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-

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2008

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All rights reserved. No part of this publication may be reproduced, stored in retrieval system, or transmitted in
any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior
written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the
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Authorized translation from the English language edition published by Prentice Hall, Inc., Copyright 2006.
Russian language edition published by Williams Publishing House according to the Agreement with R&I
Enterprises International, Copyright 2008.
ISBN 978-5-8459-1074-5 (pvc.)
ISBN 0-2736-8598-8 (.)

"", 2008.
Pearson Education Limited, 2005.

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24

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: 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.

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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 )
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Web- Pearson
www.booksites.net/wachowicz. Web-
Web-, ;
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(, Valuation [ ], Tools of Financial Analysis and
Planning [ ] ..).
, Web- ,
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Microsoft PowerPoint
Web.

29

, ,
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. , Pershing Yoakley & Associates, CPAs and Consultants;
CCH, Inc. The Motley Fool. ,
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(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.

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Business Owner's Toolkit,
:
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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.

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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.
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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.
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'.
(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.
. ,
,
.
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,
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, , , ,
.

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

, .
8

(inflation)
.

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

92

I.

.
, , ,

. ,
(, , )
. ,

.

, ,

(LLC).
( )

.
,
,
.

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

.

.
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 2. ,

93

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

.
,
. " ",

.
,
( ) ,
, ,
.

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, , ,

.
, (, ,
) .
,
.

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.
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 5.

233

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3rd ed. (Upper Saddle River, NJ: Prentice Hall, 2001).
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nd

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Holding Period", Review of Business 15 (Spring 1994), p. 32-35.
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th

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234

II,

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

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II Web-, (Wachowicz's Web World),
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256

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258

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,
.
.
(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

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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.
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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

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,

364

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-
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(www.cfoasia.com) 2003 CFO Publishing
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376

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Term?" Harvard Business Review (March-April 1986),p. 20-24.

 8.

377

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 8.

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3,2 . .,
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( ) (
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,
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0,5 . 0,8 . .

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

( ).

 IV.

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2. Malkiel Corporation
, .
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50 . . ,

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31.03.20X1

50

21

30.06.20X1

51

30

30.09.20X1

52

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31.12.20X1

53

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30.06.20X2

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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

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 8.

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384

IV.
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600 000

, (.)

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,
(
) . ,

. ""
, ""

.

Gamble, Richard ., "The Long and Short of Debt", Business Finance 8 (October 2002),
p. 25-28.
Gilmer, R.H., Jr., "The Optimal Level of Liquid Assets: An Empirical Test", Financial
Management 14 ( W i n t e r 1985), p. 39-43.
Hawawini, Gabriel, Claude Vialet, and Ashok Vora, "Industry Influence on Corporate
W o r k i n g Capital Decisions", Sloan Management Review 27 (Summer 1986), p. 15-24.
H i l l , Ned C , and W i l l i a m L. Sartoris, Short-term Financial Management, 3 ed. (Englewood
Cliffs, NJ: Prentice Hall, 1995).
rd

Maness, Terry S., and John T. Zietlow, Short-Term Financial Management (Fort W o r t h , T X :
Dryden Press, 1998).
Morris, James R, "The Role of Cash Balances in Firm Valuation", Journal of Financial and
Quantitative Analysis 18 (December 1983), p. 533-546.
Petty J. W i l l i a m , and David F. Scott, "The Analysis of Corporate Liquidity", Journal of
Economics and Business 32 (Spring-Summer 1980), p. 206-218.
Sartoris, W i l l i a m L., and Ned C. H i l l , "A Generalized Cash Flow Approach to Short-Term
Financial Decisions" Journal of Finance 38 (May 1983), p. 349-360.
Van Home, James C, "A Risk-Return Analysis of a Firm's W o r k i n g Capital Position",
Engineering Economist 14 (Winter 1969), p. 71-89.
Viscione, Jerry A., "How Long Should You Borrow Short Term?" Harvard Business Review
( M a r c h - A p r i l 1986), p. 20-24.
Walker, Ernest W., "Towards a Theory of Working Capital", Engineering Economist 9 (JanuaryFebruary 1964), p. 21-35.
IV Web-, (Wachowicz's Web World),
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Harcourt Brace Janovich, 1936),p. 170-174.
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p. 4. Copyright 1999, First Tennessee Bank.

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396

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 9.

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398

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399

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400

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404

IV.

,
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,
.

(electronic funds transfer E F T ) .

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( ) , ( )
.

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("") (Society of W o r l d w i d e Interbank Financial Telecommuni
cations
S W I F T )
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() (electronic funds transfer EFT)

, ( ).

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 9.

405

() (Financial EDI FEDI)

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General Electric, Gartner CS-13-4085
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,
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, .
, 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-
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, 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

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 9.

407

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408

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 9.

409

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. "When Not to Focus on Cost Savings". Exec, Vol. 25:1 (2003), p. 4. (www.
u n i s y s . com/execmag/) 2003 Unisys Corp.
.

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410

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

 9,

411

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

412

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414

IV,

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.
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365 182

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 9.

415

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416

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 9.

417

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(Federal Financing Bank).
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(Tennessee Valley Authority, TV ). ,
,
(government-sponsored enterprises GSEs),
.

(Federal Farm Credit Banks FFCBs),
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"Fannie ")
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418

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.
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-
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,
.
, ,
General Electric Capital Corporation, Ford Motor Credit Company, General Motors
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,

,
,
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 9.

419

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

, , .
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.
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,
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. ,
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, .
,
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.
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270 ,
(Securities
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 IV.

420

.
, 1961 ,
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,
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, , 30 12 .
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. ,
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(Thrift CDs) ,
,
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,
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 9.

421

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49 ,
,

. -

422

IV.

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, .
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 9.

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424

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

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 9.

429

1. The Zindler Company
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430

IV.

v l * I
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 9.

3.

431

The Franzini Food Company

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432

IV.

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

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 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
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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.
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South-Western, 2002).
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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
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(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.
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Prentice Hall, 2001).
IV Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . edu/~j wachowi /
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 10. ,..

447

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452

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.
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. Dun & Bradstreet Corporation, 2003

 10. .,.

453

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454

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 10. ,

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456

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3

 10. ...

457

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458

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2003 Wicks Business Information. .

,
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 10. ,,,

459

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460

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462

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 10. ...

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464

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 10. ,

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466

IV.

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 10. ,,.

467

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468

IV.

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470

IV.

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.
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),
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150 1000 -
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1-.
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, .
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. 2003 CFO Publishing Corporation.
.

 10. ,..

473

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474

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476

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.
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.
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.
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.
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.
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 10.

479

12.
- ?

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13. ,
-
.
14. -
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15.

?

1. Kari-Kidd Corporation
" 30 ".
60 . .,
45 .
,
" 60 ".
15%. ,

75 , , ,
.
0,80 . 1,00 .
, 20%.
? ( ,
360 .)
2. Matkock Gauge Company
.
- ,
50 .
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.
" 45 ",
60 ,
. -

. , ,

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.
.

480

IV.

(%)

24

30

50

20

,
- 78%
.
4 . .
,
;
60 .
,

,
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3. Vostick Filter Company
, .
.
1000 ,
40 .
20 ,
0,10 . .
a)
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)?
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10 . ?
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Bodden Truck Company
.
260 . .
. ,
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.
48 . . .
,
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) 15%?

 10. ,..

481

1. ,
24 . ., Kim Shi Company,
,
.
30 .
, ,
,
.

(, .)

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1,2

0,6

()

45

60

90

144

20 . ,
18 . .
.
,
, ..
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. ( , 360 .)
2.

Kim Shi Company

,
,
.

(%)

10

15

, 1, ,
?
.
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.

(%)

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

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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)

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= 4 ( 1 . .)

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.
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)
*=

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!40)(20)

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= 5,66 ( 1 . .)

1000 ,
6000 .
,
, ,
.

)
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$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

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492

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, -
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493

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 11.

495

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496

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, 30-

37,2%.
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497

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498

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 11.

499

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500

IV.

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501

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502

IV.

. , ,

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 11.

503

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100 . .
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(unsecured loans)
,
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,
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504

IV.

, ()
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 11.

505

.) ,
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, ,

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. 11.2.

506

IV.

.
, ,
.
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(
) (revolving credit agreement) ,

.

(revolving credit agreement)

( )

,
,
.

, ,

, , ,
.
1 . .,
700 . ., 300 .
.
, ,
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.
(commitment fee)
,
.

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400 . ., ,
,
(600 . .) .
, 0,5%
, 3000 . .

.
,
,
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.
,
,
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, - . -

 11.

507

, .
().

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. ()
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.

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, , ,
.

508

IV.

, , .

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, ,
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-,
,
(). , - . ,
, " "
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,
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:
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0 /

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12%:

 11.

$1200

509

_,,
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$8800

,
, "" 8800 . ,
10 . . ,
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.
. ,
,
,
( ) ,
, .
( ) (compensating balances).
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,
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2 . ., ,
200 . . ,
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5%
.
2 . ., 600 . .,
130 . .
,
: ,
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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)
(), ,
,
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.

512

IV.

,
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514

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519

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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.

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(factoring).
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521

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 11.

523

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International Business (April 1992), p. 17,18.

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527

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 11.

529

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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 .
. ,
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Pawlowski Supply Company? ?
3. Bames Corporation

95 . . ,
.
a) .
50 . . "3/30, 90".

.
b) .
106 . . 13%. ,
10%-
.

530

IV.

) . -
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12% . , -
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.
,
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.

Barnes Corporation ,
?
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.
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- .
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10 . .

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.
d)
- ? (.

.)

 11.

531

|3
1. Dud Company "2/10,
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,
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a) - ?
b)
?
c)
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, ( 365 ).
a) 1/20, 30 (- 500 .)
b) 2/5, 10 (- 100 .)
c) 2/20, 60 (- 1000 .)
d) 3/10, 30 (- 250 .)
3. , -,
( )
?
.
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.
5. Hayleigh Mills Company

5 . .
, , 1%
,
,
( C D
certificates of deposit). ,
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). ,

9%
60% ,

532

IV.

?
?
,
20% ?
6. Bork Corporation 100 . .
.
.
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20%-
.
b) 9%- ,
10%-
.
c) 10,5%- ,
.
Bork
Corporation ,
?
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,
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- ,
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.
) Cody National Bank of Reno
,
.

.

300 . . ,
,
200 . .
90 . 10%,

3000 . ,

.
,

4000 .

 11.

533

) Vigorish Finance Company Shelby

Gaming Manufacturing Company
, .
23%,
.
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. -
2%
80%
1,5% .
500 . ., 70%
. -,
.
a) 2000 . ,
.
b) ,
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,
. 15%- 2%-

. " 30",
, , 30-
.
,
100 . . ?
9. Solid-Arity
, .
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.

-
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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)

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 12.

545

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 V.

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 12.

547

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 12.

549

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550

V.

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 12.

551

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552

V.

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 12.

553

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,
. ,
, 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)
, , .
, ..
,
.

. ,
: . ,
: ,
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( ) (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
:

""
;

,


,
;

,
;

( );

,
()
;

,
,

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

. , ,
, -, ""

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("" ).
, ,
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.

. ,
.

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, .
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, , , , - .
, ,
. ,
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. ,
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, ,
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. ,
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), .
, ,
, .
, ,
. ,
DCF-, ,
.
,

.
DCF-
,
.

() .

 14. ,

645

.
,

.

, ,
().

.

,
.

.

,
(, ).

, IRR
, ,
(
).

, , , ,
N P V ,
,
.

.
, .

,
(..
),
N P V
.

.

().
,
.
.

()

.

646

V.

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

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

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 14. ,

657

Berger, Philip G., Eli Ofek, and Itzhak Swarg, "Investor Valuation of the Abandonment
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Bey, Roger P, "Capital Budgeting Decisions When Cash Flows and Project Lives Are
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, "Investment Policies That Pay Off', Harvard Business Review 46 QanuaryFebruary 1968), p. 96-108.
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Numbers," Harvard Business Review 76 (July-August 1998), p. 51-67.
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12 " ".
Triantis, Alex, and Adam Borison, "Real Options: State of the Practice", Journal of Applied
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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 :

,
,
;
" " ;

: ,

;


,
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(), "
";

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;
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.
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, .

-
, , ,
(excess return). ,
, ,
. , , ,
. ,
( NPV),
.

( .
. .) , , ,
.

662

VI. ,

,
, .
, ,
, ,
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, . ,

, .

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,
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;
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( ).
. ,
,
.
,
.

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).

 15.

663

,
.
, ,
.
. 15.1.

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

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,
. ,
, ,
. ,
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, , 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 .
.
("", "" " " ) "",
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,
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,
,
(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,
,
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.
(
),
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.
, ,
k, :
h=D /P ,
p

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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.
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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.
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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.
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Required Returns", Financial Management 9 (Spring 1980), p. 14-19.
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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
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,

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, ,
1000 . 10%.
( N 0 1 E B I T )
1000 ., , k , 15%.
, .
0

/<

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6 6 6 7

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778

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1000 3000 . ,
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6667

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:
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N O I .
e

 17.

779

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. 17.1.
(NOJ)

, ""
, .
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, 1000 ., 100
. , : 5667 ./100
= 56,67 .
2000 .
2000 . 56,67 . ( 35,29 , ,
0,29 ).
100 - 35,29 = 64,71 . ,

3667 . , : 3667
./64,71 = 56,67 ., .. ,
"", (recapitalization).

Coca-Cola

.
,
"/".
,
.
. The Coca-Cola Company, 2002 Annual Report, p. 50.
The Coca-Cola Company.

780

VI. ,

(recapitalization)
, ,
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.

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,

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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)

, ,
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,

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 17.

783

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784

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.

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400 ., 64 .

 17.

785

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. ,
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786

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 17.

787

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 VI.

788

.
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(,
0

Michael C.Jensen and William H. Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs
and Ownership Structure", Journal of Financial Economics 3 (October 1976), p. 305-360.
, , ,
Michael C.Jensen, 'The Takeover Controversy: Analysis and Evidence", Midland
Corporate Finance Journal 4 (Summer 1986), p. 12-21.

 17.

789

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790

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ND D 2000 .
, , D
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ND
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D
(.)

2000

2000

(
)

600

2000

1400

( 40%- )

800

560

1200

840

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)

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 17.

791

shield). , , , " ",

. : 600 . 0,40 = 240 .
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" " (Tax shield)
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792

VI. ,

( ),
ND, , 16%.
100%- , ,
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.

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

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 17.

795

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(signalling)
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 17.

797

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 17.

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 17.

801

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802

VI. ,

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11

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12.
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>J< j j
Qwert Typewriter Company Yuiop Typewriters, Inc.
, .
Qwert 50%
50% .
Yuiop 20% 80%
. (
.)
13% (,
, ). -

 17.

803

,
.
a) 2% Qwert,
( ),
360 . .,
, k 18%?
, k ?
e

b) Yuiop ,
Qwert.
Yuiop?

Qwert?
2. Enoch-Arden
Corporation 3 . ., 40%.

14%,
18%.
Enoch-Arden Corporation.

. &
,
( "" )?
, 4 .
7 . .
3. LEtoile du Nord Resorts
.
,
15 . . , ,
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.
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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 .

.). ,
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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 . . (
). ,

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,
.
, ,
22%
( ,
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, .

 17.
(.
.)

807

,
(. .)

50

100

200

400

700

1100

1600

Stinton Vintage Wine

Company ?
6. Rebecca Isbell Optical Corporation
. ,
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. ,
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" / ( +

)"

(%)

, (%)

,

(%)

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. ,

.
, ,
,
. , ,
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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

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Merton . Miller and Franco Modigliani, "LHvidend Policy, Growth, and the Valuation of Shares",
Journal of Business 34 (October 1961), p. 411-433.
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Corporation 100 .,
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 18.

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822

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 18.

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. .

824

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826

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 18.

827

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 18.

829

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 "18.

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

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1956), p. 97-113.

 18.

833

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.

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Industries , , ,
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, ,
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834

VI. ,

. ). 700 . . "
".
, .. 10 . .
18.1.5%- , Chen

Industries

(5 . ;
400 ) (.
.)

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(5 . ; 420
) (. .)

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. ,
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, ,
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( 5%- ,
). . 18.2 ,
Chen Industries ( ,
, ).

 18.

835

100%- , 2 . .
(5 . 400 . )
400 ,
( ) .
, .. 10 . .
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Chen Industries

(5 , ;
400
) (. .)

2,0

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) (, .)

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(. .)

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(stock split)

; , 2 1,
,

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.
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. 2 1
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836

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)
,
.
,
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.
, 2 1
1,20 .
, 2 . .
, 100 ,
200 . .
200 240 . .
18.3. Chen Industries 2 1

(5 . ; 400
) (. .)

2,0

(2,50 . ;
800 ) (. .)

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(, .)

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, ,
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.
, , ,
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4000 .). 5%- ,
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, .

, . -

 18.

837

, ,
.
,
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,

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838

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3

. Guy Charest, "Split Information, Stock Returns and Market Efficiency", Journal of Financial
Economics 6 (June-September 1978), p. 265-296; Eugene F. Fama, Lawrence Fisher, Michael Jensen,
and Richard Roll, "The Adjustment of Stock Prices to New Information", International Economic
Review 10 (Febmary 1969), p. 1-21; Mark S. Grinblatt, Ronald W. Masulis, and Sheridan Titman,
"The Valuation Effects of Stock Splits and Stock Dividends", Journal of Financial Economics 13
(December 1984), p. 461-90; J. Randall Woolridge, "Stock Dividends as Signals", Journal of
Financial Research 6 (Spring 1983), p. 1-12.

 18.

839

Motley Fool
. ?
. : "
?" :
" ,
, ?"
, , ,
. . ,
100 Sisyphus Transport C o t p . ( ,
.) 60 . (..
6000 .). Sisyphus Ttansport C o t p .
2 1, 200
30 . . 6000 . -,
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, 20-,
, ,
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Motley

Fool.

840

VI. ,

(reverse stock split)
, : ,
, 1 2,
, .

,
, .
(reverse stock split).
Chen Industries (. )
1 4,
.
: 20 . (5 . 4), 400
100 (400 /4).
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).
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.
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),

.

.
.
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, .
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842

VI. ,

(self-tender offer)
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(dutch-auction)
() , ,
. ()

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 18.

843

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844

VI. ,

, ,
, .
, Deuce Hardware Company
1,5 . . ,
.
1,5 . .
(. .)
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2,0
+ 500

(earnings per share EPS) (.)

(.)

63

(.)

3 . (1 500 000 ./500 000),
(63 .)
(3 .) ,
(60 .).

,
63 . . 23 810
(1 500 000 ./ .). :
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,
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 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

, ,
, ""
. ,
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2000 , 55%, ,
, . 1993
, 2000 15% ,
, .
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,
.
, CFO Europe, ,
, , .
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, 1993 3,9%
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 18.

847

, ,
. .

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). , ,
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.
. Justin Wood, "The dividend dilemma", CFO Europe (December
2001/January 2002), p. 16-22. 2001/2002 CFO Europe (www. cf oeurope. com).
. .

?
(treasury stock)
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848

VI. ,

(,
), .
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6

Georgia-Pacific

,
. Georgia-Pacific
Group 0,25 . .

, .
1998 , , GeorgiaPacific Group ,
, .
,
. ,

Georgia-Pacific Group.
Georgia-Pacific Group,
5,75 . ., GeorgiaPacific Group 4,75 . . 1998 GeorgiaPacific Group 7,7 .
436 . . (
); , 8%-
1 .
. Georgia-Pacific CorporationGeorgia-Pacific Group, 1998 Annual Report, p. 28. 1998
Georgia-Pacific CorporationGeorgia-Pacific Group. .
.
, ""
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"",
.

"". ,

.
7

"", ,
( ). . Larry Y. Dann, "Common Stock Repurchases:
An Analysis of Returns to Bondholders and Stockholders", Journal of Financial Economics 9 (June 1981),
p. 113-138; Theo Vermaelen, "Common Stock Repurchases and Market Signaling", Journal of Financial
Economics 9 (June 1981), p. 139-183; Theo Vermaelen, "Repurchase Tender Offers, Signaling, and
Managerial Incentives", Journal of Financial and Quantitative Analysis 19 (June 1984), p. 163-182.
Robert Comment and Gregg A.Janell, "The Relative Signaling Power of Dutch-Auction and Fixed-Price
Self-Tender Offers and Open-Market Share Repurchases", Journal of Finance 46 (September 1991),
p. 1243-1271. . Laurie Simon Bagwell, "Dutch-Auction Repurchases: An Analysis of
Shareholder Heterogeneity", Journal of Finance 47 (March 1992),p. 71-105.

 18.

849

(.. ,
),
.
.

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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)). ,
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29

31

15

(dividend reinvestment plan DRIP)

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.

(dividend reinvestment plan DRIP).
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 18.

851

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DRIP, :
,
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,
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.
,
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DRIP,
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.

.
.
,
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.
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852

VI. ,

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 18.

853

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854

VI. ,

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 18.

855

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.

, (. .)

2000

1500

2500

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1800

(. .)

1000

1500

2000

1500

2000

1
Borowiak Water Company,
1 . .
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,
.
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,
50%.
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)?

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10 .

Dew Drop Inn, Inc.

856

VI. ,

EPS (.)

10

1,70

1,82

1,44

1,88

2,18

2,32

1,84

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2,50

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a)
.
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,
40% ( ).

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,
40%, 40%.
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,
.
30 50%,
40%.

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a)
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.

 18.
( 5 .;
1 ) (. .)

857

5,0

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500 . ., .
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.
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.
c)
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5 4.
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Tijuana Brass Company

.
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858

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 18.

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 18.

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2000

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1800

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2000

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862

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.

Asquith, Paul, and David W. Mullins Jr., "The Impact of Initiating Dividend Payments on
Shareholders' Wealth" Journal ofBusiness 56 (January 1983), p. 77-96.
, "Signalling w i t h Dividends, Stock Repurchases, and Equity Issues", Financial
Management 15 ( A u t u m n 1986), 27-44.
Bagwell, Laurie Simon, "Dutch Auction Repurchases: An Analysis of Shareholder
Heterogeneity" Journal of Finance 47 (March 1992), p. 71-105.

864

VI. ,
, and John . Shoven, "Cash Distributions to Shareholders", Journal of Economic
Perspectives 3 (Summer 1989), p. 129-140.

Baker, H. Kent, Aaron L. Phillips, and Gary E. Powell, "The Stock Distribution Puzzle:
A Synthesis of the Literature on Stock Splits and Stock Dividends", Financial Practice
and Education 5 (Spring/Summer 1995), p. 24-37.
Baker, H. Kent, and Gary E. Powell, "Determinants of Corporate Dividend Policy: A Survey of
NYSE Firms", Financial Practice andEducation 10 (Spring/Summer 2000), p. 29-40.
Benartzi, Shlomo, Roni Michaely, and Richard Thaler, "Do Changes in Dividends Signal
the Future or the Past?" Journal of Finance 52 (July 1997), p. 1007-1034.
Black, Fischer, "The Dividend Puzzle" Journal of Portfolio Management 2 (Winter 1976), p. 5-8.
, and Myron Scholes, "The Effects of Dividend Yield and Dividend Policy on
Common Stock Prices and Returns"Journal of Financial Economics 1 (May 1974), p. 1-22.
Bline, Dennis M . , and Charles P. Cullinan, "Distributions to Stockholders: Legal
Distinctions and Accounting Implications for Classroom Discussion", Issues in
Accounting Education 10 (Fall 1995), p. 307-316.
Brennan, Michael J., and Thomas E. Copeland, "Stock Splits, Stock Prices, and Transaction
Costs"Journal of Financial Economics 22 (October 1988),p. 83-101.
Charest, Guy, "Split Information, Stock Returns and Market Efficiency", Journal of
Financial Economics 6 (June-September 1978), p. 265-296.
Comment, Robert, and Gregg A. Jarrell, "The Relative Signalling Power of Dutch-Auction
and Fixed-Price Self-Tender Offers and Open-Market Share Repurchases", Journal of
Finance 46 (September 1991), p. 1243-1271.
Dann, Larry Y., "Common Stock Repurchases: An Analysis of Returns to Bondholders and
Stockholders" Journal of Financial Economics 9 (June 1981), p. 113-138.
Fama, Eugene F., Lawrence Fisher, Michael Jensen, and Richard Roll, "The Adjustment of Stock
Prices to New Information", International Economic Review 10 (February 1969), p. 1-21.
Grinblatt, Mark S., Ronald W. Masulis, and Sheridan Titman, "The Valuation Effects of Stock
Splits and Stock Dividends" Journal of Financial Economics 13 (December 1984), 461-490.
Hansell, Gerry, and Eric E. Olsen, "The Case for Reconsiderig Dividends", Shareholder
Value 3 (May/June 2003), p. 32-35.
Healy, Paul M . , and Krishna G. Palepu, "Earnings Information Conveyed by Dividend Initiations
and Omissions" Journal of Financial Economics 21 (September 1988), p. 149-175.
Ikenberry, David L., Graeme Rankin, and Earl K. Stice, "What Do Stock Splits Really Signal?"
Journal of Financial and Quantitative Analysis 31 (September 1996), p. 357-375.
Judd, Elizabeth, "Demystifying Share Buybacks", Shareholder Value 2 (July/August 2002),
p. 28-33.
Lakonishok, Josef, and Theo Vermaelen, "Anomalous Price Behavior Around Repurchase
Tender Offers" Journal of Finance 45 (June 1990), p. 455-478.
Lease, Ronald C, Kose John, Avner Kalay, U r i Loewenstein, and Oded H. Sarig, "Dividend
Policy: Its Impact on Firm Value". (Boston, M A : Harvard Business School Press, 2000).
Lintner, John, "Distribution of Income of Corporations Among Dividends, Retained
Earnings, and Taxes", American Economic Review 46 ( M a y 1956), p. 97-113.
Litzenberger, Robert H, and Krishna Ramiswamy, "Dividends, Short Selling Restrictions,
Tax Induced Investor Clienteles and Market Equilibrium", Journal of Finance 35 (May
1980), p. 469-482.

 18. 865
, "The Effects of Dividends on Common Stock Prices: Tax Effects or Information
Effects? "Journal of Finance 37 ( M a y 1982), p. 429-444.
Litzenberger, Robert H., and James C. Van Home, "Elimination of the Double Taxation of
Dividends and Corporate Financial Policy''JournalojFinance 33 (June 1978), p. 737-749.
Markese, John, "Common Stock Dividends: W h a t Are They Worth?" AAIIJournal 11 Quly
1989), p. 9-33.
McNichols, Maureen, and Ajay Dravid, "Stock Dividends, Stock Splits, and Signaling",
Journal of Finance 45 (July 1990), p. 857-879.
Miller, Merton H., "Behavioral Rationality in Finance: The Case of Dividends", Midland
Corporate Finance Journal 4 ( W i n t e r 1987), p. 6-15.
, and Franco Modigliani, "Dividend Policy, Growth, and the Valuation of Shares",
Journal of Business 34 (October 1961), p. 411-433.
Miller, Merton H., and Kevin Rock, "Dividend Policy under Asymmetric Information",
Journal of Finance 40 (September 1985), p. 1031-1051.
O'Byrne, Stephen F., and Justin Pettit, "Stock Splits: What Good Are They?" Shareholder
Value 2 (May/June 2002), p. 34-39.
Roberts, Michael, W i l l i a m D. Samson, and Michael T. Dugan, "The Stockholders' Equity
Section: Form W i t h o u t Substance?" Accounting Horizons 4 (December 1990), p. 35-46.
Szewczyk, Samuel H., and George P. Tsetsekos, "The Effect of Managerial Ownership on Stock
Split-Induced Abnormal Returns", Financial Review 28 (August 1993), p. 351-370.
Van Home, James C, and John G. McDonald, "Dividend Policy and New Equity
Financing" Journal of Finance 26 (May 1971), p. 507-519.
Vermalelen, Theo, "Common Stock Repurchases and
Financial Economics 9 (June 1981), p. 139-183.

Market

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),
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 19.

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 19.

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884

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 19.

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 19.

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 19.

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892

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Capital Acquisition Process", Journal of Financial Economics 15(January-February 1986),p. 19-22.

894

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www. w i t c a p i t a l . com.
. Rhee Rosenman, Wit Capital Group, Inc. Wit Capital
Group, Inc.

, ,
" ( ) " ,
(American Depositary Receipt A D R ) .
, ,
, (
). , ,
, ,
-

 19.

895

. .
, , - I
" " (ownership interest) . - j
, I
, .
;
. , ,
.
. James J. Angel, "Money Mechanics: A Guide to U.S. Stock Markets" (release 1.2), The
NASDAQ Stock Market Educational Foundation, Inc.. p. 7. 2002 The Nasdaq Stock Market, Inc.
. .

,
,
.
( " ")
(
, , ) .
,
, , ,
.
. 19.4.
, ""
(
, ). ,
( 0) .
3%.
2

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

Clifford W. Smith Jr., "Investment Banking and the Capital Acquisition Process", Journal of Financial
Economics 15 (January-February 1986), p. 3-29. . Paul Asquith and David W. Mullins Jr.,
"Signalling with Dividends, Stock Repurchases, and Equity Issues", Financial Management 15
(Autumn 1986), p. 27-44.

896

VII.

-10

-8

-6

-4

-2

,
. 19.4. ""
(
)

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

"",

. Stewart
. Myers
and Nicholas S. Majluf,
"Corporate Financing
and Investment Decisions
When
Firms
Have
Information
Investors Do Not
Have",
Journal of Financial Economics
13 (June
.

That

1984), "
p. 187-221. " (
3

 19.

897

) "
" ( ). ,
.
, ,
, ,
ii- , .
, ,
,
, .
,
: .

-
-: (secondary market).
:; . , . , , ,
,
:: : . , - -:
: ) .

:; (organized exchanges), - (New
V:rk Stock Exchange), (American Stock
Exchange) - (New York Bond Exchange).
-: . (over-the-counter ) , ,
i .
, .
: . ,
, 144 SEC

, .
Motley Fool

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

898

VII.

, ,
.
.
. 1971 "
" (NASDAQ).
,
, ,
,
, ,
,
" " (pit). . -
""
. NASDAQ - ,
5500 . ,
,
"", Microsoft Intel, , NASDAQ,
, ,
" p i n k sheets" (
).
.
, .
. The Motley Fool ( w w w . f o o i . c o m ) .
Motley Fool.

The

,
:
, ,
, -
.

,
.

( ) .

, , ,
.

( ),
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.
" " ( );
, .
S E C

 19.

899

. ,
,
.

.
-,
-
. -
. ,
-.

.
,
,
(SEC),
-
.

,
-
.
().

SEC.
;
.

,
.

.
()
, .
,
(IPO).

.

,
( , , ).
, ,
,
.

900

VII.

-
.
, .
, ,
, ,

.

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

. .
5.
.
.
6.
,
, ?
7.
-. ,
,
,
, ,
- ( 2 5%), ,
?
8.
-?
9.
. ?
, , ?
10. ,
. ?

 19.

901

11. ,
, ( )
?
a) , .
b) (
13 . .).
c) (
).
d) ,
.
12.

( )?
13.
? ?
14. ()
?
?
15.
(
)?

1. Ocean Specific Company
150 . . -,

125 .
(
).
:
a) -,
" -";
b) ,
" -";
c) -,
" -",
143 . .
2. Dim-Sum Restaurants, Inc.
()
.

6 . .

902

VII.

.

15%, 10 . ,
1000 . .
6 . .,

.
,
195 . .
15,5%,
20 . .
a)
,
?
b) , 12
( ).

* |3
Turner Telecommunications
Company 1,8 . . (
) .
(
),
. ,
, 7,50 . ,
350 . .
.
, , 75 . .
3 .
, ,
40 . . .
a)
,


, -, , , ?
b)
?
Cliff Claven Artists School
200
40 . .
( -

 19.

903

) 800 50 .
.
a) -,
, 40 .
b) -.
c) "
-".
3. HAL Computer Corporation 50 .
. ,

40 . (
).
a) ,
" -"?
b)
" -"?
c) ,
" -"
50 . ?
4. .
48 . , X
42 .,
,
41,50 . -,

X, 14, 4.
a) ()
,
?
b) ,
, ?
5.
- .
.
a) . ? ,
? ?
b) -.
?
? ?
?

904

VII.

c) . ?
?

? ?
?
d) .
? ?
? -
? -
?
e) .
, ? ? -?
?

1. a) R,

) =

P -S

-^ =
9+1

(P )(N) + S

_ ($150)(9) + $125

) R,

$150

N+1

1. )

=
10

$2,50
$1475

-1

JV + 1
P-S

10

$143- $125

$18

= $147,50

:$2

1000 .,
, 6 . . (
), : 6 . ./990 .
= 6 061, 6 061 000 . .
=
$6 061000 15% 6 = $5454 900
= $5 454 900 + $195 000 = $5 649 900

=
$6 000 000 15,5% 6 = $5580 000
= $5 580 000 + $20 000 = $5 600 000

.
,

.
.

 19.
)

905

=
$6 061 15% 12 = $10909 800
= $10909 800 + $195 000 = $11104 800

=
$ 6 0 0 0 0 0 0 15,5% 12 = $11160000
= $ 11160 000 + $20 000 = $11180 000
,
.
.

Admati, Anat R., and Paul Pfleiderer, "Robust Financial Contracting and the Role of
Venture Capitalists"Journal of Finance 49 (June 1994), p. 371-402.
Allen, David S., Robert E. Lamy, and G. Rodney Thompson, "The Shelf Registration and
Self Selection Bias" Journal of Finance 45 (March 1990), p. 275-287.
Asquith, Paul, and David Mullins Jr., "Equity Issues and Offering Dilution", Journal of
Financial Economics 15 (January-February 1986), p. 61-90.
, "Signalling w i t h Dividends, Stock Repurchases, and Equity Issues", Financial
Management ( A u t u m n 1986), p. 27-44.
Berlin, Mitchell, "That Thing Venture Capitalists Do", Business Review of the Federal Reserve
Bank of Philadelphia (January/February 1998), p. 15-26 (
"" www. p h i 1. f r b . o r g / e c o n / b r / j f 9 8mb. p d f ) .
Bethel, Jennifer E., and Erik R. Sirri, "Express Lane or Tollbooth in the Desert? The SEC's
Framework for Security Issuance", Journal of Applied Corporate Finance 11 (Spring
1998), p. 25-38.
Caney, M a r k S., Stephen D. Prowse, John D. Rea, and Gregory F. Udell, "Recent
Developments in the Market for Privately Placed Debt", Federal Reserve Bulletin 79
(February 1993), p. 77-92.
Fung, W. . H., and Andrew Rudd, "Pricing New Corporate Bond Issues: An Analysis of
Issue Cost and Seasoning Effects", Journal of Finance 41 (July 1986), p. 633-642.
Gompers, Paul A., "Optimal Investment, Monitoring, and Staging of Venture Capital",
Journal of Finance 50 (December 1995), p. 1461-1489.
Hansen, Robert S., "The Demise of the Rights Issue", Review of Financial Studies 1 (Fall
1988), 289-309.
, and John M. Pinkerton, "Direct Equity Financing: A Resolution of a Paradox",
Journal of Finance 37 (June 1982), p. 651-665.
Hess, Alan C, and Peter A. Frost, "Tests for Price Effects of New Issues of Seasoned
Securities" Journal of Finance 37 (March 1982), p. 11-26.
Ibbotson, Roger G, Jody L. Sindelar, and Jay R. Ritter, "The Market's Problems w i t h the
Pricing of I n i t i a l Public Offerings", Journal of Applied Corporate Finance 7 (Spring
1994), p. 66-74.

906

VII.

Johnson, Greg, Thomas Funkhouser, and Robertson Stephens, "Yankee Bonds and CrossBorder Private Placement" Journal ofApplied Corporate Finance 10 (Fall 1997), p. 34-45.
Keane, Simon M . , "The Significance of the Issue Price in Rights Issues" Journal of Business
Finance 4 (1972), p. 40-45.
Loughran, T i m , and Jay R. Ritter, "The New Issues Puzzle"', Journal of Finance 50 (March
1995), p. 2 3 - 5 1 .
Myers, Stewart C, and Nicholas S. Majluf, "Corporate Financing and Investment Decisions
When Firms Have Information That Investors Do Not Have", Journal of Financial
Economics 13 Qime 1984), p. 187-221.
Q&A: Small Business & the SEC, Washington, D.C.: U.S. Securities and Exchange
Commission, 1997 ( :
www.sec.gov/smbus/qasbsec.htm).
Ritter, Jay R., "The Costs of Going Public" Journal of Financial Economics 19 (June 1987),
p. 269-282.
Smith, Clifford W., Jr., "Investment Banking and the Capital Acquisition Process" Journal
of Financial Economics 15 (January-February 1986), p. 3-29.
Tinic, Seha M . , "Anatomy of Initial Public Offerings of Common Stock"Journal of Finance
43 (September 1988), p. 789-822.
Wilhelm, W i l l i a m J., Jr., "Internet Investment Banking: The Impact of Information
Technology on Relationship Banking", Journal of Applied Corporate Finance 12 (Spring
1999), p. 21-27.
The Work of the SEC. Washington, D.C.: U.S. Securities and Exchange Commission, 1997 (
: www. s e c . g o v / a s e c / w o t . htm).
Wruck, Karen Hopper, "Equity Ownership Concentration and Firm Value: Evidence from
Private Equity Financings" Journal of Financial Economics 23 (June 1989), p. 3-28.
W u , Congsheng, and Chuck C. Y. Kwok, "Why Do US Firms Choose Global Equity
Offerings?" Financial Management 31 (Summer 2002), p. 47-65.
V I I Web-, (Wachomcz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part7.html)

20

()

""

,








( )

, ,
,

20 :

,
;

,
( )
;

,
,
,
;

19 (capital market)
, ..
.
,
:
(),
. ,
.
()
.

(bond)
, ,

(bond)
, , , 10 .
10 ,
(note). , ,

.

. , (par value
face value) ,
. (principal).
1000 . (
- , 1000 .).
(zero-coupon bond),
, .
(coupon rate)
;
, .

.
, (coupon rate).
, 13%- ,
130 .
1000 .

910

VII.

.
(maturity). ,
,

, (trustee)
,
, ,
- ,

, ,
, (trustee),
.
1939
(Trust Indenture Act of 1939).
.
,
( ),
,
, , ,
,
- .
;
.
(Indenture)
,
( d e e d of trust), ,
, ;
,

, ,
,
, (indenture).

, , -.
, (protective cove
nants), ,
, . (
,
,
, .) ,
,
, .
,

 20. ,

911

.
,
.

,
, ,
.
Moody's Investors Service (
Moody's) Standard & Poor's (S&P).

,
. -
. ,
.
,

( ),
.
.
,
, " ". " ", " ",
"- A" (Moody's), " " (S&P), .. D,
Moody's S&P . ,
" ",
. (,
Moody's S&P,
16, . 16.5.) , ,
,
,
, ,

(unsecured),
(secured) -.
, () ,
,

.

912

VII.

(debenture)
,

debenture ,
.
- ,
. ,
.
,
, ,
. ,

(negative-pledge clause), -
( , ) .
,
.
, ,
, ,
.

()
() (subordinated debenture)
,
, ;
" ",

() (subordinated debenture)
,

.

,
"" .


.
"" ,
"" "" .
, ,
600 . .
400 . .,
400 . .; ,
400 . .
, -

 20. ,

913

: 300 . .


, 800 . .
. ,
(800 . . / 1,2 . .)
, 400 . .,
(400 . . / 1 , 2 . .)
, 200 . .


,
, .

. ,

,
.

(income bond)
, ,
,

(income
bond) , .
(cumulative feature),
, .
,
, .
, .
,
.
, ,
. ,
,
.
, , , ,
.

""
"" (junk bonds)
, ( ) ;
, , .

914

VII.

1980-
. ,
(Moody's); "", "",
. "" (junk bonds)
Drexel Burnham Lambert,
1990 .
,

. , ""

"" ( 23).
""
,
, .
,
" "
. 1980- ,

"", ,
. ,
. ""
1990- ,
,
""
, , ,
.

(mortgage bond)
, ,

(mortgage bond) (lien)

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

(foreclose).
,
. ,

 20. ,

915

,
.
,
.
(second mortgage) ,
(first mortgage).

, ,
;
, .

,
, (equipment trust certificates)
- ,
(, )
,

,
, (equipment trust certificates),
- .

.

.
. ,
, ,

,
, ,

( )
.
,
.
;
15 .

, , ,
, .

.
, ,
.
,
.

916

VII.

(asset securitization)

, (asset-backed securities ABS).

(asset securitization) ,
,
, ,
.
. , Acme Aglet Company ,
,
. ,

(special-purpose vehicle, SPV),
, Acme Aglet Company ,
, .
, ,
, (asset-backed securities
ABS), Acme Aglet Company.
, (asset-backed securities A B S )
,
,
,

,
, ,
. , ABS,

Acme Aglet Company. ,
,
. , ,
,
Acme Aglet Company.
(securitized)
,
, ,
.
"" :
,
,
.
, .

 20. ,

917

,

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

. ABS
,
, ,
(special-purpose vehicle SPV). SPV
,
, .
- .
?
. -, ""
. , , "" , - )
. , .. ,
-,
.
ABS
. ,
.
:: , SPV
"" ,
( ).
ABS
-:.
, ,
,
, .
,
.
''" " " "" ABS,
,
, . ; , ABS. 1991 1996 ABS I 50 . 150 . . . ,
ABS, , 1,8 .
. 2003 .
. Simon Littlewood, "Tomorrow's Cash Today", CFO Asia (February
1999), p. 7073. 1999 CFO ASIA, (www.cfoasia.com) .
.

918

VII.

(retirement)
. ,
;
(conversion), .. ,
; ()
, ,
.
.
22,
.
.

(sinking fund)
,
,

.

(sinking fund),
.
.

.
, , , (call price)
. (
, .)
,
Wall Street Journal . ,
-,
.
,
.
,
"" .
/
.
,
"" , .
, ,
, ,
. /

 20. ,

919

,
.

. ,
, "" ,
.
, (amortization
effect), - , ,
, .
, ,
, ,
.
" " (balloon payment)
, .
" " ,

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

" " (balloon payment).

(serial bonds)
,
( ).

, ,
,
.
(serial bonds) ,
. ,
20 . .
( 1 . .),
20- .
,
. ,
, ,
.

920

VII.

, (call provision)
, - I
( - I
) ; - I
(call feature).

, (call provision),

( )
. .
,
, .
, ,
(call price),
.

.
14%, 114 (1140 .
, 1000 .) .
1

, (call price)
, (
) ,

, ,
( ) . ,
, , , :
.

. , ,
, 10
.
-.

.
,
.
,

( , )
, . ,
, 105, ,
105% 1000 ., 1050 . , 1000 .
1

 20. ,

921

. ,
, .
, ,
, -
.
.

()
-, .
,
,
(yield to maturuty Y T M ) . ,
, ,
,
, , ,
, .
.
, , :
,

(20.1)

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

.
,

, .
(
) ,
. ,
, .
( )

922

VII.

.
.
, .
,
, . (
21 .)
,
, .
()
,
, .

(preferred stock)
, ( )
.

.

(preferred stock)
, .

, ,
.
.
100 .,
100 .

,

.
.
,
.
,
, ,
.
, 100 10,5%-
50 . , ,
, 525 .,
.
.

. ,

 20. ,

923

, ,

, ,
.

(cumulative dividends feature)
, ,

,

(cumulative dividends feature),
, - .
,
(in arrears)
. ,
8%-
. 100 .,
24 . .

,
24 . .
,
, .
,
(arrearage) .
, ,
,
, .
(arrearage)
, .

(participating feature)

.


. ,
6%- ( 100 .)
,
(participating preferred stock),
-

924

VII.

, 6 . .
7 ., 1 .
.

. ,
,
, ,
, .
,
,
.
,
(participating preferred stock)
,
"" ,
,

( )
"
" , , ,
.
,
.

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


.
,
, ,
.

,
. , , ,
,
,
,
,
. -

 20. ,

925

, ,
. ,

, .

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

,
. ,

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

. ,
, .
,
, ,

.
.
,
( ) .
.
22.

926

VII.

.
,
. ,
, .
? ,
. ,

.

, ,
70% , ,
. , ,

.

.
(money market
preferred stock M M P )
49 . ,
(
). (0,75
),
.
,
49 .
. ""

.
2

,
, ()

.
, .

.
, ,
.
,

70%- ,
, 20% .
, , 20%
, 80%- .
2

 20. ,

927

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

" / " (price/earnings ratio)

. ,
""
. ,
.
"/" (price/earnings ratio)
,
12 ,

(TPS):

1990- -
, "" , " ", - .
(trust-preferred securities TPS).

I
|
|
|
I

TPS (special-purpose vehicle SPV). SPV

( - ), . SPV , . . , ,
( ). , SPV, . (, 30 ).
"" ,

I
1
I
j
1
1
I
]
|
|
i
|

928

VII.

(, ),
, .
, , SPV

. ,
,
.
, SPV ,
(
, ).

25 .,
. 70%-
, - .
TPS,
MIPS, QUIPS TOPRS.
, MIPS, "Monthly Income Preferred Securities"
( ). Goldman Sachs
( ) MIPS 1993 . ,
.
("Quarterly Income Preferred Securities" QUIPS)
. TOPRS
"Trust-Originated Preferred Redeemable Securities" (
, ). TOPRS Merrill
Lynch. .
TPS ,
-, .

|

!
(common stock)
,
( ) ,
.
,
.
.
(
).
(common stock), ,
.
, .

 20. ,

929

, ,
,

, (authorized shares),
, ,
.
,
, .
,
, .

,
.
(issued shares). , (outstanding
shares), ,
.

(treasury stock).
(treasury stock)
, -
.

(par value)
.

, ,
(par value), .
, ,
. , ,

,
(, )
.

.
, (
- )
. ,
Fawlty Pacemakers, Inc., 10
5 . 45 . ,
.
.

930

VII.

( 5 .; 10 ) (. .)

50

(. .)

400

(. .)

450

,
(.. no-par
stock),
(assigned ( stated)
value). ( )
(additional paidin capital).
(assigned ( stated) value)
,
, .
(additional paid-in capital)
,
( ) .

(book value per share)
()
,
, . ,
Fawlty Pacemakers, Inc.,
, ( ) 80 . .,
. ,
80 . .;
: 450 . . + 80 . .= 530 . .,
530 . ./10 . = 53 .
,
( ) (liquidating value
(per share)) , .
, ,
.

, .
,
. ,
, ,
.

 20. ,

931

(market value per share)
, .
,
. "" ,
, . ,
,
.
,
.
, ,
.

, ,
.
,
.
, ""
(over-the-counter market ) ,
,
(), .
,
, (listing)
, - .
.

(National Association of Securities Dealers Automated Quotations
N A S D A Q ) .
, (listing)
.
, ,
(listed security).

. ,

, ,
,
. , , -

932

VII.

.

,
,
.

,
.

, .
, ,
. ,
, ,
. ,

. ,
.
,
, .

""
,
,
, .

, , ,
.
.

( ),
. (proxy) ,
( ).

,
.
, , ,

.


, .
, , ,
,
. -
, , ,

 20. ,

933

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

,
.
. -
,
SEC ,
.
.

. ""
, ,
.
"" ,
. ,
,
:
,
.
(majority-rule voting)
,
, ,
;
(statutory voting),
(cumulative voting)
,
, ,
, ,

.

.

(majority-rule voting), (cumulative
voting).
,
, .
, 100 , 100
.

934

VII.

, ,
.
50%
, .

.
,
, .
, 100 , 12 ,
100 12 = 1200 . 1200

, .
,
,
. ,
,

+1.

(20.2)

+1

15
,
:
3 000 000x2 , , _ _ . ,
1 = 375001 .
15 + 1
375 001/3 000 000 = 12,5%
, 2/15 = 13,3%
.
,

. ,
,

.
,
.

. ,

,
( )
.

 20. ,

935

375 001 (. ).
15 , .
,
,
, , :
3 000 000x1
6+1

1 = 428 572 .

"
" ,
.
15 , 5 ,
.


750 001 (.. , , 15
).

19,
,
, ,

(preemptive right).
- ,

. ,
,
,
.

,
- ,
. ,

.
,
,

,
.
,
, ,

936

VII.

.
,
.
,
(
), 20 .
. 2 . .
80 ( 1,6 . .)
2 0 0 ( 4 0 0 . .),

, ,

.
.
,
(dual-class common stock).
(dual-class common stock)
, .
, ,
( ),
.

-,
.
.

,
.

- . ,
,
, Ford Motor Company.
,
.
,
4 0 % Ford Motor Company.
,
, ,
, , .

,
, , 10 .
,
( ) .

 20. ,

937

, ,

;
,
, ,
.

,
-. ,
() ,
,

.

. ,
,
, ,
, ,
.
.

,
.
,
, .

, ,
.

, ,
.
,
.

70% (
) , ,
, ,
.

(money market preferred stock M M P ) .
-
-
.

.

.
""
.

938

VII.

.
.

, .

.

" ",
.

.

(refunding)

.

.
(refunding) ""
"" . ,

, , ,
.

, ,
.
,
.
, ""
, ,
"", , .
.
, .
12%-
20 . .;
20 .
,
4

Oswald D. Bowlin, "The Refunding Decision:

Another Spatial Case in Capital Budgeting", Journal of Finance 21 (March 1966), p. 55-68.

12 13.

 20. ,

939

, 20-
20- 10%- ,
19,6 . . .
(call premium)
,

(
) ,
(call premium)
( )
, .
250 .
. ,
200 . . ,
, ,
100 . .
109 . (1090 .
1000 .); ,
, 150 . .; 40%;
"" 30 . ""
, , ,
.
,
, .
,

, .
""
.
. ,
.

.
( 109) (. .)

21,8

(, .)

19,6

(. .)

2,2

(. .)

150

(. .)

200
350

940

VII.

(. .)

2,55

:
(. .)

200

(. .)

1,8

(. .)

200

(. .)

100

(. .)

2,3

(40% 2,3 . ,) (. .)

920

(. .)

1,63

,

30- "".
, , , , ,
. ,
( ). ,
"" , .
(12%- )
(. ,)

2,4

:
(. .)

2,4

(200 . ./20) (. .)

10

(100 . ./20) (.)

5000

(. .)

2,415

(40% 2,415 . .) (. .)

966

(. .)

1,434

, ,
,
. ,
, .

 20. ,
(10%- ) (, .)

941

2,00

:
(. .)
(400 . ./20) (. .)
(150 , ./20) (.)
(.)

2 027 500

(40% 2 027 500 .) (. .)

811

(. .)

1,189

(1434 000 .-1 189 000 .) (. .)

245

. , ,
1,63 . ., 20
: 1 434 . - 1 189 . = 245 . .
,
.
?
.
. ,
.
.
, ,
.
,
,
.
(0,10) (1 - 0,40) = 6%
, ,
, .
1180 131 .;
.
13,92%; , -,
,
6%- .
5

13, ,
.


. ,
.
,
. Jess . Yawitz and
James A. Anderson, "The Effect of Bond Refunding on Shareholder Wealth", Journal of Finance 32
(December 1979), p. 1738-1746.
5

942

VII.

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

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

1. ,
.
2.
?
3. ,
, ,

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

) ? ) ,
? )
?

 20. ,

943

6. , ,
,
, ,
( )?
,
? .
7.
, ,
, .
,
-
.
8.
:
9.
?
10.
?
, ?
11.
:
, , ,
?
12.
""
?
13.

?
14.

"" .
?
15. ,
,
.
?
16.
,
- ,
,
?

944

VII.

17. , ,
.
,
?
18. , ,
, ?
,
"" ?

1
Phelps Corporation 10%-
8 . .,

(.. ,
).
.
a) ((
+ )/ )
4.
b)
.
c) "/ " 5.
d) Phelps Corporation 2 .
., 40%, 40 .
30 . . ,
. 10%-
,
50%
, ,

?
?
Alvarez Apparel, Inc.
, 12%- .
,
14%.
40%.
a)
?
b) Powder Milk Biscuits, Inc.
.
40%. -

 20. ,

945

Powder Milk Biscuits,

Alvarez
Apparel!
Powder Milk Biscuits,
Alvarez Apparel!
3. Thousand Islands Resorts
1 750 1 .
1 532 ,
63
.
5 314 .
a)
?
b)

, ,
,
19 . ?
c)
?
4. Roy's Orbs & Sons, Inc.
.
.
,
. ,
, ( ) 482
.
, " "
.
a) ,
?
b) ,
(
)?

1.

Gillis Manufacturing Company

13,5%-
20 . .,
.
1000 . .
1 . .

12,21%. -

946

VII.

,
? ,
14,60%?
2. Zapada International
10%- 25-
50 . . (
990 .).
( )
1100 . ;
10 . Zapada
International ,
.
a)
( )?
b) 25-
,
1000 . 20-
, 8% ?

Zapada International,
. ( ,
.

, .)
3. Crakow Machine Company
10 . . 10 .
11,4%- ,
12%- ,
. ,
.
, , ,

, .

10

11

12

13

0,1

0,2

0,4

0,2

0,1

, , ,

, 200 . . ,
.
)
10 ? (
.)
, -

 20. ,

947

, ?
(,

,
, .)

,
?
) ,
.

11

13

15

0,2

0,2

0,2

0,2

0,2

,
.
4. .
.
, ,
, ,
.
""
. , ,
"" ( ,

)?
5. O.K. Railroad
9,5 . . .

( 8%-
100 .),
9%.
5%
.
. (
.)
a)
? (,
.)
b) .. Railroad,
9,5 . .?
6. Lost Dutchman Silver Mining Company
200 7%-
100 . (
).
.

948

VII.

1 . ,
,
"". ,
2 .,

0,50 . .
.

, ,

, : ) 1 . ., 600 . 3 . .?
) 2 . ., 2,4 . 4,6 . .? ) 1 . ., 2,5 .
5,7 . .? (,
; .)
7. , Penultimate
Corporation,
. Penultimate Corporation,
10 ,
.
a) Penultimate Corporation
,

?
b) , ),
.
c) , ) ), ,
.

8.

U.S. Zither Corporation 14% 50 . .

25 . USZ
,
25- ,
(1000 .
) 12%- .
1% (990 .
).
1 . .,

100 ., 1140 .
. . 40%.
"",
,
.

 20. ,

949

200 . .
,
.
?

, X =
, .
)

[ $ 2 / ( 1 - 0,40)] + [$8(0,10)]

[$8(0,10)]+ [(0,10)]
$3,33+ $0,80

$4,13

$0,80 + (0,10)

$0,80 + (0,10)

4($0,80) + (4)(0,10) = $4,13

( 0 , 4 0 ) = $0,93
= $0,93/0,40 = $2,325
)

$30 + (0,5)
X

= 2

2($8) + 2 ( ) = $30 + (0,5)

(1,5) = $14
= $14/(1,5) = $9,33
)

$8 +
$40

.
= 0,5

$8 + = (0,5)($40)
= $ 2 0 - $ 8 = $12
)
2,325 . .
a)
= 12%
= 14%(1-0,40)=8,40%
b) ,
, 70 80% .
40%,
:

= 12%(1-[(0,30)(0,40)]) = 10,56%
= 12%(1-[(0,20)(0,40)]) = 11,04%.

950

VII.

:
= 14%(1-0,40) = 8,40% .
3. )
(.)

1 532

,
,

63
1469

1 750

1469000

281 000

281 19 , =

5 339 000 .

)
( 1 .) (.)

1 750 000
10 372 000

*
" : 18 . 281 000 + 5 314 000 ,

4. ) , ,
:
=

2000000x1

(9 + 1)
, .
) , ,

=

2000000x1

(3 + 1)
.

Alderson, Michael J., and . . Chen, "Excess Asset Reversions and Shareholder Wealth",
Journal ofFinance 41 (March 1986), p. 225-242.
Anderson, James S., "Asset Securitization: An Overview for Issuers and Investors", TMA
Journal 15 (November/ecember 1995), p. 38-42.
Ang, James S., "The Two Faces of Bond Refunding", Journal of Finance 30 (June 1975),
p. 869-274.

 20. ,

951

Bowlin, Oswald D "The Refunding Decision: Another Special Case in Capital Budgeting",
Journal of Finance 21 (March 1966), p. 55-68.
Crabbe, Leland E., and Jean Helwege, "Alternative Tests of Agency Theories of Callable
Corporate Bonds", Financial Management 23 ( W i n t e r 1994), p. 3-20.
DeAngelo, Harry, and Linda DeAngelo, "Managerial Ownership of V o t i n g Rights: A Study
of Public Corporations w i t h Dual Classes of Common Stock", Journal of Financial
Economics 14 (March 1985), p. 33-70.
, "Proxy Contests and the Governance of Publicly Held Corporations", Journal of
Financial Economics 23 (June 1989), p. 29-59.
Donaldson, Gordon, " I n Defense of Preferred Stock", Harvard Business Review 40 (JulyAugust 1962), p. 123-136.
, "Financial Goals: Management vs. Stockholders", Harvard Business Review 41
(May-June 1963), p. 116-129.
D y l , Edward ., and Michael D. Joehnk. "Sinking Funds and the Cost of Corporate Debt",
Journal of Finance 34 (September 1979), p. 887-894.
Emerick, Dennis, and W i l l i a m White, "The Case for Private Placements: H o w
Sophisticated Investors Add Value to Corporate Debt Issuers", Journal of Applied
Corporate Finance 5 (Fall 1992), p. 8 3 - 9 1 .
Finnerty, John D., and Douglas R. Emery, "Corporate Securities Innovation: An Update",
Journal of Applied Finance 12 (Spring/Summer 2002),p. 21-47.
Fooladi, Iraj, and Gordon S. Roberts, "On Preferred Stock", Journal of Financial Research 9
( W i n t e r 1986), p. 319-324.
Ho, Andrew, and Michael Zaretsky, "Valuation of Sinking Fund Bonds", Journal of Fixed
Income 48 (March-April 1992), p. 59-67.
Kalotay, Andrew J., "On the Management of Sinking Funds", Financial Management 10
(Summer 1981), p. 34-40.
, George O. Williams, and Frank J. Fabozzi, "A Model for Valuing Bonds and
Embedded Options", Financial Analysts Journal 49 (May-June 1993), p. 35-46.
Khanna, Aran, and John J. McConnell, "MIPS, QUIPS, and TOPrS: O l d Wine in New
Bottles' 'Journal ofApplied Corporate Finance 11 (Spring 1998), p. 39-44.
1

Markese, John, "Shareholder V o t i n g Rights: Differences Among Classes", AAH Journal 11

(February 1989), p. 35-37.
McDaniel, Morey W, "Are Negative Pledge Clauses in Public Debt Issues Obsolete?"
Business Lawyer 38 (May 1983), p. 867-881.
, "Bondholders and Corporate Governance", Business Lawyer 41 (February 1986),
p. 413-460.
Mitchell, Karlyn, "The Call, Sinking Fund, and Term-to-Maturity Features of Corporate
Bonds: An Empirical Investigation", Journal of Financial and Quantitative Analysis 26
(June 1991), p. 201-222.
Ofer, Aharon R., and Robert A. Taggart Jr., "Bond Refunding: A Clarifying Analysis",
Journal of Finance 32 (March 1977), p. 21-30.
Pound, John, "Proxy Contests and the Efficiency of Shareholder Oversight", Journal of
Financial Economics 20 (January-March 1988), p. 237-265.

952

VII,

Van Home, James , "Implied Fixed Costs in Long-Term Debt Issues" Journal of Financial
and Quantitative Analysis 8 (December 1973), p. 821-833.
, Financial Market Rates and Flows, 6 ed. (Upper Saddle River, NJ: Prentice Hall,
2001, Chaps. 7 and 11.)
th

. Financial Market Rates and Flows, 6th ed. (Upper Saddle River, NJ: Prentice Hall,
2001, Chapters 7 and 11).
V I I Web-, (Wachowicz's Web World),
"" Web-,
, , .

21

21 :

,
;

,

.

 ?
, .
,
!
1

, X V I I I
( .. )

^ ,
^ , .

. , ( ,
. . .)
(term loans TL)
, (,
, ). ( . .
.)
. ,
.
,
10 . (.. "
"), . ("
10 ") .
, .

(term loan)
,
, 10 .

. (term loan)
-. -,
. -,
,
.
:
"Rough winds do shake the darling buds of May,
And summer's lease hath all too short a date..."
: lease "", "" ..;
lease "". , .
lease, , ,
. . .
1

956

VII.

, ,
, .

. ,
,
(
) .
(amortized), ..
, (balloon
payment), .

- .

,
( ).
"-" ,
0,25-0,50% .
,
. ,
, , -,
,
, ; , -, ,
.
,
, .

(commitment fee)
,
.

,
,
. ,
(commitment fee):
" "
.
, ,

. ,
0,25 0,75%. , ,
1 . .
0,50%; ,

.
: (1 . .
0,005 3 / 1 2 ) = 1250 .

 21.

957

. ,

.
, .

,
.

, ,

. ,
,
, ,
.

() (revolving
credit agreement)
,
.

11,
() (revolving credit agreement)
, ,
.
( , 90 ),
(
)
.
,
. ,
0,25-0,50% , ,
.

,
.

(commitment fee), 0,50% ,
.

,
.
" ",
-

958

VII.

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

:
,

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

, (medium-term note MTN)
,
.
30 ( ).

, (medium-term note
M T N ) ,
, 1970- ,

 21.

959

"" ,
. M T N
.
30 ( ""
).
M T N (shelf
registration) .
415 SEC



.
M T N , ,
1980- Merrill Lynch.
, Goldman Sachs, Lehman Brothers CS First Boston
.
M T N ,
, .
(Euro medium-term note Euro MTN)
MTN, ,
.

M T N 1980- .
(Euro medium-term note Euro M T N )
, , ,
. ,
1970- , M T N

, .

,
" ". ,
.
,
(, ,
) ,
. ,
, (covenants).
(covenant)
, ; ,
,

960

VII.

(loan agreement)
, - I
.

(loan agreement)
, -
.


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

.

.
, .

. ,
.
.
.

: 1) ,

; 2) ,
, , ; 3)
, .
,
"", ,
, ,
20.
. , (working
capital requirement), , ,
. ,

.
(,
6 . .),

 21.

961

" ".
,

.

( ).

.
, ,
, ..
.

(cash dividend and repurchase of common stock restriction)
, .
, ,
.


,
.
(
).
,
.

, .
(capital expenditures limitation)
.
,
, ,
.
,
,
.
, ,
,
. ,
,
.

(limitation on other indebtedness).
.

.
,
. ,
-

962

VII.

, ,
.
.
( , ) ,
. ,

. ,
.
( ,
). ,
- ,
.
(negative pledge clause).
(negative pledge clause)
,
.

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

. -

 21.

963

, .
,
, .
"".
, ,

, .

, .
,
.
,
,
( ),
.

,
.
"" .

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

( ).

, .
,
.
" ",
. ,
, ,
. ,
80%. (,
)
. ,

964

VII.

40%
.
, .

, .

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

(chattel mortgage)
(lien);
.
,
. (to perfect) ,

, .
, ,
.
(conditional sales contract)
, ,
, .
(promissory note)

.

.
(conditional sales contract)
,
. ,
,

 21.

965

(.. ).
.
, .
,
(promissory note) .
,
.
, , (
), -
, , ,
.

,
() ()

.
, , .
,
, , .

, .
,
( ,
). , (lease) ,
.
(full service, maintenance),
, , .
(net lease) .
(lease)
, , ()
,
, , .
(net lease)
,
.
(operating lease)
,
.

966

VII.

(financial lease)
, ,
() (fair market value)
,
,
() (residual value)
.
(sale and leaseback)

,

,
. , ,
. , (operating
lease)

.
.
( , )
.
,
, .
, (financial lease)

.
,
.
, .
, , ,
.
.
:

( ,
).
.

(fair market value).
,
(residual
value). ,
, ,

. .

 21.

967

:
, ,
("" ). ,
.
.
(sale and leaseback,)
, . ,
. ,
,
. ,

. ,
.
, ,
, .
, .
,
"" ( )
. ,
, ,
, .
. (direct leasing)
, .
. IBM
, Xerox Corporation . ,

.
, , ,
, .
,
,
, , , .
, (leveraged leasing)
,
( 20 40%) ,
,

, .
,
, , ,
.
, (leveraged leasing).
, ,
, : 1) , 2)
( ) 3) .

968

VII.

, ,
, .

, ,
. , , .


, 20%- ( " ").
80% ( )
. ,
,
. , .

.
, , , -,
,
; -, ,

( ); , -,
,

.
(residual value), , ,
.
, ,
,
.
( ),
, , ,
.

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

.
,
. -

 21.

969

, " "
, .

,
.

. (Internal Revenue Service IRS)
, ,
.
, IRS . ,
""
, ,
20%
. ,
, 20%
. , ,
,
20%
.
. ,
. ,
(
, ).
IRS , ,
, ,
,
.
, , ,
"" ,
.
, .


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

, . -

970

VII.

,
.

, ,

. , ,

, ,
, .
,
, .

.
(alternative minimum tax )
,
,
, fax perference Items,
: .

(alternative minimum tax ) . ,
,
(tax perference item),
.
, ,
.
, ,
.
,
,
.
, , ,

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

 21.

971

,
.
,
,
.

!


. . .

. . .

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

, ,
.

, .

, McNabb Electronics, Inc.
148 . .
. -
.
26 .
., , ..
. ,
30 . .
, ;
, (net lease).

972

VII.

.
, R:
$1480< =

* ^ + 0

= $26 000 + $26 000(PVIFA ) + $30 0 0 0 ( i W

Re

S i 7

) .

(21.2)

,
, R,
0,
,
,
. R,
, 11,61%.

13%, , X,
:

$148000 =
<
t i f (1 + 0,13)'
(1 + 0 )

$ 148 000 = X + XiPVIFAuM ) + $30 0 )

%>7

$148 000 = X + 73,998) + $30 000(0,425)

$148 000 = 74,998) + $12 750
X = ($148 000 $12 750)/4,998
= $27061.
, 27 061 .
McNabb Electronics
, 12%
, .
40%.
(
).
, 2.
[

(%)

20,00

32,00

19,20

11,52

11,52

5,76

; : 0,20 148 .
. = 29,6 . . .. ,
30 . . McNabb Electronics
,
.

 21.

973

,
,
.
. ,
,
, .

, ( 1 1 , 6 1 1 2 % ) ,

.

, ,
. ,

. ,

26 . .
, ,
. 26 . .
0 , ,
1.
.
,

.
12%, (1 - 0 , 4 0 ) , 7,2%.
,

. ,
,
.
,
.
. 2 1 . 1 . ,
93 5 0 9 .
.

McNabb Electronics ,
, 12%-
,

 VII.

974

, .
, , ,
. ,
, ""
. 148 . .
0,
28 955 ., .

.
: 148 . .
(28 955 .), 119 045 .
: 119 045 . 0,12 = 14 285 .

. . 21.2 .
2

21.1.

(.)
(.)
()-(b)
() (0,40)
( 7,2%) (.)

()

()

()

(d)

26 000

26 000

26 000

1-6

26 000

10400

15 600

73 901*

10 400

(10 400)

(6392)

93 509
' .

( )
, .

.

,
() . 21.3. ,
,
, ,
3

,
. , ,
. 212, , .
,
. , ("
") ( ) ,
.

 21.

975

, 40%- .
(d) .
,
, (). ,
30 . .
(recapture of depreciation) 40%-
, .
, ,
18 . . ,
7,2%- ,
87 952 .
21.2.


(.)
<) - () + ()

(.)

()

()

()

28955

119 045

28 955

104 375

14 285

28 955

87 945

12 525

(.)

() (0,12)

28 955

69 543

10 553

28 955

48 933

8345

28 955

25 850

5872

28 952*

3102

' - .

(87 952 .) ,
(93 509 .).
, ,
McNabb Electronics ,
. , ,
, (11,61%),
, (12%).
,

, .
,
,
.

976

VII.

21.3. (.)

((b) + ())

<)-(d)

( 7,2%)

(0,40)
()

<>

()

<d)

()

(0

28 955

28 955

28 955

28 955

14 285

29 600

17 554

11 401

10 635

28 955

12 525

47 360

23 954

5001

4352

28 955

10553

28416

15588

13 367

10 851

28 955

8345

17 050

10158

18 797

14 233

28 955

5872

17 050

9169

19 786

13 976

28 952

3102

8524

4650

24 303

16 013

(30000)*

(12 000)**

(18 000)

(11 064)

148 000

87 952

" .
"" : 30 . . 0,40 = 12 . .

,
,
. ,
" ", ,
,
.

, ,
( , , ).

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

 21.

977

, ,
. ,


.
(. . 21.3)
, ,
(.. 7,2%),
,
,

( ) ,
, ,
, 18,4%.

,

. .
,
.
,
100%,
,
. , ,
,
.

"" .
40,
20%, .
, , .. 12% (1 - 0,20) = 9,6%.
. 21.1 21.3, ,
,
114 924 .,
112 261 . ,
- , , .
12%-

132 897 . 134 430 .
. ( )
.
, ,
, -

978

VII.

.

. , ,
, ,

, .
,

, ,
.
, .

.

.
.
, , ,
, , ,
. ,
.

, ,

, , ,
, .
: .

() ,
10 .

,
. ,

( ),

.

, ,
.
() .
- ,
.

, ,
. ,
.

 21.

979

(,
)
( )
.
,
.

,
;

.

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

,

, ,
.
,
.

. ,
.
.
.

, .
- ,
( ).

, , ,
. , 1976 13
(Financial Accounting Standards Board Statement No. 13,
FASB 13), -

980

VII.

. ,
:
, ,
,
.
4

13 (FASB13)
, (Financial
Accounting Standards Board FASB)
.

,
, (capital leases). ,
,
.
1.
.
2.
.
3. 75%
.
4.
90%
.
5

- , ,

, . ,
.
, (
) (operating lease) .
, 6

Statement of Financial Accounting Standards No. 13, Accounting for Leases (Stamford, CT: Financial

Accounting Standards Board, November 1976).

5

, ,

, , (lessee's
incremental borrowing rate). FASB ,
, ,
,
, .
6

() ,

 21.

981

,
,
.
.
""
. , ,
.
, , ,
,
.
,
:
1) 2) ,
,
.

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

,
.
, , .

(. .)

3,0

:
(. .)

1,0

(. .)

90

(. .)

2,0

(, .)

270

.
500 . . 140 . . ,
.

,
500 . .
140 . . , .. 360 . .
90 . . 270 . .,
.

982

VII.

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

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

"" ; ,
.
.

,
.
,
. ,
,
.
,
. FASB 13

" " (interest method).
:
. ,
.
.
FASB 13 ,
, , ,
. , -

 21.

983

, , .
,
.

1.
?
) ? ) ?
2.
-
?
3. ,
?
4.
!
5.
) ,
? ) ,
?
6.

, ?
7. ,
.
8.
,
?
9. 1 ,
( )
( )
.
,
. .
10. !

}
1

11. .
12. (
)
?
13. ,
:

984

VII.

a ) ;
b) ROI;
c) ROE;
d) ;
e) .
14. ,

.
?
15. ,

? .
a) .
b) .
c) .
d) .
e) .

1. Burger Rex
"-".
3 . .,
.
3 . .,

.

0,5% .
Burger Rex 1%
- 1,5%
- (
). Burger Rex
1,4 . . 1,4 . .
.
.
,
1 . .
a)

?
b)
?

 21.

985

2. ,
( )
,
.
a) 46 . .,
11%
.
b) 210 . .,
47 030 .
.
c) 8%,

16 . . .
d) 165 . .,
10%
24 412 . .
3. U.S. Blivet
100 . .,
.
24 . .
(
).
, .


16 . .
14%,

. (
.)
40%- .

?

Eva Forlines Fashions Corporation

600 . . . Cattleperson's
National Bank 14%
,
.
.
,
-

986

VII,

.
.
2.

1 Acme Aglet Corporation,

,
Fidelity First National
Bank .
., .
, ,
, ,

(
) 3 . .,
,
0,6
,
3 . .
31 (
) .

(, .)

(. .)

(. .)

10

(
) (. .)

(. .)

(, .)

17

(, .)

17

- Acme
Aglet Corporation
(" ").

24% . (
24% ) ,

.
1,5 . . ( ). ,

250 . .

.
2,5 . ., ,
,
.

 21.

987

,
?
.
3.
( ),
.
a) 260 . ., 13%,
, .
b) 138 . ., 6%,
,
20 . .
c) 773 . ., 9%,
10- , .
4. Volt Electronics Company
(
). "",
18,6 . .; .
a)
"", Volt Electronics Company
12%- ? (
, .)
b)
, (
)
4000 .?
5. Fez Fabulous Fabrics
. ,
,
20 . . Fez Fabulous
Fabrics ,

16 . . ( ).
12%-
,
,
.
;
Fez Fabulous Fabrics 35%.

(
)?
?

988

VII.

6.

Valequez Ranches, Inc.

, ;
80 . .
. ,

16 . . ,
(

),
Valequez Ranches 30%.
.

,
17 . . ( ).
10%- .


.
,
.

Locke Corporation
.
30 . ., .

.
- 11%,
12%.
16 332 .
.
a) ,

.
b) ( )
,
. (
,
.)

 21.

989

1. a ) , ) .

(. .)

(. .)

1400

3000

3000

3000

2000

1000

1600

1000

2000

10

- ( 1 %

1,5%
)

14

30

30

45

30

15

2.

(21.2).
) $46000 = + ( 4

1 1 % 5

$46 000 = X + (3,696) = (4,696)

X = $46 000/4,696 = $9 796
b) $210 000 = $47 030(1 + PVIFA )
X

$210 000/$47 030 = (1 + PVIFA ) = 4,465

X5

PVIFA = 3,465 .
X5

. IV , ,
4 (4-period row), , 3,465
, 6%. ,
, X, 6%.
c) X = $16000(1 + )
8%6

= $16 000(1 + 4,623) = $89 968

d) $165000 = $24412(l + P F f f i 4 ,

0 % x

$165 000/$24 412 = (l + PVIFA ) = 6,759

i0%x

1 , 5,759.
. IV 10%, , 5,759
9 . ,
9 + 1, 10 .

990

VII.

' ,

, 1 :
(14%)(1 - 0,40) = 8,4%.

:
$100 000 = (1 + )
$ 100 000 = (1 + 4,288) = (5,288)
= $100 000/5,288 = $18910

(.)

(.)

(.)

() -()+()

() (0,14)

()

<)

()

18910

81 090

18910

73 533

11 353

18910

64 917

10 295

18910

55 096

9088

18910

43 899

7713

18910

31 135

6146

18910

16 584

4359

18 906*

2322

" - .

 21.

991

PV

(.) (.) (.)

(.)

(.)
(+ 00,40
(A)-(D)
( 84%) (.)
0
1
2
3
4
5
6
7
8

()
18910
18910
18910
18910
18910
18910
18910
18 906
(24 000)'

<>
0
11353
10 295
9088
7713
6146
4359
2322

()
0
20 000
32 000
19 200
11 520
11 520
5760

(d)
0
12 541
16918
11 315
7693
7066
4048
929
(9600)"

()
18910
6369
1992
7595
11 217
11 844
14 862
17 977
(14 400)

(0
18 910
5875
1695
5962
8124
7913
9160
10 222
(7553)

' .
" : (24 . .)(0,40) = 9600 .

, .
. ,

,
(.. 8,4%),
.
, 11,8% ( ),

,
.
.
7

Arnold, Jasper ., I l l , "How to Negotiate a Term Loan", Harvard Business Review 60

(March-April, 1982), p. 131-138.
Bierman, Harold, Jr., "Buy Versus Lease w i t h an Alternative M i n i m u m Tax", Financial
Management 20 ( A u t u m n 1991), p. 96-107.
Bobsin, Janet L., "The Medium-Term Note Market Comes of Age", Treasury & Risk
Management (January-February 1996), p. 6.

(61948 .) ,
([60309 . + 7553 .] - [14 400 ./(1 + X / ] ) ,
, X, 11,8% ( ).

992 VII.
Bower, Richard S., "Issues in Lease Financing", Financial Management 2 (Winter 1973), p. 25-34.
, and George S. Oldfield Jr., " O f Lessees, Lessors, and Discount Rates and
Whether Pigs Have Wings" Journal of Business Research 9 (March 1981), p. 29-38.
Bower, Richard S., Frank C. Herringer, and J. Peter Williamson, "Lease Evaluation",
Accounting Review 41 ( A p r i l 1966), p. 257-65.
Cenker, W i l l i a m J., and Robert Bloom, "The Leasing Conundrum", Management Accounting
Quarterly 1 (Spring 2000), p. 3 4 - 4 1 .
Crabbe, Leland, "Corporate Medium-Term Notes", Journal of Applied Corporate Finance 4
(Winter 1992), p. 90-102.
, "Anatomy of the Medium-Term Note Market", Federal Reserve Bulletin 79
(August 1993), p. 751-768.
GE Capital: Our Business Is Helping Yours Find Its Way Through Leasing Maze. (Stamford,
CT: General Electric Capital Corporation, 1999).
Fisher, Omar Clark, "Unveiling Islamic Leasing", Journal of Equipment Lease Financing 21
(Spring 2003), p. 2-12.
Gill, Richard C, "Term Loan Agreements",// of Commercial Bank Lending 62 (February
1980), p. 22-27.
H u l l , John C, "The Bargaining Positions of the Parties to a Lease Agreement", Financial
Management 11 (Autumn 1982), p. 71-79.
Lease, Ronald C, John J. McConnell, and James S. Shallheim, "Realized Returns and the
Default and Prepayment Experience of Financial Leasing Contracts", Financial
Management 19 (Summer 1990), p. 11-20.
Lummer, Scott L., and John J. McConnell, "Further Evidence on the Bank Lending Process
and the Capital-Market Response to Bank Loan Agreements", Journal of Financial
Economics 25 (November 1989), p. 99-122.
McConnell, John J., and James S. Schallheim, "Valuation of Asset Leasing Contracts",
Journal of Financial Economics 12 (August 1983),p. 237-261.
McDaniel, Morey W., "Are Negative Pledge Clauses in Public Debt Issues Obsolete?"
Business Lawyers ( M a y 1983), p. 867-881.
Miller, Merton H, and Charles W. Upton, "Leasing, Buying, and the Cost of Capital
Services"'Journal of'Finance 31 (June 1976), p. 787-798.
Mukherjee, Taran K., "A Survey of Corporate Leasing Analysis", Financial Management 20
(Autumn 1991), p. 96-107.
Myers, Stewart C , David A. D i l l , and Alberto J. Bautista, "Valuation of Financial Lease
Contracts" Journal of Finane 31 (June 1976), p. 799-820.
Schallheim, James S. Lease or Buy? Principles for Sound Decision Making. (Boston, M A :
Harvard Business School Press, 1994).
Slovin, M y r o n ., Marie E. Sushka, and John A. Polonchek, "Corporate Sale-andLeasebacks and Shareholder Wealth" Journal of Finane 45 (March 1990), p. 289-299.
Van Home, James, "A -Programrning Approach to Evaluating Restrictions under a Bond
Indenture or Loan Agreement" Journal of Financial and Quantitative Analysis 1 (June 1966),
p. 68-83.
, "The Cost of Leasing w i t h Capital Market Imperfections", The Engineering
Economist 23 (Fall 1977), p. 1-12.
Weingartner, H. Martin, "Leasing, Asset Lives and Uncertainty: Guides to Decision
Making", Financial Management 16 (Summer 1987), p. 5-12.
V I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j wachowi /
part7.html)

\ #111

V I

22

.



-

22 :

,
:
,
;

,

,
;

,

: ,
;

,

;

,

 .
""

(straight debt)
(equity)
(options),
, .. ,
-
.

.
,
() (derivative securities).
,
:
, .
.
(straight debt or equity)
( ), .
() (derivative security)
, ()
(,
, ), , ,

(convertible security)
,
( ) .

( ) , (
).
. ,

,
.
(convertible security)
,
.

996

VIII.

(conversion
price) (conversion ratio). ,

McKesson
Corporation 9,75% 1000 .
43,75 ., ,
22,86 .
(22,86 ),
(1000 .) (43,75 .). ,
,
.
(conversion price)
,
, ,
,
(conversion ratio)
,
. ,
,

.
. ,
1000 .
40 . , 45 .
, - 50 . .. ,

.
,
.
2 1, .

() (antidilution clause).

(conversion value)

. McKesson Corporation
50 .,
: 22,86 50 . = 1143 .

 22. , .

997

(conversion value)
,
, .

.

,
.
( ) (premium over conversion value).
McKesson Corporation
1000 . .

38,50 . ,
: 22,86 38,50 . = 880 . 120 .
, 1000 .,
.
.
120 . 880 ., 13,6%.

10 20%.

"".
10%.
,
, .
( , .)
(premium over conversion value)

; (conversion premium).

(call price).
,


.
. , ,
,
.

(subordinated) . ,

.
, , -

998

VIII.

. ,
,
.
, ,
(
() ) (dilution) ,
. ,
,
" " (EPS),
. ,
EPS. -,
(basic earnings per share),
. -,
(diluted earnings per share),
, ,
, .
,
, ,
.
, (dilution)

.

" " .

,
. ,
, , .
.
,
, . ,
, .
.
ABC 40 . .
, , ,
.
() , , 36 .
. 18 . .,
500 . ABC
,
.

 22. , ..,

999

15%, 46 . . ,
18 . .,
:
$

$46

= 391305.

,
,
108 695 (500 391 305).
.
,

, ,
.

. ,
,
.
,
. ,

.

, - , , , -
.

"-".

-
(agency problems). ,
,
.
,

.

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

1000

VIII.

. (
,
).


. ,

.
, ,
( )
, -
.
.
. ,

. ,
, ,
.
, .
15%
,
.
.
( 1000 .) 50 .,
1080 .
,
1080 . 20, .. 54 .
. 54 .,
,
.
, .
, ,
15%
, ..
62 . . ,
,
.
,
. , ,
,
.
. ,
, .

,
.
50 56 .,

 22. , .

1001

( ). ,
.

. .

,
.

.
,
-
,
. ,
,
.

- ,

, , ,
.

:

.
(expiration)
,
:
+ =
.
,
(volatility)
. () ,
, .
,
. (operating risk)
.
,
, .
, ,
.

, (

1002

VIII.

) .
,
.
,

.

,
:
. (

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

( )
(straight bond value) ,
,
(open) .
, V
SB

SB

;
1/2 ,
;
F ;
2 ;
/ 2 ,
.

 22. , ...

1003

(22.1) (22.2)
, . ,

.
,
(straight bond value)
,
, ,
, ,
.

Fawlty Food Company 9%-

20 .
4,5%
1000 ., 45 . .
20-
,
6%. 6%-
, 20- 9%-
.
(22.2) ,
V = ($45)(PWE4
SB

%40

) + $ 1000(PWE

6%40

) = $744.

,
Fawlty Food Company 744 .
,
, ,
744 .

.

. , -,
, -,
-.
,
.
6 7%,
774 667 .
,
.
,
, ,
.
,
. ,
/

1004

VIII.

, .

,

.
1

,
,
. ,

, .

, ,
. ,
, ,

. , ,
,
.
( ) (premium over conversion value).
,
(premium over straight bond value)
- . ,
,
,
.
,
.
, .
(premium over straight bond value)

.

(. 22.1).

, ,
.

, .
1

 22. , ,,.

1005

. 22.1.

X,
Y. ,
. ,
, .
, ,

.

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

.
,

. , ,
(floor value)

1006

VIII.

,
. 22.1 "" ()

(premium over floor value).
,

. ,
,
.
.

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

,
.
.
, ,
( ).

,

.

. ,
,
. ,
, ,
. . 22.1
( ) .
( ) .
( )
.

(exchangeable bond)
, , ,
. , National Distillers Chemical Corporation
49 . . 6%- ,
Cetus Corporation.

 22. , .

1007

(exchangeable bond)
,
, ,
.

(exchan
ge ratio), .
National Distillers 1000 .
(exchange price) 49 . 20,41
Cetus. Cetus
37,50 . . (exchange premium)
30,7%, .
Cetus: ,
. , ,
. ,
,
.

,
,
. , National Distillers
4% Cetus Corporation.
,
, , ,
. ,

.

.
,
,
.
,
.
( )

,
. ,
.

1008

VIII.

+ =
,
"" ,
.

.
, ,
.
.


.
, ,
.
( )
.

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


.
, .
.

(warrant)
(exercise price),
. , ,
( , ).
, - (right),
,
(subscription price), ,
( ).

 22. , ,

1009

(warrant)

.

, .
. ,
,

.
.
() - (underwriters)
.
, (private placement).

, ,
.
, 2, 3
2,54 . ,
, 12 . . (exercise price)
, .
, 12 13 .
14 . .
(exercise price)
, ,
"", .

.
, , .
,
, ,
.
, .

, .
,
EPS ,
. EPS ,


.
,

.

1010

VIII.

. (exercised)
. , ,
, .

, . 15%
. 40 ., ,
46 .
, ,
, Black
Shoals, Inc. 25 . .
. 10%.
( 1000 .) ,
30 .
. ,
.

25

25

10

11

(. .)

(
10 .) (.
.)

10

(.
.)

(. .)

40

40

40

(. .)

50

50

53

(. .)

50

75

78

,
. ,
, 100
30 . , .. 3 . . ,
.

ma[{N){Ps )-Efl\,

(22.3)

N , ; P
s

;
N; -

 22. , ...

1011

: (N)(P ) E , ,
. ,
. -
, ,
, .
,
, ,
(out of the money).
, ,
,
. 22.2. ,
( i n the money).
S

. 222.

, ,
, ,
(leverage),
. "",
Textron.
, 10 .
12 .,
2 . ,
25% 15 . .
2 5 ., 150%- .

1012

VIII.

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

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

,
. ,
,
.

. 22.2.
,
. ,

.

(. . 22.1).
,
. ,
,
.
,
,
.

.
,
,

. ,
, .

 22. , .

1013

,
,
.

,
. -

" " .

, ,
,
.

,

, .
.

.
,
.
,
.

(
). (
, ).

, ,
,
, ,
.
, , .

, .
,
.

, , .

.
(option) ,

.

1014

VIII.

"" (call option), , ""

(put option), . " "
, (exercise
price). , ""
ABC 10 . 31 ;
( ) (expiration date).
,
, , ,
(option writer). ""
, .
"" (call option)
,
( )
.

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

. "" "".
"".
"" (put option)
,
( )
.

, "" (
"") . V
0

V =max(P -E,0),
o

(22.1)

P ,
: (P ) .
, Lindahl Corporation
25 . , 15 .
: 25 . - 15 . = 10 .
,
.
.
, .
s

. 22.2,
.
. Y
.

 22. , ,..

1015

,
. , ,
.
,
. , ,
. ,
. .
. 22.2 .
, (time to
expiration), ,
. ,

. ,
, ,
.

, . 22.1.
. 1

, 2. , ,
, 3.

(interest rate).

. 22.1.

,
,

. ,
"" ,

1016

VIII.

. " " (..

) , .
, (
) . ,
,
.
.
, , (price
volatility) . ,
,
.
,
.

(.)

(.)

0,10

30

20

0,25

36

30

0,30

40

40

0,25

44

50

0.10

50

60

1,00

40 .
. ,
""
, , 38 . ,
,
.
V
0

(1)

( P ) (.)
(2)

(.)
(3)

0,10

30

0,00

0,25

36

0,00

0,30

40

0,60

0,25

44

1,50

0,10

50

12

1,20

1,00

max ( P -38,0 .)
S

(1)(3)(.)
<4)

% = 3,30 .

V
0

 22. , ,

max(P - . 38,0)

(1)

, (P ) (.)
(2)

(.)
(3)

0,10

20

0,00

(1) X (3) (.)

(4)

0,25

30

0,00

0,30

40

0,60

0,25

50

12

3,00

0.10

60

24

2,20

1,00

1017

% = 5,80 .

,

. ,
. ,
,
.

, , .

. 22.2.

. 22.2.

.
,
(
), -

1018

VIII.

, .

W N,
. W
(
),
, N.
, , ( ) ""

.

.
.

,
(hedged positon) (..
. . .) .

.
(
" " (holding it long)) -
. ,
" ", .. ,
. , ,
, ,
, , .
,
"" ,
.
(""
, "")
.
, .

 22. , ,,,

1019

-


.
. :
2

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

. ,
, ,
, .
,
XYZ ,
. 22..

. 22..
XYZ
Fischer Black and Myron Scholes, 'The Pricing of Options and Corporate Liabilities", Journal of Political
Economy 81 (May-June 1973),p. 637-654.

1020

VIII.

,
20 ., 7 . 20 .
(market value line) (. . 22.)
0,5 ( 1/2).
. ,

20 . 7 . .
" ", ,
: 20 . - 2(7 .) = 6 .
" " ( ) ""
( ), , .
, " "
. ,
( )
. ,
. 22. .
.
, ,
.
,
, (. . 22.1).
,
" "
.
. -
" "
. ,
,
. ,
. ,

.

.
V ,
, - ,
:
0

=( )[&))-(/"){&)),
0

(22.2)

;
;
= 2,71828 ;
, ,
;
t ( );

 22. , ,,,

1021

N(d) ,
, d , :

In ;
a ,
.
,
;
.
. ,
(22.2),
t, , ( ),
, . .
,
, .

. .

. , ,
, ,
.
,
(hedge ratio) ,
.
N(dA. , -
, .
,
.

, ,

.
" "
.

.
. -

1022

VIII.

,
.
-
,
; ; ;

. ,

,
.
.
- .

1. ,
,
.
2. ,

, 10-20%
.
,

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



.
, ,


( ). ,
,
?

 22. , ,

1023

6.
?
7.
?
8.
?
9.
, .

? .
10.
- ,
,
?
11.
?
12. ?
13.
,
? ,
?
14. - (,
),
,
?
15.
?
16.
?

1. Barnaby Boat Company 3 .
; 500 .
40 7%-
50 .
.
21 .
a)
?
b) ?

1024

VIII.

c) , ,
EPS I) ? I I )
?
d) 1 .
., EPS I) ? I I )
?
2. Phlogiston Chemical Company
10%-
10 . .
36 ., ,
(
), 12%.
10 1060 .,
10 1030 .
10 1000 . ,
,
15%
. ,
EPS 8%,
/ .
a) ,
.
b)
?
3. Red Herring Pizza ,

24 .
.

(.)

20

18

27

32

24

38

(.)

12

20

29

,
.

? ?

1. Blue Sky Corporation 3 .

,
60%, / 8,333. Blue Sky

 22. , .

1025

10 . . 9%- 20-
20%
105% (1050 .
1000 .). Blue Sky
1 ;
40%.
a) ?
b)
1000 .?
c)
?
d)
?
e) , Blue Sky
( ) 1 . . .

.
2. ,
( 1) Blue Sky Corporation
10 . .
12%.
, ,
1 . .,
, 1 ( ).
3. Faversham Fish Farm 7,75%-
20- .
1000 . 25
.
,

.
Faversham Fish Farm ,
.

(.)

40

45

32

23

18

(.)

690

700

650

600

550

(.)

1065

1140

890

740

640

) (
)
.

1026

VIII.

) , .


?
4. Faversham Fish Farm (. 3)
. 10 .,
440 .
410 .

.
?
5. Rambutan Fruit Company 10 .
. . : 20-
8%-
50 . 1000 .; 20-
12%- . 1000-

200 .
40%,
40 . .
20% ,
.
( 5 .) (. .)

(. .)

10

(, .)

15

(. .)

30

a) ,
, (
).
b) EPS
, ).
c)
, Rambutan
75 .
6.

Singapore Enterprise
,
16 2/3 Malaysian Palm Oil
Company,
50 . ( )
,
1000 . ?
-
?

 22. , ..,

1027

7. (22.3),
.
N

P (.)

(.)

100

400

()

10

10

60

()

2,3

10

(d)

3,54

27,125

35,40

8. Alexander Zinc Company

7%-
. 106 (1060 .
1000 .). 1000-
34,7
.
Alexander Zinc Company 43 .
a)
?
b) (
),
?
9. Jenni Shover, Inc. ,

60 .
Jenni Shover, Inc.
16 .

.
(.)

16

18

20

22

24

0,15

0,20

0,30

0,20

0,15

a) ?
b)
?
c)
?
d) ,
? ?
10. , ,
45 .
26 .,
10 .
.
50 . 2 .
.

1028

VIII.

a)

1 .
,
?

b) ?
c) ?

L. ) :
, .. 2 x 2 1 . = 42 .
b) : 50 . 42 . = 8 . ( = 8 ./42 . =
19,05%).
c) :
(3 . 500 000 ) (, .)

1,5

(. .)

140

(. .)

1,36
+ 500 000

(.)

2,72

(. .)

1,5

(500 000 + 80 000)

+ 580000

EPS (.)

2,59

d) :
(. .)

2,5

(. .)

140

(. .)

2,36
+ 500 000

(.)

4,72

(, .)

2,5

(500 000 + 80 000)

580 000

EPS (.)

2. ) : 36

4,31
.

1,12 = 40,32

10 :
40,32 . 1,06 = 42,74 .
,
, :
42,74 . 1,15 = 49,15 .
:
(49,15 . /36 .) - 1 = 36,5%.

 22, , ,,,

1029

8% EPS
36% , (1,08) - 1.
/ ,
,
.
4

) , - ,
.

,
. EPS
,
, .
.
3.
(
).
(,)

18

20

24

27

32

38

(.)

12

20

29

(.)

16

28

, , ,
. 22.2.
,
24 .,
0.
(""),
,
.

A r d i t t i , Fred D. Derivatives: A Comprehensive Resource for Options, Futures, Interest
Rate Swaps, and Mortgage Securities. (Boston: Harvard Business School Press, 1996).
Asquith, Paul, "Convertible Bonds are Not Called Late", Journal of Finance 50
(September 1995), p. 1275-1289.
Asquith, Paul, and David W. Mullins, Jr., "Convertible Debt: Corporate Call Policy and
Voluntary Conversion" Journal of Finance 46 (September 1991), p. 1273-1289.
Barber, Brad M . , "Exchangeable Debt", Financial Managevent22 (Summer 1993), p. 48-60.
Barth, Mary E., Wayne R. Landsman, and Richard J. Rendleman, Jr., "Implementation of an
Option-Pricing Based Bond Valuation Model for Corporate Debt and Its Components",
Accounting Horizons 14 (December 2000), p. 455-479.
Black, Fisher. "How to Use the Holes in Black-Scholes", Journal of Applied Corporate
Finance 1 ( W i n t e r 1989), p. 67-73.
Black, Fisher and M y r o n Scholes. "The Pricing of Options and Corporate Liabilities",
Journal of Political Economy 81 (May-June 1973), p. 637-654.

1030

VIII.

Brennan, Michael J., and Eduardo S. Schwarz, "Convertible Bonds: Valuation and
Optimal Strategies for Call and Conversion", Journal of Finance 32 (December 1977),
p. 1699-1715.
Brennan, Michael J., and Eduardo S. Schwarz, "The Case for Convertibles", Journal of
Applied Corporate Finance 1 (Summer 1988), p. 55-64.
Byrd, Anthony K., and W i l l i a m T. Moore, "On the Information Content of Calls of
Convertible Securities" Journal of Business, 69 (January 1996), p. 89-101.
Chen, Andrew H . , "Uncommon Equity", Journal of Applied Corporate Finance 5 (Spring
1992), p. 36-43.
Finnetry, John D., "The Case for Issuing Synthetic Convertible Bonds", Midland
Corporate Finance Journal 4 (Fall 1986), p. 73-82.
Green, Richard C, "Investment Incentives, Debt, and Warrants", Journal of Financial
Economics 13 (March 1984), p. 115-136.
Haugen, Robert A. Modem Investment Theory, 5th ed. (Upper Saddle River, NJ: Prentice
Hall, 2001).
H u l l , John C. Options, Futures, and Other Derivatives, 5th ed. (Upper Saddle River, NJ:
Prentice Hall, 2003).
Jones, E. Philip, and Scott P. Mason, "Equity-Linked Debt", Midland Corporate
FinfanceJournals ( W i n t e r 1986),p. 47-58.
Lauterbach, Beni, and Paul Schulz, "Pricing Warrants: An Empirical Study of the BlackScholes Models and Its Alternatives",/oMn?a/ of Finance (September 1990), p. 1181-1209.
Long, Michael S., and Stephen E. Sefcik. "Participation Financing: A Comparison of the
Characteristic of Convertible and Straight Bonds Issued in Conjunction w i t h Warrants",
Financial Management 19 ( A u t u m n 1990), p. 23-34.
Marr, M. Wayne, and G. Rodney Thompson, "The Pricing of New Convertable Bond
Issues"', Financial Management 13 (Summer 1984), p. 31-37.
Mikkelson, Wayne H, "Convertable Calls and Security Returns", Journal of Financial
Economics 9 (September 1981), p. 237-264.
Sharpe, W i l l i a m F., and Gordon J. Alexander, and Jeffery V. Bailey. Investments, 5th ed.
(Englewood Cliffs, NJ: Prentice Hall, 1995, Chap. 20).
Van Home, James C, "Warrant Valuation in Relation to V o l a t i l i t y and Opportunity
Costs"', Industrial Management Review 10 (Spring 1996), p. 19-32.
Van Home. Financial Market Rates and Flows, 5th ed. (Upper Saddle River, NJ: Prentice
Hall, 1998).
. Financial Market Rates and Flows, 6th ed. (Upper Saddle River, NJ: Prentice Hall,
2001).
V I I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j wachowi /
part8.html)

23

""



EPS

:

EPS

()

,

. :

23 :
,

;

, ;
,
-
(
- );

;

;

;
,

;
, "
"
;
,
""
;
,

.

.
.
.
: ,
.
.
,
. ,
, , .
(corporate restructuring)
.
, , ..
.
,
, (),
( L B O ) . ,
, .

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

. ,

. , .

, .
,
( ).

1034

VIII.

.
:
, ,
, .
() (merger)

.
(acquired) ,
,
,
(acquiring) .
,

, .. : 2 + 2 = 5.
(merger)
,
,
(synergy)
, ,
, .

(economies of scale).
,
.
( )
, , (),
. ,
, ..
,
, ..
.
, ,
. "
" (.. U- , ),

, .
(economies of scale)
,

(horizontal merger), ,
. , ,

 23.

1035

. (vertical merger),

, .

. (conglomerate merger)

.
, (selloff) , (spin-off),
(reverse synergy), 4 - 2 = 3.
, , (divesting) ,
- ,

NPV.

. -
,
, .

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

,
.
,
.

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

.

1036

VIII.

,
, .

,

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


, , , .
,
,
, .

. , ,
,
, .

, .

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

. , ,
,
. ,
. ,
,
.

 23.

1037

, , ,
,
.
,
"",
.

,
. ,

,
( ) .
, ,
. ,

.

, .
1

""

"". ""
. ,
17.
: , ,
, "-", .

, . ,
,
"".

,
, , ,
. (hubris)
. ,
2

20 ,
.
, .
,
,
20 .
Richard Roll, "The Hubris Hypothesis of Corporate Takeovers", Journal of Business 59 (April 1986),
p. 197-216.
1

1038

VIII.

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

, ,
,
,
. " ". ,
.
,

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

,
, , .
,
. ,
.

(strategic acquisition) ,

. .
, ,
, ,
. , ,

. ,
.
, (financial
acquisition), , (, Kohlberg,
Kravis and Roberts (KKR)), .
,
. ,

 23.

1039

.
,
, .
,
. ,
(leveraged buyout, LBO),
.
,
,
. ,
" ",

. :

.

EPS

, EPS.
.

.

(. .)

20

(, .)

4,00

2,50

(.)

64

30

16

12

(EPS) (.)

35 .
. (exchange ratio)
35 ./64 ., .. 0,547
.
1093 . ,
, EPS .

(, .)
(.)
EPS (.)

25
6093 750
4,10

,
EPS.
EPS .
0,547 . -

1040

VIII.

( ) :
(0,547)(4,10 .), .. 2,24 . ( 2,50.).
,
45 . 35 . .
45./64 ., .. 0,703
. 1 406 250 ,

.

(, .)

25

(.)

6 406 250

EPS (.)

3,90

EPS ,
.
, / (
)
/ .
/ 35 ./2,50, .. 14.
45 ./2,50, .. 18. / 16,
, .
, ,
/ .
, -,
/ ( ) , -,
, .
/
,

.
(future earnings).

EPS,
.
.

, , .

EPS ( ) . . 23.1
.
3

.
2,74 .

 23.

1041

,
. 23.1. EPS

,
.
. 0,30 .,
.
EPS,
. ( )
EPS.

.

,

[ ]

(23.1)

1042

VIII.

60 .,
30 .
0,5 ,
:
$60x0,5
$30

= 1,00

,
1 1.
60 . ,

. ,
1 1 .
,
, .
0,5 0,667 , ..
40 .

EPS
. ,

, -,
.
,
/ , ,

/ , . ,
/ , 10.
18. , .

(. .)

20

(. .)

3,33

3,00

60,00

30,00

18

10

EPS (.)
(.)
/

0,667
(.. 0,667 60 . = 40 .
)
:
$60x0,667
$30

:1,33.

 23.

1043

40 . .
, ,
30 . . 1 333 333
(.. 0,667 2 )
.
, /
18.
, , .

(. .)
(.)
EPS (.)
/
(.)

26
7 333 333
3,55
18
63,90

/ .
, /

/ ,

. /
(after the merger) .
, .
EPS,
.

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

,
.
, /
/
.
/ .
,
1,00.
/ ,
.

1044

VIII.

:
,
, . -
,
. .
(takeover)
,

. ,
.
30%, ,
80%.
,
.
,
. . 23.2.
(takeover)
, (
)
.

,
. 23.2. (
)

,
.
, /
.

 23.

1045

: ,
/
, .
. ,

.
-, . 23.2.
,
. ,
, .
,
,
,
. ,

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

, .
.
, ,
.
, . ,
, .

,
, ,
.

. ,
.

1046

VIII.

;
(roll-up).

.
, , ,
.
(roll-up)

.

.

.

.
,
.
.
,
,

(initial public offering, IPO).
(initial public offering, IPO)
.

, ,
,

.

j .
|

I . , GMA Capital , , , | .
. ""

. , "
: ,

 23.

1047

,
, , ".
, , ,
,
. "
( I P O ) ,
. , ,
, , ".
,
.
1.
.
2.
, , .
3. ,
.

. : "
, 10
- (
30 . .) IPO".
. Fay Hansen, "Buy, Build and Improve", Business Finance (May
1999), p. 23-24. (www.businessfinancemag.com) Duke Communications International,
1999. . .

IPO, .. I P O (
) ( I P O roll-up).
.
.
: " , !", : "
!"
(IPO roll-up)
(IPO) ,
,
. IPO
,

.
, ,
.

1048

VIII.

.

,
. ,
,
.
(). , ,

,
.

( ), ,
, .
(free cash flows). ,

,
. ,
, ,
NPV,
.

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

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

( )

( ) (, .)

1-5

6-10

11-15

16-20

21-25

2000

1800

1400

800

200

(. .)

600

300

(. .)

1400

1500

1400

800

2QQ

 23.

1049

. ()
15%,
8 724 . ,
,
, .. 8 724 . ,
.
.
.
(
).
.
,
.

,
, - ?
,
, , . ,

. ? .
,
()
.
, 8 724 .,
, .
, , ,
.
,
.
,
( ,
) ,
. ,
.

. ,
,
. ,
: , .
, , -

1050

VIII.

, .
,
.
,
.
. .
,
.

EPS

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

, . ,
,
.
, EPS
,
. .
,
, 15.
, , . ,
.

.
,
, .

.
,
.

(consolidation)
.
. -

 23.

1051

, .
,
.
,
.
,
,
.
(consolidation)
.
. (merger)
(consolidation) ,
( ) .

.

. ,
7 (Clayton Act)
, "
".
, , ,
. ,

, , -
. ,
,
, ,
, .
(Clayton Act)
1914 ,
. ,
,
- , .

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

, .

1052

VIII.

,

. ,

.
,
.
, .
, , ,
-. ,
. ,
, , ,
8 0 % .

8 0 % .

2 0 0 1
(Statement of Financial Accounting Stan
dards SFAS)
(purchase), (pooling of interests).
,
, ..
.
,
.
,
.

. ,
.
(purchase method)
,
, .
(pooling of interests)
,
,
.

,

(, ) (goodwill). ,

 23.

1053

, ..
. .
, 40 ,
" ". ,

. , 1993 ,
" "
15 ,
10 1993 . ,
,
,
.
(
) ,
. ,
/ ,
.
.

, ,
.
.
,
.
1990-
(Financial Accounting Standards Board FASB)
,
, ,
.
, ,
,
(- ). FASB
. SFAS 141
,
. SFAS 142
,
( ) .

,
(
).

1054

VIII.

,
(Financial Accounting Standards Board
FASB), ,
.
141 (" ")
, " ",
, . 142 ("
") ,
.

141

(pooling of interests),
(purchase). , ,
, ,
.
, -
,
.

, .
, (, ),

.
,
.
, ,
.
141 ,
30 2001 , ,
,
1 2001 .

142
, , ,
,
.
: 1)
2) ( ).
142 ,
,
.
, ,
,
.

, .

 23.

1055

, 142 , pea. , 142 , , . 142 15 2001 .

j
I
j
I

. "New Accounting Standards are Having a Big Impact on Acquisitions and Goodwill", I
First Tennessee Business Review, Vol. 12:3 (2002), p. 7. 2002 First Tennessee Bank. - j
. .

,
. ABC XYZ
2 . . XYZ
1 . . 1,2 . .
2,2 . .
, .. ,
10 . ., 5 . . , ,
15 . . ,
, .

ABC

XYZ

15 000

2200

17 200

17 200

800

15 000

2200

18 000

17 200

(. .)

5000

1000

6000

6000

(. .)

10 000

1200

12 000

11 200

(. .)

15 000

2200

18 000

17 200

, (,
.)


(. .)

(. .)

800 . ., ,
. ,

.

.

1056

VIII.

,

.
.

,
.
(). ,

2,5 . . 2,2 . .,
17,5 . .
17,2 . . 500 ., 800 . .
,
,
( ), ,
, .
,
.

, ,
.

,


() .
,
(tender offer) ,
.

. ,
.

.
, (tender offfer)

, .
,

, ,
.
,

. ,
. -

 23.

1057

.
.
,
.
,
, .

" " (two-tier tender offer).
CSX Corporation,
Consolidated Rail Corporation (Conrail) 1990- .
"" ()
, 45%
, 5%.
"" ( )
/ ,
, .. .

. ""
"",
,
, - .
"" (two-tier tender offer)
,
( , )
( )
(,
/ ).

.
,
. ,
. , ,
, ,
.
.
, ,
, .
,
.
"" ,
" " (white knight).
" " (white knight)
, ,
, -
,
,

1058

VIII.

, .
,
( ) (shark repellent). ,
.
.
(managerial entrenchment hypothesis) ,
.
, (shareholders' interest hypothesis)
,
, .
,
, ..
. , ,
, ,

. , , ,
, .
() (shark repellent)
,
-'".

. 20,
(stagger the terms of their boards of
directors) ,

, .
(change the state of incorporation).
,
,
(). ,
, ,
, .
(supermajority merger
approval provision).
.

(fair merger price provision).
,
" ( ) "
.
/ , .

 23.

1059

.
, ,
.
(freeze out provision),
" "
.


"" (leveraged
recapitalization).

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

; .
,
.

" ".
,
-
(distribution of
rights to shareholders), ,
.
- ,
, 20%,
. ,
, .
, () ,
, ,
, .
" " (poison pill),

.
-
. , " " ,
, ,
.
" " (poison pill)
, ,
. "" ,
("") ,

1060

VIII.

(lockup provision) .

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

- , .

. 5% ,
13-D (Form 13-D)
. , ,
( ) .
" ", ,
. , 1%
, 13-D.
.
- (standstill
agreement) .
,
,
.
( ), .
,
(
)
, . -

.

(premium buy-back offer) ,
. ,
,
, . ,
.
" ",
, , , . , ,
,
.

 23.

1061

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

,
.
() (strategic alliances), ,
.
, .

. (,

" ").
(,
);
, (,

, ).
() (strategic alliances)

,

(joint venture),
. ,
NBC Microsoft ,

1062

VIII.

.

24- , MSNBC.
(joint venture)
,
.
, .

-
, (outsourcing)
,
, .
,
. ,
"" ,
" "?
(virtual corporation).
. ,
/
.
, (outsourcing)

, .
(virtual corporation)
,
.

Sara Lee, , Jimmy

Dean (), Banes () Wondebra ,
,
, . , -
Sara Lee, , "
",
Sara Lee.
,
,
.
Nike. Nike ,
- ( ).
Nike ,
. ,
, .

 23.

1063

, Nike Sara Lee,

,
/ .

, . ,

, .

: 1 + 1=3
: , I
.
- I
, . - I
, .
,

. ,
Shan Management Review, 500
60 , Gartner (,
) , , Global 2000,
40% , 2010
65%.
, .
, , ,
.
, , , .
, Gartner
, . "
: ,
, ,
, ""
", ,
Unisys.
,

;
, .
,
"",
,
, , ,
, .
, , , ,
.
(mergers and acquisitions & )
,
.

1064 VIII.
, , I
Gartner, , j
, I
.
,
. , . ,
.
" ". , , , . " , . ,
, ".

I
I
I
I
I

. Eric Schoeniger, "Strategic Alliances: When 1 + 1 = 3", Exec, Vol. 24:4

(2002), p. 13-18. ( w w w . u n i s y s . c o m / e x e c m a g / ) 2002 Unisys Corp. - I
. .

.

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

. ,
. ,
(liquidation)

.
,
, , .

. ,
.
(liquidation)
, .

 23.

1065

(sell-off)
. -,
, .
.
,
.
(sell-off)
,
; ,
,

()
,
() (spin-off) -
,
. -
. ,
,

. , 1997 Pepsico, Inc.
KFC, Pizza Hut Bell,
Tricon Global Restaurants 10 . .
, .
,
.
Tricon ,
-
(symbol ticker) Y U M .
() (spin-off)
, -
.

,
(ticker symbol)
- .
.
XIX .

.
, -

1066

VIII.

.

, , .
, .
. ,

,
. .
, , .

.
.

.
,
. .
-
.
. ,

,
. .
6

(equity carve-outs)
.

.
. , ,

. , ,
,
.
,
, . ,
, .

, Katherine Schippeer, Abbie Smith, "Effects of Reconstructing

on Shareholder Wealth: The Case of Voluntary Spin-Offs", Journal of Financial Economics 12
(December 1983), p. 437-468.

 23.

1067

(equity ccrve-outs)
,
.
(pure play)
, ,
,

, , I
( I P O ) ,
, - I
I Ford Motor Associates First Capital. j
1996 19,3%
Associates, 1,65 . . , 1998 ,
Associates 23,69 . .
Ford,
, ,
. Associates ( ) - , ,
Ford. ( - ) Ford,
.
.
,
. " Associates
, ", Ford.

,


. ,
20% ,
. ,
, :
, ,
.
,
.
. "Mega-mergers bring a new spate of carve-outs", Cor
porate Finance (September 1998), p. 20-21. Euromoney Publications pic, 1998.
. .

1068

VIII.

,

. -,
,
, .
,
. ,
. ,

.
,
. ,
,
,
.
,
(pure play), .. .

1 , ,
| , ,
.
Century Business Services Inc. (CBiz), , 1997 1999 "" 145 ,
24 . CBiz
, 1
, - I
.
, KPMG, ( 8 8 % )
, Fortune 1000, ,

. "
, . ,
, KPMG LLP ,
. . - ,
"" . , , , , ?".

I
|
I
I
I
I
I
j
|
|
j

 23.

1069

,
, ,
, ,

.

12 20%.
, -,
( 2%) . -

1070

VIII.

,
,
, .

(5% ), .

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

.
.
(going private)
(leveraged buyouts).

, Levi Strauss & Company,

, .. . (going private)
,
(), .
, (
) .

.

-, . ,
. ,
:
, .
,
, .
(going private)

/ ,

 23.

1071

'.
: ,
;
,

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

.

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

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

.