ. . , " ",
, , (..
, ,
)
- .
, , "
".

,
, (
) .

,
.

,
,
, . 10.7. ,

474

IV.

Q*, .. , ,
" ",
. , ,
,
, ,
. ,
" ",

,
.
- J I T ,
. -
J I T ,

.
(business-to-business, 2) .

,
(2 exchange).
.
" ",
, . ,
,
. .
.
,
, -.

- , ,
,

. ,

- .
, - ,
(
).
, , (10.3).
, -
EOQ.
-
,
,
. , -

10. ,,,

475

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

I ( - General Motors Corp. . ,


| J I T .)
I
I
I
|
\
|

1. . -
" ", ,
- - : . , , - Toyota
60 .

2. . - ,
.
,
.

, , .
3. . " "

.
250 . ,
General Motors Corp. 3500
.
4. .
. ,

( ).

.
5. . ""
-
. .
, ,
.

476

IV.

6. .
, " ", ,
10% .
, ,
.
7.

.
. ,
.

.
8.

" ". " "


. ,
.
" ",
.
. Iron Age.


, , -,
; -,
; -, ; -,
, , , -,
, .

.

,
,
.


, -, ; ,
, -,
. , ,
,
, , , ..
.

10. .

477

-
. -
,
.

- ,
,
.
(
) , - .

-
,
.
ABC- -
.


, .
, .
,
.
- , ,
,
, .

(EOQ),
- -
,
-
.

-
,
.

, ..
, , ,
. ,
,
.

- (JIT)
,
.
, -

, .

478

IV.

1. ,
"
"?
2.
,
.
a)


.
b)
.
c)

.
d)

.
3.
? .
4.
?
5. ,
?
6.
?
7.
?
8.
? ?
9. -
.
-
,
.
10.
,
- ?
11. ,
.

10.

479

12.
- ?

- ?
13. ,
-
.
14. -
?
15.

?


1. Kari-Kidd Corporation
" 30 ".
60 . .,
45 .
,
" 60 ".
15%. ,

75 , , ,
.
0,80 . 1,00 .
, 20%.
? ( ,
360 .)
2. Matkock Gauge Company
.
- ,
50 .
-
.
" 45 ",
60 ,
. -

. , ,

,
.
.

480

IV.

(%)

24

30

50

20

,
- 78%
.
4 . .
,
;
60 .
,

,
- . .
3. Vostick Filter Company
, .
.
1000 ,
40 .
20 ,
0,10 . .
a)
(.. , 1000 ,
)?
b) ,
0,05 . ?
c) ,
10 . ?
4.
Bodden Truck Company
.
260 . .
. ,
-
.
48 . . .
,
- (
) 15%?

10. ,..

481

1. ,
24 . ., Kim Shi Company,
,
.
30 .
, ,
,
.


(, .)

2,8

1,8

1,2

0,6


()

45

60

90

144

20 . ,
18 . .
.
,
, ..
( ), 30%?
. ( , 360 .)
2.

Kim Shi Company


,
,
.

(%)

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 (. .)

20X1 20X2 20X3

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

San Jose Company (. .)

20X1 20X2 20X3


( )
(
)


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

Dun & Bradstreet San Jose


Company 42.
,
. ,
San Jose Company ( -

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

: 0,2 x 9 000 000 .

= 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,

UT: Excellence Publishing, 2000).


Cloud, Randall J., "Supply Chain Management: New Role for Finance Professionals",
Strategic Finance (August 2000), p. 29-32.

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


( ,
)


11 :

,
" ",
;

(
) ;

,
;




/
(
);

,
,

, .

^ ,
0 (spontaneous) ,
.
, ( ),
,
. ,
,
.

. ""
,

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


( ,
)
(trade liabilities)
,
.
(trade liabilities).
, ,


,
,
.
.
,

492

IV.

, -
(trade credit).
() (trade credit)
, ,

: (open accounts);
(notes payable) (trade
acceptances), .
,
-,
, .
,
, ,
.
(. 10).
, ,
( ) (accounts
payable).

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

,
. ,
, .


.
'ffa , ,
.

11.

493

,
.
.
.
,
.
.
-,
"-",
,

( ).
1. (COD cash on delivery)
(CBD cash before delivery) .
COD " ".
, , ,
,
.

(CBD). CBD .
2. - (netperiod) .
, ,
. , , " 30"
, - 30-
. , ,
, : " 15, " (net 15, ).
, ,
, 15 .
3. - . ,

-. , ,
"2/10, 30" (2/10, net 30) ,
2%- , 10 ;

30- .
,
. (cash discount)
(trade discount)
(quantity discount).
()
( ).
.

IV.

494
4.

(seasonal dating). ,
, ,

. , ,
,
,
. (
10.)

. ,
,

, .
,
-, ( "")
,
.
,
,
. , , ,
5000 . " 30".
, -,

150 . .: 30 5000 . = 150 . .
6000 . ,
180 . . (30 6000 .),
30 . .

.
, .
, ,
, , .
,
,
: 1)
- 2)
-.
. ,
,
.
, ,
, -. ,
,
, .
, ,
. ,
"2/10, 30", , -

11.

495

,
-
20 . , - 100 .,
20 98 .,
2 . ( , 100 .
30 , 98 . 10
.) ,
98 . 20
,
(%).
$2 = $ 9 8 % (20 / 3 6 5 ) .
,
% = ( 2 / 9 8 ) ( 3 6 5 / 2 0 ) = 37,2% .
, , ,
,
.
(
) :
2

[ ( )] =
%
( 1 0 0 % - % )

(11.1)

365
( - )
(11.1), ,
,
. ,
"2/10, 60",

:
( 2 / 9 8 ) ( 3 6 5 / 5 0 ) = 14,9%.


, ,
- . 11.1.

496

IV.

, 30-

37,2%.
_j
10

j
i

20

30

( -)

. 11.1.
"2/10, "

,
"2/10". , ,
, , ,
, -
. ,
,
, .

-----------

,
-;
.
"------------" "
".


. "", ,
.
.
, (
).

11.

497

,
,
.

, ,
.

10 ,

, Dun & Bradstreet.
,
,
.
,
. ,
, , ,
. , ,

,
.
,
,
-
. ,
, .
,
.
,

, ,
.

,
, .

.
,
. ,
,
.
,
.
.

,
, ,
,
,

498

IV.

.
. ,
.
,

.
,
,
.
, ,
-.
;
. ,
,
.


. ,
, .
, .
, ,

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

, , ,
.
,
. , ,
,
,
. , ,
.
? ,

. , .
,
.

.

11.

499

,
, .
,
.
. ,
. , , ,
,
. , ,
.
, .. "
", ,

.
,
.


(accrued expenses), ,
,
.
( ) (accrued expenses)
, , ,
, , .
.


.
, .
,
. , ,
, ,
.

. , ,
,
.
.

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

500

IV.

, - . , ,
,
,
.
, .

, .
,
.
.
, , , " ",
, ,
,
.


, ,
( )
, .

, .

, ,
.
.
,
,
.


(commercial paper).


. , (commercial paper)
,
.
, (commercial paper)
,
( (IOU I o w e
you, " ").

11.

501

,

.
:
.
, ,
, .
,
, .
1 /8%,
30 90 .
;
100 . .

, ,

() .
, General Motors
Acceptance Corporation (GMAC),
, .
""
,

.
270 .
,
.
,

: Moody's, Standard & Poor's, Duff & Phelps Fitch's.
- 1 , -1, D-1 F-1 .
, 1,
.
3


,
, , -,
.

"-" (
) .
. ,
, ,
.
, , ,
9.

502

IV.

. , ,

.
.
,
,
. ( L / C letter of
credit), , .
(L/C letter of credit)
( )
- .
,


,
.
, , ,
, ,
,
.
, , .
.
,
, (bankers' acceptance).
(BAs bankers' acceptance)
,
("" )
,

, -

100 . .,
( ), 90- .
,
, ,
.
,
90 .
.
"" .
,
- .
,
, ,
. ( )

11.

503

;
.
. 90
100 . .
, .
, 90-
. ,
, .
, "".


,
. ,
,
.
,
, .


, ,
, :
(unsecured loans) (secured loans).
(unsecured loans)
,
.
(secured loans)
,
, ,


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

,
- .
-

504

IV.

, ()
.
,
. ,
, .
(line of credit)
,
,
- .
(line of credit)
,
,
- .

,

, ( ).
31 ,
- .

.

.

, ( ).

,
. , ( )
800 . .,
1 . .,
.
,
. ,
,
, 90 ,
, 1 . .

, " "
(a "cleanup" provision). ,
,
, , - .
" " -
,

. ( , ,
, -

11.

505

.) ,
,
, " "
, ,

.

, ,
. ,
,
, ,
. (
" ") . 11.2.

. 11.2.

506

IV.


.
, ,
.
, .

(
) (revolving credit agreement) ,

.

(revolving credit agreement)

( )

,
,
.

, ,

, , ,
.
1 . .,
700 . ., 300 .
.
, ,
(commitment

fee), ()
.
(commitment fee)
,
.

1 . .
400 . ., ,
,
(600 . .) .
, 0,5%
, 3000 . .

.
,
,
21.
.
,
,
. , ,
, - . -

11.

507

, .
().

.

:
,
,
.
"" ,

"" .
. ()
, ,
.

: ,
. ,
. , , ,
, ,
- ( ) (prime rate).
- ( ) (prime rate)
, ,
, "".

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

, ,

-.

,
( L I B O R London interbank offedred rate) ,
.
(LIBOR London Interbank offedred rate)
, , ,
.

508

IV.


, , .

. ,
, ,
, 1%.
-,
,
(). , - . ,
, " "
0,5%, ..
" 0,5%". , - 10%,
10,5%.
8%, 8,5%. ,
,
.
.

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

, - .
, , ,
,
- ( -),
,
,
. ,
,
, ,
, .
.
,
: (collect basis)
(discount basis).
;
. , 10 . ., 12%-
,
:
$1200

0 /

$10 000

12%:

11.

$1200

509

_,,
10,04/0 .

$8800

,
, "" 8800 . ,
10 . . ,
, . ,
.
. ,
,
,
( ) ,
, .
( ) (compensating balances).
( ) (compensating balances)
,
, .

, ,

, . ,
, , 10%
. ,
2 . ., ,
200 . . ,
5%
5%
.
2 . ., 600 . .,
130 . .
,
: ,
, ,
. , 1 . . 12%
100 .
. , ,
900 . . 1 . . ,

12%, :
$120 000 ()

_._

0 /

1,/.

$900 000 ( )


.
"", "".
"" .

510

IV.


,
, ,
.
, ,
.


.
( ).
,

. ,
. , Acme Aglet
Company
. 1 . .,
10%-
, . ,
0,5%
. ,
400 . . ,
-
, :
$48 () + $3000 ( ) _ ^

$360 000 ( )


-
100 . .
( ) .
, .
, , ?
, ,
, -,
,

, -,

,
,
,
, 1 5%
.

11.

511


,
, ,

, ,
() (security,
collateral) .
() (security, collateral)
(), ,
,
, ,

, :
-
, , -
, .
, ,
.
, .
. ()
, ,
.
,
.
,
, .
,
.
,
.
, ,
,
. , ,
, ,
, , .
, ,
. ,
.
, , ,
,
. ,
, - ,
,
. ,
.

512

IV.

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

, ,
. ,
,
,
. , ,
, .
,
,
(Uniform Commercial Code).
(Uniform Commercial Code)
,
1954 ,
.

9
, .. ,
. ,
, .
, ,
.
(security agreement, security
device).
. ""
,
,
. .
,

. ,
,
,
, . ,
,

,
.
(
) , -

11.

513

.
,
- .

, .
.
,
, .
, , ,
,
.
,
, -
.
, , ,
.

,
.
,
, , .

. ,
.
,
(. 6) , , ,
, . ,
.
50 80%
.

, . ,
.
, ,
1 . . , ,
, ,
,
, ,
. , ,
,
, "
", , , "" .
,
.

, , 25%
.

514

IV.

,
, 75% ,
.
,
, .
, , -.
,
. - 75%
, .

, .
, .
, ,
, .
75%
. 25% .
,
, ,
- . ,

.
. ,
, .
, ,
" ".
, ,
,
, .
, .

.

, , ..
"" .

:

,
, .

. ,
, ,
. "
,
, - GE Corporate
Lending (. , ). ,
".

11.

515

j ,
, .
! , ,
| . ,
| , - , I , : j , .
I
;
I
j
I
|
j

,
LDMI Telecommunications, , . "LDMI Telecommunications . , , , "" ",
LDMI Telecommunications .
. " , .
, ".
LDMI Telecommunications ,
. LDMI Telecommunications
,
.
, . " 1990- , , ,
Fleet Capital Corp. (. , ).
, , ".

j
I
j
j
|
I

I
I
I
I
I
I

. Joanne Sammer, "Asset-Based Financing Gains Ground", Business Finance (July j


2003), p. 31-35. (www.bfmag.com) 2003 I
Penton Media, Inc. .

- .


,
.
,
.
- . -
, ,
.
, ,
, 90%
. ( -
, ,
" "). , ,

516

IV.

,
,
. ,
, -
.
- ,
,
.
, ,
,
-
. ,
. ,
,
,
.

,
,
. ,

- .
. ( ,
), -
. (

) .
1. . " "
-
" ", .
(floating lien)
- .
(floating lien)
, -
, .



.
,
.


. , -

. -

11.

517

- ,
. ,
,
, -
.
2.

.
(chattel mortgage) -
-
.

(chattel mortgage)
(
), .

,
- .
.

, -
, ,
. , ,

, , .
3.

.
(trust receipt),
.

(trust receipt)
, ,
-
.

, floor planning,
,
.
, , ,
- .

.
, ,
- .
,
. -
, ,
, , -

IV,

518

- . ,

, .
.
, ,
,
.
,
,
- .
, .
,
,
, -
, .
,
,
.

- .
,
. ,
, ,
.
,
,
"" () .
4.

.
,
,
(terminal warehouse receipt). -
.


(terminal warehouse receipt)
,
,
,

,
,
.
, .

.

, -

11.

519

. ,
.
.

( ),

.
. ,

. ,
,
.

.
.
5.

.

.
(field warehouse
receipt) .

(field warehouse receipt)


, -
(
),
.

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

- .
,
- -
, . ,
,
- .
,
, .

520

IV.

,
.
.

,
- .



, 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). \

Monroe R. Lazere, "Swinging Swindles and Creepy Frauds", Journal of


Commercial Bank Lending 60 (September, 1977), p. 44-52.


,
.
(factoring).
(factoring)
(
) " " ( -
, ,
).

.

(-) (
). " ", ,

11.

521

- ,
-.
.
- ,
, , .
,
() .
,
() .
, -,
, , ,
.
,
- .
,
30-60
.
,
-,
.
, , , .
, , .
, .
, , , ,
,
. ,
, ,
, , .


-
, ,
1%
( ).
,
. -, ,
.

. -
, ,
-
.
-,
. -
. 10 .
., 2%, -

522

IV.

, , 9800 .

,
, 1,5% . ,
,
, :
0,015x9800 .=147 . ,
,
. :
-
.
4


.
-,
,
. ,
, -
, , , ,
. -
.

, . ,
, ,

. ,
. , , -

, ,
, .
, , ,
.




,
.

: ,
, ..

9800 . 147 .
, .. 9653 .

11.

523



.
,
. 2%
, ,
, ,
90% .
, .
, ,
, , ,
- ,
.
,
,
2 . . .
, , :

. -
,
. - ,
,
.
,
. -
,
.
. ,
, .
,
-, ,
, ,
- ,
, .
. Rosalind Resnick, "Taking the Bite Out of Exporting",
International Business (April 1992), p. 17,18.


. ,

, 8,
,
.
,

524

IV.

, ,
, , ,
( ).

, -, , , , .

. ,
. ,

.
,
.

, .
, ,

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

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

.
,
.
,
, , ,
.

.

11.

525


, , ,

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

,
,
.

,
.

,
, .

, ( "")
,
.

,
,
.

, .

"-----------"
, .

, ""
, ,
-, ,
( ), -,
, ,
.

( ,
),
.
,
.

526

IV.

,
. ,
,
. ,
. ,
,
, .


( )
() .

,
.
,
, .
" ",
,
.
, , ,
, , .



.

.

:
.


,
(
) .

, ,
.
- , ,
,
.
- ,
-,
.

,
, . ,
, : 1)
-
, , -
, 2) .
,
.

11.

527

-
-.
,
-
. , ,
, -
.

-
"" .

,
() .
,
,
, .

,
, , , ,
( ).

, ,
, " ".

, , ,
.
,
.

"" .
, ,
,
. ,
,
, .
, ,
, .. "2/10,
90" "2/10, 30".
?

, ,
?

IV.

6. ,
(-), , ,
?
7.
,
?
8.
?
9.
?
10. ,
. ? ?
11. ,
" " "
" , ?
?
12. ,
?
13. , (
),
?
14. ,
:
?
15. ,

. .
16. ,
,
. .
a) ,
,
.
b) ,

.
c) .
d)
, .
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

2. Pawlowski Supply Company


4,4 . .
(
, 365 ).
a) (
"3/10, 30",
.
b) 5 . . 15% .
12%-
.
c)
4,7 . . 4,7 .
. ,
. (.
. ,

.)
,
,
2% .
Pawlowski Supply Company? ?
3. Bames Corporation

95 . . ,
.
a) .
50 . . "3/30, 90".

.
b) .
106 . . 13%. ,
10%-
.

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

) Vigorish Finance Company Shelby


Gaming Manufacturing Company
, .
23%,
.
8. Bone Company
. -
2%
80%
1,5% .
500 . ., 70%
. -,
.
a) 2000 . ,
.
b) ,
1% .
80%
,
. 15%- 2%-

. " 30",
, , 30-
.
,
100 . . ?
9. Solid-Arity
, .
,
.

-
(. .)

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.

Receivable", Journal of Cash Management

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.

H i l l , Ned . and W i l l i a m L. Sartoris, Short-Term Financial Management, 3 ed. (Englewood


rd

Cliffs, NJ: Prentice Hall, 1995).


Lazere, Monroe R., "Swinging Swindles and Creepy Frauds", Journal of Commercial Bank
Lending 60 (September 1977), p. 44-52.
Maness, Terry S., and John T. Zietlow, Short-Term Financial Management. (Fort W o r t h , T X :
Dryden Press, 1988).
Mian, Shehzad L., and Clifford W. Smith Jr., "Extending Trade Credit and Financing
Receivables",JoMma/ of Applied Corporate Finance 7 (Spring 1994), p. 75-84.
Miller, N. C. The Great Salad Oil Swindle. (Baltimore: Penguin Books, 1965).
Shaw, Michael J., and James A. Gentry, "Using an Expert System w i t h Inductive Learning
to Evaluate Business Loans", Financial Management 17 (Autumn 1988), p. 45-56.
Shockley, Richard L., and Anjan V. Thakor, "Bank Loan Commitment Contracts"', Journal
of Money, Credit and Bankings (November 1997),p. 515-543.
IV Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part4.html)

12






1.
2.

12 :

"
"

;

,
,
;

, ,
,

;

,

,
;

"
" " ()
" ,
,


;

,
,

;

", ,
"
,
,
.

" , ! [ ].
, ?"
. (" ")
(. . )


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

, .
(capital budgeting)
, ,
( ) , ,
( ).


, , ( )
, .
(capital budgeting),
, ,
, .
,

1

,
, 3 ( ).
" " "
" . . .
1

540

V.

, .
15 , ,
14 ,
.

, , , ,
, . ,
, ,
,
, .
:
1. ,
;
2. (
),
;
3.
;
4.
;
5.
.


..


.
.
1.
.
2. .
3. .
4. .
5. (, ,
).
- ,
.
, ,
.

.
, -

12.

541

,
. (, McDonald's
.)
""
. , ,
- ,
: 1) , 2)
, 3) - , 4)
, 5)
6) .
, ,
, .
, , ,
"".
,
.

"" ,
. ,
. , ,
.

.... .

...



,
. ,
, .

, , (accounting
income), ,
, (cash flows),
, ,
(income flows).
.

. , " "
, -
.

.
,
.

542

V.


,
( ),
, ,
,
.

, .
( ,
), ,
,
,
,

,
(after tax) , "" .
,
"" . ,
, "" .
, (incre
mental) ,
,
, , . ,
, ,
, , ,

. ""
. ,
- .
, , ,
. ,
,
, .
,
;

.
.
(sunk costs)
, (
) .
() (opportunity cost)
, ,
,
.

12.

543


(sunk costs). .
,
.
, ,
.

, - ,
,
, (opportunity cost).
, ,
300 . ., ( )
(cash outlay)
. , ,
.

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

() .
,
(anticipated inflation). ,
.

( ),
.
.
,
.
, ,
.
. 12.1 ,
,
(after-tax incremental operating cash flows)
. "",
.


. , , 2,
(depreciation)

544

V.


, .

, .
, ,
.
,
( )
(noncash expense), ,
.
12.1.

( )
( )

, , ",
"
|^[

[y>J

[7J

,
. ,
(straight-line depreciation)
(accelerated depreciation).


, , .
1986

,
(Modified Accelerated Cost Recovery System M A C R S ) .
MACRS , ,
()
. 2, ,
,
( ) .
, 2 ,

12.

545

(half-year convention)
. ,
, ,
, .

,
. . 12.2
.
, 2,
.
2 , "" 30%- 50%-
" " ,
,
,
. , "
" 2004 . ,
, MACRS,
" ",
, 30%- 50%-
" " ,
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

(web.utk. edu/-jwachowi/hr2 .html).

-
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
(
),

12.2. MACRS (%)


3-

5-

7-

10-

33,33

20,00

14,29

10,00

44,45

32,00

24,49

18,00
14,40

14,81

19,20

17,49

7,41

11,52

12,49

11,52

11,52

8,93

9,22

V.

546


5-

7-

10-

5,76

8,92

7,37

8,93

6,55

4,46

6,55

3-
6

6,56

10

6,55

11

3,28

12.2

100,00

100,00

100,00

100,00

.

(aepriciable basis), ,

.
,
(capitalized expenditures) ,

,
MACRS. ,
MACRS
,

(aepriciable basis)
, ,
.
(capitalized expenditures)
, , ,
, , ,
. ,
- , ,
, , ,
, ,
, " "
.
,
""
(..
). ,
,
(, , ), ,

12.

547

,
, (

35%).
,
, ,
.
, .
, ,
"" .
,
,
. , " "
.
,
.

. , -

,
/ . ,
,
40%- .


,
, ,
. ,
. 12.1 (" "),
,
. ,
, ( ).
1. .
2.
,
, .
3.
. (
,
.)
. ,

. 12.3. ,
, .
, -

548

V.

,
.
.
,
,
,
.
, . 12.4.
12.3.

(a)
(b)

"" ()
+

(,
, ..)*

(c)

+(-)

(d)

(e)

(f)

() "" **

"" (),

+(-) ( ),
"" (),

=

* ,
.
** ( "")
,
.
12.4.
( )
(a)

()
() () ,

(b)

-(+)

(c)

(d)

-(+)

(e)

(f)

+(-)

()

()
( )
()

()

12.

549

, (
)
, . ,
" ".
( )
. f, "
".
? , ,
, ,
,
. ,
,
.
( )
" ",
.
,
,
, , . 12,4
, ,
,
,
,
,
.
f : + (-)
()

"" ,


,
,

.
,
, , ,
.
,
. , ,
.

( ): 1)
( )
; 2) ( ),
, 3)
, , ,

. . 12.5
( ).

550

V.

12.5.

(a)

()
() () ,

(b)

-(+)

()

(d)

-(+)

()

(e)

(f)

+(-)

()

(h)

+(-)

(
) "" ()

(i)

-(+)

()

,

), "" ()
0)

+(-)

()

() "" *

' ( "")
,
.

1.

. Faversham Fish Farm
.
90 . .
;
.
10 . .,
16, 5 . .
.
.
""
. ,

(
), .

12.

551

(.)

35 167

36 250

55 725

32 258

, 40%,
, .

.
: (.)

"" ()

90

(, )

10 000

100 000


.

1

:
( 1- 3-) (.)
35167

36 250

55 725

32 258


"

(33 330)

(44 450)

(14 810)

(7410)

1837

(8200)

40915

24 848

-(+)
() (40% )

(735)

3280

(16 366)

(9939)

1102

(4920)

24 549

14 909

33 330

44 450

14810

7410


1- 3-

34 432

39 530

39 359

552

V.

:
(.)
,
+

2 2 319

"" ()

1 6 500

, " " ()

(6600)

3 2 219

, MACRS, ,
, 100 . .

, ,
,
40%- : 16 500 . (0,40) = 6600 .
0

,
, .

(.)

(100 000)

34 432

39 530

39 359

32 219

, ()
100 . .
() 34 432, 39 530, 39 359
32 219 . ,

.
, , , ,
Faversham Fish Farm
.
.
, .
" "
13.

2.
, ,

. ,
.
18,5 . .,
1500 . 20 .

12.

553

. , ,
( ) ,
2000 .
, .
: ,
,
. ,
, 18 . .
"" (.)

18 500

( )

1500

""

(2000)

( ), ""

(.)

18 000


,
. 7100 . ( )
, , -,

.

. :
,
, , .
, , ,
( MACRS).
, .
1. 9000 .
2. .
3. .

, ,
,
.

MACRS, ,
.
.

554

V.

()


(.)

20 000

20000

20 000

20 000

()

MACRS (%)

0,3333

0,4445

0,1481

0,0741

()


(.)

6666

8890

2962

1482


(.)

9000

9000

9000

9000

()
()

MACRS (%)

0,1481

0,0741


(.)

1333

667


: () - (f) (.)

5333

8223

2962

1482

()


.

1


( 1- 3-)

,
(.)

7100

7100

7100

7100

(5333)

(8223)

(2962)

(1482)


(.)

1767

(1123)

4138

5618

-(+) ()
(40%- )

(707)

(449)

(1 655)

(2247)


(.)

1060

(674)

2483

3371

5333

8223

2962

1482


1- 3- (.)

6393

7549

5445

12.

655


, (.)
+

4853

""

( ),
""

(.)

4853

", "", .

(.)

(18 000)

6393

2
7549

5445

4853

, 18 .
.
, , ,
6393, 7549, 5445 4853 .
, ,
,
(, ).



,

, .

, ,
.


, ,
( ) , ,
( , ).
: 1)
,
; 2) ", -

556

V.

"
; 3)
; 4)
; 5)

.


, ,
,
, .

,
, , "" ,
. ,
( ) .

,
(Modified Accelerated Cost
Recovery System MACRS) ( 1986 ),
.
,
(
) ,
.

,
, ( ):
1) ; 2)
; 3)
.

1. , ,
,
,

?
2. ,
, , ,
( )

? ( ,
.)
) 500 .;

,
.

12.

557

b) , 2000 .
c) 200 .
d)
250 .
e) 300 .
3. ,
,
(
)?
4. ,

.
5. ,
,

?
?
6. ,
?


Pilsudski Coal Company
,
, , .
70 . . ( ),
,
.
300 . .
86,4 .
., .
MACRS;
.
,
480 . . .
,
, 40 . .
(
). ,
,

100 . .
Pilsudski Coal Company 40%,
- -

558

V.

, ,
.


0 (..
)?
2.

Fresno Finial Fabricating Works


,
.
.


,
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) ,
?
,
- .
b) , ),
,

560

V.

,
? ( ,
,
, ,
.)
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

Capital Budgeting Decision:

Economic

Analysis of Investment Projects, 8 ed. (New York: Macmillan, 1993).


th

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.

(Fort W o r t h , T X : Dryden, 1998).


Shapiro, Alan C, "Corporate Strategy and the Capital Budgeting Decision", Midland
Corporate Finance Journal 3 (Spring 1985), p. 22-36.

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

. "
"
, (
)

13 :


,
:

, ,
,
, ;


,

,

;

,
(
)
,
;

,

" NPV ";

,

,

;

,
, ,

,
;

, "
"
,

;


, "
" " ".

" - ...
, ,
."
. , " "
( . . )

,
,
,
.
, , .

. , ,
.


:

,
.
1. .
2. .
3. .
4. .

.
(discounted cash flow DCF).
,
. , 12
,
,
"-".
, ,
, 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

( ) (.)

. = + (b - c ) / d = 2,66 .

1. ,
, " ( )".
2. " ( )"
,
. ( 2.)
3.
, , ""
. :
, 2,
. (
: (100 000 . - 73 962 .)/39 359 .= 0,66.)
4.
, , 2,
, 3.
( , :
2 + 0,66 = 2,66 .)

13.

569

.

, ,
; .
,
(2,66 ) .
. (
) ,
, .
, .
, 10 . . ,
,
5000 .

,
5000 .
,
.
, ,
, .

. , ,
" ",
.

,
.
; , ,
,
.

,
.
1



, ,
, ,

.
, ( ""
). ,
,
. 10 , ""
.
1

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)
,

.

(internal rate of return IRR)



,
(cash flow CF)
(initial cash outflow ICO).
, , 0,
IRR
1

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

IRR $100 000,00


0,20

__ $4168,01
0,05 $9733,91

$4168,01

$9733,91

$94434,10

> =

(0,05) ($4168,01)
$9733,91

IRR = 0,15 + X = 0,15 + 0,0214 = 0,1714, 17,14%. ( IRR


17,04%,
.)

(),
0,
.

(PVIFA).
, ,
, :
ICO = (PVIFA ) ( ) .
IRRn

(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,

(net present value NPV)



, .

Anheuser-Busch
.

, ,
.

j
1
I
j

. Anheuser-Busch Companies, Inc., 2002 Annual Report, p. 34. 2002 Anheuser-Busch j


Companies, Inc. . .

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

= $30 748 + $31505 + $28 024 + $20 491 - $100 000


= $10768

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

(profitability index PI),


"-",

.
:
/ =

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)


,
,

( )
(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

IRR S L 100% 25% .


10%,
S 231 ., 3,31.
L 29 132 .,
1,29.
, .
IRR (%)

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 ,
.
,
. ,
IRR ,
.
..
. ,

, .
,

. ,
- - ,

. ,
.
.

,
,
. ,
? ,
, -, ,
, , -, - (
).
( ), ,
" "

" ".
, ,
, X Y,
.

13.

583

(.)

-1000

-1000

2000

3375

IRR X Y 50 100%.
10%,
X 1536 .,
2,54; Y 818 . 1,82.
, .
IRR (%)

NPV 10% (.)

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),
. ,
, .
(,
),

. , , , -
,
. ,
, ,
.

I
|
|
\
I
(
j
I
|
f
I
I
|
I
j
I
I
j
I

, , .. , .
, N P V
" ", . N P V ,
. -, ,
, , ( ,
, ..
)?
" ". -, , , , ? . , ,
,
, .

I Harvard Business Review. Patrick Barwise,


I Paul R. Marsh, and Robin Wensley "Must Finance and Strategy Clash?" (September-October 1989).
I President and Fellows of Harvard College. .

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 . .,
. -
,
;
,
. ,
(

) ,
, -

13.

589

,
. ,
,
.. ,
.
,

.
"" 65 . .
, , D ,
28 . . (12 . . + 15 . . + 1000 . + 100 .).
,
, , ,
, .
,
, .
,
,

. ,
( ),
. ,
.

, .

, ,
,
,
. ,
, .

.
, ,
, ,
, . ,
,
.
2

" ,
, ,
"".
,
(, - ),
,
. ( 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
""
,
.

:

;.'

:' 1!^' .;:

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 ,
()
.
,
,
.
.

, .
(
, ) " .
()
, , -

13.

595

.
,
. ,
, -, ,
; -,
; , -,
,
" " ( " ").
(IRR)
,

. IRR

, , .
(NPV)

.
NPV , ,
.
(PI), "-",


. PI 1,00,
, .

(.. ),
IRR, NPV PI
.

( ): 1) ; 2)
; 3) .
,
. ,
,
, , , ,
, ,
.
,
, ,
(.. ,
)
.
IRR -
.

596

V.


, ,
, .
,

( )
.
, ,
, ,
.


(
)
,
.


. ,

,



. , ,
,
.
.
1600 . ( ) . ,

10 . . ,
20 . . . ,
( )
.
. ,
, ,
.
3

James . Lorie and Leonard J. Savage, 'Three Problems in


Rationing Capital", Journal of Business 28 (October 1955),p. 229-239.
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)-

IRR = 0,25 4,0.


. 13.1,
N P V .
0%,
.
-1600 .,
.

,
""
"", 25%.
100%,
(1- 2- )
, -1600 . 400%
.
,
. 13.1,

IRR ,

.
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 . ,
IRR ,
.
2

.
,
,
. ,
? ,
, -, (
) , , -, -
( ). , ,

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

, ,
. , ,
"
" "
".

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

= $8636 > NPV

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

6. Thoma Pharmaceutical Company


,
60 . . ,
20 . . .
,

. ,

. Thoma Pharmaceutical
Company 38% (
), 15%. (
-
,
.)

? ?
7. (. 6),
6%- .
20 . .,
21,2 . . ..
a) ,
-
15%? ?
b)
10 .
.

,
? ( ,
7, .)

13.

607

8. Lake Tahow Ski Resort


.
1 . .

. .

(.
.)

' 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 .).

Bulldog Trucks, Inc. 59 .


. .
, Rockbuilt. ,
3000 .
1500 . .
,
15 . . (
).
w//fi?og (5000 .).

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)

'PVIFA 5,019 PVIFA 2,855 .


' 5- 10- ,


,
.
) 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

0,14 $(54 250)


$14 000
$68 250

X
0,01
,X=

( 0 , 0 1 ) ( $ 1 4 000)

$68 250

: 0,0021

IRR = 0,13 + X = 0,13 + 0,0021 = 0,1321, 13,21%.



, ,
.
c) .
d) :
(-700 000 . - 1 000 000 . + 250 000 . + 300 000
. + 350 000 . + 400 000 . + 400 000 . = 0.)

(.)


(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

Management 6 (Summer 1977), p. 55-58.


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 Capital Budgeting Decision: Economic

Analysis of Investment Projects, 8 ed. (New York: Macmillan, 1993).


tb

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.

(Englewood Cliffs, NJ: Prentice Hall, 1994).


Logue, Dennis E., and T. Craig Tapley, "Performance Monitoring and the Timing of Cash
Flows", Financial Management 14 (Autumn 1985), p. 34-39.
Lorie, James H., and Leonard J. Savage, "Three Problems in Rationing Capital", Journal of
Business 28 (October 1955), p. 229-239.
McConnell, John J., and Chris J. Muscarella, "Corporate Capital Expenditure Decisions and
the Market Value of the Firm", Journal of Financial Economics 14 (September 1985), p.
399-422.
Pinches, George E. "Myopia, Capital Budgeting and Decision Making", Financial
Management 11 (Autumn 1982), p. 6-19.
Schwab, Bernhard, and Peter Lusztig, "A Comparative Analysis of the Net Present Value
and the Benefit-Cost Ratios as Measures of the Economic Desirability of Investments",
Journal of Finance 24 (June 1969),p. 507-516.
Seitz, Neil, and M i t c h Ellison, Capital Budgeting and Long-Term Financing Decisions, 4th ed.
(Mason, O H : South-Western, 2004).

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

:


,





( )

14
:

""
;

,


,
;


,
;


( );

,
()
;

,
,

? .
.
, !
. ,
""

,

.
,
,
. , ,
. ,
, ,
,
. , ,
,
.
, ,
.
, ,
.
.
,
( ),
,
. ,
, (
), .
,
1.
,
. ,

.
, ,
/
.
(managerial), (real), (options).
" ",
.
- , ..
. ,
.

616

V.

""
(
). ,
.
.

(. 12), .

,
.

"
" , ,
. ,
:
, , ,
.
,
.
(.)

3000

2000

3500

3000

4000

4000

4500

5000

5000

6000

,
, . , ,
.
, ,
. ,

, , 10%, 20,
40, 20
10%.

.

14. .

617

(.)

(.)

0,10

3000

0,10

2000

0,20

3500

0,20

3000

0,40

4000

0,40

4000

0,20

4500

0,20

5000

0,10

5000

0,10

6000

1,00

1,00


( . 14.1). ,
(dispersion) , ,
(.. 4000 .)
. ,
13 ( ),
.
: ?

( ,
), .
, ,
.

:

, . 14.1,

:
1)

( ) (expected value) 2) , (standard deviation). , , ,



5.
, .

,
.

618

V.

(expected value)
t, CF ,
t

CF =J2(CF )(P ),
t

xt

(14.1)

,v=l

CF - t,
,
t. ,

,
.
a

, (standard deviation)

, .

14, .

619


( ) (standard deviation),
. ""
, ;
"" , .
t, ~
(14.2)
, (variance)
.
,
( ).
""
. () 68%
, (
). , ,
,
, 32%. ,

,
95%, ,
,
99%. . V , ,

.
,
.
.

,
.

620

V.


,
C F (.)

(CF )(P )

2000

0,10

200

(2000 , 4000 ,) (0,10)

3000

0,20

600

(3000 . 4000 .) (0,20)

4000

0,40

1600

(4000 . 4000 .) (0,40)

5000

0,20

1000

(5000 , 4000 ,) (0,20)

6000

0,10

600

(6000 , 4000 .) (0,10)

= 1.00

= $4000 = CFi

X1

X1

( C F CF0 (P )

X1

X 1

(.)

= $1200 000 =

($1200 ) = $1095 = .
0,5


4000 ., .. , .
548 ., 1095 . ,

,
. , , .
.
(coefficient of variation).

.
, .
:
, = $ 5 4 8 / 3 4 0 0 0 = 0,14,
:
CV = $ 1 0 9 5 / 8 4 0 0 0 = 0,27.
B

,
,
.
,
.
1

,

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

14. .

621

() (

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

. 14.2.
,

. 14.2
. . 14.1,
, , . ,

, . ,
. 14.2 ,
, , . 14.1. ,
"" "" , .
. 14.2
. ,
, -

622

V.

. ,

.

(probability tree)

, ,
, -
,


(probability tree).

,
.

.
, . , ,
, ()
, ,,

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

. . 14.3 ,
.
. ,
,
. : 1
( 500- ),
2 (800, 500
200 .), , 1
( , -100 .).
, 0
, , , ,
( ).

14. .

623

. 14.3. ,
,
;
, ( ),
,

,
. , ,
, {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). ,
, ,

. " "
.
,

.
.
.

NPV = Y,(NPV )(P ),


1=1
i

(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

a =[($909-$116) (00)+(-$652-$116) (0,)


2

NPV

+(394 -116) (0,05) + (374 -116) (0,10)


2

+(117 - 1 1 ) (0,30) + ( - 1 4 1 - 1 1 ) (0,10)


2

+ ( - 1 6 1 -116) (0,05) + (-418 - 1 1 6 ) ( 0 0)


2

+(-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 ,
). ,
, - 0,25

, 0,4013. ,
0,30
, 0,3821. , ,
40%- ,
.
, , 60%- ,

.
, ,

.
3

.
,
(, ),
.
, , , , ,
,
.
, , , ,
40%?

.
,
.
, , , ""
, ,
, "" .

14. ,

631

:
,
,
,
(
) .
(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

= V(l)($14 ) + (2)(0,40)($14 000)($6 000) + (1)($6 )


2

= $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.
,

, , .
, ,
(14.6), ,
.
, ,
, .
, , ,
.


,


. ,

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

+1+2+3+4

, 16 .
(
).
,

.
.
. 14.7 16
. N P V
, ( ,
, ) .
.

, .
,
, , -,
, , ,
, , -,
, .
. 14.7 , . (
, .)

14.

637


. 14.7. ,
()

15,
,
(). ,
, ,
1 4, 1 4.
,
, .
2 3.
(),
.
-
.


,
.

. 15 ,

.
,
.
.


, ,
, "",
. -

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.

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


?
(. 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.

2. Zello Creamery Company


.


12 9000 .
, .


.

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.

George Gau, Inc.


,
.


.

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 )


( ).

V = 0,12($810) + 0,16(- $396) + 0,12($ 17) + 0,24($926)


+0,24($1339) + 0,12($1752) = $595
a

=[0,12(-$810-$595) +0,16(-$396-$595) +0,12($17-$595)


2

NPV

+0,24($926 - $595) + 0,24($1339 - $595) + 0,12($1752 - $595) ] ' = $868


2

) , : -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

= [$328 040 ] =$18112


05

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

= [$513 440 ] = $ 2 2 659


05

:
0 / N P V ) = $18112/$46000 = 0,39.
:
22659 . / 5 8 000 . = 0,39.
()
(9000 ./12 000 . = 0,75),
, ,

.
( )
.
3.

)
1
(.)

656

V.

N P V = (0,30)(0,30)(-$17 298)+(0,30)(0,50)(-$8 724)


+(0,30)(0,20)(-$151) + (0,40)(0,30)($9108) + (0,40)(0,40)($17 682)
+(0,40)(0,30)($26 255) + (0,30)(0,20)($35 514) + (0,30)(0,50)($44 088)
+(0,30)(0,30)($52 661) = $17 682
)
,
60 . . :
60 . .,

((0,30)(20 . . ) + (0,50)(30 . . ) + (0,20)
(40 . .) = 29 . .),
, 26 854 .;
(45 . .) .
70 .
80 . .,
,
,
, 45 . .
,
1, 2 3
,
105 . . (60 . . 45 . .
), NPV, 7230 .


, :
(0,30)($7230) + (0,40)(0,30)($9108) + (0,40) +
(0,40)($17 682) + (0,40)(0,30)($26 255) +
+(0,30)(0,20)($35514) + (0,30)(0,50) +
($44 088) + (0,30)(0,30)($52 661) = $22 725.
,
,
.
.


Aggarwal, Raj, and Luc A. Soenen, "Project Exit Value as a Measure of Flexibility and Risk
Exposure", The Engineering Economist 35 (Fall 1989), p. 39-54.
Amram, Martha, and Nalin Kulatilaka, Real Options: Strategic Investments in an Uncertain
World. (Boston, M A : Harvard Business School Press, 1999).
Bailes, Jack C, and James F. Nielsen, "Using Decision Trees to Manage Capital Budgeting
Risk", Management Accounting Quarterly 2 ( W i n t e r 2001), p. 14-17.

14. ,

657

Berger, Philip G., Eli Ofek, and Itzhak Swarg, "Investor Valuation of the Abandonment
Option" Journal of Financial Economics 42 (October 1996), 257-287.
Bey, Roger P, "Capital Budgeting Decisions When Cash Flows and Project Lives Are
Stochastic and Dependent", Journal of Financial Research 6 (Fall 1983), p. 175-187.
Brennen, Michael J., and Eduardo S. Schwartz, "A New Approach to Evaluating Natural
Resource Investments", Midland Corporate Finance Journal 3 (Spring 1985), p. 37-47.
Butler, J. S., and Barry Schachter. "The Investment Decision: Estimation Risk and Risk
Adjusted Discount Rates", Financial Management 18 ( W i n t e r 1989), p. 13-22.
Copeland, Tom, and Vladimir Antikarov, Real Options: A Practitioner's Guide. (New York,
NY: Texere, 2001).
Cromwell, Nancy O., and Charles W. Hodges, "Teaching Real Options in Corporate
Finance'''Journal of Financial Education 24 (Spring 1998), p. 33-48.
D i x i t , Avinash. "Entry and Exit Decisions Under Uncertainty" Journal of Political Economy
97 (June 1989), p. 620-638.
, and Robert S. Pindyck, "The Options Approach to Capital Investment", Harvard
Business Review 73 (May-June 1995), p. 105-115.
Hertz David ., "Risk Analysis in Capital Investment", Harvard Business Review 42
(January-February 1964), p. 95-106.
, "Investment Policies That Pay Off', Harvard Business Review 46 QanuaryFebruary 1968), p. 96-108.
Hillier, Frederick S., "The Derivation of Probabilistic Information for the Evaluation of
Risky Investments", Management Science 9 ( A p r i l 1963), p.443-457.
Ingersoll, Jonathan E., Jr., and Stephen A. Ross, "Waiting to Invest: Investment Under
Uncertainty " , J o m a / of Business 65 (1992), p. 1-29.
Journal of Applied Corporate Finance 15 ( W i n t e r 2003). (10 )
.
Kulatilaka, Nalin, and Alan J. Marcus, "Project Valuation Under Uncertainty: When Does
D C F Fail?"Journal of Applied Corporate Finance 5 (Fall 1992), p. 92-100.
Kwan, Clarence C. Y., and Yufei Yuan, "Optimal Sequential Selection in Capital Budgeting:
A Shortcut", Financial Management 17 (Spring 1988), p. 54-59.
Luehrman, Timothy A., "Investment Opportunities as Real Options: Getting Started on the
Numbers," Harvard Business Review 76 (July-August 1998), p. 51-67.
Magee, J. F., "How to Use Decision Trees in Capital Investment", Harvard Business Review
42 (September-October 1964), p. 79-96.
Miller, Luke ., and Chan S. Park, "Decision Making Under Uncertainty: Real Options to
the Rescue?" The Engineering Economist 47 (No. 2, 2002), p. 105-150.
M u n , Johnathan, Real Options Analysis: Tools and Techniques for Valuing Strategic
Investments and Decisions. (Hoboken, NJ: John W i l e y & Sons, 2002).
Park, Chan S., and Hemantha S. B. Herath, "Exploiting Uncertainty Investment
Opportunities as Real Options: A New Way of Thinking in Engineering Economics",
The Engineering Economist 45 (No. 1, 2000), p. 1-36.
Robichek, Alexander A., "Interpreting the Results of Risk Analysis", Journal of Finance 30
(December 1975), p. 1384-1386.
, and James Van Home, "Abandonment Value and Capital Budgeting", Journal of
Finance 22 (December 1967), p. 557-589; Edward A. D y l and Hugh W. Long,
"Comment", Journal of Finance 24 (March 1969), p. 88-95; Robichek and James Van
Home, "Reply", , p. 96-97.

658

V.

Ross, Stephen A., "Uses, Abuses, and Alternatives to the Net Present Value Rule", Financial
Management 24 ( A u t u m n 1995), p. 96-101.
Shrieves, Ronald E., and John M. Wachowicz Jr., "A U t i l i t y Theoretic Basis for
'Generalized' Mean-Coefficient of Variation ( M C V ) Analysis", Journal of Financial and
Quantitative Analysis 16 (December 1981), p. 671-683.
I, II I I I : "Real Options: Strategic Planning Under
Uncertainty". The Engineering Economist 47 (Nos. 2, 3, and 4, 2002). ,
12 " ".
Triantis, Alex, and Adam Borison, "Real Options: State of the Practice", Journal of Applied
Corporate Finance 14 (Summer 2001), 8-24.
Trigeorgis, Lenos, "Real Options and Interactions w i t h Financial Flexibility", Financial
Management 22 (Autumn 1993), p. 202-224.
, and Scott P. Mason, "Valuing Managerial Flexibility", Midland Corporate
Finance Journals (Spring 1987), p. 14-21.
Van Home, James, "Capital-Budgeting Decisions Involving Combinations of Risky
Investments", Management Science 13 (October 1966), p. 84-92.
, "The Analysis of Uncertainty Resolution in Capital Budgeting for New
Products", Management Science 15 ( A p r i l 1969), p. 376-386.
, "Capital Budgeting Under Conditions of Uncertainty as to Project Life", The
Engineering Economist 17 (Spring 1972), p. 189-199.
, "Variation of Project Life as a Means of Adjusting for Risk", The Engineering
Economist 21 (Summer 1976), p. 151-158.
Wachowicz, John M . , Jr., and Ronald E. Shrieves, "An Argument for 'Generalized' MeanCoefficient of Variation Analysis", Financial Management 9 (Winter 1980), p. 51-58.
V Web-, (Wachowicz's Web World),
"" Web-,
, , , ( w e b . u t k . e d u / ~ j w a c h o w i /
parts.html)

15







: ,

: ,

: ,







:
(
)
,






,

,
NPV
: ,

.
"" ""

WACC APV

15 :

,
,
;
" " ;

: ,

;


,
, ,

(), "
";

(WACC) ,
;
,
(EVA)

;

()
.

. .


, ,
.
,
,
. , , ,

. ,
.
, .
,
.
,
,
.
.
, ,
( , ),
. ,
, " "
.
. ()
(opportunity cost) , -
, .


-
, , ,
(excess return). ,
, ,
. , , ,
. ,
( NPV),
.


( .
. .) , , ,
.

662

VI. ,

,
, .
, ,
, ,
, , ,
/
, . ,

, .



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

(.. ,
).

15.

663

,
.
, ,
.
. 15.1.


.
, (cost of capital)
( ,
, hurdle rate)
.
, , -,
, -,
.
,

.
, , .
, ,

. ,
,

. , , :

,
.

( ).
1

(cost of capital)

.
(
).
(cost of equity capital)

,

,
. . .
1

664

VI. ,

(cost of debt (capital))


,

(cost of preferred stock (capital))



.



. (cost of equity capital)
, .
, (cost of debt)
(cost of preferred stock).
, ""
(.. (cost)) ""
, , .
(marginal) ( )
.
, , ,
.
.
,

.
,
. ,
, ,
. ,
,
, 3 4.
2

?

. ,
,
"" . ,
- ( (..
, . .) ,
,
, ,
. ,

(, 2 )?
, , 10 ., ,
10 ., 10 .

15.

665

(.)
(

(
(%)
)
)
(%)
(
<%)
)
(.)
(1)

(2)

(3)

2000

20

1,0

100

3000

10

30

3,0

300

5000

15

50

7,5

750

100

11,5

1 150

10 000

(2)(3)

(1)(2)

, "" 11,5%-
( ) 10 , .
. 1150 .
.
("", "" " " ) "",
" " " " (,
,
). ,
,
,
.


,
,
(explicit interest cost). ,
,
. .
(,
). (
- .)
, ,
, (
) (hedging (maturity matching) approach). ,
.
( (maturity
matching) approach)
,
,
( ).

666

VI. ,

,
, k ,
,
.
, k , ,

d

(15.1)
; Z
1 ( ); /
t; P t
,
(15.1) .
k , ,

,
.
( ). (

(yield to maturity Y T M ) 4.)
0

( ), k

v

(15.2)

k,=k (i-t)
d

k , , a t
.

-,
, . , k ,
(15.1) 11%,
( ) 40%,
:
d

k =11,00(1-0,40) = 6,60% .
t

, 6,60%-
, ,
.
.

, .
,
. ,
, , k .
d

15.

667


(
. . .)
. 20,
,
. , , ,
.
(
),
, .
, ,
. ()
,
.
, ,
k, :
h=D /P ,
p

(15.3)

D ,
. 10%-
( 50 .)
49 . ,
5 ./49 . = 10,20%.
, ,
,
(15.3),
. ,
, .

.
, 70% , ,
.

,
. ,
- .
p

(call feature). - ()
,
( 15.1),
() , . (15.1)
,
(
) " " (callprice). ,
, .

668

VI. ,

: ,

( . . .)
.
(
) ( ),

,
,
,
. ,
, ,
,

,
4, , k ,
,
(
) .
4, ,
e

( l + k j
=

f>

( i + k

( i + k

, D
, t, k
, a S
, 1
, .
.
, ,
,
, .
, .

.
.
"" .
,
, .
, , ,
8%,
, 4.
0

15.

669

2 .,
27 ., :

k = (D )
e

l/Po

+ g

= ( $ 2 / $ 2 7 ) + 0,08 = 15,4%.

' '


. ,
(15.5)
, g, .
. ,
, .
4,
(15.4).
"" . , ,
, ,
, 15%,
10%, 5%, :

(1,15
0

^ (1,05-

10

10

, , D , ,
.
k , . k
, 4. , ,
, D , 2 . , , , 70 .,
k , (15.6), 10,42%.
- , (15.4)
, .
, ,
. 4
,
(15.6). ,
, .
0

: ,

,
,
,
. (capital-asset pricing
model ) , 5, ,
, Rj
:
=+( -)$

670

VI. ,

R , R ,
(3, "" j. 5
, -
"" ,
. "-" (15.7)
(security market line)
(. . 5.6 5). (15.7) ,

,
"".
f

"". ""

,
-
, S&P 500 Index.

,
""
. 5,
(characteristic line)
( )
, . "" (beta)
.
"",
(, Value Line Investment Survey, Standard & Poor's Stock Reports Market
Guide [ w w w . m a r k e t g u i d e . com])
"" ,
.
,
.

, (15.7)
. ,
, "" Schlosky's Paint Company
1,20 (
). "" ,

, . (
"" 1,00, ,

.) , Schlosky's Paint Company
, , ,
. ,
, , . ,
13%- ; ,
, 8%.

15.

671


Schlosky's Paint Company.
(15.7)
Rj = 0,08 + (0,13 -0,08)(1,20) = 14% .
,
Schlosky's Paint Company
14%. , , ,
, ,
.

"", ,
, (15.7),
.
,
, ,
. ,
, ,
""
. .
, ,
,
, .
, ,
,
. , ,
(,
). , ,
.
,
, .
,
S&P 500 Index,
,
, .
( ) Goldman Sachs, Merrill Lynch
.
.
5-8%. ,
"", ex ante (), ,
, 5 8%. ,
. ,
,
. ,

, ,

672

VI. ,

. , 14%

.

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

.
, -

, , , ,
,

. ,
" ",
, .
4

: ,



,
, ", " .

.
.
5, ()
. ""
, . ,
, ,
. ,
, .. ,
.
(),
. (
"" , .)
"",
,
.
( )
.
4

15.

673

,
.
. 15.2. ,
$ . k ,
, R,
d

( "")
. 15.2. ,


, .
,
. . 15.2.
, "" , ,
, k . , , , k . (,
) , (
) 5%.
,

, 5%.
, ,
Schlosky's Paint Company 9%-
. ,
:

k = (k ) +
e

(15 8)

= 9% + 5% = 14%.

.
,
"" , (15.7). -

VI. ,

674

, ,
. , 5%-
,
,
.

,
. , ,
.


,

.
(weighted average cost of capital W A C C ) .
, :
3

(W ),

(15.9)

x=l

k - , W ,
(
), Z
( 1 ).
, ,
(
).
x

(. .)


(%)

30

30

10

10

60

60

,
. :
3

=k (W ) + k (W ) + k (W ) .
j

,
(convertible securities).
,
, . ,
,
, .
,
, .

15.

675

, , ,
, ,
,
,

, . ,
,
(book value), (market value).
,
, ,

,
, . ( ,
, .
.)
, ,

:
(%)

6,6

10,2

14,0

,
, .
,
,
, .
,
"" ,
.
,
.

.
(1)

(2)

(1)(2)

(%)


(%)

(%)

6,6

30

1,98

10,2

10

1,02

14,0

60

8,40

100

11,40

676

VI. ,

, , 11,4%

, ""
.



,
. ,
, " "
. ,
.
" ".
.
,
.
(marginal) ,

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

, .
, ,
.
,
.
,
,
. ,
,
, .
, 11,4%- ,
, ,
,
.
,
, , . ,
,
: 30% , 10
60% .
,
.
, ,

15.

677

. ,

.
(flotation costs)
, :
, , .

() (flotation costs),
,
, .

. ,
(out-of-pocket flotation costs). -
,
.
,
.
,
(adjustment to initial outlay ) ,

.

6

NPV =

"

CF
;

(ICO + ) ,

(15.10)

CF , ICO
, , k
.
,
100 . .
60 . . ,
,
( ) 4000 .' , 4000 .
100 . .
, f =
/ICO, (15.10) :
NPV =

Y^

/(1 + / ) .

,
.
, .
.

.
,
" " .
7

678

VI. ,

104 . . ,
,
. ,
,
. , 20

24 . ., 20%,
:
20

NPV =

t=i (1"0,20)

- ( $ 1 0 0 0 0 0 + $4000)

= $24 000(PVIFA

20%

2 0

) - $104 000

= $116 8 7 0 - $ 1 0 4 0 0 0 = $12 870.


,
, , 116 870 . 100 000 . = 16 870 .
,
,
. ,
(adjustment to discount
rate A D R ) ,
.

,
, ,
(net proceeds) ( ).
""
,
"" .
""
""
, . NPV,
ADR, (
) . ,
, "", .
, , ADR,
, -, / , -, ,
ADR, ""
, , ""
.
.

; ,
8

AIO John R. Ezzeu and R. Burr Porter, "Flotation


Costs and the Weighted Average Cost of Capital", Journal of Financial and Quantitative Analysis 11
(September 1976), p. 403-413.

15.

679

""
. , (,

) NPV,
, .
A D R .

-
, , ,
.
,
,
(hurdle rate),
,
?
, ,
, ,

.
,
.




, ,
, ,
,
. ,
,
,
, k .
, ,
( )
,
. , , ,
, ,
.
e

,
.
, .
17, ""
,

.
, .
, -

680

VI. ,


. ,
.


. ,
, .

-
Felsham Industries
.
,
, ?
.
,
. ,
.
, () ,

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


. ,

( ) , ,
.

.
. ,
, ,
, .
, ,
.
,

.

,
, , . (

,
.)
, -

15.

681

, .
,
.
,
. ,


.


,

, ,
(economic value added E V A ) . E V A

(economic profit),
Stern Stewart & . (
residual income)
. EVA 1980-
. , E V A ,
, , ,
(net operating profit after
tax N O P A T )
( ). EVA
, , Stern Stewart & Co.,
.
, N O P A T
, .

, -
( ) , .
Briggs & Stratton Corporation EVA,
Stern Stewart & . (
N O P A T ). ,
Briggs & Stratton Corporation 2003 ,
EVA
Briggs & Stratton.
. .
()

132 506

:
1 183 689 8,4%

99 430
33 076

682

VI. ,

, Briggs & Stratton Corporation ,


33,1 . . ,
, .
EVA ,
,
.
(accounting profit),
, ,
. (, ,
E V A ) ,
, . ,
, ,
,
. , EVA
, ,
.
EVA ,
, -
,
. EVA
, , ,

. , ,
.
9

:

( )

,

.
.
,
(Capital-Asset Pricing Model ) .
.

( ,
) . . Shrieves, Ronald .,
and John . Wachowicz, Jr., "Free Cash Flow (FCF), Economic Value Added (EVA), and Net Present
Value (NPV): A Reconciliation of Variations of Discounted-Cash-Flow (DCF) Valuation", The
Engineering Economist 46 (No. 1,2001), p. 33-52.

15.

683

,

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

( ) .
,
( ) ,
.

(, )
,
.
, ,
( ), :
R

R +(R -R )$ ,
f

(15.11)

\ (characteristic line),
k
. ,
(15.7)
, ""
. , R
, .
h

( "")
. 15.3. ,

684

VI. ,

,
, ,
(
) , R ,
(15.11) . . 15.3,
, .
(security
market line SML)
.
, , ,
,
. "".
, SML
( ""), . :
.
, .
,
.
,
SML.
k

10

: -.

"", .
(. 5), ,
"",

.
,

(value)
.
. , ,
,
"" , ,
.

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

, R ,

;
, .
k

15.

685

,
, .
, ,
,
"" ( )
(15.11)
. :
,
, . ,
,
, , ,
.
, ,
, "",
.
,
.
,
, ""
,
,
, 1,6.
""
". ,
13%, 8%,

:
R = 0,08 + (0,13 - 0,08)1,6 = 16% .
k

,
16%.
(North American
Industry Classification System NAICS)

, ,
. -
, ,

-. ,
, .
.

- ,
"" ,
. .
11

686

VI. ,

(North American Industry Classification System NAICS,


"") .
,
. "" -
.

"", ,
, ,
"".
, .
"",
.
12

( ),

- ,
""
.
-.
,
- .
""
, .
"".

, , R ,

. , , ,
.
,
(
).
,
. ,
,
. , ,
"
",
6,60% 16%,
:
k

^
[ ] [ ]+
[ ]
[ ]
= (0,066)(0,25) + (0,16)(0,75) = 13,65%.

NAICS Standard Industrial


Classification (SIC) System.

15.

687

, ( I R R )
(13,65%), ,
. .
, " "
( ),
.


,
, ,
, ,
.
, ,
.
"" , -
, . "
" ,
,
. ,
,
.
(subsidiary).
(subsidiary)
,
() .

, , (
) ,
, , ,
. ,
(
) .
, , , ,
.
, .
,
. -,
. ""
"" ,
.
,
, .

688

VI. ,

,

.

.
, "
", . 15.4.
(..
,
) .
. - ,
,
, , . ,
, .
, " "

,
. " "
,
. ,
"/",
.
" "
,
.

( "")
. 15.4.

15.

689

Volkswagen AG 2002
(. ) .
, Volkswagen ( )
.
(..
), Volkswagen,
, S&P 500 .
D A X .



2002

2001

(%)

4,2

4,9

DAX

6,0

6,0

(
Volkswagen 0,9)

-0,6

-0,6

9,6

10,3

6,0

5,8

( 35%- )

-2,1

-2,0

3,9

3,8

66,7

66,7

33,3

33,3

7,7

8,1

. Volkswagen AG Annual Repo?t 2002, p. 57.


2002 Volkswagen AG. .



,
. -, ,
, ,
. ,

-. ,
(non-equity financing)

-.
.
,
"" -

. ,

690

VI. ,

"",
. ,
"" -, .. "",
, -
,
. "",

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

, .
13






. ,
, (
), .

"/". ,
.

,
. -,
"" ,
"", .
, ()

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

15.

691


.
(.. ) ,
().

,
.
,
.
-
, , ,
.
""
? ,

?
?
( )?
-,
.
,
-"". -,

" ", . ,

,
, .
,
. ( , 17.)
""
,
.
, ""
.
, .
( ) .

/ ,

.

, -

( ) ,

692

VI. ,

"" ,

.
. , ,
, ""
, . ""
,

. "
",
.

,

, ,
,

.
,
(risk-adjusted discount rate R A D R ) ,
, , , ,
, () .

(risk-adjusted discount rate RADR)


( ),
,
"" ,
, "" .

RADR :

( )

,
"" ;

( )

,
"" ,

, RADR
""
, ,
.

.

15.

RADR
" " NPV. 13
NPV (. . 13.1),
NPV

IRR

IRR,

J^aversAam

J^'sA

J-a?m

NPV, 10 768 . ( 12%-


), .
,
"" , ,
,
.
. 15.5 NPV,
13, RADR
"" ( 12%- ), ,
. , ,
,

" " (, , 10%-
RADR)? : , "
" (, , 20%- RADR)?

17%,

. 15.5. NPV
(. 13), NPV

. 15.5, , 10%-

. N P V 15 516 ., IRR -

694

VI. ,

, 10%- RADR. , , ,
, "
", . N P V
20%- RADR , IRR, 17%,
, ,
.
RADR , , ,
. , ,
, "",
,
. RADR, ,
, ,
. ,
, , , ,
. , ,
,
.

.
, 14, ,

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

.
.
,

.
, ,
.

,
NPV
14 , , ,

. (,
, ,
" " , , . ,

15.

695

.) ,
N P V (
)
,
. ,
,
,
, NPV.
, , ,
.

.
,
, N P V
.
,
,
.
.
. , ,

"" . ,


. ,
. , ,
..
.

: ,

14 ,

, ,
.


.
,
.
(indifference curve)
, ,
.

696

VI. ,


" " , N P V
. . 15.6
, .
. 14.7 14, ,
(indifference curves)
.
N P V .
, . 15.6,
.


. , ,

,


N P V . ,
, .
,
,
.

. 15.6. ,
() ;
" "

15.

697

, -,
, .
, , ,
.
, " "
. 15.6, , .
"
".
,
N P V .

,
.
,
.
14,
( ), .
,
.
.

,
.
,
, , .



,
( 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- )]

= (0,99)[1 + (0,30)(0,60)] = 1,17


"" 0,99 j "",
1,40 j
"".
, ,
"" , , .
"" "",
"",
.
"", , .
: ,
(
).
"".
17
.
,
"" . ,
.
"", .

15.

703

.


(weighted average cost of capital W A C C )
. , , "" ,
-.

(adjusted present value A P V ) , .
' . APV
:
, .
,
3

.
,
APV=

+
""

(15.1)

(adjusted present value APV)



( , ..
) " ",
,
, ,

,
.

, , ,
.

:
(15B.2)
CF, ;
ICO , ;
k ""
( ,
, ..
" "); I , t;
; kd
; F (
), (,
eu

Stewart . Myers, "Interactions of Corporate Financing and Investment Decisions


Capital Budgeting", Journal of Finance 29 (March 1974), p. 1-25.

Implications for

704

VI. ,

).
(15.2)
,
" ".

(tax-shield) ,
.
.
, ,
, . ,
.
.
(tax-shield)
, ,
"" ( )
,

Tennessee-Atlantic Paper Company



2 . . , 400 . . .
,
"", 13%. ,
(
), :
NPV =
_ $ = - $ 8 0 400 .
t f (i+
$

.

!
! 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

8. Acosta Sugar Company,


, S&P 500
Index, 15% 10 .
,

10%.
.
,
,

.

, Acosta Sugar Company ,
"" 1,10 (
).
"",
,
. ( , Acosta Sugar Company
-
.) ,
"".

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.

Able Elba Palindrome, Inc.


,
(. .).

-400

50

50

150

350

8%,
10%,
, , ,
, 15%. ?
.

714

VI. ,

10. Totally Tubular Tube Company


.
.
,


( )
(. .).

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

= , (1,12) = $1(1,12) = $1,12

b) , = $ 1 , 1 2 / $ 2 0 + 12% = 17,6%
c) ,
3 4, ,
,
20 ., - 18 19%.

716

VI. ,

: 2,49 . (1,10) = 2,74 .


(
) :
P =D /(k -g)
5

= $2,74/(0,18-0,10) = $34,25
5

=$2,74/(0,19 -0,10) = $30,44.


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:

Clarification", Journal of Financial and

Quantitative

Analysis 15 (September 1980),p. 719-730.


, "Reforming Tax Shield Valuation: A Note", Journal of Financial Economics 40
(December 1985), p. 1485-1492.
Myers, Stewart C, "Interactions of Corporate Financing and Investment Decisions
Implications for Capital Budgeting"'Journalof Finance 29 ( M a r c h 1974),p. 1-25.
, "Determinants of Corporate Borrowing", Journal of Financial Economics 5
(November 1977), p. 147-175.
Porter, Michael E., Competitive Advantage. (New York: Free Press, 1985).
Pratt, Shannon P., Cost of Capital: Estimation and Applications, 2

nd

ed. (New York: John

W i l e y & Sons, 2002).


Rosenburg, Barr, and Andrew Rudd, "The Corporate Use of Beta", Issues in Corporate
Finance. (New York: Stern, Stewart, Putnam & Macklis, Inc., 1983).

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. "", ,

CEBIT )
.
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

(FC)

7000

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

= $100 0 0 0 1 - 0 , 5 0 ) ] = $200 000.

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

= (EBIT $600 000)(1 0,40) 0


= ( ) ( 0 , 6 0 ) $ 3 6 0 000
EBIT = $360 000/(0,60) = $600 000.
, ,
1 , EBIT,
.
600 . ., 600 . .
. ,
:
0

(EBITI)(lt)PD

= (EBIT 0)(1 0,40) $550 000


= ( / ) ( 0 , 6 0 ) $ 5 5 0 000
EBIT = $550 000/(0,60) = $916 667.
EBIT,
,
1 . ,
550 . .
916 667 . EBIT (, 40%).

,
, .

EBIT (, "" EBIT),
.
( ) Cherokee Tire Company . 16.3.
. 16.3 , EPS

1,8 . . EBIT . EBIT ,
4


,
. ,
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

0)(1 0,40) 0 _ ( $600 000)(1 0 , 4 0 ) 0


2

300000

200 000

,
:
( )(0,60)(200
12

000) = ( )(0,60)
2

(300 000) (0,60)($600 000)(300 000)


( )(60 000) = $108 000 000 000
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( )

50%- : (1/2000X1 - 0,40X40 . .) = 12,00 .

. 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)



, .

""
"", "" (
) "" (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

(debt-service burden, debt service)


, ( ),
, .
1,89, , E B I T
47%,
. ,
1, (
).
1,
, ,
6

: 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. ,

Standard & Poor's

Moody's Investors Service

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

Archimedes Torque and


Gear Company 8,3 . .,
6 . . (
) 50%. Archimedes Torque and Gear
Company ; EBIT
2 . . ( 1,5 . .).
"/ "
0,47.

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

,
. ?

1. Andrea S. Fault Seismometer Company


.
( ),
880 . ., 24 .
.; 40%.
, " ",
200 ., 150 . .
a)
?
b)
? ?
c)
"" ( D O L )

: 4000 .; 4400 .; 4800 .;
5200 .; 5600 . 6000 .
d) (.
) , , D O L

?

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

Boehm-Gau Real Estate Speculators,


Inc. 40%, Northern California Electric Utility Com
pany 36%.
.
, ,
? .
9. .

/
*

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 )(630) ($579 600)


13

( )(480) ($172 800)


3

( ) ( 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

$1500 000 $360 000 [$480 000/(1,040)]


(3):
DFT
^

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

,






,
" "



, ,



17 :

" ";


"
",
;

""
,
,
;


" ",

;

,

" ",
.

, ,
- , .
. , " "
( . )

(capital structure)
( ) ,
,
,

,
(capital structure)
.
.

,
. ,
.
, ,
,
.
,
.

. ,
,
. , ,

, . ,

.
,
.


:
,
(financing mix),
( )
?

. , ,

776

VI. ,



.
,

"/ " (
"").
,
,
. , ,
, .
.
, .
"" .

.
^ _ / _

(17 1)

k ( ,
) .
1

(17.2)

,
, ,

, , "/" ( / )
,

.
,
(. 15).
,
,
.
2

4 , - ,

R, = R/k, .
, : = R/P, (17.1).
(172) ,
, ,
"/" (/).
1

17.

777

(17.3)

'

V = + S (..
), = I +
(..
,
) . k
(capitalization rate) ( ),

:
o

B+S

(17.4)

B+S

(capitalization rate)
,
,

, k , k k
"", B/S.
t



( ) (net
operating income (NOI) approach (to capital structure))
,

"".


(net operating income approach).
, ,
1000 . 10%.
( N 0 1 E B I T )
1000 ., , k , 15%.
, .
0

/<

(.)

1000
+0,15

(/) (.)

6 6 6 7

(.)

1000

(V-B) (.)

5667

778

VI. ,

, , ,
,
01, .. 1000 . 100 . 900 .

:
_

$5667



() , k . ,
,
() .
:
, k , , k
"".
, k ,
"" (B/S).
o

, ,
1000 3000 . ,
, .
.

(.)

+ 0,15

(/) (.)

6667

(.)

3000

(V-B) (.)

3667

1000

, , ,
, I (
), .. 1000 . 300 . = 700 .
:
=

$700_
$3 667

, , k ,
"".
,
. , ,
, ,
. . 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)
, ,
,
.

, ,
, , k ,
"".
,
, .

. " "

, k . ,
k k
"".
"", "".
"" ,
"/ ". k , k
"/ " (
). , k ,
"", ,
, ,
.
o

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


, ,
, .


(optimal capital structure);
,

"". ,

"".
, k
" " .
""
.
e

"" (B/S)
. 172.

,
. 17.2, , k
"", k,
,
"".
"", k
.
""
, k , .
k
e

782

VI. ,

, k .
k , k
, k .
. 17.2 X.
, X,
, -, ,
-, . ,
, k ,
, .
, ,
,
.
0



, & ,
, ""
,
.
, "" ,
, k ,
"".
o

- 1-

- 2-

. 17.3.
,

& ,
.
,
.
, & ,
,
. ,

, -

17.

783

. ,
( )
"" (. . 17.3)
,
. ,
. 17.3.
"": ,
.
,
""
"". ,
,
.
( "") - ,
,
,
&. , ,
, ,
. (arbitrage),

. ,
.
(arbitrage)
, , , ,
.


( ),
, , NL
"", L 12% 30 . .
L

NL. ,
L (
,
, ).
, L
16% ( , NL).
.

( . )

(.)

NL

10 000

10 000

3600

784

VI. ,
NL

,

(-/) (.)

10000

6400

-0,15

-. 0,16

(/ke) (.)

66 667

40 000

(.)

30 000

( + S) (.)

66 667

70 000


,(B/V) + k (S/V))

0,15

0,143

0,75

B/S

"/ "

& ,
, .
L ,

NL. & ,
L .

.
L ( )
NL ( ).
, L
, , , ,
.
, , , 1%
I (, "")
40 . . 0,01 = 400 . .
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

(.)

64

, (64 .)
, L.
, 366,67 . (666,67 .
300 .), 33,33 . ,
L (400 .),
"".
,
NL. , ,
"" " ".
,
, , -,
NL
, -, L
.
,

. " "
.
, , .

, ""
, "" (homemade financial
leverage). &
,
"".
N01 ( & ) ,
"" ,
. , , ,

.
.

786

VI. ,



,
& ,
.
& , ,
.
& .

,

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

(. 23).
, ,

. ""
,
, ""
. (
23.)
,
,
. , , "",
, " ",
( ).
"/
":
.

.
, "" ,
, "" . "" . 17.4
( ).
, k , .
, Rf, .

,
e

17.

787

, .
;
. , ,
( & ) ;
. 17.4. ,
,
"",

. , ,
"" . ""
"". ""
, "" .

>

"" (B/S)
. 17.4.
,


(agency costs)
, ( ),
,
, .



(agency costs).
(, ) (agents) ().
, ,
,

VI.

788

.
, ,
( , ,
), ().
,
,
.
,
- ""
(. 20). , ,
.

. , ,
,
. , ,
,
. ,
(
).
,
. , ,
,
, .
,
. ,
. , ,
, ,
"", . 17.4.
4


, , , ,
,
. , ,
, "
".
, , ,
, ,
.. , ""
,
"". ,
(,
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

)
.

.



. ,
, " ",
.
,
,
"" "".
"",
(approved list),
, .


.


, , .
, , .
, "",
, , .

.

,
, . ,
""
.
,

. ,
, .


,
,
""
. :
. ,

790

VI. ,

.
.

.


,

.
, . ,
,
, ,
.
, ,
ND D 2000 .
, , D
5000 . ( 12%),
ND . (
) , 40%,

ND
(.)

D
(.)

2000

2000

(
)

600

2000

1400

( 40%- )

800

560

1200

840

,
(
)

1200

1440

,
( )

240

, ,
, , D,
"", ND, .
,
,
.
, , "",
.
, (tax

17.

791

shield). , , , " ",


. : 600 . 0,40 = 240 .
,
, "". , Nrbift , ,
( ) :


(17.5)

, , a t
. D :
c

:($5000)(0,40) = $2000.


" " (Tax shield)
, ,
""
,

, " "
, D,
, 2000 . , ,
. ,
, , 240 . ,
. 240 .,
12%- , : 240 ./0,12 = 2000 .
, , ,
,
"" . , :
,

""
(17.6)

"'

792

VI. ,

( ),
ND, , 16%.
100%- , ,
"" : 1200 ./0,16 =
7500 . 2000 .,
D (, "")
: 7500 . + 2000 . = 9500 .
(17.5) (17.6) : ,
(
). , "",
. , &
,
"" .
,
. ,
.
6

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

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

, ,

. , -
,
,
.

, ,

, ,

"", "" ,
, . (
, , ,
.) ,
, , ,
,
, & .

.
,

"". ""
, ,
.

794

VI. ,


. -, ""

. ,
, ,
.
.

""

"'
(17.7)

""
(17.7) ;
. ""
, ,
. (
),
.


"" (B/S)
. 17.5.
, ,

17.

795

. 17.5 . ,
, ,

"". (
)
. , ,
, .

, .
. ,
, ,
, ,
. ,
(. ,
. 17.5).
"" , ( )
180.




& , ,
, , . 17.5.
.
"",
, , , .
, "",
.
. . 17.2.
,
,
, .
, ,
( , . 17.5)
.
""
.
,
,
.
,
"".
. 17.5 .

, "" ""
"". , -

796

VI. ,

.
,
.
,
.
(
)

"/ ".


(signalling)
(..
).

,
.
, () - ,
"" (, ,
). ,
, ,
, .
, , : " ",
,
,
. ,
. ""
.

, ,
, ,
. .
"" .

()
. ,

, .
,
. , , ,
,
,
. ,
" ",
" ".

17.

797

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

, .
18,
, 19,
.




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

.

. , ,
, . ,
, ,
. ,
, .
,
.
,
- .
,
.
, ,

798

VI. ,

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

,
,
.
,
.

. "
" ,
,
, . ,
,
. ""
,
, ,
. V I I
,
,
.

,


,
, .
,
(
, ""
).
,
.
16, .

17.

799

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

.
,
(
).

.
,
.
.
?

""
? ,
? ,
?

.
,
, ?
,
?
.

.
,
( )? (
) ,
.

E B I T - E P S .
( E B I T )
(EPS)
? E B I T
EBIT-EPS?

.

(, ,
,
,
)? ""
?

?

800

VI. ,

. ,
?

(,
).

.
? ,
,
.

.
,
,
.
,
?


"", .
,
, . ,
, ,
. ,

.

(
) ,
, ,
.


;
,
( )
"".

( & ) ,
(
)
.

& , ,
(N01),
. ""
, "" (
) . ,
& , "" -

17.

801

. "" &
.

, ,
,
"" (, ).

, ,

, ,
.
,
"" .

, ,
, .

,
,
.
,
. ""
.

,
.

, " ",
, " ".


,
.
,
.

,
,
.

1. ,
(N01),
( & ) .
2. ,

?
?
3. ,
,

802

VI. ,

? ,
"/ "?
?
4.
?
5. .
?
6. ,

?
? ?
7. , ?
?
""?
8.
, ?
9. ,
.
?
10. ,
?
11


.
,
.

(
)?

12.
, ,
?
?

>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 . . , ,
"", ""
( ),

, 20%
.
,
, .
, ,
,
. ,
, ,
, 5 . .
, 5 . .
. ,
,
"". ,

804

VI. ,

(
).
(. .)

10

15

20

25

30

,
,
(. .)

0,6

1,2

3,2


? , ?

1. Lexl. Cographer Dictionary


Company 10 . .
20 . ., 7%.
Lex I. Cographer Dictionary Company.
.
.
a) ,
(
, k , 12,5% 20 .
.),
, k .
e

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

"/ "

a) G ottahave Company 22,5 .


.). ,
, .
b) ?
3. . Boom Pickens Corporation
1 . .;
.
( 50%) 250 . .,

(100 ).
. ,
.

(. ). ,

10 . .
,
.

(. .)


( ) (%)


(.)

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

Stinton Vintage Wine


Company ?
6. Rebecca Isbell Optical Corporation
. ,
"" ,

. ,
"".

" / ( +

)"

(%)

, (%)

,

(%)

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

b) Yuiop Typewriters, Inc.:

(. .)

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

(40%) (, ,)

1,2

(, .)

1,8

- 0,18

( "")
(. .)

10,0

4 . .:
,

'"

,
"'




= $10 000000 + ($4 000 000)(0,40)
= $11600 000.
7 . .:

VI. ,

810

= $10 000000 + ($7 000)(0,40)


= $12 800000.


.
3. (. .):


""

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

Look at the Evidence",/oMra/ of Applied Corporate Finance 12 (Spring 1999), p. 8-20.


Baxter, Nevins D., "Leverage, Risk of Ruin, and the Cost of Capital", Journal of Finance 22
(September 1967), p. 395-404.
Deangelo, Harry, and Ronald W. Masulis, "Optimal Capital Structure Under Corporate and
Personal Taxation"Journal of Financial Economics 8 (March 1980), p. 3-29.
Graham, John, and Campbell Harvey, "How Do CFOs Make Capital Budgeting and Capital
Structure Decisions?" Journal of Applied Corporate Finance 15 (Spring 2002), p. 8-23.
Harris, M i l t o n , and A r t h u r Raviv, "The Theory of Capital Structure", Journal of Finance 46
(March 1991), p. 297-355.
Haugen, Robert A., and Lemma W. Senbet, "The Irrelevance of Bancruptcy Costs to the
Theory of Optimal Capital Structure" Journal of Finance 33 (June 1978), p. 383-394.
. "Corporate Finance and Taxes: A Review", Financial Management 15 (Autumn
1986), p. 5 - 2 1 .
Hovakimian, Armen, T i m Opler, and Sheridan Titman, "The Debt-Equity Choice" Journal
of Financial and Quantitative Analysis 36 (March 2001), p. 1-24.
Jensen, Michael C, "The Takeover Controversy: Analysis
Corporate Finance Journal 4 (Summer 1986), p. 12-21.

and

Evidence",

Midland

17.

811

, and W i l l i a m . Meckling, "Theory of the Firm: Managerial Behavior, Agency


Cost and Ownership Structure", Journal of Financial Economics 3 (October 1976), p.
305-360.
Litzenberger, Robert H., "Some Observations on Capital Structure and the Impact of
Recent Recapitalizations on Share Prices", Journal of Financial and Quantitative
Analysis 21 (March 1986), p. 47-58.
, and James C. Van Home, "Elimination of the Double Taxation of Dividends and
Corporate Financial Policy" Journal of Finance 33 (June 1978), p. 737-749.
Maloney, Michael ., Robert E. McCormick, and Mark L. Mitchell, "Managerial Decision
Making and Capital Structure" Journal of Business 66, No. 2 (1993), p. 189-217.
Mello, Antonio S., and John E. Parsons, "Measuring the Agency Costs of Debt", Journal of
Finance 47 (December 1992), p. 1887-1904.
Miller, Merton H, "Debt and Taxes" Journal of Finance 32 ( M a y 1977), p. 266-268.
"The Modigliani-Miller Propositions After T h i r t y Years", Journal of Applied
Corporate Finance 2 (Spring 1989), p. 6-18.
Modigliani, Franco, and M. H. Miller, "The Cost of Capital, Corporate Finance, and the
Theory of Investment", American Economic Review 48 (June 1958), p. 261-297.
"The Cost of Capital Corporation Finance, and the Theory of Investment: Reply",
American Economic Review 51 (September 1959), p. 655-669; "Taxes and the Cost of
Capital: A Correction", American Economic Review 53 (June 1963), p. 433-443; "Reply",
American Economic Review 55 (June 1965), p. 524-527; "Reply to Heins and Sprenkle",
American Economic Review 59 (September 1969), p. 592-595.
Myers, Stewart C, "Capital Structure Puzzle" Journal of Finance 39 (July 1984), p. 575-592.
, and Nicholas S. Mujluf, "Corporate Financing and Investment Decisions When
Firms Have Information That Investors Do Not Have"', Journal of Financial Economics
13 (June 1984), p. 187-222.
Opler, T i m C, and Sheridan Titman, "Financial Distress and Corporate Performance",
Journal of Finance 49 (July 1994), p. 1015-1040.
Rajan, Raghuram G., and Luigi Zingales, "What Do We Know about Capital Structure:
Some Evidence from International Data", Journal of Finance 50 (December 1995),
p. 1421-1460.
Ross, Stephen A., "The Determination of Financial Structure: The Incentive-Signalling
Approach", Bell Journal of Economics 8 (Spring 1977), p. 23-40.
Van Home, James C, "Optimal Initiation of Bankruptcy Proceedings by Debt Holders",
Journal of Finance 31 (1976), p. 897-910.
Zuberi, Azmat, and Chris H u i , "Optimizing Your Capital Structure", Finance Asia 8
(December 2003/January 2004), p. 91-93.
VI Web-, (Wachowicz's Web World),
"" Web-,
, , , ( w e b . u t k . e d u / ~ j w a c h o w i /
part6.html)

18






,
,

, ,

,

, ,
:



18 :


(&) ;



,. ,
;

,


;

,
, ,
,
(
) ;

" " ,
( ) ;

, , .
, , , ,
, ! !
" "
( . )

,
.
(dividend-payout ratio) ,
.
,
. ,


, .
,
: , ;
; , ,
; .
(dividend-payout ratio)
, (, -,
, , ).
,
.





,
.
, ,
? ,
"", ,
. ,
,

,
. ,
( )
. ( -

816

VI. ,

.) ,
, (
, N P V ) ,
,
,
.
-
, .
, .
,

,

.
,
,
. ,
,

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

, ?
,
, ,
( )
.


( & )
, .
,
"",
. &
,
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



. ,
, ,
& ,
,
. ,
( - ). (
.)

& ,

.

.
, , -, , ,
, . & ,



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

.

: "
, ,
?"
? ,

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

818

VI. ,

. &
,
, .
"" ,
(total-value principle)
,
, ,
, .

, ,
. , ,
,
. , ,

. ,
"" ,
"" "",
.
,
- , .
"" ,
(
), .
, ,
. ,
. ,
, " ",
. ,
.



, ,
. ,
,
.
.
.
.

. ,
.
, , ,
, , ,
.
, , -

18.

819

( ).
" "
, .
,
. , ,

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

.
( )
, , ,
. ,
, ,
( ), ,
( ,
). ,
(dividend yield) ,
( ).
(dividend yield)
, ,


. ,
, ,
, .
,
.

, . , , Alpha
Corporation 100 Omega Corporation,
1 . , 70%
. ,
Alpha Corporation 30 . .
, Omega
Corporation 100 .,
, . -

820

VI. ,

.
.
,
,
,
. ,
, 25%-
, 50%-
. 25%
, ,
, ,
50%. -, ,
,
, .
.

.

.
.
,
.
,
,
.
.
:
, ,
, , ,
, .
, ,
. ,
, -
, .

.
, ,
,
.
,
. (
)
. ,

. , ,
, , ,
.

18.

821

,
. ,
,
.

. , ,
,
.
, ,
. ,
, .
, :
.
.
,
, ,
.

, .

,
.

.
, .

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

822

VI. ,


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

. ,
.


,
, .

. , ,
, ,
, .
, , ,
.
, ,
( ),
, (
) .
,
, ,
, ,
. , , ,
"" .
, ,
"
".
,
. , ,
.
?


Microsoft .
, 7 1,7 . . Microsoft
,
, .

, ( , ,

18.

I
|
I
I
I
I
I

823


), , .


(agency costs).
,
. ,
,
.

( Enron), (, :
). ,
, , ,
(,
) .

j ,
, ,
. , ,
,
,
,

.
, , ,
WorldCom
, , ,
. -
25% . ,
, , ,
, .

| .

, ,
" - " . ,

, ,

, ,
: " > .
Michael Jensen, "How bigger dividends build trust", Financial Times
. .

824

VI. ,

,
,
.
,
,
.
.

.
,
,
,
. -
, .
, ,

, ,
"" .
" " ,
- .
.
,
. ,
, .
.
, ; - ,
. ,
, ,
, .
, ,
.
, ,
, .

,


. , ,
.

. ,

.

18.

825


,
,
.
,
, .
"" ,
.
, " " .
, ,
, .

. , ()
: 4 . . ( ),
3 . . 2 . .
. 4 . .
,
5 . ., "" (..
4 . .).
, , (capital)

, .
, "
". : ,
" ".
" ",
.
, ,
,
, ,
. , Holiday Corporation (
Holiday Inns of America) 1987
,
, 65 . .
, 1,55 . .,
770 . .
"" , "" ,
,
. Holiday Corporation, ,
,
( ) ,
(surplus).
" " ,
" " (.. )
. ,
, ""

826

VI. ,

, " ",
. ,
. ,
60% , Fortune 500, 50%
, - .
.
, (..
). (insolvency)
"
", "" ()
.

, ,
"" () .
,
.

.
(Internal Revenue Code)
.
(undue retention) ,
,

.
, . ,
,
,
.
,
, .
(Internal Revenue Service IRS)
,
.
, ,
IRS
.
.



,
. ,
(
), (. 7).

.
, ,

18.

827


( 7).

,
- ,
.
.


.
.

,
.
,
, .
,

.
""
,
.



.
,
.
,
,

. ,
.
, .
, , ,
.
, ,

.


,
,
. -

828

VI. ,

.
, .
, , ,
.
,
,
.
, "" .


,

, .
""
,
( ) .

.

, , .
-.
( ),
"",
. ""
, ,
("") . , ,
, , ,
"" .


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


.
, ,

.
, , , -

18.

829

,
.
,
,
. ,
.
.


,
. (stability)

.
,
,
. ,
50% .
,
. ,
, . 18.1.
,
50%,
.

. , ,
. 18.2.

. 18.1. ,
50%-

830

VI!. ,

. 18.2. ,
50%-
; ,

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


"" ,
,
: ,
,
.
.
, ,
,
.
, ,
. ,

"18.

831


. .
,
"
". ,
,
.
. ,
.
, ,
, ,
,

.
, ,
,
,
"" . ,
, , ,
; .
, ,
, ,

.
.


.
( ) (approved (or legal) lists) ,
,
, ,
. ,

.
, .
, ,
,
.
.
,
,
,

.
.
,
.

832

VI. ,


,
" ",
.
,
.
, ,
,
.
.
,
.
,
.
.
2


(extra dividend)
,
.
,
(regular dividend)
, , "" .

,
, ,
(extra dividend),
(regular dividend),
. ,
,
.

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

. John Lintner, "Distribution of Income of Corporations", American Economic Review 46 (May


1956), p. 97-113.

18.

833

, ,

, ,
( )
.
.
.

,
, (stock dividend)
.
( ).

, (stock dividend),
.
,
.
.
,
, ,
.
, .
, , 25%- ( )
, ,
,
(small-percentage stock dividend). ,
,
.
, Chen
Industries , , ,
. 18.1. Chen Industries
5%- , ,
20 (400 . 0,05).
40 . . 20
, ,
.
. 18.1.
5%- ,
, 800 . . (40 . 20 . )
( ) "
" " " "
". ,
,
" ". : 100 . . (5 . 20

834

VI. ,

. ). 700 . . "
".
, .. 10 . .
18.1.5%- , Chen

Industries


(5 . ;
400 ) (.
.)

2,0

(5 . ; 420
) (. .)

2,1


(. .)

1,0


(. .)

1,7

(. .)

7,0


(. .)

6,2


(, .)

10,0


(. .)

10,0

. 40 .


5%, ,
. ,
1 . .
, : 2,50 .
(1 . . / 400 . ).
: 2,38 . (1 . . / 420 . ).
, .
,
, .

, .
, (large-percentage stock
dividend) ( , 25% ,
), -.
, ,
,
, , ,
.
,
" ".
, Chen Industries 100%-
( 5%- ,
). . 18.2 ,
Chen Industries ( ,
, ).

18.

835

100%- , 2 . .
(5 . 400 . )
400 ,
( ) .
, .. 10 . .
18.2.100%- ,

Chen Industries

(5 , ;
400
) (. .)

2,0

(5 , ; 800
) (, .)

4,0


(. .)

1.0


(. .)

1,0


(, .)

7,0


(. .)

5,0


(, .)

10,0


(. .)

10,0


(stock split)

; , 2 1,
,

(stock split)
.
Chen Industries 100%-
. 2 1
, 100%- ,
. . 18.3
Chen Industries ,
2 1.
, ,
,
. , ,
,
, . ,
, .
:
.
, , ,
,
. (, , ,

836

VI. ,

)
,
.
,
.

, , .
.
, 2 1
1,20 .
, 2 . .
, 100 ,
200 . .
200 240 . .
18.3. Chen Industries 2 1

(5 . ; 400
) (. .)

2,0

(2,50 . ;
800 ) (. .)

2,0


(, .)

1,0


(, .)

1,0


(. .)

7,0


(. .)

7,0


(. .)

10,0


(. .)

10,0

, ,
:
, ,
.
,
.
,
.
, , ,
100 , 40 . (
4000 .). 5%- ,
, 38,10 . (40 ./1,05).
-
4000 . (38,10 . 105 ). , ,
, .

, . -

18.

837

, ,
.
,
, , ,
. , ,
,

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

. . , 100
, 1 .
. 10%- ,
, ,
, .
110 ,
100 ., , . ,
, .

,
, . , ,
,
.
.
,
, 1 1,10 .
, ,
.
,
,
.
:

.
,
. , ,
, .
, ,
( -

838

VI. ,

),
.

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

.
. ,
,
(). , ,

, .
,

.
.
. ,

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

.
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 . -,
!
- , ,
, .
, .
,
,
,
,
, .
, "3 2" "4 1",
,
, , ,
, , ,
,
, , ,
2 ., ""
1 10; 20 ,, ,
100 "" , 10 "".
,
. ,
, , -
. , , M i c t o s o f t
,
6500 ,
, ,
.
, .
, 200-
, 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).
, ,
.
, ,
, (
) . ,
(,
).
.

,
, , .

(
) . ,
,
.
.
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)
, .
,
, ""
. ,
.
, (
,
), ,
( ) .
3

.
, .
" " .

842

VI. ,


(self-tender offer)
,
"'' ( , )
(dutch-auction)
() , ,
. ()

. ,
() ,
() ,

:
(self-tender offer) (fixed-price),
"" (Dutch-auction)
(open-market purchase).
,
,
. ""
. :
, . ,
- .
,
, "" .
"". ,

, ,
.
"" ,
, ,
, .
, .
,
, ,
, .
,
. ,
.
, ,
. ,
, , ,
.
,
,
.

18.

843

,
.
: ,
. ""
,

. , ,
"" ,
.
() ,
, ,
. ,
. ,
, ,
.
, ,
.
(self-tender offer) ,
.
,
.
.
. ,
, , ,
,
. ,
.
,
,
.
, .
, ,
, . ,
,
.




,
, .
,
.
;

, , .

844

VI. ,

, ,
, .
, Deuce Hardware Company
1,5 . . ,
.
1,5 . .
(. .)
, ()

2,0
+ 500

(earnings per share EPS) (.)

(.)

63

(.)


3 . (1 500 000 ./500 000),
(63 .)
(3 .) ,
(60 .).

,
63 . . 23 810
(1 500 000 ./ .). :
EPS = $2 000 000 /(500 000 - 23 810) = $4,20.
,
"/" ( / ) 15 (60 ./
4 .). / 15 ,
63 . (4,20 15). ,
,
.
3 .
(60 .).
63 . . , , ,
3 . ,
( ).
,
,
,
. ,
,
.
,
,
.
. "

18.

845

" ,
, ,

. ,
.
(Internal Revenue Service)

, , -
.

UBS Group

2002 UBS , -
. , ,
, ,
5,9 .
( 79 789 414 ) .
6,4% UBSAG.
, .

, - ,
UBS (UBS Group Treasury). "
( )
,
. ,
, 2000 , EPS
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%.

, ? , Insead ( -), ,
. "
, - . ,
, . . ".

I
I
I
!

I
I
{
|

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

j
|

1
j

18.

847

, ,
. .

,
, (
). , ,
, ,
.
. Justin Wood, "The dividend dilemma", CFO Europe (December
2001/January 2002), p. 16-22. 2001/2002 CFO Europe (www. cf oeurope. com).
. .


?
(treasury stock)
,
() -.


, . , ,
, ,
(treasury stock),
. ,
"" .

,
,
, . ,
,
.

, ,
. ,
.
,
"/ ", .
, ,
.



. , ,
. ,

. "", -

848

VI. ,

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

"". ,

.
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


(.. ,
),
.
.

", ". ,
. ,
, "" ,
, ,
. ,
,
. , ,
.
8



(record date)
, ;
,
.

,
(record date).

. , ,
, ,
, . ,
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)). ,
28 .
29 , , (exdividend), .. .
8

29

31

15

(dividend reinvestment plan DRIP)


,
.


(dividend reinvestment plan DRIP).
-

18.

851

.
DRIP, :
,
. ,
,
, , .
.
,
, .
DRIP,
, ,
.

.
.
,
.
,
. , ,
,
60%- .
, ,
"" 40%.
. D R I P
,
.
, ,

. 3-5%
. ,
.
,
. , DRIP-,
, ,
..

:
(
) ?

, ( & ) ,
,
,
.

, .

852

VI. ,


"" ,
.
( )

.

, ,
, ""
, "",

, .

.
.


,
, .
, ,
(
) . ,
, .


,
, ()
. , .
, ,
,
.


,
: , , ,
, ,
, .

,
.
,
, , .

, .

, ,
.
,
, ,
.

18.

853


.

, . ,
,
,
.


, , ,
.
( ). ,
3 1 ,
.

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

. ,
, , .


. ,
,
(, ,
).
.

(
)
.
, ,

.


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

( D R I P )

.

854

VI. ,

* |
1. .
2. "" ?
,
( )?
3. ,
? ,
?
4. , ,
,

?
5. ,
, ,
, ?
6. , ,

?
7.
:

?
?
, ? .
8. !
?
9. , ,
. ?
10. -
, ? .
11. ,
? .
12.
:

() ? .
13. , ,
?
14.
?

18.

855

15.

, ?
16.
?

(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)
(
)?

( ).
2. EPS
10 .

Dew Drop Inn, Inc.

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)
.
I)

,
40% ( ).

I I ) 80
,
40%, 40%.
III)

,
.
30 50%,
40%.

b)
?
3. ,
Klingon Fastener Company .
( 1 .) (. .)

2,0

(. .)

1,6

(, .)

8,4

(. .)

12,0

60

a)
, , , -,
10%- , ; , 2 1; -,
1 2?
b) ("
")
10%- ,
?
?

|
1.
() DeWitt Company (
) 31 20X1
.

18.
( 5 .;
1 ) (. .)

857

5,0

(. .)

5,0

(. .)

15,0

(, .)

25,0

DeWitt Company

. DeWitt Company
500 . ., .
7 . .
a)
, DeWitt Company 15%-
.
b)
, DeWitt Company 25%-
.
c)
, DeWitt Company
5 4.
2.

Tijuana Brass Company


.
2 . . (
).
() (
15%).

"" (
). -

"" (
) ,

.
a) ( 2 . . )
,
1,5 . .,
15%?
b)
, 2 . .,
15%?
c)
, 3 . .,
16%?
?

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.

Oprah Corporation Harpo Corporation



. , EPS
. ,
,
.
,
. Oprah Corporation
(50%),
Corporation
. Oprah Corporation
, , , -

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

10 Chris Clapper Copper Company


25%- .
,
1 . 50 . .
160 .
a) 20 ,
( )? (
"".)
b)
, ?
c) 2
( )? (
"".)
d)
(
)?
e)
"" ( )?

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.

Johore Trading Company 2,4


;
36 .
.

( 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?
9. . . Homes Company
.
3,5 . . ( ).
1 ,
3,50 .
72 . .
. -

18.

861

. . Homes Company

72 .
.
a) ,
?
b) (
)?
c) ?


1. )

,

(. .)



(.)

(. .)

1000

1,00

0
0

500

0,50

800

0,80

200

2300

200


(.
.)

(. .)

(. .)

(2) + (3)-(1)(..)

(1)

(2)

(3)

(4)

2000

1000

1000

1500

1000

1500

1000

2500

1000

2000

500

2300

1000

1500

200

1800

1000

2000

1200

5000

2900

862

VI. ,

(. .)

(. .)

(.)

(. .)

(2) + (4) - (1)


(. .)

(1)

(2)

(3)

(4)

<5)

2000

1000

1,00

1000

0
750

1500

750

0,75

1500

2500

1250

1,25

2000

750

2300

1150

1,15

1500

350

1800

900

0,90

2000

1100

5050

2950

d)
, 50%-
. ,
.
( ).
2. )

1 (.)

2 (.)

3 (.)

0,68

0,80

0,68

0,73

0,80

0,68

0,58

0,80

0,68

0,75

0,80

0,80

0,87

0,87

0,80

0,93

0,93

0,80

0,74

0,80

0,80

0,89

0,89

1,00

1,00

1,00

1,00

10

1,09

1,09

1,00

" 3"
. .
) " 1" " 3"
,
.
" 2"
80 .,
40%.

18.

863

, (,
)
. ,

, ,

40%, "
3". , , .
3. ) 2 /
(8 .) = 250 . .
(1)

<2>


() (. .)

(3)

2,2(1 .)

2,0 (4 .)

2,0 (16 .)


(. .)

2,9

1,6

1,6


(, .)

6,9

8,4

8,4


(. .)

12,0

12,0

12,0

275 000

500 000

125000

(.)

)
: 60 . 250 . = 15 . .


: 15 . ./275 . = 54,55 .
. ""
,
54,55 . . ,
, , ""
.


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

Signaling", Journal of

, "Repurchase Tender Offers, Signaling, and Managerial Incentives", Journal of


Financial and Quantitative Analysis 19 (June 1984), p. 163-182.
Woolridge, J. Randall, "Stock Dividends as Signals" Journal of Financial Research 6 (Spring
1983), p. 1-12.
, and Donald R. Chambers, "Reverse Splits and Shareholder Wealth", Financial
Management 12 (Autumn 1983), p. 5-15.
VI Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part6.html)




" "




-



()



19 :

,

;<