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Fundamentals of
Financial
Management
twelve edition
University
University of Tennessee
Prentice Hall
FINANCIAL TIMES
12-
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2008
()65.26
17
336.7
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info@williamspublishing.com, http://www.williamspublishing.com
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ISBN 978-5-8459-1074-5 (.)
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, Prentice Hall, Inc.
All rights reserved. No part of this publication may be reproduced, stored in retrieval system, or transmitted in
any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior
written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the
Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W I T 4LP.
Authorized translation from the English language edition published by Prentice Hall, Inc., Copyright 2006.
Russian language edition published by Williams Publishing House according to the Agreement with R&I
Enterprises International, Copyright 2008.
ISBN 978-5-8459-1074-5 (pvc.)
ISBN 0-2736-8598-8 (.)
"", 2008.
Pearson Education Limited, 2005.
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, :
. 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
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;
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Business Owner's Toolkit,
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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.
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Jensen, Michael C, and Clifford W. Smith, Jr., "Stockholder, Manager, and Creditor
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98
I.
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 :
,
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,
;
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(); )
;
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";
,
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.
, ,
.
X. . " "
: 1000 . ?
, ,
, (time value to
money). 1000 .
(interest).
, ,
(rate of interest)
(time value of money) .
,
, ,
. ,
, , 1000 .
2000 . ? ,
(time adjusted)
( ) ,
.
1
(interest)
, () ,
,
. ,
, .. .
.
,
. 1 ,
,
, ,
. ,
, ,
, .. . ,
. ,
. ,
,
. . .
104
II.
.
. ,
,
, 8%.
,
. ,
, , n- :
, (1,05) (1,05) = ((1,05) (1,05)(1,05)),
; ,
, .
,
, .
. ,
, . (,
,) ,
-,
, ,
,
.
, ,
,
, .
3
(simple interest) ,
( ) , , (principal),
( ) .
: , ,
(principal), ( ) ;
; ,
( ) .
(simple Interest)
, () , ,
(principal), ( ) ,
:
SI = P (i)(n),
0
(3.1)
SI ;
, , , ( )
( 0 );
i ;
.
3.
105
, , 100 .,
8%,
10 .
:
$80 = $100(0,08)(10).
(
) (FV ),
, ,
.
t0
,
FV = $100 + $100(0,08)(10)] = $180.
l0
FV =P +SI
n
P +P (i)(n),
0
, ,
FV=P [i + (i)(n)].
(3.2)
.
, i ,
(, ) (PV = ).
0
() (present value)
-
, .
, , - (3.2),
PV =P =FV,ftl+(i)(n)].
0
(3-3)
,
, , , ,
, ,
.
.
.
106
II.
. . 3.1 ,
(,
,
). ,
.
(compound interest)
.
, , ()
(), .
,
. " "
. ,
.
(compound interest)
, () ()
, , ( ) .
3.1. 1 .
8%
( . )
(.)
1,16
1,17
20
2,60
4,66
200
17,00
4 838949,59
( ) . ,
100 .
8%, 100 .
? ,
(
),
FV = (1 + ) = $100(1,08) = $108.
{
, ,
.
.
, 100 .
? , 8%,
(100 .) 108 .
3.
107
108 . 116,64 .,
8 . 100 ., 0,64 .
8 . ,
. ,
( ). ,
:
FV = (1 + 0 =
(1 + 0(1 + 0 = ^(1 +
= $116,64.
:
FV = FV (1+0 =
3
0(1 + 0 = -(1 + ~
3
= $125,97.
, FVn, ()
:
FV =P (\ + i)
(3.4)
FV=P (FVIF ),
(3.5)
in
FVIF , .. i
, (1+'). . 3.2,
10
100 . ,
.
in
3.2.
( 100 . , 8 % )
(.)
,
(8% (FV) ( . )
) (.)
100,00
8,00
108,00
108,00
8,64
116,64
116,64
9,33
125,97
125,97
10,08
136,05
136,05
10,88
146,93
146,93
11,76
158,69
158,69
12,69
171,38
171,38
13,71
185,09
185,09
14,81
199,90
10
199,90
15,99
215,89
108
II.
(3.4)
. , (1+) FVIF
i . ,
() (Future Value
Interest Factor, Terminal Value Interest Factor),
(3.5). . 3.3
, 1 15%.
() ()
.
. ,
8% ( F V I F ) ,
8%, , 9, 1,999.
(1,999) , 1 ., 8% ,
2 .;
.
( . I ,
.)
jn
8%9
3.3. 1 .
/ (FVIFln)
(FVIFJ = (1+/)
()
(I)
1%
3%
5%
8%
10%
15%
1.010
1,030
1,050
1,080
1,100
1,150
1,020
1,061
1,102
1,166
1,210
1,322
1,030
1,093
1,158
1,260
1,331
1,521
1,041
1,126
1,216
1,360
1,464
1,749
1,051
1,159
1,276
1,469
1,611
2,011
1,062
1,194
1,340
1,587
1,772
2,313
1,072
1,230
1,407
1,714
1,949
2,660
1,083
1,267
1,477
1,851
2,144
3,059
1,094
1,305
1,551
1,999
2,358
3,518
10
1,105
1,344
1,629
2,159
2,594
4,046
25
1,282
2,094
3,386
6,848
10,835
32,919
50
1,645
4,384
11,467
46,902
117,391
1 083,657
FVIF 1 . 8%
100 ., (
), 100 .
. 3.2. , ,
3.
109
,
.
. . 3.1
,
100 ., 5,10 15%. ,
, ,
. , ,
, , ,
.
. 3.1. 100 ., 5,
10 15% ( )
.
, ,
: , ,
, . ,
, , 10 . ,
, ,
10%. ,
,
.
II.
1 10
(.)
(1,10)
11,00
(1,10)
12,10
(1,10)
13,31
(1,10)"
14,64
(1,10)
16,11
-
1790 58 . , ,
.
2005 , ,
58 . 5% ,
?
. I FVIF 1 , 208 5%
, / 1 . 50
11,467 FVIF 1 . 15 2,079, , ,
,
,
2
FV i5 = P x ( 1 - H )
2
2 1 5
= (1+ (1 + (1 + / ( 1 + ( 1 + / ) =
50
50
50
60
15
,
.
, .
( ) .
, , .. ,
, , ,
. (, )
,
"" .
, . : "*" = ".
3.
111
,
, : 1000 .
2000 . ? ,
, ,
(opportunity cost) 8%
( , , , 8%
). 1000 ., ,
: 1000 . ,
, 2000 .,
? ,
-: , 8% ,
2000 .
? (present value)
2000 ., 10
8%. ( )
() (
3
).
( )
(discount rate, capitalization rate)
, ()
.
( ) ,
. ,
(3.4)
FV =P (l
n
iy.
:
PV =P =FV /(l+iy
0
= FV [l/(l + i)"].
n
(3.6)
Tc-c-c! ?
" 72" ,
Chicago White Sox 10 . .,
20 . . , .
, ?
,
, " 72". :
72 ()
, , i,
. 1000 . (
10 8% ) 2000 .
II.
112
, .
:
72/ =
72/5 = 14,4%.
,
6% , ,
12 , :
72/ =
72/6 = 12 .
, ,
, " 72"
, .
. ,
14,87% ,
[(1 + 0487) = 2]; " 72" 14,4%. ,
, 6% , 11,9
[(1 + 0,06) = 2]; " 72" 12. ,
" 72",
.
3
11,9
: [ l / ( l + z ) ? 2 ] ,
i% (FVIF ).
:
i% (PVIFJ). ,
(3.6) :
jn
PV =FV (PVIF ).
0
(3.7)
in
,
PVIF ,
,
(3.7), ,
. . 3.4
. (. II , ,
.)
(3.7) . 3.4,
() 2000 .,
10 , 8%. 8%
10 . 3.4 PVIF , 0,463.
, 1 ., 10 , 46
. , :
in
S%10
PV =FV (PVIF )
0
l0
&xw
= $2000(0,463) = $926.
3.
113
, ,
(926 .) 1000 ., ,
.
74 . (1000 . - 926 .).
,
(handicapping). ,
( , )
( )
, . ,
,
46 .
,
(PVIF). . 3.2
.
. 3.2. 100 .
5, 10 15%
,
100 ., 1-10
: 5, 10 15%. ,
100 ., , , ,
. ,
, , ,
114
II.
,
. 15%- 100 .,
10 , 24,70 .,
25 .
3.4. 1 . /
(PVIFJ
(PVIFJ = 1/(1
+;)"
()
(/)
1%
3%
5%
87.
10%
15%
0,870
0,990
0,971
0,952
0,926
0,909
0,980
0,943
0,907
0,856
0,826
0,756
0,971
0,915
0,864
0,794
0,751
0,658
0,961
0,888
0,823
0,735
0,683
0,572
0,951
0,863
0,784
0,681
0,621
0,497
0,942
0,837
0,746
0,630
0,564
0,432
0,933
0,813
0,711
0,583
0,513
0,376
0,923
0,789
0,677
0,540
0,467
0,327
0,914
0,766
0,645
0,500
0,424
0,284
10
0,905
0,744
0,614
0,463
0,386
0,247
()
,
( , 1,25 ) ?
. , ,
() ,
, , 1000 . 6%
, ,
15 (.. 1,25 ). FV = (1 + 0",
15 :
n
FV
126
=$1000(1 + 0, )
125
=$1075,55,
( ) . ,
, ,
,
. ,
.
, , 1000 .,
3000 . ,
( ), ,
() .
, , (3.5) , :
3.
115
FV =P (FVIF )
s
iS
$3000 = $ 1 0 0 0 ( / )
8
/ = = $ 3 0 0 0 / $ 1 0 0 0 = 3.
8
. 3.3 ,
, (FVIF),
3. 3
3,059, ,
15%. 3,059 , 3,
,
15%.
, ,
FVIF (1 + )
8
iS
(1 + ) = 3
8
(1 + ) = 3
1 / 8
=3
0 2 5
=1,1472
= 0,1472.
(. ,
1/8, 0,125. 3
0,125, [] ,
3, [], 0,125 , , [ = ] . )
(
). , ,
, ,
. ,
, , 1000 .
1900 . 10%- ?
,
( ), ,
, ,
. ,
, (3.5) , :
FV =P (FVIF )
n
i0%n
$1900 = $ 1 0 0 0 ( i W
FVIF
iQ%n
1 0 %
=$1900/$1000 = 1,9.
. 3.3 , 10%,
(FVIF), 1,9.
1,9
1,949, , .
1,949 , 1,9, ,
.
116
II.
, FVIF
:
10%n
(1 + 0,10)
(1 + 0,10)" =1,9
(,1) = , 9
= (In 1,9) / ( I n 1,1) = 6,73 .
,
, .
(In) .
. (.
(In 1,9) (In 1,1), [LN]
: 1,9, [LN],
[+]; 1,1, [LN] , ,
[=].)
. (annuity)
( ),
(). (ordinary annuity)
. . 3.3
( , ).
(annuity)
( ),
(). (ordinary
annuity) ,
(annuity due)
.
0
I
I
$1000
I
$1000
3
I
$1000
. 3.3- ,
1000 .
, . 3.3 1000 .
. ,
8% ,
. ?
. 3.4 ( );
.
3.
117
FVA ,
(FVA () ; R
( ) ):
n
R[FVIF ^
t
+FVIF _
in
i0
, FVA
(R), "
i% 0 1".
, :
n
FVA=R
(1+
= ([(1+0"-1]/0,
(3.8)
, ,
FVA=R(FVIFA ),
(3.9)
IM
FVIFA "
".
in
, ,
,
. ,
.
FVIFA . 3.5.
FVIFA . I I I .
. 3.5 ,
. 3.4, :
FVA =$1000(FVIFA )
3
S%3
= $1000(3,246) = $3246
, . 3.4. (.
. (3.8),
40 . ,
, .)
118
II.
$1000
$1000
$1000
$1000
1
1080
1166
8% 3 (FVA3) = $3246
. 3.4. ()
( R = 1000.;i = 8% =3)
3.5. 1 .
/% (FVIFA )
ln
()
1
(0
1%
3%
5%
8%
10%
15%
1,000
1,000
1,000
1,000
1,000
1,000
2,150
2,010
2,030
2,050
2,080
2,100
3,030
3,091
3,153
3,246
3,310
3,473
4,060
4,184
4,310
4,506
4,641
4,993
5,101
5,309
5,526
5,867
6,105
6,742
6,152
6,468
6,802
7,336
7,716
8,754
7,214
7,662
8,142
8,923
9,487
11,067
8,286
8,892
9,549
10,637
11,436
13,727
9,369
10,159
11,027
12,488
13,579
16,786
10
10,462
11,464
12,578
14,487
15,937
20,304
. 3.3. ,
1000 . ,
8% ,
. ( 0)
, 1000 . ? . 3.5
.
3.
119
$926
857
794
$1000
$1000
$1000
1-
2-
3-
$2577 = 8% 3 (PVA3)
. 3.5. ()
( R = 1000 .;
i = 8% = 3 )
. 3.5,
. ,
(PVAJ :
1
PVA = [1/(1 + ) ] + W ( l + ] + +
= R[PVIF
Ll
+ PVIF
+ 0" ]
+... + PVIF ].
in
, , PVA
(R),
" i
1 ".
n
PVA. = R 1 / ( 1 +
0'
(3.10)
:
PVA =R(PVIFA ),
n
(3.11)
PVIFA "
i ". . IV
PVIFA i , . 3.6
. I V .
, . 3.6,
1000 .,
8% (. . 3.5). . 3.6 ,
PVIFA 2,577. ( :
, 8% . 3.4,
PVIF.) (3.11), :
jn
in
S%3
PVA =$\000(PVIFA )
3
s%3
= $1000(2,577) = $2577
120
II.
() (perpetuity)
, "
".
,
, (perpetual bonds),
.
() (perpetuity)
, .
, (3.10)
. (3.10)
() , :
= [(1 - [1/(1 + 0" ] ) / ]
(- )
3
, [1/(1+0]'
, (3.12) :
12
= P [ ( l - 0 ) / i ] = P(l/z)
PVA_=R/i.
(3.13)
,
(),
, . ( )
, , 100 ., 8%,
1250 . (.. 100 . /0,08).
3.6. ,
1 . /
(PVIFAi,n)
(PVIFA, J
(n)
(i)
1%
3%
5%
8%
10%
15%
0,909
0,870
0,990
0,971
0,952
1,970
1,913
1,859
2,941
2,829
2,723
0,926
1,783
2,577
1,736
1,626
2,487
2,283
3,902
3,717
3,546
3,312
3,170
2,855
4,853
4,580
4,329
3,993
3,791
3,352
5,795
5,417
5,076
4,623
4,355
3,784
6,728
6,230
5,786
5,206
4,868
4,160
7,652
7,020
6,463
5,747
5,335
4,487
8,566
7,786
7,108
6,247
5,759
4,772
10
9,471
8,530
7,722
6,710
6,145
5,019
3.
121
( ) .
() ,
( ) ,
, : 1) ()
, 2) 3)
. ,
9500 .,
. ,
1000 . .
(
),
?
(),
, (3.9) :
FVA =R(FVIFA )
7
l7
$9500 = $ 1 0 0 0 ( * 4 , )
7
=$9500/$1000 = 9,5.
. 3.5 , ,
(FVIFA),
, 9,5. 9,5
9,549, ,
5%. 9,549 , 9,5,
,
5%. ( ,
,
, , .)
(
). ,
, () ,
( )
. (
). -
,
(sinking fund) (..
) (loan amotization) (..
).
,
,
() .
,
,
.
, 10 . .,
5%- ? (), -
122
II.
,
(3.9) . ,
, FVIFA , . 3.5.
:
5%S
FVA
R(FVIFA , )
5% S
$10000 = ^(9,549)
R = $10 000/9,549 = $1047,23.
, 1047,23 .,
10 .
. ( 5%- ).
. ,
,
(annuity due)
, . ,
, ,
,
.
. 3.6
1000 .,
8% (FVA ),
1000 ., 8% (FVAD^).
: ,
1, 2 3,
2, 3 4.
,
,
. , i
(FVADJ
3
in
(3.14)
,
, , ( ,
,
.) , ,
,
,
,
.
.
3.
]
$
1
\
$
\
$1000
I
123
* $1080
1166
1260
$3506
8% 3 (FVAD)
3
. 3.6. ()
( R = 1000 .;
i = 8% = 3 )
i
(PVAD ) . . 3.7
,
(1000 .) 8% (PVA ),
(1000 .) 8%
(PVAD ).
. 3.7,
. :
PVAD = RiPVIFA,^ ) + R =
= R(PVIFA ,_ + l).
(3.15)
,
,
. ,
, .
, n
ij
124
II.
, "".
PVADn :
PVAD =(i + i)(R)(PVIFA ).
n
(3.16)
in
.
(1,08)($1000)(PVIFAo ) = $2783 = ($1000)(FWA + 1)
(1,08)($00)(2,577) ' = $2783 = ($1000)(2,783) '
. 3.7. ()
(
R = 1000 .; = 8% = 3 )
. 3.7 , PVAD
. (3.15)
. , (. . 3.7),
.
,
, ,
( , . 3.7,
1, 2 3),
, .
(
1, 2 3)
.
8
/O] 3
8%| 2
3.
125
, ,
, ,
.
( ) .
, ,
.
: 5000 . , ( 1-
2- ) , 6000 . ( 3- 4- )
1000 . 5- (
5%- )?
(
) ,
( ), ,
, ( )
, (
" ").
. ( ,
, - "
". , , ,
. ?)
. 3.8 ,
""
.
, .
, .
, , ,
.
. 3.9. ,
.
1. ,
, .
2. ,
.
,
( ) .
, ,
, .
, - . ,
, .
. -
126
II.
,
, ( ,
, , ). ,
, - .
0|
PV = FV (PVIF o/ ) = $5000(0,907) =
4535
5184
4938
784
0] 2
0] 3
/o> 4
0] 5
5 % 5
201
==
. 3.8. ( 1) (
) (FV, = FV = 5000 .;
FV = FV = 6000.;FV = 1000.;i = 5% = 5)
2
2000 .
, . 65-
*:
()
(%)
21 ( . )
31 ( . )
41 ( . )
51 ( . )
425 487
222 870
109 730
46 552
773 011
344 634
146212
54 304
10
1 437 810
542 048
196694
63 544
21
31
41
51
12
2 716460
863 326
266 668
74 560
* , ,
]
3.
127
. ,
.
. , ,
. ,
128
II.
. ,
100 . (nominal) (
(stated)) , 8%,
:
FV = $100(1+[0,08/2]) = $104.
05
, 4%, 8%.
:
=$100(1 + [ 0 , 0 8 / 2 ] ) =$108,16 .
2
108 .,
. 0,16 . ,
4 .,
.
, .
() (nominal (stated) interest rate)
,
.
, ,
, m ,
:
FV =PV (l + [i/m]r
n
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= $100(1 + [ 0 , 0 8 / 4 ] )
<4)<1)
, , ,
.
:
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(4)<3)
:
FV = $100(1 + [0,08/ 2] )
( 2 ) ( 3 )
3.
129
:
FV = $100(1 + [ 0 , 0 8 / 1 ] )
(1)(3)
, ,
. (3.17)
, (continuous
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.
. ,
,
, .
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,
PV =FVJ(l+[i/m]r,
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, , FV ,
,
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(3.18), , , 100 .,
, 8%-
:
n
PV = $ 1 0 0 / ( 1 + [ 0 , 0 8 / 4 ] )
(4)(3>
, :
PV = $ 1 0 0 / ( 1 + 0,08) =$79,38 .
3
,
,
. ,
.
. ,
, . ,
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n
( )
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130
II.
, (1+[/]) ein,
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( ) :
0
FV =PV (e) .
(3.19)
in
. 100 .
(
8%) :
FV =$100(e) '
(0
08K3)
= $100(2,71828)
(()
=$127,12,
:
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3
.
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10 20%-
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2
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,
.
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366 , ),
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m .
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,
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132
II.
,
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4
= (1 + [/tn]) -1
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1080,00
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1081,60
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1082,43
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133
,
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, , 22 . . 12%
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=
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l2%s
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i? = $22 000/4,111 = $5351.
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,
.
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, 22 . .,
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134
II.
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(4) 0,12,
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(1)
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(4) -(3)
(3)
(4)
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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)
(3.10)
PVA =R(PVIFA J
(3.11)
IV
=R(FVIFA )(i + i)
(3.14)
III
PVAD =R(PVTFA _ + l)
(3.15)
in
FVAD
in
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n
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iri
(3.16)
IV
3.
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2000
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143
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.
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, 0,0987 9,87%.)
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3.
145
22. - 30 1 0 0 0
2 0 0 0 , 14 .
2 0 0 0 4 0 0 0 , ,
4 0 0 0 8 0 0 0 .
( )
- (
)?
1. )
( . I ,
).
FV, ,
(.)
(.)
)
( . II ,
).
2. a)
PV ,
(.)
C
87,70
153,80
135,00
177,60
155,70
709,80
526,20
526,20
622,80
622,80
337,50
155,70
668,60
FV 1 = $ 5 0 0 ( 4
W
= $500([(1 + 0.035)
b)
(.)
FV
i0
2 0
3 5 % 2 0
- 1 ] / [ 0 , 0 3 5 ] ) = $14139,84
2 = $1000(FVIFA )
= $ 1 0 0 0 { [ ( 1 + 0,075)
75%i0
10
- 1 ] / [ 0 , 0 7 5 ] } = $14147,09
II.
146
c) 2 ,
( 7,25 .), 1.
d) 7%, 2 = $ 1 0 0 0 ( 4
1 0
3. , 25 .
.
%,
50 . . 12- . , 25 . .
. " 72", :
72/6 = 12%.
, , 50 .
. = 25 . .(7 ). , (FVIFX ) = 50 .
./25 . . = 2. . I ,
, ,
12% 1,974, 13% 2,082. ,
, :
2 0 0 0 - 1 974
% = 12%+ '
'
= 12,24%.
2,082-1,974
%6
4. ) = $ 7 0 0 0 ( 4 .
0
/20
%e
5. a)
%A
, R = 10 . ./2,914 = 3432 . (
).
(.)
(.)
(4) 0,14
(.)
(1) - (2)
(.)
(4) -(3)
(1)
(2)
(3)
(4)
3432
1400
2032
7968
3432
1116
2316
5652
3432
791
2641
3011
0
10 000
3432
421
3011
13 728
3728
10000
6. ,
1000 . (
1 20).
3.
147
. 1000 .,
, (.. ,
, ).
,
1000 .,
, :
FVA
i0%2
20
2 0
7.
= (i + [i/m]) -1 =
m
,
. 10 . . 7,06%,
(.
21/3 ), :
$10 000(1 + [ 0 , 0 7 0 6 / 4 ] ) ' = $10 000(1,041669) = $10 416,69
2
8. FV\ = $ 1 2 3 0 ( ^ / 4
5
5%65
33
) = $1230[([1 + 0,05]
65
-1)/(0,05)] -
= $1230(456,789) = $561861,54 .
, " "
(561 861,54 . - 80 000 .) = 481 861,54, 48 186 154
,
5% ,
.
9. ) 50 . .(0,08) = 4000 . ( )
Cissell, Robert, Helen Cissell, and David C. Flaspohler, Mathematics of Finance, 8
(Dallas, T X : Houghton Mifflin, 1990).
th
ed.
148
II.
Vichas, Robert P., Handbook of Financial Mathematics, Formulas, and Tables. (Englewood
Cliffs, NJ: Prentice Hall, 1979).
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(web.utk.edu/~jwachowi/part2 .html)
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d
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:
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, . . Myron J. Got dan, The
Investment, Financing, and Valuation of the Corporation (Homewood, K: RichardD. Irwin, 1962).
v
4.
V = D /(k -g).
1
163
(414)
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), :
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LKN, Inc. t ~ 1 4 .,
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e
(4.17)
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1 6,67 . :
164
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= [(0,60)$6,67]/(0,14-0,06) = $50.
(4.17), :
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. :
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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
5 =
42,63
. 5
($42,63)(PV/F )
M%5
V = 8,99 . + 22,13 . = 31,12 .
, D , 2 . ,
, ke, 14%,
V. ( . . 4.1.)
0
$2(1,10)'
h
(1,14/
$3,41
(1,14)
(0,14-0,06)
166
,
. , , ,
10%- ,
8%- 6%- .
,
.
, ,
. , ,
.
, .
,
(
), ,
.
() , V,
, , ,
, (market required rate of return).
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, (yield),
. ,
,
,
. , ,
() ,
.
,
,
, .
,
.
0
: (YTM)
(yield to maturity YTM)
,
,
, kd,
( ) (yield to
maturity Y T M ) .
4.
167
,
.
()
(internal rate of return IRR).
,
. , ,
(4.4),
, .
, V, , , :
0
MV
I, MV ,
kd,
.
.
,
, .
.
,
, .
,
1000 . :
761 .; 12 ;
8% ( ).
,
. , 10%-
. . II
IV , ,
, :
0
V =
$80(PVIFA )
ia%A2
$lOQO(PVIF )
l0%i2
S80(PVIFA )
i5%12
$1000(PVIF )
l5XA2
168
II.
. ,
(761 .). ,
761 .,
10 15%.
(interpolation)
, -
.
,
10 15% .
8
:
= i + ^ . ,
L
4.
169
(bond discount)
, ,
, ,
(bond premium)
, , ,
.
(interest-rate (or yield) risk)
, .
1. ,
, ,
. ,
. ,
,
(bond discount).
2. ,
, ,
. ,
. ,
, (bond premium).
3.
, .
, .
, < ,
a YTM > ,
0
, =
, YTM = ,
0
, > ,
a YTM < ,
0
4.
, .
, .
,
.
,
. ,
,
(interest-rate risk, yield risk). ,
, , ,
170
II.
.
, ,
, .
5.
,
.
, ,
,
.
,
. ,
,
,
.
. 4.1 ,
. 5- 15-
.
,
. (
(4.22), .)
, , , (coupon
effect), .
6.
, .
,
.
, ,
(
). ,
,
. ,
,
, .
,
, , .
9
, , . Van , Financial
Market Rates and Flows, 6" ed. (Upper Saddle River, NJ: Prentice Hall, 2001), Chap. 6.
4.
7
8
9
10
11
171
12
, %
. 4.1. "-" .
"-"
Y T M .
,
, .
, .
,
, ,
(4.8) , V,
, . :
0
1/2
MV
(4.23)
kd/2,
.
Y T M
, ,
"" ( ) Y T M , , ,
,
(bond-equivalent yield). , ,
1 Y T M
1, ..
(1 + Y T M ) -1 = YTM .
2
172
II.
, , 3, Y T M
.
(4.10)
, V, , , :
0
P =D /k ,
0
(4.24)
D
, k
, .
(4.24) k ,
P
k =D /P .
p
(4.25)
, ,
Acme Zarf Company (10%
100 .)
91,25 . Acme
,
= $ 1 0 / $ 9 1 , 2 5 = 10,96%.
,
,
,
. , ,
,
:
=/(*.*).
(4.26)
(4.26) ke,
, :
k =D,/P +g.
e
(4.27)
,
.
(dividend yield) (DJP ),
(g) (capital gain
yield). , g .
.
(.. , / 1 g),
.
0
4.
173
,
40 . (,
, , 9%
2,40 . )?
, , , DJP&
, . ,
( )
^ D ( 1 + g)'
D,
0
(4.14)
174
II.
, , ,
.
, ,
( )
, .. ,
.
,
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, .
.
.
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).
(,
)
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.
,
.
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,
-.
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.
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i
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:
V
175
DJk .
e
(4.19)
,
, ,
,
.
, V,
, ,
. ,
,
() .
0
, Y T M ,
,
.
.
,
, ,
.
,
.
,
,
.
1. ( )
/
?
2. ()
? , ?
3.
, ?
4.
, -
II,
,
?
5. 20- 8%,
15%.
,
? ?
6.
?
7. , IBM Corporation
. (EPS)
.
? ?
8.
?
? , ?
9. ,
, 30% ( ) ,
,
?
.
10. ,
, (ke - g)
.
? .
11. " 1000 .
! 999 .
,
999 .,
1000 ."
. " !
. , ".
, ,
.
, ""
30- .
, ""
,
.
4.
177
1. Fast and Loose Company 8%-
1000 .,
.
a) 15%,
?
b) ,
12%? 8%?
c) 8%, 15%,
(
, )?
,
8%?
2. James Consol Company
1,60 .
.
20% , 13%
,
7% .
.
16%-
. ?
3.
1000 . 935 .,
8%, 10 .
.
- , ,
. ?
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(..
) ?
b) I) ( )
? I I ) ( )
? (
.)
4. 1000 .
312 .;
10 .
) ,
(.. )
? (, -
178
II.
, ,
.)
) I) ( )
? I I ) ( )
? (
.)
Acme Rocket,
Inc. 1 .
; , ,
20 . , ,
6% .
a)
.
b) ?
c) ?
Peking Duct Company
, 14%
1000 .;
.
a) ,
I) 12%?
I I ) 14%? I I I ) 16%?
b) , , ,
, ,
.
,
I) 12%? I I ) 14%? I I I ) 16%? (
.)
4.
179
2. 1,
?
3. Superior Cement Company 8% ;
100 .
10%.
?
,
, 12%?
4. Health Corporation
20 . , ,
, 1 . .
23 .
, ?
5. Delphi Products Corporation
2 . . ,
15%, 10%,
5%. ,
, ,
18%?
6. North Great Timber Company,
,
1,50 . . , ,
9%
.
, 13%.
.
a)
.
b)
11%,
.
, , 16%.
c)
10%,
, , 14%.
d)
?
II.
4.
181
a)
(1 ) ?
b) ),
: I) (
) ? I I ) (
) ?
12.
, , 11,
, ,
.
1000 ., 10 .
a)
( Y T M ) . (.
,
Y T M ,
.
) 11
.)
b) ),
: I) (
) Y T M ? I I ) (
) Y T M ?
II.
182
( ), ,
Burp-Cola Company
?
a) ,
10%.
b) ,
9% .
c) ,
11% .
1.
) ) .
(.)
15%
1-3
80
2,283
182,64
2,402
192,16
1080
0,572
617,76
0,636
686,88
(.)
12%
15%
12%
(.)
(.)
879,04
800,40
. , ,
.
8%- , 8%-
, , .. 1000 .
) 1000 .,
15%.
(.)
8%
8% (.)
1-3
150
2,577
386,55
1150
0,735
845.25
(.)
1231,80
4.
183
2.
1 2. ,
()
(.)
PVIF )
1(1)
0,862
1,66
2(1)
0,743
1,71
3(1)
0,641
1,77
4(1)
0,552
1,83
5(2)
0,476
1,79
6(2)
0,410
1,74
7(2)
0,354
1,70
8(2)
0,305
1,65
|]
1W
13,85 .
D,
3.
9-
$5,41(1,07) = $5,79
8-
$5,79
= $64,33
(0,16-0,07)
(/c.-g)
64,33 ,
8-
($64,33)(PWF )
16M
($64,33X0,305) = $19,62
V= 13,85 , + 19,62 - 33,47 ,
, 8% ,
.
,
, Y T M .
Y T M (1 + Y T M ) - 1.
, :
2
SQ3
$40
&<1+V2X
=
($A0)(PVIFA
kd
,) +
/2 20
S I
(1+W2)
MV(PVIF
id
/2
20
).
II.
a) kd/2 ( Y T M )
,
, 4,5%.
b) I) Y T M ( )
2 4,5% = 9%.
c) II) Y T M ( ) (1 + 0,045) - 1 =
2
= 9,2025%.
4-
P =FV (PVIF . )
0
(PVIF
kj/2
20
) = / FV
0
20
kd/2 20
20
. II (. ) ,
20 6% 0,312;
,
( Y T M ) 6%.
b. I) Y T M ( ) = 2 ( Y T M ) =
= 2 (0,06) = 12%.
II) Y T M ( ) = (1 + Y T M ) 2 - 1 =
= (1 + 0,06)2- 1 = 12,36%.
5. a)
k =(D /P +g)
e
([D (l + g)]/P ) + g
0
+ 0,06)/ 20 . = 0,053
c) g = 0,06.
6. a)
I)
V = ($m/2)(PVIF\ , ) = 00(PVIF )
06 6
0M6
= $70(4,917) + $1000(0,705)
= $344,19+ $705
= $1049,19
II)
V = ($140/2)(PVHvV
07i6
) = $1000(PWF
0i07i6
= $70(4,767) + $1000(0,666)
= $333,69+ $666
= $999,69, $1000
( 1000 .,
; 1000 .
.)
III)
= ( $ 1 4 0 / 2 ) ( P V I F \ ^ ) = $ 1000( WP , )
6
= $70(4,623)+ $1000(0,630)
= $323,61+ $630 .
= $953,61 .
0i08
4.
185
)
. ,
;
I) 705 ., I I ) 666 . I I I ) 630 .
Alexander, Gordon J., W i l l i a m F. Sharpe, and Jeffrey V. Bailey, Fundamentals of Investment,
3rd ed. (Upper Saddle River, NJ: Prentice Hall, 2001).
Bauman, W. Scott, "Investment Returns and Present Values", Financial Analysts Journal 25
(November-December 1969), p. 107-118.
Chew, I. Keong, and ronnie J. Clayton, "Bond Valuation: A Clarification", The Financial
Review 18 (May 1983), p. 234-236.
Fuller, Russell J., and Chi-Cheng Hsia, "A Simplified Model for Estimating Stock Prices of
Growth Firms", Financial Analysts Journal AO (September-October 1984),p.49-56.
Gordon, M y r o n J., The
(Homewood, I L : Richard
Haugen, Robert A., Modern
Hall, 1997).
Reilly, Frank K., and Keith
th
ed.
Sharpe, W i l l i a m F., Gordon J. Alexander, and Jeffrey V. Bailey, Investments, 6 ed. (Upper
th
""
()
()
5 :
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,
.
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.
1
190
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: , , (
) .
(return)
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,
.
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5.
191
(risk)
,
, ,
, . ,
,
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.
.
1.
(expected return).
2. (standard deviation).
(probability distribution)
, ,
.
(expected return) R :
R = (R,)(P ),
t
(5.2)
;"=1
R i- , P ,
. ,
,
.
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(expected return)
,
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,
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192
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.
,
.
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0,00703.
, 8,38%.
(standard deviation)
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( )
( )
( )
2
, /?,
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0,10
0,05
0,005
(,100,09) (0,05)
0,02
0,10
0,002
(0,020,09) (0,10)
0,04
0,20
0,008
(0,040,09) (0,20)
0,09
0,30
0,027
(0,090,09) (0,30)
0,14
0,20
0,028
(0,140,09) (0,20)
0,20
0,10
0,020
(0,200,09) (0,10)
0,28
0,05
0,014
(0,280,09) (0,05)
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5
.
(discrete) ( ) ,
, , , ,
.
5.
193
. , ,
, . 5.1: :
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(continuous) ,
.
,
: .
, (normal) ()
.
, 68%
,
( ),
95%
99% .
,
,
.
.
, 9%,
8,38%. ,
, . ,
(0%)
(.. 9%). ,
-9%, . 0,09/0,0838 = -1,07 . ( (negative)
, (left) ).
Z =
R-R
(5.4)
0-0,09
0,0838
= -1,07,
R , a Z (
Z) , R
.
. V , ,
,
,
Z .
,
Z .
, ,
, 14%.
. 5.1. , 1,07
,
14% .
194
II.
,
.
: ,
. ,
,
.
: ,
("downside" risk), ,
.
. ,
, ..
,
. , .
. 5.1.
.
1,07
,
. ,
.
0,08
0,24
0,06
0,08
, CV
0,75
0,33
, R
5.
195
, .
, ?
.
.
, 10 . .
, 8000 .
.
, ( C V ) (coefficient of variation)
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,
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. ,
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,
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,
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.
( , ,
:
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.)
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2999 . , ,
. 3000 . , 3001 .
, " ".
3500 .,
II.
196
. (, 10 . . ,
.)
, ?
. , ,
.
.
10 . . 50 50.
: 5000 .
(0,50 10 000 . + 0,50 0 .). ,
(indifferent), ,
" " () 5000 .,
" " 3000 . ,
(certainty equivalent ) ,
,
5000 .
(certainty equivalent )
,
,
.
3000 . ,
. , 5000 .
,
(..
5000 .). ,
,
( ) .
,
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,
(risk indifference) ;
,
(risk preference) .
,
, 5000 .,
.
(risk premium), .. ,
,
. ,
2000 .
3000 ., .
5.
197
,
, ..
, (risk averse) . ,
,
, . (
, , (expected) ;
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, (actual) .)
,
. , ,
.
.
(risk averse)
, , ,
, .
,
.
- .
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.
(portfolio)
.
. ,
,
( 100).
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Wj , ,
, j;
.
.
.
198
II.
, /?,
,
(%)
(%)
14,0
11,5
10,7
1,5
,
: (0,5) 14,0% + (0,5) 11,5% = 12,75%.
,
.
, (covariance),
.
.
(covariance)
, ,
(, ).
,
.
, ,
(,
). ,
,
. ,
: .
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m ,
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t
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199
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,
.
,
,
.
,
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, .
. ,
.
,
.
,
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,
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,
. ,
, ,
24 .
200
II.
, ,
,
. ?
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.
,
. ,
. ,
.
. .
, , 15-20
, .
. 5.3.
, .
=
(
)
(
,
)
(5.7)
(systematic risk)
, ,
,
.
, .
, ,
.
(systematic risk)
,
.
5.
201
(unsystematic risk)
; ,
,
. ,
, , ,
,
.
50% , .
. , ,
, .
, , .
.
, -
, .
(capital-asset pricing model).
(unsystematic risk)
,
. .
. 5.3. , ,
202
II.
()
.
,
, .. , .
,
.
,
() (capital-asset pricing
model ()),
. 1960- ,
.
,
.
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, ()
, ()
,
.
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, .
, . , , , ..
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, .
, ,
""
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. ,
.
-
.
(market portfolio),
,
.
,
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Standard & Poor's 500 ( S & P 500).
, ,
500 .
5.
203
,
. ,
, ,
. , ,
, , .
Motley Fool
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Motley Fool.
.
,
,
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. ,
(characteristic line) ,
.
.
, -
204
II.
.
.
S&P 500 (
60 ).
+ (-)
, .
(characteristic line)
,
, "",
,
, .
,
,
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,
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.
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, 60
5.
205
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1,0, ,
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206
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207
. ,
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j
<-)
5 8
Rj , R*.
, "- "" ^', .
,
.
, , -,
,
, , , -,
"". ,
8%,
13%, "" Savance Corporation 1,3.
,
, (..
"", 1,0).
(5.8), Savance:
= 0,08 + (0,13-0,08)(1,3) = 14,5%.
, Savance
14,5%. ,
,
. :
Rj = 0,08 + (0,13 - 0,08)(1,0) = 13,0%.
""
"" 0,7. :
Rj = 0,08 + (0,13 - 0,08)(0,7) = 11,5%.
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, "".
()
( ) (security market line ( S M L ) ) . 5.6.
, ""
. S M L
, ,
.
, .
208
II.
5.2. "" (
20 2004 )
( )
Amazon.com (AMZN)
""
2,22
1,75
Boeing (BA)
0,70
0,42
0,20
0,90
The G a p (GPS)
1,67
1,09
1,81
Hewlett-Packard (HPQ)
1,71
1,46
Microsoft (MSFT)
1,70
Nike (NKE)
0,72
Yahoo! (YHOO)
3,30
5.
209
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,
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.
"" ,
. ""
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i n v e s t o r . r e u t e r s . c o m ) Ibbotson Associates.
,
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. . 5.2 ,
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210
II.
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, . ,
""
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(ticker symbol)
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XIX .
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Alexander, Gordon J., W i l l i a m F. Sharpe, and Jeffrey V. Bailey, Fundamentals of Investment,
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Campbell, John Y., Martin Lettau, Burton G. Malkiel, and Yexiao X u , "Have Individual
Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk" Journal
of Finance 56 (February 2001), p. 1-43.
Evans, Jack, and Stephen H. Archer, "Diversification and the Reduction of Dispersion: An
Empirical Analysis" Journal of Finance 23 (December 1968), p. 761-767.
Fabozzi, Frank J. Investment Management, 2 ed. (Upper Saddle River, NJ: Prentice Hall,
1999).
Fama, Eugene F., "Efficient Capital Markets: A Review of Theory and Empirical Work",
Journal of Finance 25 (May 1970), p. 384-387.
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234
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Stocks, Bonds, Bills and Inflation: Valuation Edition 1999 Yearbook. (Chicago: Ibbotson
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1,5. , .
.
, , ,
3,5 ,
, , 3,4
, ,
, .
.
, ,
(.. ) .
.
,
.
3
.
.
,
, ,
. -
, .
/ .
, .
/ ,
( ),
( ) (. 6.2).
.
. ,
" " ,
.
( , ,
, ?)
, ,
, .
, -
, , .
252
III.
,
""
b ,
- ,
. 6.2.
, , ,
,
. ( . .)
, ( b e n c h m a r k i n g ) ,
..
,
. ,
.
,
:
, "" ( ), ,
.
.
,
. ,
. -
. ,
6.
253
31 31 .
31 .
, .
,
.
(liquidity ratios)
,
.
(liquidity ratios)
.
( ) ,
.
,
- .
(current ratio)
.
.
(current ratio)
,
(61)
$823000
Aldino manufacturing company
.
. ( 2,1
, The Risk Management
254
III.
Association) .
, ,
.
. ,
,
,
. ,
,
. ,
" " ,
.
4
.
,
,
' , 30 ,
, .
, .
, , (
),
. ,
(" ") .
, Aldino manufacturing company .
, 30 20X2 .
(.)
(.)
2 918 000
1 500 000
1,95
, :
2 241 000
823 000
2,72
\ ,
< , { ?
, , , ,
. ,
(" " 31 , Aldino manufacturing company),
; - , I - . ,
j , -
I
|
j
|
;
j
j
,
.
6.
255
- ,
.
.
, ,
. :
,
.
(liquidity)
.
, ,
,
,
(liquidity)
. ,
,
, .
,
(" ") (acidtest ratio).
(" ")
,
- -
2)
Aldino manufacturing company
20X2 :
$2241000-$1329000
...
=1,11.
$823000
.
, , ( : 1) ,
, 2) .
,
- ,
,
.
, -
, .
256
III.
) - ,
.
,
( )
.
, .
Aldino
( 1,1), , Aldino manufacturing company
.
Aldino Manufacturing
Company.
Aldino manufacturing company
. ,
/ -
. ,
. , ,
.
- ,
.
.
""
()
(Debt ratios)
,
.
(Debt-toEquity Ratio).
(debt ratio).
,
, () :
^g ^
Aldino manufacturing company 20X2
:
$1454 000
$1 796
, 81
, .
, . ,
,
6.
257
.
, , 0,8,
Aldino manufacturing company .
, -
.
(),
.
. ,
.
. , ,
, ,
.
.
(Debt-to-Total-Assets Ratio).
:
.
(6.4)
= 0,45.
,
.
, . , 45%
Aldino manufacturing company
( ), 55% .
, , ,
,
45 .
, ,
, ..
, , ,
, .
,
:
258
III.
^g ^
(total capitalization)
. Aldino manufacturing company
(long-term-debt-to-total-capitalization
ratio) :
$631
.
= 0,26.
$2427000
.
Aldino manufacturing company
0,24. ,
.. ,
.
,
, ,
, .
,
,
, ,
.
,
,
. (
.)
(coverage ratios)
,
,
(coverage ratios)
() . ,
Moody's Investors Service Standard & Poor's,
.
(interest coverage ratio).
6.
259
, :
( E B I T )
(6.6)
= 4,71.
, , .
, ,
, .
.
, 4,0, 4,71 Aldino
manufacturing company ,
.
. ,
, ,
, , ,
. 16,
,
.
,
.
,
.
.
,
,
. ,
( ). ,
, 16, .
260
III.
(activity ratios)
,
,
(activity ratios),
(efficiency or
turnover ratios),
. ,
.
- ,
.
Aldino
.
,
.
,
,
,
.
.
(receivable turnover (RT) ratio)
,
.
:
(6.7)
= 5,89.
(
) .
,
. Aldino manufacturing company
20X2 5,89 .
,
.
,
.
-
6.
261
.
. ,
, .
8,1.
, Aldino manufacturing company
, .
. ,
,
.
.
,
. ,
,
(RTD), , ,
.
(6.8)
, :
^g
Aldino manufacturing company,
5,89, :
365
5,89
- .
,
.
8,1,
365/8,1 = 45 .
Aldino manufacturing company
.
,
Aldino manufacturing company,
, .
262
III.
62
( " 2 / 1 0 , 30 " ), ,
. , " 60 ",
,
.
,
.
,
. , ,
,
, ,
. ,
,
, .
6
(aging accounts
receivable)
,
,
.
,
. ,
31 .
31
,
67
0-1
1-2
2-3
19
100
" 2 / 1 0 , 30 ",
, 6 7 %
, 1 9 % , 7%
..
,
,
10%- , 30 .
6.
263
.
,
, .
, .
, ,
.
.
( )
.
(aging of accounts
payable) ,
.
(payable turnover () ratio) (
)
,
.
, (payable
turnover in days (PTD) or average payable period):
'
, :
C6.ll)
(
),
.
.
,
"
() () -
". , , ,
, . "
() () "
, .. . ,
7
:
( ) () (
) =
,
( ) + ( ) (
) = ()
7
264
III.
,
, " ()
() - "
.
.
. ,
,
,
.
.
,
. 48
" 30 ", ,
.
.
- .
- (
) (inventory turnover (IT) ratio):
^g
-
Aldino manufacturing company 20X2 :
$2680000 _
$1329000
'
, , ;
,
. ,
,
. ,
,
.
.
,
,
,
.. ,
- ,
, -
6.
265
. ,
-
. ,
(stockout) .
(stockout)
-
,
-
,
- . -
, , ,
. ,
- .
-
,
.
- Aldino
manufacturing company, 2,02,
3,3.
,
.
, ,
- ? ,
,
.
- ,
.
, , -
(inventory turnover in days (ITD)):
- '
(6.13)
, :
-
(6.14)
266
III.
365
2,02
:181 .
,
-
.
-
, 3,3,
365/3,3 = 111 . , Aldino manufacturing company 70
, .
.
(operating cycle) .
(operating cycle)
,
, .
(commitment of cash for purchases)
. ,
. , (
), .
.
-
( I T D )
( R T D )
(6.15)
,
, .
,
, ,
.
.
( P T D ) ,
(cash cycle).
( I T D + RTD)
( P T D )
(6.16)
6.
267
(cash cycle)
, ,
.
. 6.3
.
8
? ,
,
.
,
.
""
, ,
.
"" ,
.
Vedyn D. Richards and Eugene J. Laughlin, "A Cash Conversion Cycle Approach to
Liquidity Analysis", Financial Management 9 (Spring 1980), p. 32-38.
268
III.
"" .
, .
I T D R T D
. ,
, ,
-
. , ,
. ,
.
- /
.
Aldino manufacturing
company ,
.
Aldino
manufacturing
company
243
156
-
Aldino manufacturing company
:
87 ,
, .
.
.
. ,
.
. ,
,
. ,
( , ,
).
, ,
( ) .
, -
,
.
6.
269
1.
2.
3.
4.
5.
( )
( )
: (1) +
(2)
( )
: (3) (4)
IV
1996
31
IV 2003
42
28
73
31
33
68
40
-37
1996 ,
, Dell, Inc.
: 40 " 37 "
2003 . ( .
.)
(build-to-order manufacturing model)
,
, Dell -
.
( ) 28 .
,
, Dell 68 .
37-
, Dell
, ,
.
, ,
/ .
, . ,
" " (just-in-time) -
( 10),
.
270
III.
1,66.
, , Aldino manufacturing company
, , .
.
, Aldino manufacturing company ,
.
, ,
. Aldino
manufacturing company
-
,
.
6.
271
(profitability ratios)
, .
272
III.
(profitability ratios)
.
.
(profitability in relation to sales).
(gross profit margin):
-
^g ^
, . Aldino manufacturing
company 20X2 :
3
$3992000
=32,9%.
.
.
Aldino manufacturing company
23,8%,
.
(net profit margin):
Aldino manufacturing company 20X2 :
$201000
, ,
.
. Aldino manufacturing company
5 .
, (4,7%),
Aldino manufacturing company,
.
.
, ,
,
, (SG&A)
. ,
,
. ,
,
.
6.
273
7;
(6.20)
$201000
(7,8%)
Aldino manufacturing company.
,
,
.
R O I Du Pont Company. 1919 Du Pont Company
.
. . 6.4,
, (earning power)
.
Aldino manufacturing company :
=
ROI =
6,20%= 5,04% 1,23.
,
.
,
.
, (earning power),
.
, ,
. ,
,
.
274
III.
, ,
. ROI, , .
.
.
, -
6.
275
(ROE) ,
. ROE Aldino
manufacturing company , (14,04%).
Du Pont,
:
. (1 + ),
,
. Aldino manufacturing company 1 + 0,81 = 1/81,
1 + 0,8 = 1,80.
276
III.
, , ,
, .
,
. ,
.
. 6.3
Aldino manufacturing company 20X0-20X2
20X2 .
, -
20X2 .
-
20X0
.
- .
,
.
.
6.3. Aldino manufacturing
company 20X0-20X2 .
20X0
20X1
20X2
20X2
2,95
2,80
2,72
2,10
1,30
1,23
1,11
1,10
0,76
0,81
0,81
0,80
0,43
0,45
0,45
0,44
5,95
5,43
4,71
4,00
"" ()
6.
277
. 6,3
1,25
1,18
1,23
1,66
30,6
32,8
32,9
23,8
4,90
5,32
5,04
4,70
6,13
6,29
6,19
7,80
10,78
11,36
11,19
14,04
"
.
Aldino manufacturing company,
. ,
, ,
(,
, , ).
, ,
,
-
.
"" ( )
.
.
, , .
.
,
- .
278
III.
,
.
.
.
, ,
, ,
.
(common-size analysis)
,
().
(index analysis)
,
100%,
.
()
. ,
,
,
. ,
.
.
, .
,
.
. . 6.4 6.5,
R. . Harvey Electronics
6.
279
Company, 20X0-20X2 .
. 6.4 ,
, .
.
(
) 20X0 20X1 ,
20X1-20X2
.
20X2 .
(. 6.5)
.
20X2
,
20X0 20X1 .
6.4. R. . Harvey Electronics Company
( 31 )
(. .)
20X0
20X1
20X2
(%)
20X0
20X1
20X2
2507
11 310
19 648
1,0
3,8
5,1
70 360
85147
118415
29,3
289
30,9
77 380
91 378
118 563
32,2
31,0
31,0
6316
6082
5891
2,6
2,1
1,5
65,1
65,8
68,5
79187
94 652
115461
32,9
32,2
30,1
4695
5899
5491
(
)
2,0
2,0
1,4
100,0
100,0
100,0
20X0
20X1
20X2
20X0
20X1
20X2
35 661
37 460
62 725
14,8
12,7
16,4
20 501
14 680
17 298
8,5
5,0
4,5
11054
8 132
15 741
4,6
2,8
4,1
67 216
60 272
95 764
27,9
20,5
25,0
888
1276
4 005
0,4
0,4
1,0
26,0
68 104
61548
99 769
28,3
20,9
12 650
20 750
24150
5,3
7,0
6,3
37 950
70 350
87 730
15,8
23 9
22,9
50,6
482
44,8
71,7
79,1
74,0
100,0
100,0
100,0
280
III.
(%)
20X0
20X1
20X2
100,0
100,0
100,0
45,8
49,2
46,7
54,2
50,8
53,3
180 610
40,7
37,6
37,7
2,3
20X0
20X1
20X2
7700
9595
11 257
2,4
2,5
1711
1356
1704
0,5
0,4
0,4
34433
38 717
61816
10,6
10,3
12,9
12 740
14712
23 490
3,9
3,9
4,9
21693
24 005
38 326
6,7
6,4
8,0
.
Harvey Electronics 20X0 ,
100%.
. ,
Harvey Electronics 20X1
(85 147 000 .) 20X0
(70 360 000 .), , 121,0% (.. 85 147 000 . /
70 360 000 .)100).
, ,
(, , , -
) ,
, ,
Harvey Electronics 20X2
148,0, 48%- (148,0%-100,0%)
.
. 6.6 6.7
. . 6.6
,
. ,
-
20X2 20X1 .
. ( -
6.
281
-
,
).
.
20X1 20X2 .
.
, ,
, ,
,
. 20X2 .
,
.
.
,
,
.
, Excel.
,
.
6.6. R.V. Harvey Electronics Company (
31 )
(. .)
(%)
20X0
20X1
20X2
20X0
20X1
20X2
2507
11 310
19 648
100,0
451,1
783,7
70 360
85147
118415
100,0
121,0
168,3
77 380
91 378
118 563
100,0
118,1
153,2
6316
6082
5891
100,0
96,3
93,3
156 563
193 917
262 517
100,0
123,9
167,7
( )
79 187
94 652
115461
100,0
119,5
145,8
4695
5899
5491
100,0
125,6
117,0
240445
294468
383 469
100,0
122,5
159,5
282
III.
. 6.6
(. .)
20X0
20X1
(%)
20X2
20X0
20X1
20X2
35 661
37 460
62 725
100,0
105,0
175,9
()
20501
14 680
17 298
100,0
71,6
84,4
11054
8132
15 741
100,0
73,6
142,4
67 216
60272
95 764
100,0
89,7
142,5
888
1276
4 005
100,0
143,7
451,0
68 104
61 548
99 769
100,0
90,4
146,5
12 650
20 750
24150
100,0
164,0
190,9
37 950
70 350
87 730
100,0
185,4
231,2
121 741
141 820
171820
100,0
116,5
141,1
172 341
232920
283 700
100,0
135,2
164,6
240445
294468
383469
100,0
122,5
159,5
20X1
20X2
(%)
20X0
20X1
20X2
323 780
100,0
115,8
148,0
148 127
100,0
124,6
151,0
175 653
,
131 809
100,0
108,5
145,4
140913
180 610
100,0
106,9
137,0
7700
9595
11257
100,0
124,6
146,2
1711
1356
1704
100,0
79,3
99,6
34 433
38 717
61 816
100,0
112,4
179,5
6.
283
. 6,7
(. .)
(%)
20X0
20X1
20X2
20X0
20X1
20X2
12 740
14 712
23490
100,0
115,5
184,4
21 693
24 005
38 326
100,0
110,7
176,7
,
.
,
;
.
. , ,
:
, ,
.
.
,
.
, ,
.
:
, "" (), ,
. ,
,
.
.
.
.
,
.
.
,
.
,
.
284
III.
()
.
,
.
.
(Current
Ratio)
,
" "
("Acid-test" (Quick)
Ratio)
()
""
()
(Debt-to-Equity Ratio)
(Debt-toTotal-Assets Ratio)
()
(interest
coverage ratio)
(/)
,
,
6.
285
(receivable turnover
(RT) ratio)
**
(
)
,
(Receivable turnover in
days (RTD))
365
(RT)
(inventory turnover
(IT) ratio)
- * *
-
,
(inventory
turnover in days (ITD))
365
(IT)
,
-
(total
asset or capital
turnover)
* *
(net
profit margin)
,
,
;
286
III.
,
(rate of return on
Investment (ROI), or
return on assets)
" *
=
* *
(Return on
Equity (ROE))
"* .
(deferred taxes) ,
,
. ,
,
( ) :
, -
. ?
10
, , (taxes payable).
, , ,
,
.
6.
287
(deterred taxes)
,
, ,
.
.
.
.
- (MACRS)
(. . 6.1). ""
, (tax-return
profits) , (book profits).
, ,
.
,
.
, :
, , ..
, .
"", .
,
.
6.1.
(
31 ) (. . )
100,0
100,0
45,0
45,0
15,0
20,0
(MACRS)
40,0
35,0
III.
288
. 6. 1
(40%)
16,0*
14,0
24,0
21,0
": ( )
14,0
( ,
)
2,0
16,0
,
,
.
.
.
(,
) :
( )
. ,
, , , ;
, ,
,
, .
, ,
.
"" ,
. ,
, -
. :
,
, , , ,
,
. , ,
.
( " )
.
, .
6.
289
1. ?
?
2.
?
3.
Auxier Manufacturing
Company 4,
. ?
4. 25%-
(..
)? .
5.
,
,
.
. .
6. ,
.
7. ,
, :
a) ,
;
b) ,
;
c) ,
;
d) .
8.
?
9.
, ,
?
?
10.
- ?
, ,
?
11. ,
(, -
290
III.
)
(, 2,0)? ?
12. :
10,0 ,
2%, 2,0
, 10%?
.
13. , , , ,
?
? ?
14.
,
?
1. Cartage Company
800 . ., 500 . .
.
a )
100 . .
b) 100 . .
.
c) 200 . .,
.
d)
40 . .
2. Acme Plumbing Company
"2/10, 30 ".
(.)
20X1
20X2
20X3
30 000
20 000
5 000
200 000
260 000
290 000
400 000
480 000
600 000
800 000
800 000
800 000
1430 000
1 560 000
1 695 000
230 000
300 000
380 000
6.
291
20X1
20X2
20X3
200000
210000
225000
100000
100000
140000
300000
300000
300000
100 000
100000
100 000
500000
550000
550000
1430000
1560000
1 695 000
4 000000
4 300000
3 800000
3 200 000
3 600 000
3 300000
300 000
200 000
100 000
6
,
. ?
3.
,
.
0,5
2,5
18
10%
" "
, 360 .
100 000
(.)
()
(.)
(.)
-
(.)
(.)
100000
(.)
(.)
100000
(.)
(.)
4.
Kedzie Kord
Company (. .)
292
III.
20X1
20X2
20X3
561
387
202
1963
2870
4051
2031
2613
3287
4555
5870
7540
2581
4430
4364
7136
10300
11904
1862
2944
3613
301
516
587
250
900
1050
2413
4360
5250
500
1000
950
4223
4940
5704
7136
10300
11904
11863
14 952
16 349
8537
11 124
12 016
2276
2471
2793
73
188
200
977
1169
1340
390
452
576
587
717
764
,
.
1.
,
.
(. .)
10
20
12
17
(. .)
10
2,5
0,7
0,8
0,5
1,5
(. .)
,
.
2.
Cordillera Carson Company 20X2 (. .)
6.
293
(
)
12 680
400
1300
8930
2100
3750
3800
2230
3320
460
1060
(
)
7120
320
260
1100
1680
2000
3440
390
670
7120
. 480: -
20X1 1800.
:
a ) ;
b) ;
c) ;
d) - ;
e) ;
f)
;
g) ;
h) ;
i)
3.
RMN, Incorporated.
20X1
20X2
20X3
4,2
2,6
1,8
2,1
1,0
0,6
(%)
23
33
47
- (%)
8,7
5,4
3,5
294
III.
20X1
20X2
20X3
33
36
49
3,2
2,6
1,9
(%)
3,8
2,5
1,4
(ROI) (%)
12,1
6,5
2,8
(ROE) (%)
15,7
9,7
5,4
(%)
)
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)
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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 . .
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,
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b)
,
50 . .?
( 360.)
6. Stoney Mason, Inc. 6 . .,
6,
120 . .
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,
. ,
,
,
.
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
( )
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2346
2388
2692
5748
6901
7954
9553
1131
1578
1848
2968
()
500
650
750
750
656
861
1289
1743
500
800
800
800
200
200
200
200
2761
2812
3067
3092
5748
6901
7954
9553
,
, .
9.
1000000
()
4000000
5 000000
2000000
7 000000
2000000
( )
17 000 000
12000 000
30 000000
4 000000
2000000
4000000
30 000000
4 000 000
16 000 000
20 000 000
6.
297
12
2 200000
1400 000
1 200 000
16 800 000
3200000
1 200 000
2000000
240 000
1760 000
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4 360 000
360 000
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4 000 000
) ,
20X3 .
U.S. Republic corporation
20X1
20X2
1. (%)
250
200
225
2.
(%)
100
90
110
3.
5,0
4,5
6,0
4.
4,0
3,0
4,0
5.
(%)
35
40
33
6.
(%)
39
41
40
7.
(%)
17
15
15
8.
(%)
15
20
20
9.
(%)
20X3
(%)
15
12
12
10
0,9
0,8
1,0
11.
5,5
4,5
5,0
298
III.
b) ,
.
.
c) ,
.
I)
: 800./ 500 .= 1,60.
a) 700 ./500 . = 1,40.
.
b) 900 ./ . = 1,50.
.
c) 800 ./500 . = 1,60.
.
d) 760 ./540 . = 1,41.
,
.
20X1
20X2
20X3
1,19
1,25
1,20
0,43
0,46
0,40
18
22
27
8,0
7,5
5,5
1,38
1,40
1,61
0,33
0,32
0,32
0,200
0,163
0,132
0,075
0,047
0,026
2,80
2,76
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299
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= 400 . .
= 400 . .
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= 1 . .
=
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-
$900 000
-
- =100 . .
300
III.
360
= 50 . .
( ) =
=200 . .
(.)
50 000
100000
50000
100000
100000
100000
200000
100000
400000
400000
4.
(%)
20X1
20X2
20X3
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3,8
1,7
27,5
27,8
34,0
28,4
25,4
27,6
63,8
57,0
63,3
36,2
43,0
36,7
100,0
100,0
100,0
26,1
28,6
30,4
4,2
5,0
4,9
3,5
8,7
8,8
33,8
42,3
44,1
7,0
9,7
8,0
59,2
48,0
47,9
100,0
100,0
100,0
100,0
100,0
100,0
72,0
74,4
73,5
19,2
16,5
17,1
0,6
1,3
1,2
8,2
7,8
8,2
3,3
3,0
3,5
4,9
4,8
4,7
6.
(%)
301
20X1
20X2
20X3
100
69,0
36,0
100
146,2
206,4
100
128,7
161,8
100
128,9
165,5
100
171,6
169,1
100
144,3
166,8
100
158,1
194,0
100
171,4
195,0
100
360,0
420,0
100
180,7
217,6
100
200,0
190,0
100
117,0
135,1
100
144,3
166,8
100
126,0
137,8
100
130,3
140,8
100
108,6
122,7
100
257,5
273,9
100
119,7
137,2
100
115,9
147,7
100
122,2
130,2
,
.
20X2 , 20X3
.
, 20X3
,
.
, ,
.
. 20X3
,
.
. 20X2
302
III.
,
. 20X3
,
.
.
,
. -
.
20X2 ,
20X3 .
20X2 20X3
20X2 ,
.
,
. ,
.
, ,
, .
Almanac of Business and Industrial Ratios. (Upper Saddle River, NJ: Prentice Hall, annual).
Altman, Edward I . , "Financial Ratios, Discriminant Analysis and the Prediction of
Corporate Bankruptcy" Journal of Finance 23 (September 1968), p. 589-609.
, Robert G. Haldeman, and P. Naraynan, "Zeta Analysis: A New Model to Identify
Bankruptcy Risk of Corporations" Journal of Banking and Finance 1 (June 1977), p. 29-54.
Chen, Kung H., and Thomas A. Shimerda, "An Empirical Analysis of Useful Financial
Ratios", Financial Management 10 (Spring 1991), p. 51-69.
Cunningham, Donald F, and John T. Rose, "Industry Norms in Financial Statement
Analysis: A Comparison of R M A and D & B Benchmark Data", The Credit and Financial
Management Review (1995), p. 42-48.
Fraser, L y n M, and Aileen Ormiston, Understanding Financial Statements, 6th ed. (Upper
Saddle River, NJ: Prentice Hall, 2001).
Gombola, Michael ] . , and J. Edward Ketz, "Financial Ratio Patterns in Retail and
Manufacturing Organizations", Financial Management 12 (Summer 1983), p. 45-56.
Harrington, Diana R., Corporate Financial Analysis in a Global Environment, 7th ed. (Mason,
O H : South-Western, 2004).
Helfert, Erich A., Techniques of Financial Analysis, 11th ed. (New York, NY: McGrawH i l l / I r w i n , 2003).
Higgins, Robert C. Analysis for Financial Management, 7th ed. (New York, NY: McGrawH i l l / I r w i n , 2004).
Lewellen, W. G., and R. 0. Edmister, "A General Model for Accounts Receivable Analysis and
Control' 'Journal ofFinancial and Quantitative Analysis 8 (March 1973), p. 195-206.
1
7
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2196
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:
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631
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312
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20X1 31 20X2 (. .)
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1
314
III.
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31 20X2 (. .)
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319
Aldino Manufacturing
Company,
31 20X2
(. .)
Aldino Manufacturing Company,
31 20X2 (. .)
4054
"
(3539)
(85)
(211)
62
219
(94)
201
112
320
III.
.
Aldino Manufacturing
Company,
31 20X2
(. .)
Aldino Manufacturing Company,
31 20X2 (. .)
,
(4)
(104)
(6)
(65)
12
(169)
(91)
27
7.5
92
(143)
(104)
(47)
(65)
()
219
31 20X1
175
31 20X1
178
201
112
()
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31 20X1
(169)
92
4
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3
175
7. ,
Aldino Manufacturing
Company,
31 20X2
(. .)
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31 20X2 (. .)
(94)
31 20X2
(4)
(6)
85
12
211
178
(91)
321
27
219
. . 7.6.
7.6.
Aldino Manufacturing Company (. .)
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()
62
4054
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94
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(12)
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912
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3539
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91
211
3992
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322
III.
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328
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140
150
150
.
100%
100
80
100
120
140
150
80
80
90
90
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100
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50
50
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300
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30
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342
100
350
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334
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)
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336
III.
31
2001
30
2002
100
-25
75
342
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373,5
100%
10%
350
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420
792
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868,5
800
+50
850
1 592
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50
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100
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150
100%
150
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140
70
70
(60 . 60 .)
370
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. 500 .
., 2 . .,
250 .: 2 . ./8 = 250 . . ,
750 . .
.
, , ,
.
, .
,
.
, , . ,
.
.
.
, -
.
, .
,
-
338
III.
. , ,
.
, ,
.
: ,
.
, ,
.
.
,
.
,
.
,
.
,
.
.
.
,
. ,
;
.
,
. ,
, , ,
Hewlett-Packard.
(sustainable growth rate SGR),
( ),
,
.
7. ,
339
, - ,
.
.
,
. ,
,
.
,
.
.
A/S -
(/)
NP/S -
( / )
(1-
)
D/Eq-
5 - ( )
0
AS -
.
, ,
.
, .
, : 1)
,
(); 2) - ,
; 3 )
, ; 4)
,
. ,
.
3
. ,
,
,
.
340
III.
,
.
.
, .
,
, .
(SGR)
(SGR).
( ), ,
( ) .
AS , .. S
. ( NP
NP
AS
= b
NP
+ 5
NP
S
S +AS
D_
Eq
(7A.1)
:
(NP
AS
, SGR = S,
A
0
1+
bi )
NP
Eq
1-
(7A.2)
Eq)
,
.
. -
7. ,
341
, - . ,
,
.
.
,
.
, ,
. 7.1.
SGR =
0,70(0,04)(1,8)
-^
>' = 9,17%
0,60-,70(0,04)(1,80)
7 . 1 . ,
/
(. .)
100
(, .)
80
Sales
(, .)
300
0.70
NP/S
0,04
D/Eq
0,80
A/S
0,60
Eq
Debt
(7.2) (S/A)
,
SGR = -
JNP)
Eq
1-
'NP)
, SGR
()
(NP/Eq).
342
III.
9,17%
109,17 . .,
9,17% 87,34 . .,
.
9,17%,
. ,
,
.
, ,
,
.
.
, S
Eq
. ,
, . ,
,
.
,
(SGR):
0
D_
Eq
-1,
NP
D_
Eq
(7A.3)
New Eq ,
Div , a S/A
. ,
,
. (7.) ,
.
,
().
, (NP/S)(S/A),
.
.
,
.
7. ,
343
,
3,93 . . ;
(. . 7.1).
, (7.1), :
s
[(100-3,93)(1,80)(1,6667)
300
[ 1-[(0,04)(1,80)(1,6667)]
- 1 = 9,17%,
7.2. SGR
1
A/S
0,60
0,60
0,55
NP/S
0,04
0,04
0,05
D/E
0,80
0,80
Div
4,00
0
NewEq
SGR
11
12
13
0,60
0,5882
0,60
0,60
0,05
0,04
0,04
0,50
0,65
0,70
0,05
0,035
0,03
0,05
0,04
1,00
0,50
0,80
0,80
0,50
0,50
0,60
1,00
4,00
4,00
4,00
4,00
4,00
4,00
4,00
4.00
4,00
4,00
4,00
4,00
10,0
5,00
10,0
n
10,00
10,00
0,30
0,20
0,30
0,25
0,25
0,35
10
0,0623 0,0536
. 300 ., 1 0 0 .
,
,
3,93 . 0,70.
, 0,60
1,6667.
, A/S
0,55 ( S / A - 1,8182) 0,60. ,
0,04 0,05.
0,80 1,00.
, 4 . .,
:
SGR =
(100-4)(2,00)(1,8182)
1 - (0,05)(2,00)(1,8182)
300
- 1 = 42,22%.
SGR
, ,
. ,
.
, D / E
, SGR 42,22%. D / E
,
, SGR.
344
III.
, D / E
1,00,
.
:
5j = $300(1,4222) = $426,66;
Eq, = $300(1,4222)0,05 - $4 + 100 = $117,333.
:
SGR2
[117,333 -4)(2,00)(1,8182)
1 - (0,05)(2,00)(1,8182;
426,66
-1 = 18,06%.
,
-. SGR
.
,
. .
,
, . . 7.2
,
.
,
.
:
, , ,
. .
,
.
, . ,
,
.
1.
.
2. ?
3.
? .
4.
.
7. ,
345
5. ,
,
.
6. , -
,
"" .
7. , ,
?
8.
, ?
9. ?
?
10.
/
?
11. ,
?
a) .
b) .
c) .
d) .
e) .
f) .
,
,
, .
12.
.
13.
? .
14.
, ,
?
15.
?
16.
?
, ?
17. ,
.
346
III.
18.
?
?
19.
.
20. ,
.
?
1. )
Dana-Stallings, Inc.
20X1 20X2 .
,
.
20X1
20X2
(.)
53 000
31 000
(.)
87 000
(.)
346 000
528 000
- (.)
432 000
683 000
918 000
1 242 000
, (.)
( ) (.)
1 113 000
1 398 000
2 031 000
2 640000
(.)
413 000
627 000
(.)
226 000
314 000
(.)
(.)
, (.)
(.)
(.)
,
100 000
235 000
739 000
1 176 000
100 000
100 000
1 192 000
1 364 000
2 031 000
2 640 000
(.)
. 20X2 1 189 000 .,
21 000 ., 114 000 ., .
) ,
(),
. (
7. ,
347
?)
2. 31 Rodriguez Malting
Company (. .).
50
360
530
212
545
400
1125
(
)
1836
972
450
100
1439
2961
2961
.
, .
, 20%
, 70% 10%
. .
,
60% .
.
, ,
150 . ., 200 ., 160 .
. , ,
, , 100 . .
-. -
- (. .):
500
1000
600
650
600
750
a) , , ;
b) ,
50 . .
( );
348
III.
) 31
( ,
- ,
24 . .).
3.
Margaritaville Nautical Company
2,4 . .
. ,
,
.
: 4% .
:
()
60 .
- : .
: 500 . .
. .
:
.
: 3% .
: 50 . . ,
250 . .
: 300 . . ,
75 . .
: 100 . .,
.
: 500 . . .
: 8% .
4.
: .
: 60% .
: 50% .
: 50% .
Kidwell Industries ,
12 . ., 8 .
30 . .
) A/S 0,6667,
0,04,
D / E 0,6667,
0,75. -
7. ,
349
?
) ,
A / S 0,62,
0,05,
D / E 0,80.
3 . .
1 . . .
.
, )?
1.
Shmenge Brothers
.
.
(.)
(.)
+800
-100
+700
-100
-300
-200
+400
+600
+1000
+900
Svoboda 31 (. .)
20X1
20X2
20
22
12
15
50
55
15
20
26
40
44
90
100
20X1
20X2
15
90
100
350
III.
Svoboda
31 20X2 (. .)
48
.25
37
11
: 31.12.20X1
40
47
31.12.20X2
44
a) (
) 2 0 X 2 Svoboda.
b) Svoboda
2 0 X 2 , .
3.
Begalla Corporation.
Begalla 31 (. .)
20X1
20X2
12
20X1
20X2
10
10
15
23
30
18
20
40
40
20
20
10
10
15
20
63
90
63
70
7. ,
351
Begalla 20X2 (. .)
95
50
15
70
25
10
15
a) (
) Begalla Corporation.
b) Begalla Corporation
, .
4.
Manufacturig
Company ,
.
20 . . ,
,
, . 20
20 . .
(.)
(.)
50 000
70 000
50 000
80 000
60 000
100 000
60 000
100000
: 50%
.
50% (
).
: 70% : 90% ,
,
10%
.
,
: 10 . . 10% .
.
352
III.
:
150 . . ( 12%)
.
50 . .
.
:
10 . .
: 40 . .
.
: 1000 .
.
5. ,
Central City Department Store
20X2 .
a) .
b) 75% 25%
.
c) , 60%
, 30%
10% .
.
d) (.), ,
:
20X1
300 000
20X2
200 000
20X1
350 000
20X2
300 000
20X1
400000
20X2
250000
20X2
150 000
20X2
200000
20X2
200
20X2
300000
) 80%
.
f)
(.)
30 000
50 000
40 000
40 000
50 000
35 000
g) 2000 . .
h)
7500 .,
.
i)
20X2 50 . .
7. ,
j)
353
) 31 20X1
100 . .,
.
5000 . (
) .
6. , 5,
,
20X2
Central City Departmnet Store (,
).
a) 31 20X1 200 .
.
b)
250 . . 10 ,
.
c) 50%.
7. , 5 6,
30
Central City Department Store. (,
, 31 20X1 .)
(.)
(.)
100 000
130 000
427 500
500000
- 200 000
,
347 500
250 000
977 500
977 500
8. Liz Clairorn Industries 40 .
., 150 . .
a) A / S 0,40,
0,07,
D / E 0,60. ,
.
b) ,
: A/S
111.
354
1. )
Dana-Stallings, Inc. (. .)
172
189
474
361
,
87
182
214
251
88
135
22
907
907
7. ,
355
.
.
,
, (
),
.
.
)
Dana Stallings, Inc. (. .)
172
189
, ()
,
214
88
(182)
, -
(251)
230
(474)
87
(387)
135
135
()
(22)
, 31 20x1
53
, 31 20x2
31
21
114
,
, ,
. ,
,
, , ,
.
356
III.
2. )
(. .)
600
750
600
1000
650
20%
120
200
130
70%
420
420
700
10%
50
60
60
590
680
890
600
390
450
100%
360
600
390
150
200
160
500
()
360
100
100
100
610
900
650
(20)
(220)
240
400
420
640
20
220
(240)
420
640
400
400
,
, .
,
.
)
31 (. .)
,
31
,
31
50
50
530
+90
620
80%
10%
7. ,
357
31 (. .)
,
31
,
31
545
+90
635
1125
+180
1305
1836
-24
1812
2196
545
. 1985 ,
2250 ,
( , ),
0,60
24 .
3117
+156
,
31
,
31
400
400
360
+90
450
100%
212
212
972
+90
1062
450
450
100
100
1439
+66
1505
,
,
(-)
2961
+156
3117
3.
(. .)
2400
1440
60%
960
358
III.
(. .)
576
24%
16% (. )
384
16% ,
8%-
50%-
192
50%
192
0
8%
192
96
; 4%
2,4 , .
400
60 ; (
2,4 . .)/(360*60)
180
; (
1,44 . .)/8
676
500
500 . ,
,
1176
27
,
,
60
; (0,5)(
1,44 . .)/12
72
3%
2,4 , .
159
225
300 . , 75 . ,
100
692
500 , . 192 , ,
1176
7. ,
359
1. a ) SGR--
) SGR--
0,75(0,04)(1,6667)
0,6667 -[0,75(0,04)(1,6667)
(12 + 1-0,3)(1,80)(1,6129
= 8,11%
-1 = 43,77%
Bhandari, Shyan ., "Pedagogical Issues Concerning Analysis of the Cash Flow Statement",
Journal of Financial Education 29 (Spring 2003),p. 1-11.
Chambers, John C, Satinder K. M u l l i k , and Donald D. Smith, "How to Chose the Right
Forecasting Technique", Harvard Business Review 49 (July-August 1971), p. 45-74.
Gahlon, James M . , and Robert L. Vigeland, "An Introduction to Corporate Cash Flow
Statements", AAIIJournal 11 (January 1989), p. 14-18.
Gup, Benton E., W i l l i a m D. Samson, Michael T. Dugan, M y u n g J. K i m , and Thawatchai
Jittrapanum, "An Analysis of Patterns from the Statemant of Cash Flows", Financial
Practice and Education 3 (Fall 1993), p. 73-79.
Helfert, Erich A., Techniques of Financial Analysis, 10th ed. (Burr Ridge, I L : Richard D.
I r w i n , 2000), Ch.1-4.
Higgins, Robert C, "How Much Growth Can a Firm Afford?" Financial Management 6 (Fall
1997), p. 7-16.
. "Sustainable Growth under Inflation", Financial Management 10 ( A u t u m n 1981),
p. 36-40.
. "Ananly sis for Financial Management", 5th ed. (Homewood, I L : Richard D. I r w i n ,
1997).
Moore, Marty, "Cash Flow Management in a Leveraged Environment", Strategic Finance
(January 2002), p. 31-33.
Nurnberg, Hugo, "Inconsistencies and Ambiguities in Cash Flow Statements under FASB
Statemant No. 95", Accounting Horizonts 7 (June 1993), p. 60-75.
Plewa, Franklin J., and G. Thomas Friedlob, "New Ways to Analyze Cash Flows", National
Public Accountant Al (February/March 2002), p. 25-30,43.
Statement of Cash Flows: Understanding and Implementing FASB statement No. 95. Ernst &
Whinney, January 1988.
360
III.
IV
( )
-
( )
8 :
,
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,
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() .
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,
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364
IV.
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365
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.
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, . 2003
VTech Holdings
- ,
(net cash po
sition) (23 . .) 14- (50 . .),
11% . 2002
Jardine Strategic 64 . .
. , La Tondena Distillers ( 78 29 )
-
2,3 . (42 . .).
I
I
|
I
. Karen Winton Enid Tsui, "Wheel of Fortune", CFO Asia (April 2003), p. 28-37.
(www.cfoasia.com) 2003 CFO Publishing
Corporation. . .
-
.
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)
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370
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Jerry A. Viscione, "How Long Should You Borrow Short
Term?" Harvard Business Review (March-April 1986),p. 20-24.
8.
377
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U11
1. Zzzz Worst
3,2 . .,
0,2 . . 10 . .,
( ) (
) 12%.
,
,
.
0,2 . .
0,5 . 0,8 . .
.
a)
, ,
.
b)
,
15%- ?
t>
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Anderson Corporation (
)
280 . .,
( )
10%.
100 . .
50 . .
)
( ).
IV.
b) (
) ,
10 . 15 . 100 . .
c)
)? , ),
,
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2. Malkiel Corporation
, .
,
.
50 . . ,
. 1 . . .
(. .)
(. .)
( )
31.03.20X1
50
21
30.06.20X1
51
30
30.09.20X1
52
25
31.12.20X1
53
21
31.03.20X2
54
22
30.06.20X2
55
31
30.09.20X2
56
26
31.12.20X2
57
22
3103.20X3
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23
30,06.20X3
59
32
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60
27
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23
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).
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3. Mendez Metal Specialties, Inc.
. Central Bank
, 1%
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383
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3-
4-
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48
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5,9
5,0
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.
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.
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.
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384
IV.
)
(.)
300
600 000
, (.)
45000
90000
,
(
) . ,
. ""
, ""
.
Gamble, Richard ., "The Long and Short of Debt", Business Finance 8 (October 2002),
p. 25-28.
Gilmer, R.H., Jr., "The Optimal Level of Liquid Assets: An Empirical Test", Financial
Management 14 ( W i n t e r 1985), p. 39-43.
Hawawini, Gabriel, Claude Vialet, and Ashok Vora, "Industry Influence on Corporate
W o r k i n g Capital Decisions", Sloan Management Review 27 (Summer 1986), p. 15-24.
H i l l , Ned C , and W i l l i a m L. Sartoris, Short-term Financial Management, 3 ed. (Englewood
Cliffs, NJ: Prentice Hall, 1995).
rd
Maness, Terry S., and John T. Zietlow, Short-Term Financial Management (Fort W o r t h , T X :
Dryden Press, 1998).
Morris, James R, "The Role of Cash Balances in Firm Valuation", Journal of Financial and
Quantitative Analysis 18 (December 1983), p. 533-546.
Petty J. W i l l i a m , and David F. Scott, "The Analysis of Corporate Liquidity", Journal of
Economics and Business 32 (Spring-Summer 1980), p. 206-218.
Sartoris, W i l l i a m L., and Ned C. H i l l , "A Generalized Cash Flow Approach to Short-Term
Financial Decisions" Journal of Finance 38 (May 1983), p. 349-360.
Van Home, James C, "A Risk-Return Analysis of a Firm's W o r k i n g Capital Position",
Engineering Economist 14 (Winter 1969), p. 71-89.
Viscione, Jerry A., "How Long Should You Borrow Short Term?" Harvard Business Review
( M a r c h - A p r i l 1986), p. 20-24.
Walker, Ernest W., "Towards a Theory of Working Capital", Engineering Economist 9 (JanuaryFebruary 1964), p. 21-35.
IV Web-, (Wachowicz's Web World),
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, , , (web. u t k . e d u / ~ j w a c h o w i /
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Harcourt Brace Janovich, 1936),p. 170-174.
1
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p. 4. Copyright 1999, First Tennessee Bank.
, , -
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(cash concentration) .
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.
396
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()
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, , ,
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.
.
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. ,
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.
.
.
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398
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. (peer-to-peer
payment)
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.
. Ruth Aim Marshall, "Prepare for Paperless Payments", 2002 2004 MasterCard
International Incorporated. . .
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.
.
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.
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(net float), (float).
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399
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402
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(remote disbursement)
, ,
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,
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,
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E D I ) . ,
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("") ,
.
( ) (electronic data interchange E D I )
(, -,
..) .
404
IV.
,
, , -.
() (electronic data interchange EDI)
,
.
("") (Society of W o r l d w i d e Interbank Financial Telecommuni
cations
S W I F T )
("") (Clearing-house Interbank Payments System - C H I P S ) .
() (electronic funds transfer EFT)
, ( ).
("") (Society for Worldwide Interbank Financial Telecommunication SWIFT)
,
,
,
("") (Clearing
House International Payments System CHIPS)
,
.
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1999
, , ,
,
.
, , .
( ) ( f i n a n c i a l E D I F E D I ) .
( )
.
,
.
9.
405
General Electric "" .
General Electric, Gartner CS-13-4085
( 2001 ), , 70%
,
; 20%
, .
, General Electric 50%
- .
General Electric ,
.
2 . .
General Electric E D I - (electronic data inter
change )
, ,
E D I .
- (electronic i n
voice presentment EIP), W o r l d Wide Web,
, General Electric 15-
1,5%- , -
- ( E I P ) General Electric. -,
, 60 .
15 General Electric ( 45%
)
- ( E I P ) . General Electric
12%.
. Suzanne Hurt, "Why Automate Payables and Receivables?" Strategic Finance
(April 2003), p. 33-35. (www. s t r a t e g i c f inancemag. com).
2003 . .
406
IV.
,
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.
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.
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.
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Dell Computers
, .
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,
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, , ,
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9.
407
Web- Dell
:
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.
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.
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.
,
.
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, .
.
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.
,
.
,
. -
408
IV.
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, . ,
(Outsourcing Institute)
30 ,
, "
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409
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,
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.
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,
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19%
37%
28%
36%
31%
17%
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10%
, Unisys, ,
,
. ,
, .
. "When Not to Focus on Cost Savings". Exec, Vol. 25:1 (2003), p. 4. (www.
u n i s y s . com/execmag/) 2003 Unisys Corp.
.
.
, , ,
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410
IV.
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.
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.
James . Van ,
Financial Management and Policy, 11-th edition. (Upper Saddle River, NJ: Prentice Hall,1998), Chap. 12.
9,
411
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, . . James
. Stencill, The Management of Working Capital. (Scranton, PA: Intext Education Publishers,
1971, Chap. 2 and 3).
0
412
IV.
.
,
,
(R$) (ready cash segment ( R $ ) ) .
(R$):
,
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413
,
.
.
,
,
. ,
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.
.
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.
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. ,
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.
(marketability (or liquidity))
.
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. ,
414
IV,
, .
.
1000 .
26 956 . ,
44 .,
.
(Bond Equivalent Yield BEY)
,
365- ,
,
BEY = ((FA - PP)/(PP))(365/DM),
BEY ;
FA ;
;
DM , .
BEY
;
BEY = ((1000 . -956 ,)/(956 .))(365/182) = 0,0923 = 9,23%
(Effective Annual Yield EAY)
,
365- . (
. (3,31)
3.)
EAY = (1 + (BEY/(365/DM)))
365/DM
- 1 = (FA/PP)
365/DM
- 1,
EAY , (
. .)
;
EAY = (1 + (0,0923/(365/182))) ' - 1 = (1000 ./ 956 .) ' - 1 = 0,0944 =
= 9,44%.
365 182
365 182
2,
. ,
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.
(interest-rate (or yield) risk)
,
,
9.
415
, (26-)
, , ,
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,
416
IV.
.
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(Treasury bills (T-bills)) 13 26
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.
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,
. ,
9.
417
, .
. ,
.
, ,
.
,
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,
,
.
, (repurchase agreementsRPs; repos)
( , )
,
. (Federal
agencies)
(Federal Financing Bank).
(Federal Housing
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(Government National Mortgage Association, GNMA, "Ginnie ")
(Tennessee Valley Authority, TV ). ,
,
(government-sponsored enterprises GSEs),
.
(Federal Farm Credit Banks FFCBs),
(Federal National Mortgage Association FNMA,
"Fannie ")
(Federal Home Loan Mortgage Corporation F H L M C , "Freddie Mac").
, ,
,
(federal agency securities).
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418
IV.
,
.
.
(federal agency)
, ,
, ,
,
, (commercial paper)
,
.
.
-
, .
,
.
, ,
General Electric Capital Corporation, Ford Motor Credit Company, General Motors
Acceptance Corporation Sears, Roebuck Acceptance Corporation.
,
,
,
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9.
419
.
. -
, .
, (commercial paper)
,
,
, , .
270 ,
.
,
.
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.
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,
, "" (Yankee
commercial paper). , Mercedes-Benz AG
. ,
,
, - (Euro-commercial pa
per Euro CP).
, General Motors . -
. -
, .
,
270 , - ,
,
. ,
,
.
7
270 ,
(Securities
and Exchange Commission), .
7
IV.
420
.
, 1961 ,
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,
.
, , 30 12 .
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, 100 .
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.
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,
.
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9.
421
(short-term municipals).
. , , ,
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. 1982
,
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, .
- ,
. ,
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49 ,
,
. -
422
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.
.
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,
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424
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9.
425
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(money market funds M M F )
. 1970- ,
(Securities and Exchange Commission SEC) 1983 .
1980- ,
, ,
.
.
(The Institutional Money Market Funds Association
I M M F ) , , ,
1995 130 . . 2002 ,
.
,
,
, ,
(commercial paper CP),
(floating rate note FRN), -,
.
: , ,
(constant net asset value C N A V ) ,
,
(accumulating net asset value A N A V ) ,
.
C N A V , ,
:
,
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(roll-up fund), .
, .
,
. ,
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.
M M F
,
. M M F .
"" . M M F
.
SEC, SEC2a-7,
1983 M M F .
, -
426
IV.
MMF, ,
, SEC.
MMF . ,
MMF, , , Moody's Investors Service, Fitch Ratings
Standard & Poor's.
. The Treasurer ( The Association of
Corporate Treasurers). Denise Bedell, "Money Market Phenomena", The Treasurer (May 2003),
p. I - I V . 2003 The Association of Corporate
Treasurers, (www. t r e a s u r e r s . o r g ) .
, ,
,
.
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427
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428
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11. ?
12.
.
13. (),
(),
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14. ?
?
9.
429
1. The Zindler Company
.
.
.
.
500 . .
. ,
-
.
, ,
,
.
a) ,
.
b)
, ,
5%
,
.
c) ,
75 . .?
2. El Pedro
Steel Company, ,
.
8%
8,50%
7%
30% (
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432
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433
Adam, Peter S., and W i l l i a m A. Harrison, eds, Essentials of Cash Management, 6
(Bthesda, M D : Treasury Management Association, 1998).
th
ed.
Arvizu, Benjamin, "Using Your Bank as a Cash Management Tool", The Small Business
Controller A (Summer 1991), p. 42-47.
Batlin, C.A., and Susan Hinko, "Lockbox Managemnt and Value Maximization", Financial
Management 10 ( W i n t e r 1981), p. 39-44.
Bort, Richard, "Lockboxes: The Original Outsource", The Small Business Controller & (Fall
1995), p. 44-47.
, "What Every Financial Manager Needs to Know About Controlled Disbursing", The
Small Business Controller 9 (Winter 1996), p. 47-50.
Gitman, Lawrence J., D. Keith Forrester, and John R. Forrester Jr., "Maximizing Cash
Disbursement Float", Financial Management 5 (Summer 1976), p. 15-24.
Hahn, Thomas K., "Commercial Paper",
Moss, James D., "Campbell Soup's Cutting Edge Cash Management", Financial Executive 8
(September/October 1992), p. 39-42.
Nauss, Robert M . , and Robert E. Markland, "Solving Lockbox Location Problems",
Financial Management ?> (Spring 1979), p. 2 1 - 3 1 .
Phillips, Aaron L., "Management of Corporate Payments from Check to Electronic Format:
A Report on the Current Status of Payments", Financial Management 27 ( W i n t e r 1998),
p. 92-105.
Ricci, Cecilia W., and Gail Morrison, "International W o r k i n g Capital Practices of the
Fortune 200", Financial Practice and Education 6 ( F a l l / W i n t e r 1996), p. 7-20.
Stancill, James M. The Management of Working Capital. (Scranton, PA: Intext Educational
Publishers, 1971).
Stone, Bernell K., "Design of a Receivable Collection System", Management Science 27
(August 1981), p. 866-880.
434
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Bodden Truck Company
.
260 . .
. ,
-
.
48 . . .
,
- (
) 15%?
10. ,..
481
1. ,
24 . ., Kim Shi Company,
,
.
30 .
, ,
,
.
(, .)
2,8
1,8
1,2
0,6
()
45
60
90
144
20 . ,
18 . .
.
,
, ..
( ), 30%?
. ( , 360 .)
2.
(%)
10
15
, 1, ,
?
.
3. 2
.
(%)
1,5
3,0
5,0
7,5
482
IV.
? .
4.
Acme Aglet Corporation 12%;
"/10, ( ) " . ( , ,
,
10 .)
10 . . , 80%
, .
60 .
"2/10, 30", 60% ,
,
40 .
Acme Aglet Corporation "/10,
" "2/10, 30". .
5. Porras Pottery Products, Inc. 220 .
.
.
12 . .,
2,5 , 4%.
, ,
,
3%. 180 . .,
400 .
. .
, ( )
20%? 10%?
6. Pottsville Manufacturing Corporation
San Jose Company.
.
San Jose Company (. .)
1,5
1,6
1,6
1,3
1,8
2,5
13
2,6
4,0
0,4
0,5
0,4
4,5
6,5
8,5
-
( )
10. ,
483
( )
(
)
2,0
1,9
1,8
7,0
6,5
6,0
9,0
8,4
7,8
1,0
0,8
0,6
14,5
15,7
16,9
(8,5%)
2,1
3,1
3,8
0,2
0,4
0,9
0,2
0,2
0,2
2,5
3,7
4,9
4,0
3,0
2,0
6,5
6,7
6,9
1,0
(8,5%)
(6,5%)
1,0
1,0
5,0
5,0
5,0
2,0
3,0
4,0
14,5
15,7
16,9
20X1
20X2
20X3
15,0
15,8
16,2
11,3
12,1
13,0
3,7
3,7
3,2
1,1
1,2
1,0
2,6
2,5
2,2
1,3
1,2
1,2
San Jose
Company (. .)
1,3
1,3
1,0
0,3
0,3
0,0
1,0
1,0
1,0
484
IV.
"2/10, 30")
, ,
15 ,
" 30".
San
Jose Company.
? ?
7.
. 5000
12,50 .,
20% .
,
1 . ,
100 .
a) -
, , , ,
10 20 .
b) .
c)
.
8. Hedge Corporation
.
.
12 . ,
150 ,
, 200 .,
8 . .
a) .
b) -
Hedge Corporation (..
)?
c) ?
9. , 5000 , ,
( ).
, 200 .;
-
4 ;
( ).
a)
- .
b) ,
--
10. ...
485
.
, .
) .
10. Common Scents, Inc.
.
,
- ,
,
. ,
.
()
(.)
5000
26000
7500
14 000
10000
7000
12 000
3000
15000
1000
17 500
0,65 .
.
?
i.
= 360/45
= 8
= 360/75
- 4,8
= 1800 000 ,
= 9000000,/4,8
= 18750X1 .
= 0,8x1875 000 .
- 1 5 0 0 000 .
= 60000 000,/8
= 7500000,
486
IV.
= 600000./4,8
= 12500000
.
= 12 500 . 7 500 ,
= 5 000 000 ,
= 1500 . +
5000000 .
= 6 500 000 ,
( )
= 0,20 x 6 500 00 .
= 1300 000 .
, 1,8 .
., (
) ,
, 1,3 . .,
30 60 .
2.
, 22%,
,
,
.
( )
4 ./50 . - 8%,
.
,
5 x 8 % = 40% 24%,
. ,
.
. , 100 .
. .
(.)
(,)
30000
50000
20000
900
3500
4800
4800 .
,
, 8000
. ,
. ,
10. .,
487
,
.
,
,
.
)
2(0)(5)
2($40)(20)
$100
= 4 ( 1 . .)
4000 ,
.
(. ( )
1000 . = $0,10 1000 = $100)
)
*=
2(0)(5)_
!40)(20)
$50
= 5,66 ( 1 . .)
1000 ,
6000 .
,
, ,
.
)
Q* =
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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,
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
IV.
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, ,
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493
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.
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494
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11.
495
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, ,
- . 11.1.
496
IV.
, 30-
37,2%.
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497
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11.
501
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502
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.
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11.
503
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. 90
100 . .
, .
, 90-
. ,
, .
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,
. ,
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.
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(unsecured loans)
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504
IV.
, ()
.
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800 . .,
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11.
505
.) ,
,
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.
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. (
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. 11.2.
506
IV.
.
, ,
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, .
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.
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( )
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,
(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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, ,
, 1%.
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,
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:
$1200
0 /
$10 000
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11.
$1200
509
_,,
10,04/0 .
$8800
,
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.
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5%
.
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,
: ,
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100 .
. , ,
900 . . 1 . . ,
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$120 000 ()
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$900 000 ( )
.
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510
IV.
,
, ,
.
, ,
.
.
( ).
,
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Company
. 1 . .,
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, . ,
0,5%
. ,
400 . . ,
-
, :
$48 () + $3000 ( ) _ ^
$360 000 ( )
-
100 . .
( ) .
, .
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,
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,
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.
11.
511
,
, ,
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512
IV.
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,
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,
1954 ,
.
9
, .. ,
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.
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. ""
,
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11.
513
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.
514
IV.
,
, 75% ,
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11.
515
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LDMI Telecommunications ,
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,
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, . " 1990- , , ,
Fleet Capital Corp. (. , ).
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516
IV.
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11.
517
- ,
. ,
,
, -
.
2.
.
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, ,
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, floor planning,
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.
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IV,
518
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.
,
,
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.
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,
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.
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11.
519
. ,
.
.
( ),
.
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.
.
5.
.
.
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520
IV.
,
.
.
,
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, 1960- .
50 Allied Crude Vegetable
Refining Corporation 200 . .
2 . .
,
,
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.
1,85 . .
, , ,
,
Allied Crude Vegetable Refining Corporation ""
" ". ( , ,
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.)
N. . Miller, The Great Salad Oil Swindle 1
(Baltimore: Penguin Books, 1965). \
,
.
(factoring).
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(
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11.
521
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522
IV.
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11.
523
.
,
. 2%
, ,
, ,
90% .
, .
, ,
, , ,
- ,
.
,
,
2 . . .
, , :
. -
,
. - ,
,
.
,
. -
,
.
. ,
, .
,
-, ,
, ,
- ,
, .
. Rosalind Resnick, "Taking the Bite Out of Exporting",
International Business (April 1992), p. 17,18.
. ,
, 8,
,
.
,
524
IV.
, ,
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( ).
, -, , , , .
. ,
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).
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.
11.
525
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,
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.
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.
526
IV.
,
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11.
527
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90" "2/10, 30".
?
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?
IV.
6. ,
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7.
,
?
8.
?
9.
?
10. ,
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11. ,
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16. ,
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,
.
b) ,
.
c) .
d)
, .
17.
?
11.
529
1. (
)
, : I)
, I I )
I I I ) 365 .
a) 1/10, 30
e) 3/10, 60
b) 2/10, 30
f) 2/10, 90
c) 3/10, 30
g) 3/10, 90
d) 10/30, 60
h) 5/10, 100
530
IV.
) . -
(150 . . ),
30 .
- 75%
12% . , -
2%-
.
,
2500 .,
.
Barnes Corporation ,
?
4. Kedzie Cordage Company
-
400 . .
. .
a)
.
: 12% 80%-
-
. 7000 .
.
(80 . .),
400 . . ,
.
"2/10, 30"; ,
-
40- .
b)
20%
- .
.
c)
10% .
70% ,
10 . .
,
.
d)
- ? (.
.)
11.
531
|3
1. Dud Company "2/10,
30". ,
, - , ,
15 . ,
,
, - , ,
2%,
12%.
a) - ?
b)
?
c)
,
- ?
2.
,
, ( 365 ).
a) 1/20, 30 (- 500 .)
b) 2/5, 10 (- 100 .)
c) 2/20, 60 (- 1000 .)
d) 3/10, 30 (- 250 .)
3. , -,
( )
?
.
4. 2 10-
.
5. Hayleigh Mills Company
5 . .
, , 1%
,
,
( C D
certificates of deposit). ,
(1/2%
). ,
9%
60% ,
532
IV.
?
?
,
20% ?
6. Bork Corporation 100 . .
.
.
a) 8%- ,
20%-
.
b) 9%- ,
10%-
.
c) 10,5%- ,
.
Bork
Corporation ,
?
7. Shelby Gaming Manufacturing Company
,
90 200 . .
.
- ,
, 570 . .
.
) Cody National Bank of Reno
,
.
.
300 . . ,
,
200 . .
90 . 10%,
3000 . ,
.
,
4000 .
11.
533
-
(. .)
1-
2-
3-
4-
1600
2100
1500
3200
Solid-Arity ,
.
- 7,5%,
.
Boundary Illinois National Bank of Chicago
.
. -
534
IV.
2,5%
, 20 . .
.
? ?
a) 1/10, 30
(1/99)(365/20)=
18,4%
b) 2/10, 30
(2/98)(365/20)=
37,2%
c) 3/10, 30
(3/97)(365/20)=
56,4%
d) 10/30, 60
(10/90)(365/30)= 135,2%
e) 3/10, 60
(3/97)(365/50)=
22,6%
f) 2/10, 90
(2/98)(365/80)=
9,3%
g) 3/10, 90
(3/97)(365/80)=
14,1%
h) 5/10, 100
(5/95)(365/90)=
21,3%
2. :
a) (365/20) = 56,4%
b) (5 . . 0,15)/(4,4 .
.) = 17,5%
c) (300 . ./4,4 . .) 2 =
= 13,64%
3. 3,4% ,
,
, .
4. .
a) . ,
97 .
. (97% 50 . . 2 ).
:
(365/60) = 18,8%
b) . ,
,
:
(106 . . 0,13)/(106 . . 0,90) = 14,4%
c) . - :
(150 . . 12) = 36 . .
, 30 . .,
6000 . ,
95 . .
([0,12 95 . .] + 6000 . ) / 9 5 . . = 18,3%.
11.
535
,
.
4. )
12%; 80% 400 . .
19 200 .
7000 .
10 40 :
9932 .
(2/98)(365/30)(80 . . ) ( 1 / 2 ) =
= 0,2483 80 . . 0,5
36 132 .
)
400 . . 20% 1/2
)
10%; 70% 400 . .
40 000 .
14 000 .
- 10 000 .
14 898 .
10 40 :
(2/98)(365/30)(120 . . ) ( 1 / 2 ) =
= 0,2483 120 . . 0,5
38 898 .
,
.
ABC of Figuring Interest. (Chicago, I L : Federal Reserve Bank of Chicago, 1994).
Berlin, Mitchell, "Trade Credit: Why Do Production Firms Act as Financial Intermediaries?"
Federal Reserve Bank of Philadelphia Business Review (Third Quarter, 2003), p. 21-28
( w w w . p h i l . f r b . o r g /
f i l e s / b r / b r q 3 03mb. p d f ) .
Duchessi, Peter, Hany Shawky, and John P. Seagle, "A Knowledge-Engineered System for
Commercial Loan Decisions"', Financial Management 17 (Autumn 1988), p. 57-65.
Edwards, Mace, "Factoring for Cash Flow: An Option", The Small Business Controller 7 (Fall
1994), 12-16.
Farragher, Edward J., "Factoring Accounts
(March-April 1986), p. 38-42.
GE Capital: Guide to Asset Based Lending. (Stamford, CT: GE Capital Corporation, 1999).
Hahn, Thomas K., "Commercial Paper", Federal Reserve Bank of Richmond Economic
Quarterly 79 (Spring 1993), p. 45-67.
536
IV.
12
1.
2.
12 :
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542
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. "",
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544
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1986
,
(Modified Accelerated Cost Recovery System M A C R S ) .
MACRS , ,
()
. 2, ,
,
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, 2 ,
12.
545
(half-year convention)
. ,
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. . 12.2
.
, 2,
.
2 , "" 30%- 50%-
" " ,
,
,
. , "
" 2004 . ,
, MACRS,
" ",
, 30%- 50%-
" " ,
Web-: Job Creation and Worker Assistance Act of 2002 (web. utk. edu/
- j wachowi /hr3 0 9 0 . html) Jobs and Growth Tax Relief Reconciliation Act of 2003
-
MACRS
,
?
. , MACRS
, " "
,
( A l t e r n a t i v e D e p r e c i a t i o n S y s t e m ADS), ADS
(
),
3-
5-
7-
10-
33,33
20,00
14,29
10,00
44,45
32,00
24,49
18,00
14,40
14,81
19,20
17,49
7,41
11,52
12,49
11,52
11,52
8,93
9,22
V.
546
5-
7-
10-
5,76
8,92
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8,93
6,55
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12.2
100,00
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(aepriciable basis), ,
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547
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548
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12.3.
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,
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12.
549
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550
V.
12.5.
(a)
()
() () ,
(b)
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(d)
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(e)
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1.
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.
90 . .
;
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16, 5 . .
.
.
""
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12.
551
(.)
35 167
36 250
55 725
32 258
, 40%,
, .
.
: (.)
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90
(, )
10 000
100 000
.
1
:
( 1- 3-) (.)
35167
36 250
55 725
32 258
"
(33 330)
(44 450)
(14 810)
(7410)
1837
(8200)
40915
24 848
-(+)
() (40% )
(735)
3280
(16 366)
(9939)
1102
(4920)
24 549
14 909
33 330
44 450
14810
7410
1- 3-
34 432
39 530
39 359
552
V.
:
(.)
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+
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1 6 500
, " " ()
(6600)
3 2 219
, MACRS, ,
, 100 . .
, ,
,
40%- : 16 500 . (0,40) = 6600 .
0
,
, .
(.)
(100 000)
34 432
39 530
39 359
32 219
, ()
100 . .
() 34 432, 39 530, 39 359
32 219 . ,
.
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.
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13.
2.
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18,5 . .,
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12.
553
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2000 .
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( )
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(2000)
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18 000
,
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1. 9000 .
2. .
3. .
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,
.
MACRS, ,
.
.
554
V.
()
(.)
20 000
20000
20 000
20 000
()
MACRS (%)
0,3333
0,4445
0,1481
0,0741
()
(.)
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
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.
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6393, 7549, 5445 4853 .
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(, ).
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: 1)
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556
V.
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(Modified Accelerated Cost
Recovery System MACRS) ( 1986 ),
.
,
(
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1) ; 2)
; 3)
.
1. , ,
,
,
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2. ,
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( )
? ( ,
.)
) 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.
,
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
Economic
Hartman, Joseph C, "Technical Note New Depreciation Rules from the Job Creation and
Worker Assistance Act of 2002 and Their Impact on Capital Investment", The
Engineering Economist 47 (Summer 2002), p. 354-367.
K i m , Suk H., "A Summary of Empirical Studies on Capital Budgeting Practices", Business
and Public Affairs 13 (Fall 1986), p. 21-25.
Levy, Haim, and Marshall Sarnat, Capital Investment and Financial Decisions, 5" ed.
(Englewood Cliffs, NJ: Prentice Hall, 1994).
Marshuetz, Richard J., "How American Can Allocates Capital", Harvard Business Review 63
(January-February 1985), p. 8 2 - 9 1 .
Rappaport, Alfred, and Robert A. Taggart Jr., "Evaluation of Capiral Expenditure Proposals
Under Inflation", Financial Management 11 (Spring 1982), p. 5-13.
Seitz, Neil, and M i t c h Ellison, Capital Budgeting and Long-Term Financing Decisions, 3
rd
ed.
564
V.
Van Home, James , "A Note on Biases in Capital Budgeting Introduced by Inflation",
Journal of Financial and Quantitative Analysis 6 (January 1971), p. 653-658.
V Web-, (Wachowicz's Web World),
"" Web-, ,
, ,
(web.utk.edu/~jwachowi/
parts.html)
13
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568
(payback period )
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, 100 . ., Faversham
Fish Farm
, 34 432, 39 530, 39 359 32 219 .
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39 530
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$39 530
$39359
$32 219
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(1 + IRR)
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571
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34432
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28 681,86
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22 788,86
32 219
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15 529,56
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$104168,01 > $100 000 > $94 434,10
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, -
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15 20% :
0,05
0,15 $104168,01
__ $4168,01
0,05 $9733,91
$4168,01
$9733,91
$94434,10
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, :
(PVIFA ) = ICO / ( ) .
IRRn
(13.3)
, ,
, 100 . .,
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574
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576
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NPV IRR .
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.
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577
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(l + ky
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/ICO.
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:
PI = ($30 748 + $31505 + $28 024 + $20 491)/$100
= $110768/$100 000 = 1,11.
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578
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400
156 250
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100
231
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13.
581
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. 13.2. NPV
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590
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13.1.
,
(NPV)
-15%
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(.)
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11 447
11 107
10 768
10 429
10 089
9751
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10 139
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10 768
11 083
11 398
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14 382
17 997
21 614
.
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Faversham Fish Farm .
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13.
591
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592
V.
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NPV. . 13.2 ,
NPV
" " "
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. 13.3. NPV
Faversham Fish Farm
13.2.
,
(NPV)
-15%
-10%
-5%
+5%
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(1022
.)
(707
.)
(393
.)
(78
.)
(237
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.)
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2595
2910
3224
3539
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4169
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6218
6525
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13 438
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13.
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594
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Georgia-Pacific
,
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. Georgia-Pacific CorporationGeorgia-Pacific Group, 1998 Annual Report, p. 2728. 1998 Georgia-Pacific CorporationGeorgia-Pacific Group.
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6000
598
V.
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( IRR)
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.
IRR .
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-100
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601
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.
4
1. ,
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* : NPV
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. ,
,
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,
,
Ronald . Shrieves and John . Wachomcz Jr., "Proper Risk Resolution in Replacement Chain
Analysis", The Engineering Economist 34 (Winter 1989), p. 91-114.
V.
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13.
603
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)
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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
. ,
( )
.
(.)
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86 890
106 474
91 612
(.)
84 801
84 801
75 400
66 000
92 400
V.
,
14%?
?
3. Acme Blivet Company
: 1)
; 2)
(
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.
-
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115
185
270
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1 2,
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2 3 620 . .
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1. Lobers, Inc.
,
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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 ?
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900 . , 500 .
100 . . IRR
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130 .
. IRR ?
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.
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1000
1000
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1000
(.)
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6000
a) IRR .
b)
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606
V.
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8000
8000
8000
8000
8000
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8000
20 000
5000
5000
6000
6000
7000
7000
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13.
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0,95
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.
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(.)
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(.)
(700 )
1,000
(700 000)
(1 )
0,870
(870 000)
250 000
0,756
189 000
300 000
0,658
197 400
350 000
0,572
200 200
5-10
400 000
2,164*
865600**
= (117 800)
,
.
) 13,21%.
,
.
(.)
, 14%
,
14% (.)
, 13%
,
13% (.)
(700 000)
1,000
(700 000)
1,000
(700 000)
(885 000)
(1 000 000)
0,877
(877 000)
0,885
250 000
0,769
192 250
0,783
195 750
300 000
0,675
202 500
0,693
207 900
350 000
0,592
207 200
0,613
214 550
5-10
400 000
2,302*
920 8 0 0 "
2,452*
980 800**
(54 250)
'PVIFA PVIFA .
" 5- 10- .
14 000
13.
609
,
13 14%:
|
0,01
[0,13 4 0 0 0 1
[IRR
$68 250
X
0,01
,X=
( 0 , 0 1 ) ( $ 1 4 000)
$68 250
: 0,0021
(.)
(14%)
(.)
(404 424)
1,000
(404 424)
86 890
0,877
76 203
106 474
0,769
81 879
91612
0,675
61 838
84 801
0,592
50 202
84 801
0,519
44 012
75400
0,456
34 382
66 000
0,400
26 400
92 400
0,351
32 432
=2924
, .
3.
()
(. .)
(. .)
(. .)
200
290
90
115
185
70
270
400
130
610
V.
()
(. .)
(. .)
(. .)
1,2
315
475
160
1,3
440
690
250
2,3
385
620
235
1,2,3
680
910
230
1 3,
.
Aggarwal, Raj, Capital Budgeting Under Uncertainty. (Englewood Cliffs, NJ: Prentice Hall, 1993).
Bacon,
Peter W.,
"The
Evaluation of Mutually
Exclusive
Investments",
Financial
Gitman, Lawrence J., and Peter A. Vandenberg, "Cost of Capital Techniques Used by Major US
Firms: 1997 vs. 1980", Financial Practice and Education 10 (Fall/Winter 2000), p. 53-68.
Gordon, Lawrence A., and Mary D. Myers, "Postauditing Capital Projects: Are You in Step
w i t h the Competition?" Management Accounting 72 (January 1991), p. 39-42.
Graham, John, and Campbell Harvey, "How Do CFOs Make Capital Budgeting and Capital
Structure Decisions?" Journal of Applied Corporate Finance 15 ( S p r i n g , 2.002 p. 8 - 2 3 .
Harris, M i l t o n , and Arthur Raviv, "The Capital Budgeting Process: Incentives and
Information" Journal of Finance 51 (September 1996), p. 1139-1174.
Herbst, Anthony, "The Unique, Real Internal Rate of Return: Caveat Emptor!" Journal of
Financial and Quantitative Analysis 13 (June 1978), p. 363-370.
Levy, Haim, and Marshall Sarnat, Capital Investment and Financial Decisions, 5
th
ed.
13.
611
Shrieves, Ronald ., and John . Wachowicz Jr., "Proper Risk Resolution in Replacement
Chain Analysis", The Engineering Economist 34 ( W i n t e r 1989), p. 91-114.
. "Free Cash Flow (FCF), Economic Value Added ( E V A ) , and Net Present
Value ( N P V ) : A Reconciliation of Variations in Discounted-Cash-Flow ( D C F ) Valua
tion", The Engineering Economist 46 (No. 1, 2001), p. 33-52.
Smith, Kimberly J., "Postauditing Capital Investments", Financial Practice and Education 4
(Spring-Smmer 1994), p. 129-137.
Smyth, David, "Keeping Control w i t h Post Completion Audits", Accountancy 106 (August
1990), p. 163-164.
Van Home, James C. "The Variation of Project Life as a Means for Adjusting for Risk", The
Engineering Economist 21 (Spring 1976), p. 151-158.
Weingartner, H. Martin, "Capital Rationing: Authors in Search of a Plot", Journal of
Finance 32 (December 1977), p. 1403-1431.
V Web-, (Wachowicz's Web World),
"" Web-, ,
, , ( w e b . u t k . e d u / ~ j w a c h o w i /
part5.html)
14
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(dispersion) , ,
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:
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:
1)
618
V.
(expected value)
t, CF ,
t
CF =J2(CF )(P ),
t
xt
(14.1)
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,
.
a
, (standard deviation)
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14, .
619
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, (variance)
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. () 68%
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2000
0,10
200
3000
0,20
600
4000
0,40
1600
5000
0,20
1000
6000
0,10
600
= 1.00
= $4000 = CFi
X1
X1
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X1
X 1
(.)
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0,5
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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
,
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621
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,
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, , . ,
, . ,
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, , . 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). ,
, ,
. " "
.
,
.
.
.
(14.3)
NPV ,
i'- (
i ) , P
, z
( ).
, 2 = 9.
() , -240 .
0, 500 . 800 . .
0,10. ,
, 8%,
:
j
$500
(1 + 0.08)
$800
_ $240 = $909.
(1 + 0,08)
, -240 . 0, 500 .
500 . .
:
$
=
- - $240 = $652.
.
( . 14.1), ,
( -
626
V.
),
.
. 14.2, ,
116 .
,
( N P V )
. ,
.
,
. NPV,
, ,
,
.
.
, aNPV,
J2( i-NPV) (^ .
NPV
(14.4)
.
:
14.2.
(.)
(2)(3)
(.)
(4)
(1)
(2)
(3)
909
0,10
91
652
0,10
65
394
0,05
20
374
0,10
37
117
0,30
35
-141
0,10
-14
-161
0,05
-8
-418
0,10
-42
-676
0,10
-68
116 . =
NPV
14. .
627
NPV
+(-676-116) (0,10)f
2
=[$197,277f
=$444
,
, 116 .,
, 444 .
, .
,
.
,
( )
, IRR
, .
(simulation) ()
,
.
.
, , ,
, ,
.
2
1. .
2. .
3. .
4. ( ).
5. .
6. .
7. .
David . Hertz, "Risk Analysis in Capital Investment", Harvard Business Review 42 (January-February
1964), p. 95-106.
628
V.
8. .
9. .
,
. ,
.
, IRR
( ,
),
.
,
, " "
.
(. )
450
500
550
600
650
700
750
0,05
0,10
0,20
0,30
0,20
0,10
0,05
,
, 1 5 450
, 6 15 500 , 16 35 550 ..
100. ,
. ,
26. ,
550 . , ,
.
.
. , (
) . 8 9
.
, ,
() .
,
,
,
IRR (
)
. ,
,
. .
, .
, -
14.
629
( ) IRR ,
. 14.4.
.
(,
, IRR ) ,
: ,
- ,
,
. , ,
,
,
(, , )
. ,
( ) .
(%)
. 14.4.
,
( ). ,
,
. , ,
(116 .).
116 .,
,
. :
630
V.
_NPV*-NPV
NPV
Z ("Z-") ,
NPV* ( )
; N P V ; a q
.
w
1 1 6
$444
,
0,26
( ). ( Z-
, .)
,
,
(. . V ,
). ,
, - 0,25
, 0,4013. ,
0,30
, 0,3821. , ,
40%- ,
.
, , 60%- ,
.
, ,
.
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.
,
(, ),
.
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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
= $17 297.
,
12 . 20 . .,
NPV 14 . 17 297 . 2.
(
) : 14 000 ./12 000 . = 1,17
2 17 297 ./20 000 . = 0,86 2.
,
, 2 .
,
,
, , .
:
,
( ).
,
.
14. .
635
(14.7)
.
-
. , ,
,
,
.
.
, , ,
. ,
,
. ,
,
( ) ,
.
,
. .
+1 ,
. - 1 , ,
.
,
.
0 1.
,
, , .
, ,
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.
, ,
, .
, , ,
.
,
. ,
636
V.
(combination),
,
. , ,
, ,
. ,
,
.
.
,
, .
1, 2, 3 4,
.
+1
+2
+3
+4
+1+2
+1+3
+1+4
+2+3
+2+4
+3+4
+1+2+3
+1+2+4
+1+3+4
+2+3+4
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, 16 .
(
).
,
.
.
. 14.7 16
. N P V
, ( ,
, ) .
.
, .
,
, , -,
, , ,
, , -,
, .
. 14.7 , . (
, .)
14.
637
. 14.7. ,
()
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,
(). ,
, ,
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,
, .
2 3.
(),
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-
.
,
.
. 15 ,
.
,
.
.
, ,
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. -
638
V.
.
,
/ (
).
(discounted cash flow DCF)
,
.
() (managerial (real) options)
,
, ,
.
( )
(managerial (real) options)
. ()
,
, :
=
= + ().
(14.8)
(
) , ,
(14.8)
. 22
.
, , ,
( )
, , , .
.
1. () ( ) (option to expand
(or contract)). ,
, ,
, .
2. () (option to abandon).
,
"" (put option).
3. () (option to postpone).
, ,
.
. , "
- -, - -".
14.
639
, .
, ,
22, "",
.
, (.. )
.
( )
, ,
.
, Gummy Glue Company
. ,
25 .
, . , ,
3 . . ( ""), ,
DCF- .
.
Gummy Glue Company
, , , .
,
.
.
Gummy Glue Company ,
,
(.. ).
,
50:50.
() 15 . .
, 0
11 . . ,
,
, , .
. 14.8.
, , : (0,5)(11 . .)
+ (0,5)(0 .) = 5,5 . . (14.8),
:
= $3,0 . + $5,5 . = $2,5 .
,
, NPV.
, .
,
,
.
640
V.
(abandonment value)
,
; , " " (. - ),
() ,
, .
, ,
- .
(abandonment value).
, , - " "
,
.
. 14.8. ,
Gummy Glue Company
,
.
, .
, , -,
, , -,
, .
,
. , :
14. .
N P V
=
641
+ -
.
, , Acme
Tractor Company
Acme Mulchmaster I I I .
- ,
Acme Mulchmaster IV,
.
3 . .
. 14.3
. ,
.
,
1,5 . .
. (
) 1 . .
,
.
. ,
, .. 0,25 0,25 = 0,0625.
,
10%, ,
. , ,
, -, ""
() , , ,
("" ).
, ,
445 246 .
3
, .
. ,
,
.
, "" ,
.
642
V.
1,00
1,00
1,0000
1 , 5
6
" 0 3 . .
" ,
1,5 , .
, .
Acme Tractor Company
,
, 10%- .
, ,
. ,
, , .
. 14.3, ,
, 1 . .
,
1 . . (0,25)(0 .) + (0,50) (1 . .) +
(0,25)(2 . .) = 1 . .).
(1 . .) ,
909 091 ., , (1,5 . .)
. 2
. ., ,
,
, 1,5 . .
14. ,
643
,
, . 14.3.
. 14.4. ( )
,
, 579 544 .
N P V
,
,
.
, .
, ,
(
, ). ,
,
, .
644
V.
. ,
.
"":
, .
,
, , , , - .
, ,
. ,
,
,
. ,
, .
,
.
, ,
.
, , ,
. ,
.
, .
(
), .
, ,
, .
, ,
. ,
DCF-, ,
.
,
.
DCF-
,
.
() .
14. ,
645
.
,
.
, ,
().
.
,
.
.
,
(, ).
, IRR
, ,
(
).
, , , ,
N P V ,
,
.
.
, .
,
(..
),
N P V
.
.
().
,
.
.
()
.
646
V.
, ,
.
(
) ,
().
, ,
, .
?
(. 13)?
2. ?
?
3. ""
,
?
4.
. , ,
"" ,
?
" " .
5.
200 ., 400 .,
, ,
140 ., 300 .? .
6. , ,
?
7.
?
8.
,
?
9.
?
10. ""
?
14. .
647
11. ,
, ?
12.
?
13. ( )
?
14.
, .
Naughty Pine Lumber Company
,
. 3000 .,
( )
. ,
, .
a)
?
b) I)
, I I )
,
10%?
c) ,
(
)?
?
648
V.
NPV
(.)
(.)
16 000
8000
20 000
7000
10 000
4000
1,00
0,90
1,00
0,80
0,84
1,00
0,40
0,20
0,30
1,00
a)
,
, .
b)
, ,
, . ,
) ).
?
3.
,
90 . . ,
. (
)
.
14.
649
8%.
a)
.
b) ,
,
45 . . ( ).
?
, ,
,
.
, ).
?
650
V.
1,00
1,00
a) ,
, ,
, ?
b) .
2. Smith, Jones, and Nguyen, Inc.
. ,
.
,
.
; ,
,
.
(. .)
(. .)
(. .)
100
10
20
50
10
30
200
25
10
10
10
500
75
75
14. ..,
651
a) ,
?
?
b) ,
?
X
: 20 . .,
10 . . ,
, ,
,
30 . . 5000 .
Xonics Graphics, Inc.
.
, 1000 .
,
. , ,
1000 .
, , 50:50. ,
,
.
,
300 .,
,
.
40%,
.
,
, 1800,
1400 1000 . ( 0,20, 0,60
0,20). ,
200 . , 200 .
2,
. (
1000 . 1.)
a) ,
,
, .
b)
(..
),
5%- .
652
V.
c)
,
.
d) ?
5. Flotsam and Jetsam Wreckage Company
,
.
(
)
.
(.)
10 000
8000
6000
4000
3000
4000
,
.
1 2
0,60
13
0,40
23
0,50
6. Plaza Corporation
.
(. .)
(. .)
100
200
20
80
75
100
60
150
50
20
40
60
120
170
90
70
50
100
75
30
14. .
653
a) .
b) ?
7. Bertz Merchandising Company
. :
( ),
( ) ,
0. ,
.
,
,
.
( )
(.)
(. .)
0,15
26 000
0,30
6,00
0,30
160
0,20
27 000
0,40
6,50
0,40
165
0,30
28 000
0,30
7,00
0,30
170
0,20
29 000
0,15
30 000
1,00
1,00
a) ,
20 IRR
.
b) ?
?
8. Bates Pet Motel Company
. 100
100 . . ,
, , 17 .
. 15 . 15
,
.
18%.
, Bates Pet Motel
Company 100
. -
V.
654
20 . .
100 ,
17 . ., 5- 15-.
,
( 50:50).
a) ?
?
b) ?
?
? ?
1. )
0,12
0,16
0,12
0,24
0,24
0,12
1,00
) 10%- I)
I I )
( ).
NPV
) , : -595 ./868 .
= -0,685. . V ,
, , -0,685
0,25. ,
14. .
655
,
.
b)
16 . . + 20 . + 10 . = 46 . .
= [(S8000) +(2)(0,9)($8000)($7000)
2
+(2)(0,8)($8000)($4000) + ($7000)
+(2)(0,84)($7000)($4000) + ($4000) ]
2
1 / 2
c) : 46 .
. + 12 . . = 58 . .
= [$328 040 000 + ($9000)
+(2)(0,4)($9000)($8000)
+(2)(0,2)($9000)($7000)
+(2)(0,3)($9000)($4000)]
1/2
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.
3.
)
1
(.)
656
V.
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.
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"" Web-,
, , , ( w e b . u t k . e d u / ~ j w a c h o w i /
parts.html)
15
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Value (NPV): A Reconciliation of Variations of Discounted-Cash-Flow (DCF) Valuation", The
Engineering Economist 46 (No. 1,2001), p. 33-52.
15.
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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- )]
15.
703
.
(weighted average cost of capital W A C C )
. , , "" ,
-.
(adjusted present value A P V ) , .
' . APV
:
, .
,
3
.
,
APV=
+
""
(15.1)
,
.
, , ,
.
:
(15B.2)
CF, ;
ICO , ;
k ""
( ,
, ..
" "); I , t;
; kd
; F (
), (,
eu
Implications for
704
VI. ,
).
(15.2)
,
" ".
(tax-shield) ,
.
.
, ,
, . ,
.
.
(tax-shield)
, ,
"" ( )
,
.
!
! Tennessee-Atlantic Paper
Company 50%
,
. Tennessee-Atlantic Paper Company
1 . . 10% ,
( ). (
.)
,
, ( 125 . .) . (
, ,
.)
( ) 40%,
, "
" , , -
15.
705
.
. 15.1. 4, ,
" "
132 . .
:
APV = - $ 8 0 400 + $132 = $51600.
, , ,
,
.
?
, ,
, , ,
. ,
, , , ,
. ( ), Tennessee-Atlantic Paper Company
40 . . ( ).
,
:
APV = - $ 8 0 400 + $132 000 - $40 000 = $11600 .
- ,
, , .
15.1. "
" ,
(. .)
<1)-125
(1) 0,10
" "
(2) 0,40
PV
" "
10%
(1)
(2)
(3)
(4)
1000
875
100
40
36
750
88
35
29
625
75
30
23
500
62
25
17
375
50
20
12
250
38
15
125
25
10
12
2
132
706
VI. ,
WACC APV
.
(weighted average cost of capital W A C C ) ,
(adjusted present value
A P V ) . , A P V ,
W A C C .
A P V
, W A C C .
,
, , .
- ,
. ,
, ,
W A C C .
,
.
/
(,
,
), A P V
.
16
W A C C ,
. A P V
,
. , A P V
. , ,
.
, " "
,
, .
17,
, ,
. , ,
(
).
James Miles and John R. Ezzell, "The Weighted Average Cost of Capital, Perfect Capital Markets, and
Project Life: A Clarification'', Journal of Financial and Quantitative Analysis 15 (September 1980),
p. 719-730; Donald R. Chambers, Robert S. Harris, and John J. Pringle, 'Treatment of Financing Mix in
Analyzing Investment Opportunities", Financial Management 11 (Summer 1982), p. 24-41; Robert A.
Taggart Jr., "Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes",
Working Paper, National Bureau of Economic Research (August 1989).
15.
707
1.
?
2.
?
3. " "
, ,
? .
4. ( ,
),
,
?
5.
?
?
6.
( ) ,
?
7.
,
?
8. -
?
9.
.
10.
,
? ?
11. ,
(RADR)?
- ?
12.
() ?
708
VI. ,
13.
, ,
? .
14. ,
?
,
, ?
15. , (
, ,
,
..), ,
,
,
?
16. , ,
(
)
? .
17.
,
, ?
18.
?
1. Silicon Wafer Company
1 . ,
20 .
a) ( )
,
, 12%
? ( ,
.)
b) , ), ,
20%
, 10%
.
( ) ?
2. ,
.
15.
709
(%)
(%)
""
15
10
1,00
18
14
0,70
15
1,20
17
11
0,80
16
10
1,90
?
3. Sprouts-N-Steel Company :
.
, 30%, ,
10%
(
).
15%, 40%.
13%- .
Sprouts-N-Steel Company
,
.
.
.
"", 0,90
1,30
. (,
, ,
, Sprouts-N-Steel
Company.) 12%,
17%.
( ) ?
4.
. ,
.
710
VI. ,
NPV
(. .)
NPV (. .)
6,00
3,00
7,50
4,50
8,20
3,50
1 2
9,70
4,80
a) (
) ? .
b) ,
?
vf^
I
1. Zapata Enterprises
:
. ,
, k;, k ,
.
, ,
5 , (
).
, k .
e
2. , ( 1) 3 . ., 5 7 .
. 14%;
, ,
, 500 . .
11%; ,
. ,
40%.
3. 20X1 International
Copy machines (ICOM), ,
300 .
(3 . )
, 20%.
20X2 ,
ICOM,
15%.
20X2 ?
.
15.
711
a)
ICOM.
b) ,
"".
c) 20X2 3,45
. .
4. K-Far Stores
,
Bay Area.
12%-
6%- ;
.
,
2 . .
25 .
.
5.
Manx Company
. ( )
(. .).
16
40%.
,
, ,
17%. (
. ) Manx Company
13%,
12%.
.
6.
R-Bar-M Ranch
,
600 .
. ,
90 . .
(
).
, ,
VI. ,
, 14,5%.
R-Bar-M Ranch .
200 . .
200 . . .
.
2%
,
15%
.
?
?
7. Cohn and Sitwett, Inc.
.
, Cohn and Sitwett
. ,
,
, Cohn and Sitwett
.
,
, ,
.
( Cohn
and Sitwett),
,
.
"" 1,28.
, 18%
,
12%. Cohn and Sitwett
40% 60% .
8%.
a)
(
).
b)
?
15.
713
0,2
0,3
0,2
0,2
0,1
""
1,00
1,10
1,20
1,30
1,40
a) ,
(mode-average)
"" 1,10?
b) ?
c)
?
9.
-400
50
50
150
350
8%,
10%,
, , ,
, 15%. ?
.
714
VI. ,
6,50
5,25
+1
6,80
5,00
+2
7,60
8,00
+3
7,20
6,50
+ 1 +2
7,90
7,50
+ 1+3
7,50
5,60
+2+3
8,30
8,50
+1+2+3
8,60
9,00
, ,
? ? ?
11. "/ " Willie
Sutton Bank Vault Company ( ) 0,75,
15%,
40%.
,
.
"", -.
Peerless Machine Company,
, .
"/ " (
) 0,25, "" 1,15,
0,40.
a) (
"") , Willie Sutton
Bank Vault Company
"",
?
b)
,
13%,
17%?
15.
715
12. Aspen Plowing, Inc.
30 . . ,
10 . . . " "
16%. 60%
, 12%
.
, .
( )
1000 .,
30%- .
a) ( A P V )
? ?
b) ,
10 000 .,
8000 . ?
1.
)
*.=A/p +g
0
b) , = $ 1 , 1 2 / $ 2 0 + 12% = 17,6%
c) ,
3 4, ,
,
20 ., - 18 19%.
716
VI. ,
= $2,74/(0,18-0,10) = $34,25
5
0
, :
$34,25 18% = $14,97, $30,44 19% = $12,76
18%
19%
(,)
5,26
5,13
(.)
14,97
12,76
(.)
20,23
17,89
,
18%, 19%. , :
X 0,18 $20,23L
$0,23
0,01
$20,00 J
$2,34
0,19 $17,89
X
_$0,23
0,01 " $ 2 , 3 4
(0,01)($0,23)
..
, X =
- = 0,0010
$2,34
k =0,18 + = 0,18 + 0,0010 = 18,10%,
.
v
R, +(R -R )fi
M
(%)
10% + (15%-10%)1,00
15,0
14% + (18%-14%)0,70
16,8
8% + (15%-8%)1,20
16,4
11% + (17%-11%)0,80
15,8
10% + (16%-10%)1,90
21,4
,
, "",
-
15.
717
( ). ,
(R -R ),
m
( ).
3. : = 15%(1 0,4) = 9%
= 13%
,
, :
= 0,12+(0,17 - 0,12)0,90 = 16,5%.
,
, :
= 0,12 + (0,17-0,12)1,30 = 18,5% .
, , :
= 9%(0,3) + 13%(0,1) + 16,5%(0,6) = 13,9%.
, ,
:
= 9%(0,3) +13%(0,1) +18,5%(0,6) = 15,1%.
,
. .
4.
( / NPV )
.
10
718
VI. ,
()
0,50
1 (1)
0,60
2 (2)
0,43
1 2 (12)
0,49
,
,
.
.
. ,
,
2.
,
.
) ,
. ,
"" ,
, , ,
,
,
, .
,
,
.
Amihud, Yakov, and Haim Mendelson, "The Liquidity Route to a Lower Cost of Capital",
Journal of Applied Corporate Finance 12 ( W i n t e r 2000), p. 8-25.
A r d i t t i , Fred D., and Haim Levy, "The Weighted Average Cost of Capital as a Cutoff Rate:
A Critical Analysis of the Classical Textbook Weighted Average", Financial
Management 6 (Fall 1977), p. 24-34.
Ariel, Robert. "Risk Adjusted Discount Rates and the Present Value of Risky Costs", The
Financial Review 33 (February 1998), p. 17-29.
Block, Stanley, "Divisional Cost of Capital: A Study of Its Use by Major US Firms", The
Engineering Economist 48 (No. 4, 2003), p. 345-362.
Booth, Laurence, "Finding Value Where None Exists: Pitfalls in Using Adjusted Present
Value"'Journal ofApplied Corporate Finance 15 (Spring 2002), p. 95-104.
Bruner, Robert F., Kenneth M. Eades, Robert S. Harris, and Robert C. Higgins, "Best
Practices in Estimating the Cost of Capital: Survey and Synthesis", Financial Practice
and Education 8 (Spring/Summer 1998), p. 13-28.
Chambers, Donald R., Robert S. Harris, and John J. Pringle, "Treatment of Financing M i x in
Analyzing Investment Opportunities", Financial Management 11 (Summer 1982), p. 24-41.
15.
719
Conine, Thomas ., Jr., and Maurry Tamarkin, "Division Cost of Capital Estimation:
Adjusting for Leverage", Financial Management 14 (Spring 1985), p. 54-58.
Ehrhardt, Michael C, and Yatin N. Bhagwat, "A Full-Information Approach for Estimating
Divisional Betas", Financial Management 20 (Summer 1991), p. 60-69.
Ezzell, John R., and R. Burr Porter, "Flotation Costs and the Weighted Average Cost of
Capital' 'Journal ofFinancial and Quantitative Analysis 11 (September 1976), p. 403-413.
1
Fama, Eugene F., and Kenneth French, "The Corporate Cost of Capital and the Return on
Corporate Investment' Journal of Finance 54 (December 1995), p. 1939-1968.
Fuller, RusseJJ J., and Haibert S. Kerr, "Estimating the Divisional Cost of Capital: An Analysis
of the Pure-Play T e c h n i q u e " , / o M r a a / o / Finance 36 (December 1981), p. 997-1009.
Gitman, Lawrence J., and Pieter A. Vandenberg, "Cost of Capital Techniques Used by
Major US Firms: 1997 vs. 1980", Financial Practice and Education 10 ( F a l l / W i n t e r
2000), p. 53-68.
Greenfield, Robert L., Maury R. Randall, and John C. Woods, "Financial Leverage and Use
of the Net Present Value Investment Criterion", Financial Management 12 ( A u t u m n
1983), p. 40-44.
Gup, Benton E., and Samuel W. Norwood I I I , "Divisional Cost of Capital: A Practical
Approach", Financial Management 11 (Spring 1982), p. 20-24.
Hamada, Robert S., "Portfolio Analysis, Market Equilibrium and Corporation Finance",
Journal of Finance 24 ( M a r c h 1969), p. 19-30.
Harrington, Diana R., "Stock Prices, Beta and Strategic Planning", Harvard Business
Review 61 (May-June 1983),p. 157-164.
Harris, Robert S., Thomas J. O'Brien, and Doug Wakeman, "Divisional-Cost-of-Capital
Estimation for Multi-Industry Firms", Financial Management 18 (Summer 1989), p. 74-84.
Harris, Robert S., and John J. Pringle, "Risk-Adjusted Discount Rate Extensions from the
Average-Risk Case"'Journal ofFinancial Research 8 (Fall 1985), p. 237-244.
Howe, K e i t h M . , "A Note on Flotation Costs and Capital Budgeting", Financial
Management 11 ( W i n t e r 1982),p. 30-33.
Lessard, Donald R., and Richard S. Bower, " A n Operational Approach to Risk Screening",
Journal of Finance 27 ( M a y 1973), p. 321-338.
Lewellen, W i l b u r G, and Douglas R. Emery, "Corporate Debt Management and the Value
of the Firm", Journal of Financial and Quantitative Analysis 21
(December 1986),
p. 415-425.
Miles, James A., and John R. Ezzell, "The Weighted Average Cost of Capital, Perfect Capital
Markets,
and
Project
Life:
Quantitative
nd
720
VI. ,
Shapiro, Alan , "Corporate Strategy and the Capital Budgeting Decision", Midland
Corporate Finance Journal 3 (Spring 1985), p. 22-36.
, and Sheridan Titman, " A n Integrated Approach to Corporate Risk Management",
Midland Corporate Finance Journal 3 (Summer 1985), p. 41-56.
Shrieves, Ronald E., and John M. Wachowicz, Jr., "Free Cash Flow ( F C F ) , Economic Value
Added ( E V A ) , and Net Present Value ( N P V ) : A Reconciliation of Variations of
Discounted-Cash-Flow ( D C F ) Valuation", The Engineering Economist 46 (No. 1, 2001),
p. 33-52.
Stein, Jeremy C, "Rational Capital Budgeting in an Irrational World", Journal of Business
69 (1996), p. 429-455.
Stewart, G. Bennett, The Quest for Value. (New York: Harper Collins, 1991).
Van Home, James C, "An Application of the Capital Asset Pricing Model to Divisional
Required Returns", Financial Management 9 (Spring 1980), p. 14-19.
Weaver, Samuel C, "Using Value Line to Estimate the Cost of Capital and Industry Capital
Structure" Journal of Financial Education 29 (Fall 2003), p. 5 5 - 7 1 .
VI Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part6.html)
16
""
""
"" (DOL)
DOL
DOL
""
( )
EBIT-EPS
"" (DFL)
DFL
""
"" (DTL)
DTL
16 :
""
;
(
);
,
,
"" ;
,
EBIT-EPS,
EBIT-EPS;
,
" "
: " " "
";
,
"",
.
.
. . . ,
, ,
, .
, .
, (leverage),
, ,
. (operating),
(financial) .
, ,
(
, ). ""
( )
, , .
"" (leverage)
,
"" (operating leverage)
,
"" (financial leverage)
, (
) . (
gearing.)
""
"" ,
.
, ,
, .
,
,
.
"" ,
.
, ,
(
(earnings before interest and taxes E B I T ) ) .
724
VI. ,
,
. ,
, , ,
. ,
.
, ,
,
.
,
( ""), ,
( ). ,
,
(.. ),
,
( ). ( : ,
"" : ""
, .)
"" . 16.1.
,
"". F
(fixed costs FC)
(variable costs V C ) . V
( )
. , 2F
F. :
2F , -,
( ) , -,
,
("FC/ ") ( " F C / ").
,
50%. ,
, ,
; .. ,
,
(1)? ( 2F,
,
.
.)
16. ""
725
16.1. "", ,
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
50 . (
), 200 . .,
( ), 4000 [.. (4000)(50 .) =
200 . .].
( ),
(EBIT), (16.3)
( )
(16.6)
( ).
(FC) "" (
) .
,
.
"" (DOL)
,
"" ,
( ).
"" (degree of
operating leverage D O L ) . ""
( % ) ,
( % ) , . ,
( D O L ) Q
( E B I T ) (%)
(16.7)
(%)
, DOL,
( ).
, ( ),
DOL, .. DOL Q .
730
VI. ,
(16,7) D OL
, ,
EBIT ,
.
, -
D OL , , .
D O L
(16.7) ,
E B I T ( )
. ,
(16.7) DOL,
, (16.7);
D O L :
DOT
^
Q(PV)FC
=
DOL
(Q Q )'
\7Q
(16.8)
BE
J7Q
1 .
EBIT
(16.9)
(16.8)
"" ,
. : Q
Q , ( ).
(16.9)
"" ,
. : EBIT ,
.
, ""
,
5000 . (16.8), :
1
BE
DOL
=
5
= 5
(50004000)
'
, 6000 , :
DOL
=
6
= 3
(60004000)
4
(16.8) (16.7).
16.
""
731
: 5000
6000 , " " 5 3 . ,
,
"".
(
! ) ,
.
"DOL-JOO^ =
5"?
, 1%-
, 5000 , 5%-
EBIT.
, 5000 ,
EBIT. , 3%- 15%-
EBIT, 4%- 20%- .
DOL
. 16.2
"" ( ). ,
,
( )
( ), D O L . . 16.1
().
. . 16.2
D O L ().
,
, , ,
D O L ( )
,
( ) . D O L 1 ,
, , .
, "" ,
,
. ,
, "1 1".
. 16.2 ,
D O L , ""
.
732
VI. ,
D O L ,
"" .
2
16.2. ""
()
(Q)
(EBIT) (. .)
"" (DOL)
-100
0,00
1000
-75
-0,33
2000
-50
-1,00
3000
-25
-3,00
QBE = 4000
5000
25
5,00
6000
50
3,00
7000
75
2,33
8000
100
2,00
-
DOL ?
,
.
,
/ . ,
" " ,
,
, . 16.2,
Q = Q DOL=1. , , ,
,
.
DOL (
) .
, "" ,
, DOL Q/Qij S/S .. DOL
. (
, ,
"".) ,
DOL. , ,
""
(, 1,50 1,5S ), DOL.
2
BE
BB
BE
16. ""
733
(Q)
. 162. DOL
. ,
DOL
(business risk)
, .
(EBIT) .
, ""
(business risk) .
, ,
.
""
( E B I T ) .
"" .
D O L ,
.
""
. -
""
734
VI. ,
, , .
, ""
" ", " "
.
-
, DOL,
,
. 16.1, (F, V 2F)
50%-
?
, DOL
, [(EBIT + FO/EBIT),
DOL,
hi
\/
,
{
^ =
V:
2F
$1000+$7000
$ 2 0 0 0 + $2000
$2000
= 2
; 2 5 0 0 + $ 1 4 0:
$2500
= 6,6
F, DOL 8,
" " . 50%-
400%- (8 50%)
.
""
""
, . ,
"" ;
"", .
"" .
,
, .
"" .
,
.
.
, "".
""?
16. ""
735
""
. , , ""
, ,
( ) ( ,
), ,
( .
. .) . ,
,
. , , ""
, ,
.
"" (, , "trading on
the equity") ,
EPS. , ""
" ". ""
.
"" ""
.
(earnings per share EPS)
(earnings before interest and taxes E B I T )
(indifference point) .
(indifference point, EBIT-EPS indifference point)
EBIT, EPS (
) .
( )
EBIT-EPS
EBIT-EPS (EBIT-EPS break-even
analysis)
. EBIT,
EPS ( ) .
.
E B I T - E P S (EBIT-EPS
break-even analysis) "", , Cherokee Tire
Company 10 . . ,
,
5 . .
.
, -, , , , 12%, , -, -
736
VI. ,
11% .
( E B I T ) 1,5 . .,
2,7 .
. 40%;
200 .
50 .
, 100 .
( )
E B I T - E P S ,
, , EPS,
E B I T
EPS =
(EBIT-I)(l-t)-PD
(16.10)
NS
/ ;
PD ;
t ;
NS .
,
, EBIT
2,7 . . . 16.3.
, ,
,
. ,
(earnings available to common share
holders EACS), "" ,
,
, ,
.
16.3. EPS
16. ""
.
737
16.3
(PD)
550 000
,
(F/ACS) (.)
1620000
1 260 000
1 070 000
,
(NS)
300000
200 000
200000
(EPS) (.)
5,40
6,30
5,35
EBITEPS. Ha , . 16.3,
EBITEPS (EBITEPS breakeven
chart), , "".
, .
,
EPS EBIT.
,
. EPS,
EBIT. . 16.3 ,
EBIT, 2,7 . .,
( , )
EPS: 5,40, 6,30 5,35 .
EBIT, 2,7 . . ""
, EBIT
EPS. " "
, .. , EBIT.
, EPS .
EBIT,
(
).
,
(16.10).
EBIT.
:
0 = (EBITI)(lt)PD
= (0)(10,40)0
= (/)(0,60)
EBIT = 0 /(0,60) = 0
(16.11)
738
VI. ,
( , ).
, EPS EBIT .
3
(EBITI)(lt)PD
(EBITI)(lt)PD
,
. ,
EBIT, , I, PD (6.11) .
EBIT, 1,8 . ., "
", " ".
,
EBIT.
EPS EBIT, 1,8 . ., ,
(
). " " EBIT
EPS, .
16. ""
739
.
.
2,75 .
. EBIT.
.
.
.
EBIT (
95 ).
EBIT, $ .
. 16.3. ( ) EBIT-EPS
.
.
(16.10) EPS
, , ..
(EBIT
l2
- 1 , )(1 - 1 ) -
XS,
(1
- J )(1 - 1 ) - PD
NS
'
2
'
1 E B I T
( 1 2);
I 1 ,
1 2;
PD PD ,
1 2;
12
740
VI. ,
t ;
NS NS ,
1 2.
,
. (16.12)
:
V
(1
12
300000
200 000
,
:
( )(0,60)(200
12
000) = ( )(0,60)
2
=$1800000.
EBITEPS,
, 1,8 . .
(. . 16.3). ,
, .
. EBITEPS
, ,
EPS. , EBIT 1,8 . .,
.
,
. ,
"" . EBITEPS
. . ,
, ,
,
EBIT. E B I T (,
),
.
,
E B I T . ,
E B I T 2,2 . .
EBIT,
E B I T 1,8 . . ,
. ,
E B I T ,
1,8 . .
16. ""
741
,
.
. 16.4,
EBIT ,
. 16.2. . 16.4, ,
:
. (safe), .. ,
, EBIT ,
. , ,
(
, ).
(risky), .. , , E B I T
,
.
.**
. 16.4. ( ) EBIT-EPS
EBIT
, :
E B I T
E B I T ,
. E B I T EPS
, .
.
.
742
VI. ,
"" (DFL)
"" (degree of financial leverage DFL)
(%) (earnings per share EPS),
1%- (EBIT).
" " (degree of financial leverage D F L ) .
""
,
. ,
(EPS)
(DFL),
(16.13)
EBIT X
(EBIT)
(16.13)
DFL, , ,
DFL:
DFL
E B I T
EBIT
/ ( _
D
) ] -
1 6 4
(16.14) , DFL
(
)
,
. (,
, ; ,
1 .)
,
EBIT, 2,7 . ., :
,2,7..
$2 700 000
$ 700 000 - $600 000
2
'
'
"" :
DFL
E B I T
2,7 . .
$2 700 000
,- ~~^ ,,
-, 1,51.
$2 700 000 - [$550 000/(0,60)]
(cash insolvency)
.
16. ""
743
:
,
, ,
(550 . 600 . . ), D F L
, .
. ,
,
-. (cash insolvency),
, , . D F L
, EPS
(
).
"".
DFL
(financial risk)
(earnings per share
EPS) ,
"".
. (financial risk)
,
, "".
,
.
. ,
, "",
.
80 . .
. 15%-
200 . . ,
30 . .,
.
75% , (.. 20 . .),
. , ,
, ,
.
. ,
, E B I T
,
80 . .,
40 . . , ,
4000 10 .
15%- 200 . ., 2000
10 .
VI. ,
744
16.4. "", ,
"" ,
(100%
(50%
80 000
80 000
.
{E(EBIT)) (.)
(/)
30 000
(()) (.)
80 000
50000
{() )
32 000
20000
,
[E(EACS))
(.)
48 000
30000
,
(NS)
4000
2000
{E(EPS)) (.)
12,00
15,00
( ), (.)*
6,00
12,00
{a /E(EBIT))
0,50
0,50
^ ^- /. $800 000
1,00
1,60
0,50
0,80
EBIT
((1))/((1)
-/-PD/(1-f))
( < r / f (EPS)) [
E F S
/E(EBIT))x(DFL )
EiEm
" X: _
(
EPs
= ( ) ( ) ; ,
= / , )(1-0( )
. 16.4 , ,
, 48 . .,
30 . .
,
, , ,
16. ""
745
,
, , 15 12 . .
6 .,
12 .
(total firm risk)
(earnings per share EPS).
.
. ,
,
EPS,
.
(total firm risk). . 16.4 ,
EPS ( 100%-
) 0,50. ,
EBIT.
, ""
. ,
EBIT. ( 50%-
) EPS 0,80.
"",
(.. 0,80 - 0,50 = 0,30)
(added) ,
""; ,
,
EPS EBIT.
, :
= + ;
, CV ,
: CV = o /E(EPS);
EPS
EPS
EPS
,
CVEBIT, : CV =
o/E(EBIT);
,
, CV ,
, C V ,
: (CV - CV ).
EBT
EPS
Em
EPS
EB
. 16.4 , ,
,
50%-
, 100%-
. -
746
VI. ,
. , ,
"/" ,
"".
DFL .
, EPS, ,
EPS . ,
, , ,
, ""
EBIT .
"" D F L 1; ,
, CV ,
EPS > ,
. CV CV (
), 1,6 ( D F L E B I T ) .
, , "", D F L
EPS. , D F L
,
,
"".
,
DFL, .
5
EBRR
EPS
EBIT
""
^1
...
&
""
"", "" (
) "" (total [or combined] leverage).
"" ""
,
EPS.
"" (degree of total leverage D T L ) .
5
(l/JVS)(l-0(<w)
E(EPS)
[E(EBIT)(\
-t)-I(i-t)-PD]/NS
E(EBIT)-I-[PD/(\-t)]
()
E(EBIT)
E(EBIT)-I-[PD/(\-t)}
=
DFL (
E
EBTT)
16. ""
747
"" (DTL)
"" (degree of total leverage DTL)
EPS, 1%-
( ).
"" (DOL), ""
(DFL) ( ).
""
( )
EPS
( ),
EPS. ,
( D T L ) ,
Q . ( S )
!
(16.15)
(EPS)
()
,
""
"" "", ..
(16.16)
, D O L ,
(16.8) (16.9), D F L , (16.14), :
(16.17)
(16.18)
,
,
"" ,
"".
, , (
""),
200 . .; . ,
50 ., 25 .
, 100 . . -
748
VI. ,
, 40%.
"" , 8000 .
, (16.17), :
, 10%-
23,8%-
.
""
"" "", :
"" ""
"", 2 (, D F L
"" 1). ,
"" D O L 1,19.
"" 2,38.
DTL
"" ""
,
"" .
, .
.
, ""
.
, ,
""
.
"",
.
-
16. ""
749
(senior securities)
, .
,
.
,
,
.
( )
.
,
(debt capacity).
(debt capacity)
( ) ,
, .
,
, ,
(coverage ratios). , , ,
6,
( ) .
, , ,
( E B I T ) ,
. ,
(interest coverage ratio times interest earned).
( E B I T )
:
[ ]
( E B I T )
(16.19)
, ,
6 . .,
1,5 . .
E B I T ""
. ,
, E B I T 75%.
1,
, .
-
750
VI. ,
,
, .
, ,
, ,
,
.
,
.
,
. ,
(debt-service burden).
(EBIT)
(16.20)
.
1-
(
), . ,
E B I T .
,
, . ,
,
EBIT.
1 . ., 40%,
:
=
$6 .
_
. .
$1.
$1,5 .
1-0,40
: 1 - (1/1,89) = 0,47.
16. ""
751
, ,
.
,
"",
.
() ,
. (
21.) ,
, (16.20),
,
.
, -
,
"" "", .
.
. 16.5,
E B I T .
E B I T .
, (16.20). ,
: 100 . ./ . . = 1,67.
,
EBIT. , E B I T
, .
, ,
. ,
1,67, ,
. , ,
,
.
( ),
. ,
. ,
.
,
. ,
, , ,
.
, E B I T , ,
.
,
. .
752
VI. ,
-20
20
60
100
140
180
220
EBIT, $ .
. 16.5. EBIT
,
1, ,
. ,
,
. ,
,
: , ,
. .
, ,
. 7,
,
.
,
.
, : ,
, .
,
,
,
, .
, , ,
5%-
,
16. ""
753
. ,
""
, .
, ,
,
, .
: ,
.
.
,
, ,
( )
.
, ,
.
. "/ "
,
(, ).
"/ "
. ,
"/ " .
.
(capital structure)
( )
, ,
.
(capital structure)
, .
, ,
. -
754
VI. ,
,
, " " .
, .
, ,
.
"/ ",
. ,
, ,
. "" "
" , ,
, ,
, ,
.
""
.
, ,
, ,
. ,
"/ " .
"/
"
()
1,2
()
1,2
()
1,8
()
1,8
()
1,9
()
2,9
( )
3,2
(,
)
5,0
"",
. , ,
, .
, , .
,
, "".
16. ""
755
.
,
. ,
. ,
"", .
,
,
. ,
"" ,
.
.
(
, ),
.
Moody's Investors Service Standard & Poor's.
,
.
. , ,
.
,
, ,
, .
. , Moody's Investors Service Standard
& Poor's, . 16.5.
. ,
, " ".
( Moody's
; Standard & Poor's A A A ) "
" ( " ,
") investment grade quality. ,
,
" " (speculative grade). ,
,
.
, .
756
VI. ,
16.5. ,
AAA
. " ";
, ,
.
,
:
, , ;
( , );
; ,
; , ,
. -
,
""
.
(
), , ,
.
, ,
, "",
, , .
,
16. ""
757
,
"".
, :
""
?
EBIT-EPS,
,
, ,
, ,
"", .
, ,
.
,
.
,
"", .
,
.
, ""
- . ,
,
(
) . , ,
, .
,
, ,
.
( "") .
"" ,
, ""
( ,
). ""
, ,
.
,
,
.
758
VI. ,
,
.
.
"" ( D O L ) . D O L
( )
( ) , .
,
D O L .
""
. ,
,
( )
. ""
.
""
"" .
""
.
""
.
( ) EBITEPS
.
EBIT, EPS
. E B I T (,
),
( ). ,
,
E B I T .
EPS
"" (DEL). D F L
EPS
,
.
,
EPS,
"".
""
"", ( -
16. ""
759
) "".
"" (DTL). D T L
( )
( )
, .
"" ,
.
,
.
,
,
, ,
"", .
,
. ,
, .
.
1. ""
"" (DOL). ?
2.
1) 2)
. , ,
? -
?
a)
d)
b)
)
g)
h)
c) f)
3.
?
a) .
b) .
c)
.
d) .
e) .
760
VI. ,
4. ?
5.
: "
".
? .
6. ""
( D O L ) . ?
D O L
. ?
7. ""
"" (DFL). ?
8. ""
"".
9.
""? .
10. EBIT-EPS :
,
EBIT, .
,
EPS?
EPS
11.
, ?
12. "/ "
,
? .
13. ,
? ( , , ?)
14. ,
?
- ?
15. ""
,
,
?
?
16. ,
,
" ".
17.
, ?
16. ""
761
1. Stallings Specialty Paint
Company, ,
3 . . ; 1,75 .
,
2 . .
a) ,
(QBE)?
(SBE)?
b)
(QBE),
1,68 . ?
c) (QBE),
3,75 . . ?
d) "" ( D O L )
, 16 .
e)
( E B I T )
,
15% (16 )?
2. D O L Gahlon Gearing, Ltd.
, 10 , 2;
1000 .
a) ,
20%
, 10 ?
b) "" DOL,
12 ?
3. David Ding Baseball Bat Company
3 . .
( 12%).
,
4 . ., :
14% ( 1);
12%-
( 2); 16 .
( 3).
800 .
40%.
)
,
1,5 . .
(,
)?
762
VI. ,
b) ( )
. ()
? ,
,
.
.
c) "
" ( D F L ) EBIT, 1,5 . .
d) ?
EBIT, "" (
EPS)
?
4. , (16.8)
DOL
~
Q(P-V)-FC
Q
(Q - Q )
BE
(16.7)
( D O L ) Q
_ ( E B I T )
( ) -
( )
5. Archimedes Torque and Gear
Company 7,4 . .
(. .).
15%- , 100 . ,
2,4
13%- ,
, 150 , ,
3,0
18%-
10
2,0
7,4
16. ""
763
a)
.
b) ,
"1:1"?
c) Archimedes Torque and Gear Company
?
6. Aberez Company Vorlas Vactor, Inc.
.
ABEREZ
"/ "
VORLAS VACTOR
1,10
1,43
0,78
0,47
6,10
5,70
7,30
7,10
"
/ "
0,08
0,07
0,10
0,13
,
. ?
764
VI. ,
2.
Andrea S. Fault Seismometer Company (. 1)?
a) 50 .
(, ).
b) 20 .
. .
c) 10 .
60 . . .
3. Crazy Horse Hotel
50 .
100 . . ,
1200 . .
: 12 .
8 . .
a) (
)?
b) ,
40 .
4. Cybernauts, Ltd. ,
.
( 16%) 15%-
.
5 . .,
20 . . ,
50% (
).
, .
(%)
(%)
100
30
70
50
50
50
20
30
a) EBIT-EPS
. (, EBIT 1 . .)
,
.
b) (16.12),
1 3; 3 4.
c) "" ( D F L )
EBIT,
1 . .
d) ? ?
16. ""
765
100
Hi-Grade Regulator Company;
60 . . ,
2 . . 6%- .
, 3 . .
( 60 . ) ( 1);
8%- ( 2);
7%- ( 3);
( 60 .
) 8%- ( 4).
a) EBIT, 1 . .
,
EPS
. 50%.
b) EBIT-EPS.
.
.
Hi-Grade Regulator Company (. 5) ,
E B I T
1 . .; 2/3 ,
600 . . 1,4 . .
a)
? .
b) , EBIT
1,5 . .,
2/3 ,
1,3 . 1,7 . .
? .
Fazio Pump Corporation
1,1 , ,
8 . . (
10%).
, 5 . .
( 20 . ) ( 1);
( 11%) ( 2);
10%-
( 3). ,
( E B I T )
6 . .
35%.
766
VI. ,
a)
.
b) , E B I T 3 .?
4 .? 8 . .?
c) ,
46%?
8%,
7%?
40 . ?
8. Boehm-Gau Real Estate Speculators, Inc. Northern
California Electric Utility Company
(. .) E B I T .
BOEHM-GAU
NORTHERN CALIFORNIA
EBIT
5,0
100,0
1,6
45,0
2,0
35,0
/
*
0,56
0,43
0,64
0,66
0,47
0,08
0,42
0,26
" .
:
, ,
( ,
). ,
.
16. ""
767
1. ) <2 =
$3 .
($2,00 $1,75)
= 12 .
$3 .
S,
1-($1,75/$2,00)
=$24 .
$3 .
b)
~ ($2,00 - $ 1 , 6 8 )
9,375 .
)
QE =
B
$3,75 .
($2,00-31,75)
d) DOL16
)
15 .
16
(16 . 12 .)
( 1 5 % ) 4 = 6 0 % - EBIT
2. ) ( ) DOL =
EBIT
(20%) 2 = 40% - EBIT
, 1000 . (1+0,40) = 1400 .
'
i0mmm
~i0 0Q0-Q ~
BE
, Q 5000 .
BE
DOL
12 000
12000 .
12000-5000
1,7
3. ) ( . .)
1500
1500
1500
360
360
360
560
(.)
580
1140
1140
232
456
456
(EBIT)
(.)
768
VI. ,
(.)
348
684
684
480
,
(.)
348
204
684
(. .)
800
800
1050
0,435
0,255
0,651
(.)
)
4000
1500
2000
EBIT, $ .
:
(1) (3): 2,7 . . E B I T
(2) (3):
3,7 . . E B I T
(1) (2)
.
(1)
(3)
(. .)
16. ""
769
$920)(10,40)0
_ (1
800
$360)(10,40)0
1050
, :
( )(0,60)(1050) ($920)(0,60)(1050)
3
= ( )(0,60)(800) ($360)(0,60)(800)
13
( ) ( 1 5 0 ) = $406 800
13
( / ) = $2712.
1 3
,
920 ., ,
. ,
, 480 .
(1 0,4) 800 .
360 . (
),
1160 .
)
(1):
DEL,-EBIT,
1,5 . .
$1500 000
$1500 0 0 0 $ 9 2 0 000
=2,59
(2):
) FT
L
^, 1,5 . .
$1500000
=4,41
EBIT, 1,5 . .
$1500 000
$1500 0 0 0 $ 3 6 0 000
d) EBIT
.
, EBIT
: 2 712 000 . 1 500 000 . = 1 212 000 .
,
770
VI. ,
,
.
, E B I T
, (
).
DOL .
Quim
(EBIT)
( )
AQ(P-V)
Q(P-V)-FC
AQ/Q
:
( - V), :
DOL
-.
_
p Q-Q
)
.
Q
15% 2,4 . .
13% 3,0 . .
18% 2,0 . .
=
=
=
BE
360 . .
390 . .
360 . .
1 000 .
: 2 . . /
1,11 . . = 1,80
: 100 . . + 150 . . = 250 . .
$2 000 000
[$1110 000 + [$250 000/(1 - 0,50)]
1,24
) E B I T ,
"1:1".
: 1,11 . . - 2,0 . . =
-890 . .
16. ""
:
-390 . .
771
1,61 . . - 2,0 . . =
Z-.
:
- $ 8 9 0 000 _
$1500000]
0,593
( )
:
-$3900001
$1500000 ~
-0,260
( )
,
Z
, . V
, .
,
EBIT,
, "1:1".
,
1:1,
28 40% ,
EBIT.
) (40%) ,
. (
)
(0,47).
, , ,
Archimedes .
, ,
.
6. Aberez ,
. Vorlas ,
, .
.
"/ "
, -
772
VI. ,
Vorlas, , ,
, , ,
Aberez. Aberez ,
, Vorlas .
Vorlas ,
Aberez,
. , Aberez
Vorlas ( Aberez
). Vorlas
,
(investment-grade bonds). , ,
, ,
Vorlas.
,
, , Vorlas
.
Donaldson, Gordon. Corporate Debt Capacity. (Boston: Division of Research, Harvard
Business School, 1961).
, "Strategy for Financial Emergencies", Harvard Business Review 47 (NovemberDecember 1969), p. 67-79.
Gahlon, James, "Operating Leverage as a Determinant of Systematic Risk", Journal of
Business Research 9 (September 1981), p. 297-308.
, and James Gentry, "On the Relationship Between Systematic Risk and the
Degrees of Operating and Financial Leverage", Financial Management 11 (Summer
1982), p. 15-23.
Harvey, Campbell R., and John R. Graham, "The Theory and Practice of Corporate Finance:
Evidence from the Field" Journal of Financial Economics 60 (May/June 2001), p. 187-243.
Hong, Hai, and Alfred Rappaport, "Debt Capacity, Optimal Capital Structure, and Capital
Budgeting", Financial Management 7 ( A u t u m n 1978), p. 711.
Levy, Haim, and Robert Brooks, " F i n a n c i a l B r e a k - E v e n Analysis and t h e V a l u e of the
Firm", Financial Management 15 (Autumn 1986), p. 22-26.
Myers, Stewart C, "Capital Structure Puzzle" Journal of Finance 39 ( b u y 1984), p. 575-592.
Piper, Thomas R., and W o l f A. Weinhold, "How M u c h Debt Is Right for your Company?"
Harvard Business Review 60 (July-August 1982), p. 106-114.
Zivney, Terry L., "Alternative Formulations of Degrees of Leverage", Journal of Financial
Education 26 (Spring 2000), p. 7 7 - 8 1 .
VI Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j w a c h o w i /
part6.html)
17
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(financing mix),
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776
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,
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,
.
,
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,
,
.
2
4 , - ,
R, = R/k, .
, : = R/P, (17.1).
(172) ,
, ,
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1
17.
777
(17.3)
'
V = + S (..
), = I +
(..
,
) . k
(capitalization rate) ( ),
:
o
B+S
(17.4)
B+S
(capitalization rate)
,
,
, k , k k
"", B/S.
t
( ) (net
operating income (NOI) approach (to capital structure))
,
"".
(net operating income approach).
, ,
1000 . 10%.
( N 0 1 E B I T )
1000 ., , k , 15%.
, .
0
/<
(.)
1000
+0,15
(/) (.)
6 6 6 7
(.)
1000
(V-B) (.)
5667
778
VI. ,
, , ,
,
01, .. 1000 . 100 . 900 .
:
_
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() , k . ,
,
() .
:
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"".
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"" (B/S).
o
, ,
1000 3000 . ,
, .
.
(.)
+ 0,15
(/) (.)
6667
(.)
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(V-B) (.)
3667
1000
, , ,
, I (
), .. 1000 . 300 . = 700 .
:
=
$700_
$3 667
, , k ,
"".
,
. , ,
, ,
. . 17.1
N O I .
e
17.
779
"" (B/S)
. 17.1.
(NOJ)
, ""
, .
, ( ),
, 1000 ., 100
. , : 5667 ./100
= 56,67 .
2000 .
2000 . 56,67 . ( 35,29 , ,
0,29 ).
100 - 35,29 = 64,71 . ,
3667 . , : 3667
./64,71 = 56,67 ., .. ,
"", (recapitalization).
Coca-Cola
.
,
"/".
,
.
. The Coca-Cola Company, 2002 Annual Report, p. 50.
The Coca-Cola Company.
780
VI. ,
(recapitalization)
, ,
,
.
, ,
, , k ,
"".
,
, .
. " "
, k . ,
k k
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). , k ,
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.
o
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, .
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, , ""
,
, .
, ,
(traditional approach)
.
3
(traditional approach
(to capital structure))
,
"".
Franco Modigliani and Merton Miller, 'The Cost of Capital, Corporation Finance and the Theory of
Investment," American Economic Review 48 (June 1958),p. 261-297.
17.
781
(optimal capital structure);
,
"". ,
"".
, k
" " .
""
.
e
"" (B/S)
. 172.
,
. 17.2, , k
"", k,
,
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.
""
, k , .
k
e
782
VI. ,
, k .
k , k
, k .
. 17.2 X.
, X,
, -, ,
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.
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.
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, k ,
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o
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- 2-
. 17.3.
,
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.
,
.
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,
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17.
783
. ,
( )
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,
. ,
. 17.3.
"": ,
.
,
""
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,
.
( "") - ,
,
,
&. , ,
, ,
. (arbitrage),
. ,
.
(arbitrage)
, , , ,
.
( ),
, , NL
"", L 12% 30 . .
L
NL. ,
L (
,
, ).
, L
16% ( , NL).
.
( . )
(.)
NL
10 000
10 000
3600
784
VI. ,
NL
,
(-/) (.)
10000
6400
-0,15
-. 0,16
(/ke) (.)
66 667
40 000
(.)
30 000
( + S) (.)
66 667
70 000
,(B/V) + k (S/V))
0,15
0,143
0,75
B/S
"/ "
& ,
, .
L ,
NL. & ,
L .
.
L ( )
NL ( ).
, L
, , , ,
.
, , , 1%
I (, "")
40 . . 0,01 = 400 . .
1. L 400 .
2. 300 . 12% .
1% L, .. ,
. ( ,
, : 400 . + 300 . =
700 .)
3. 1% NL ( "")
666,67 . : 700 . - 666,67 . = 33,33 .,
.
L 16%.
400 ., 64 .
17.
785
NL 15%; 666,67 .,
100 .
. ,
( ) .
NL (.)
100
: (300 , 0,12)
36
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64
, (64 .)
, L.
, 366,67 . (666,67 .
300 .), 33,33 . ,
L (400 .),
"".
,
NL. , ,
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,
, , -,
NL
, -, L
.
,
. " "
.
, , .
, ""
, "" (homemade financial
leverage). &
,
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. , , ,
.
.
786
VI. ,
,
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.
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).
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.
.
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( ).
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,
e
17.
787
, .
;
. , ,
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,
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. 17.4.
,
(agency costs)
, ( ),
,
, .
(agency costs).
(, ) (agents) ().
, ,
,
VI.
788
.
, ,
( , ,
), ().
,
,
.
,
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.
. , ,
,
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,
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).
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4
, , , ,
,
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, "
".
, , ,
, ,
.. , ""
,
"". ,
(,
0
Michael C.Jensen and William H. Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs
and Ownership Structure", Journal of Financial Economics 3 (October 1976), p. 305-360.
, , ,
Michael C.Jensen, 'The Takeover Controversy: Analysis and Evidence", Midland
Corporate Finance Journal 4 (Summer 1986), p. 12-21.
17.
789
)
.
.
. ,
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.
,
,
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(approved list),
, .
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,
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. ,
790
VI. ,
.
.
.
,
.
, . ,
,
, ,
.
, ,
ND D 2000 .
, , D
5000 . ( 12%),
ND . (
) , 40%,
ND
(.)
D
(.)
2000
2000
(
)
600
2000
1400
( 40%- )
800
560
1200
840
,
(
)
1200
1440
,
( )
240
, ,
, , D,
"", ND, .
,
,
.
, , "",
.
, (tax
17.
791
, , a t
. D :
c
:($5000)(0,40) = $2000.
" " (Tax shield)
, ,
""
,
, " "
, D,
, 2000 . , ,
. ,
, , 240 . ,
. 240 .,
12%- , : 240 ./0,12 = 2000 .
, , ,
,
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,
""
(17.6)
"'
792
VI. ,
( ),
ND, , 16%.
100%- , ,
"" : 1200 ./0,16 =
7500 . 2000 .,
D (, "")
: 7500 . + 2000 . = 9500 .
(17.5) (17.6) : ,
(
). , "",
. , &
,
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,
. ,
.
6
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.
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,
.
, (17.6).
""
.
Franco Modigliani andMeiton Miller, "Corporate Income Taxes and the Cost of Capital: A Correction",
American Economic Review 64 (June 1963), p. 433-442.
17.
793
,
(17.5).
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794
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. (
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. 17.5.
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17.
795
. 17.5 . ,
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180.
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.
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. 17.5 .
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"". , -
796
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.
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(signalling)
(..
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17.
797
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, 19,
.
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(timing) . ,
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798
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17.
799
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.
E B I T - E P S .
( E B I T )
(EPS)
? E B I T
EBIT-EPS?
.
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800
VI. ,
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17.
801
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802
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11
.
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, ,
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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 . . , ,
"", ""
( ),
, 20%
.
,
, .
, ,
,
. ,
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, 5 . .
, 5 . .
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,
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804
VI. ,
(
).
(. .)
10
15
20
25
30
,
,
(. .)
0,6
1,2
3,2
? , ?
b) ,
10 . .,
. ,
,
, ).
.
2. Wannabee Company Gottahave Company
, ,
"", 12%-
2 . . ,
, . ,
,
.
.
(, .)
(. .)
IVonnobee
Gottahave
600
600
240
17.
Wannabee
Gottahave
,
( /) (. .)
600
360
40,15
40,16
(/ ) (. .)
(. .)
805
2,250
4 , 0
2,0
(S + S)
(. ,)
4,0
4,25
0,15
0,1412
0,89
[k'B/V) + kS/V))
B/S
"/ "
( ) (%)
(.)
10,00
100
10,0
10,00
200
10,0
10,50
300
10,5
10,75
400
11,0
11,00
500
12,0
10,50
600
14,0
9,50
VI. ,
a) , , ,
( ,
)? ?
b) ,
(k ,
k k ) "/ " (B/S)
.
e
c) ,
)?
4. , Gioanni Chantel Truffles, Inc.
, 1 . .
.
, Gioanni Chantel Tmffles 15%-
3 . . ,
.
a) ,
, -
, 40%?
b) ,
?
c)
20%
. ,
-
?
?
5. Stinton Vintage Wine Company
.
.
Stinton Vintage Wine Company 10 . . (
). ,
,
.
,
.
, ,
22%
( ,
). ,
, ,
, .
17.
(.
.)
807
,
(. .)
50
100
200
400
700
1100
1600
" / ( +
)"
(%)
, (%)
,
(%)
10,00
10,00
0,10
8,0
10,50
10,50
0,20
8,0
11,00
11,25
0,30
8,5
11,50
12,00
0,40
9,0
12,25
13,00
0,50
10,0
13,25
14,50
0,60
11,0
14,50
16,25
0,70
12,5
16,00
18,50
0,80
15,0
18,00
21,00
a)
""
, , 50%?
b)
, ?
7. Wyatt Vintage Wine Company
15 . . , -
808
VI. ,
.
, ,
,
. , ,
( )
? , ,
, ,
? .
1. a) Qwert Typewriter Company:
(. .)
(8 + S) (. .)
2,0
(50%) (. .)
1,0
(50%) (. .)
1,0
(. .)
360
(13%) (. .)
130
,
( - 0 (. .)
230
360
-0,18
2% 230 . ,= 4600 . .
, k = E/S = 230 . . / 1 . .= 23%.
e
(. .)
360
-0,18
( + S) (. .)
2,0
(20%) (, .)
400
(80%) (. .)
1,6
(. .)
360
(13%) (. .)
52
,
( - /) (. .)
308
17.
809
, k = E/S = 308 . . /1,6 . .= 19,25%.
e
Yuiop , Qwert, Yuiop
.
,
,
"/ ",
,
.
2. , "":
(. .)
3,0
(. .)
3,0
(40%) (, ,)
1,2
(, .)
1,8
- 0,18
( "")
(. .)
10,0
4 . .:
,
'"
,
"'
= $10 000000 + ($4 000 000)(0,40)
= $11600 000.
7 . .:
VI. ,
810
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PV ,
(1)0,20
PV ,
,
(2) + (3)-(4)
(1)
(2)
(3)
(4)
(5)
15
0,0
15,0
15
0,0
16,0
10
15
0,6
16,4
15
15
1,2
16,8
20*
15
2,0
17,0
25
15
3,2
16,8
30
15
5,0
16,0
' 20- .
A r d i t t i , Fred D., "The Weighted Average Cost of Capital: Some Questions on Its Definition,
Interpretation, and Use"'Journal of'Finance 28 (September 1973), p. 1001-1009.
Barclay, Michael J., and Clifford W. Smith Jr., "The Capital Structure
Puzzle: Another
and
Evidence",
Midland
17.
811
18
,
,
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,
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:
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(dividend-payout ratio) ,
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VI. ,
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, .
,
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. &
,
1
Merton . Miller and Franco Modigliani, "LHvidend Policy, Growth, and the Valuation of Shares",
Journal of Business 34 (October 1961), p. 411-433.
1
18.
817
. ,
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( - ). (
.)
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.
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(dilution),
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.
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818
VI. ,
. &
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(total-value principle)
,
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819
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1 . , 70%
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Corporation 100 .,
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VI. ,
.
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826
VI. ,
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18.
829
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831
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833
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.
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Industries , , ,
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5%- , ,
20 (400 . 0,05).
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, ,
.
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5%- ,
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834
VI. ,
. ). 700 . . "
".
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18.1.5%- , Chen
Industries
(5 . ;
400 ) (.
.)
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(5 . ; 420
) (. .)
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(1 . . / 400 . ).
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, (large-percentage stock
dividend) ( , 25% ,
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, ,
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( 5%- ,
). . 18.2 ,
Chen Industries ( ,
, ).
18.
835
100%- , 2 . .
(5 . 400 . )
400 ,
( ) .
, .. 10 . .
18.2.100%- ,
Chen Industries
(5 , ;
400
) (. .)
2,0
(5 , ; 800
) (, .)
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(. .)
1.0
(. .)
1,0
(, .)
7,0
(. .)
5,0
(, .)
10,0
(. .)
10,0
(stock split)
; , 2 1,
,
(stock split)
.
Chen Industries 100%-
. 2 1
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. . 18.3
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, ,
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836
VI. ,
)
,
.
,
.
, , .
.
, 2 1
1,20 .
, 2 . .
, 100 ,
200 . .
200 240 . .
18.3. Chen Industries 2 1
(5 . ; 400
) (. .)
2,0
(2,50 . ;
800 ) (. .)
2,0
(, .)
1,0
(, .)
1,0
(. .)
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(. .)
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(. .)
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(. .)
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,
.
, , ,
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4000 .). 5%- ,
, 38,10 . (40 ./1,05).
-
4000 . (38,10 . 105 ). , ,
, .
, . -
18.
837
, ,
.
,
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.
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VI. ,
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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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, .
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,
6500 ,
, ,
.
, .
, 200-
, 20-,
, ,
, , " " ,
. , .
. The Motley Fool (www.fool.com), The
Motley
Fool.
840
VI. ,
(reverse stock split)
, : ,
, 1 2,
, .
,
, .
(reverse stock split).
Chen Industries (. )
1 4,
.
: 20 . (5 . 4), 400
100 (400 /4).
, ,
.
, ,
, (
) . ,
(,
).
.
,
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,
.
.
4
,
.
, , AT&T Corp., Lucent
Technologies Inc. Palm Inc.?
, .
.
"
3 5 . ",
.]. Randall Woolridge, and Donald R. Chambers, "Reverse Splits and Shareholder Wealth", Financial
Management 12 (Autumn 1983), p. 5-15; R. C. Radcliffe and W. Gillespie, "The Piice Impact of
Reverse Splits", Financial Analysts Journal 35 (January-February 1979), p. 63-67.
18.
841
, Capital. ,
Ned Davis Research, ,
, , 5 50 .
,
, Palm Inc.
1 20. ,
, AT&T Corp.,
, ,
, . Palm Inc., ,
,
, .
, Palm Inc. ,
, N A S D A Q ,
.
, AT&T Corp.
, 4 5 .
( 1 5)
, AT&T Corp. , ,
" ". AT&T Corp.
S&P 500,
.
. Tim Reason, "Reverse Psychology Today", CFO (December 2002), p. 19. (www. cf . com).
2002 CFO Publishing Corporation. . .
(stock repurchase)
- () ,
(self-tender offer),
.
.
.
(stock repurchase)
, .
,
, ""
. ,
.
, (
,
), ,
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3
.
, .
" " .
842
VI. ,
(self-tender offer)
,
"'' ( , )
(dutch-auction)
() , ,
. ()
. ,
() ,
() ,
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844
VI. ,
, ,
, .
, Deuce Hardware Company
1,5 . . ,
.
1,5 . .
(. .)
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2,0
+ 500
(.)
63
(.)
3 . (1 500 000 ./500 000),
(63 .)
(3 .) ,
(60 .).
,
63 . . 23 810
(1 500 000 ./ .). :
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,
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.
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18.
845
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, ,
. ,
.
(Internal Revenue Service)
, , -
.
UBS Group
2002 UBS , -
. , ,
, ,
5,9 .
( 79 789 414 ) .
6,4% UBSAG.
, .
, - ,
UBS (UBS Group Treasury). "
( )
,
. ,
, 2000 , EPS
2002 9%".
(Group Exe
cutive Board), ,
.
(Business Groups) .
,
.
,
, .
" ,
, UBS,
".
. UBS Group, UBS Annual Review 2002, p. 44. 2003 UBS AG.
. .
846
VI. ,
, CFO Europe, - I
, I
.
2001 CFO Europe 127
.
, 1993 2000
, ,
, ""
. ,
, 1993
2000 , 55%, ,
, . 1993
, 2000 15% ,
, .
, ,
,
.
, CFO Europe, ,
, , .
, 1990- . , , CFO Europe,
, 1993 3,9%
"" , 2000 80,3%.
, ? , Insead ( -), ,
. "
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847
, ,
. .
,
, (
). , ,
, ,
.
. Justin Wood, "The dividend dilemma", CFO Europe (December
2001/January 2002), p. 16-22. 2001/2002 CFO Europe (www. cf oeurope. com).
. .
?
(treasury stock)
,
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848
VI. ,
(,
), .
, , .
6
Georgia-Pacific
,
. Georgia-Pacific
Group 0,25 . .
, .
1998 , , GeorgiaPacific Group ,
, .
,
. ,
Georgia-Pacific Group.
Georgia-Pacific Group,
5,75 . ., GeorgiaPacific Group 4,75 . . 1998 GeorgiaPacific Group 7,7 .
436 . . (
); , 8%-
1 .
. Georgia-Pacific CorporationGeorgia-Pacific Group, 1998 Annual Report, p. 28. 1998
Georgia-Pacific CorporationGeorgia-Pacific Group. .
.
, ""
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"",
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"". ,
.
7
"", ,
( ). . Larry Y. Dann, "Common Stock Repurchases:
An Analysis of Returns to Bondholders and Stockholders", Journal of Financial Economics 9 (June 1981),
p. 113-138; Theo Vermaelen, "Common Stock Repurchases and Market Signaling", Journal of Financial
Economics 9 (June 1981), p. 139-183; Theo Vermaelen, "Repurchase Tender Offers, Signaling, and
Managerial Incentives", Journal of Financial and Quantitative Analysis 19 (June 1984), p. 163-182.
Robert Comment and Gregg A.Janell, "The Relative Signaling Power of Dutch-Auction and Fixed-Price
Self-Tender Offers and Open-Market Share Repurchases", Journal of Finance 46 (September 1991),
p. 1243-1271. . Laurie Simon Bagwell, "Dutch-Auction Repurchases: An Analysis of
Shareholder Heterogeneity", Journal of Finance 47 (March 1992),p. 71-105.
18.
849
(.. ,
),
.
.
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, "" ,
, ,
. ,
,
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.
8
(record date)
, ;
,
.
,
(record date).
. , ,
, ,
, . ,
United Chemical Company 8 ,
( 1 . ).
15 ,
31 . - United Chemical
Company, 31 .
,
(15 ).
( ).
(settle), ..
( ).
, ,
, ,
,
. Paul Asquith and David W. Mullins Jr., "Signaling with Dividends, Stock Repurchases, and Equity
Issues", Financial Management 15 (Autumn 1986),p. 27-44.
850
VI. ,
,
. ,
. "
" (ex-dividend date).
" " (ex-dividend date)
,
,
(declaration date)
,
.
(payment date)
, ,
. 18.3 ,
( ). 8 ,
(
(declaration date)), 15 ( (payment
date)); , 31
( (record date)). 31
, " " 29 ( "
" (ex-dividend date)). ,
28 .
29 , , (exdividend), .. .
8
29
31
15
(dividend reinvestment plan DRIP).
-
18.
851
.
DRIP, :
,
. ,
,
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.
,
, .
DRIP,
, ,
.
.
.
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, ,
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. ,
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VI. ,
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VI. ,
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18.
855
15.
, ?
16.
?
(DRIP)
17. :
? .
1. Borowiak Water Company
.
, (. .)
2000
1500
2500
2300
1800
(. .)
1000
1500
2000
1500
2000
1
Borowiak Water Company,
1 . .
a) ,
, ,
,
.
b) ,
,
,
, .
c) ,
, ,
,
50%.
d)
(
)?
( ).
2. EPS
10 .
856
VI. ,
EPS (.)
10
1,70
1,82
1,44
1,88
2,18
2,32
1,84
2,23
2,50
2,73
a)
.
I)
,
40% ( ).
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,
40%, 40%.
III)
,
.
30 50%,
40%.
b)
?
3. ,
Klingon Fastener Company .
( 1 .) (. .)
2,0
(. .)
1,6
(, .)
8,4
(. .)
12,0
60
a)
, , , -,
10%- , ; , 2 1; -,
1 2?
b) ("
")
10%- ,
?
?
|
1.
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) 31 20X1
.
18.
( 5 .;
1 ) (. .)
857
5,0
(. .)
5,0
(. .)
15,0
(, .)
25,0
DeWitt Company
. DeWitt Company
500 . ., .
7 . .
a)
, DeWitt Company 15%-
.
b)
, DeWitt Company 25%-
.
c)
, DeWitt Company
5 4.
2.
858
VI. ,
3. (, )
, ,
.
a) ,
;
.
b)
.
c) ,
.
d) , ,
(
).
e) ,
.
4. Jumbo Shrimp Corporation Giant Shrimp Company
;
.
.
Jumbo
Giant
(. .)
50
35 000
(. .)
30 000
25 000
(. .)
42 000
40000
(, .)
5000
7000
(. .).
100 000
85000
(. .),
25 000
10000
0,05
0,08
( )
(
)
? .
5.
18.
859
, Harpo Corporation,
Oprah Corporation
, Harpo Corporation.
) ,
Oprah Corporation?
b) ,
?
Oprah (.)
EPS
Harpo (.)
EPS
1,00
0,50
6,00
1,00
0,23
4,75
0,50
0,25
4,00
0,50
0,23
4,00
-0,25
2,00
-0.25
0,23
4,25
0,50
0,25
3,50
0,50
0,23
4,50
Sherill Corporation
30 20X3
( 1 .;
1 ) (. .)
1,0
(, .)
300
(, .)
1,7
(, .)
3,0
860
VI. ,
20X3 ( )
300 . . 50%
. 30
5 .
a) 31 3%-
,
?
b) ,
, 20X3
? ?
c) 3%- ,
(EPS)
(DPS) 20X3 ?
d) 3% ""
?
8.
( 2,00 .;
2,4 ) (. .)
(, .)
4,8
5,9
(. .)
87,3
(, .)
98,0
a) 12%-
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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).
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Earnings, and Taxes", American Economic Review 46 ( M a y 1956), p. 97-113.
Litzenberger, Robert H, and Krishna Ramiswamy, "Dividends, Short Selling Restrictions,
Tax Induced Investor Clienteles and Market Equilibrium", Journal of Finance 35 (May
1980), p. 469-482.
18. 865
, "The Effects of Dividends on Common Stock Prices: Tax Effects or Information
Effects? "Journal of Finance 37 ( M a y 1982), p. 429-444.
Litzenberger, Robert H., and James C. Van Home, "Elimination of the Double Taxation of
Dividends and Corporate Financial Policy''JournalojFinance 33 (June 1978), p. 737-749.
Markese, John, "Common Stock Dividends: W h a t Are They Worth?" AAIIJournal 11 Quly
1989), p. 9-33.
McNichols, Maureen, and Ajay Dravid, "Stock Dividends, Stock Splits, and Signaling",
Journal of Finance 45 (July 1990), p. 857-879.
Miller, Merton H., "Behavioral Rationality in Finance: The Case of Dividends", Midland
Corporate Finance Journal 4 ( W i n t e r 1987), p. 6-15.
, and Franco Modigliani, "Dividend Policy, Growth, and the Valuation of Shares",
Journal of Business 34 (October 1961), p. 411-433.
Miller, Merton H., and Kevin Rock, "Dividend Policy under Asymmetric Information",
Journal of Finance 40 (September 1985), p. 1031-1051.
O'Byrne, Stephen F., and Justin Pettit, "Stock Splits: What Good Are They?" Shareholder
Value 2 (May/June 2002), p. 34-39.
Roberts, Michael, W i l l i a m D. Samson, and Michael T. Dugan, "The Stockholders' Equity
Section: Form W i t h o u t Substance?" Accounting Horizons 4 (December 1990), p. 35-46.
Szewczyk, Samuel H., and George P. Tsetsekos, "The Effect of Managerial Ownership on Stock
Split-Induced Abnormal Returns", Financial Review 28 (August 1993), p. 351-370.
Van Home, James C, and John G. McDonald, "Dividend Policy and New Equity
Financing" Journal of Finance 26 (May 1971), p. 507-519.
Vermalelen, Theo, "Common Stock Repurchases and
Financial Economics 9 (June 1981), p. 139-183.
Market
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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), -
( , ) .
,
.
, ,
, ,
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,
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,
.
,
"" .
.
"" ,
"" "" .
, ,
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)
, ,
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)
,
"" ,
,
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.
,
.
.
,
. ,
,
, ,
. , ,
, , , .
.
,
, ,
.
,
. , , ,
,
,
,
,
. -
20. ,
925
, ,
. ,
, .
, , ,
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.
.
,
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.
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,
,
,
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.
,
. ,
,
.
.
. ,
, .
,
, ,
.
.
,
( ) .
.
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
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
20. ,
939
, 20-
20- 10%- ,
19,6 . . .
(call premium)
,
(
) ,
(call premium)
( )
, .
250 .
. ,
200 . . ,
, ,
100 . .
109 . (1090 .
1000 .); ,
, 150 . .; 40%;
"" 30 . ""
, , ,
.
,
, .
,
, .
""
.
. ,
.
.
( 109) (. .)
21,8
(, .)
19,6
(. .)
2,2
(. .)
150
(. .)
200
350
940
VII.
(. .)
2,55
:
(. .)
200
(. .)
1,8
(. .)
200
(. .)
100
(. .)
2,3
(40% 2,3 . ,) (. .)
920
(. .)
1,63
,
30- "".
, , , , ,
. ,
( ). ,
"" , .
(12%- )
(. ,)
2,4
:
(. .)
2,4
(200 . ./20) (. .)
10
(100 . ./20) (.)
5000
(. .)
2,415
(40% 2,415 . .) (. .)
966
(. .)
1,434
, ,
,
. ,
, .
20. ,
(10%- ) (, .)
941
2,00
:
(. .)
(400 . ./20) (. .)
(150 , ./20) (.)
(.)
2 027 500
811
(. .)
1,189
(1434 000 .-1 189 000 .) (. .)
245
. , ,
1,63 . ., 20
: 1 434 . - 1 189 . = 245 . .
,
.
?
.
. ,
.
.
, ,
.
,
,
.
(0,10) (1 - 0,40) = 6%
, ,
, .
1180 131 .;
.
13,92%; , -,
,
6%- .
5
13, ,
.
. ,
.
,
. Jess . Yawitz and
James A. Anderson, "The Effect of Bond Refunding on Shareholder Wealth", Journal of Finance 32
(December 1979), p. 1738-1746.
5
942
VII.
,
, , .
,
,
.
,
. ,
,
.
. ,
.
,
, .
, .
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.
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5. , ,
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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
1.
946
VII.
,
? ,
14,60%?
2. Zapada International
10%- 25-
50 . . (
990 .).
( )
1100 . ;
10 . Zapada
International ,
.
a)
( )?
b) 25-
,
1000 . 20-
, 8% ?
Zapada International,
. ( ,
.
, .)
3. Crakow Machine Company
10 . . 10 .
11,4%- ,
12%- ,
. ,
.
, , ,
, .
10
11
12
13
0,1
0,2
0,4
0,2
0,1
, , ,
, 200 . . ,
.
)
10 ? (
.)
, -
20. ,
947
, ?
(,
,
, .)
,
?
) ,
.
11
13
15
0,2
0,2
0,2
0,2
0,2
,
.
4. .
.
, ,
, ,
.
""
. , ,
"" ( ,
)?
5. O.K. Railroad
9,5 . . .
( 8%-
100 .),
9%.
5%
.
. (
.)
a)
? (,
.)
b) .. Railroad,
9,5 . .?
6. Lost Dutchman Silver Mining Company
200 7%-
100 . (
).
.
948
VII.
1 . ,
,
"". ,
2 .,
0,50 . .
.
, ,
, : ) 1 . ., 600 . 3 . .?
) 2 . ., 2,4 . 4,6 . .? ) 1 . ., 2,5 .
5,7 . .? (,
; .)
7. , Penultimate
Corporation,
. Penultimate Corporation,
10 ,
.
a) Penultimate Corporation
,
?
b) , ),
.
c) , ) ), ,
.
8.
20. ,
949
200 . .
,
.
?
, X =
, .
)
[ $ 2 / ( 1 - 0,40)] + [$8(0,10)]
[$8(0,10)]+ [(0,10)]
$3,33+ $0,80
$4,13
$0,80 + (0,10)
$0,80 + (0,10)
$30 + (0,5)
X
= 2
$8 +
$40
.
= 0,5
$8 + = (0,5)($40)
= $ 2 0 - $ 8 = $12
)
2,325 . .
a)
= 12%
= 14%(1-0,40)=8,40%
b) ,
, 70 80% .
40%,
:
= 12%(1-[(0,30)(0,40)]) = 10,56%
= 12%(1-[(0,20)(0,40)]) = 11,04%.
950
VII.
:
= 14%(1-0,40) = 8,40% .
3. )
(.)
1 532
,
,
63
1469
1 750
1469000
281 000
281 19 , =
5 339 000 .
)
( 1 .) (.)
1 750 000
10 372 000
*
" : 18 . 281 000 + 5 314 000 ,
4. ) , ,
:
=
2000000x1
(9 + 1)
, .
) , ,
=
2000000x1
(3 + 1)
.
Alderson, Michael J., and . . Chen, "Excess Asset Reversions and Shareholder Wealth",
Journal ofFinance 41 (March 1986), p. 225-242.
Anderson, James S., "Asset Securitization: An Overview for Issuers and Investors", TMA
Journal 15 (November/ecember 1995), p. 38-42.
Ang, James S., "The Two Faces of Bond Refunding", Journal of Finance 30 (June 1975),
p. 869-274.
20. ,
951
Bowlin, Oswald D "The Refunding Decision: Another Special Case in Capital Budgeting",
Journal of Finance 21 (March 1966), p. 55-68.
Crabbe, Leland E., and Jean Helwege, "Alternative Tests of Agency Theories of Callable
Corporate Bonds", Financial Management 23 ( W i n t e r 1994), p. 3-20.
DeAngelo, Harry, and Linda DeAngelo, "Managerial Ownership of V o t i n g Rights: A Study
of Public Corporations w i t h Dual Classes of Common Stock", Journal of Financial
Economics 14 (March 1985), p. 33-70.
, "Proxy Contests and the Governance of Publicly Held Corporations", Journal of
Financial Economics 23 (June 1989), p. 29-59.
Donaldson, Gordon, " I n Defense of Preferred Stock", Harvard Business Review 40 (JulyAugust 1962), p. 123-136.
, "Financial Goals: Management vs. Stockholders", Harvard Business Review 41
(May-June 1963), p. 116-129.
D y l , Edward ., and Michael D. Joehnk. "Sinking Funds and the Cost of Corporate Debt",
Journal of Finance 34 (September 1979), p. 887-894.
Emerick, Dennis, and W i l l i a m White, "The Case for Private Placements: H o w
Sophisticated Investors Add Value to Corporate Debt Issuers", Journal of Applied
Corporate Finance 5 (Fall 1992), p. 8 3 - 9 1 .
Finnerty, John D., and Douglas R. Emery, "Corporate Securities Innovation: An Update",
Journal of Applied Finance 12 (Spring/Summer 2002),p. 21-47.
Fooladi, Iraj, and Gordon S. Roberts, "On Preferred Stock", Journal of Financial Research 9
( W i n t e r 1986), p. 319-324.
Ho, Andrew, and Michael Zaretsky, "Valuation of Sinking Fund Bonds", Journal of Fixed
Income 48 (March-April 1992), p. 59-67.
Kalotay, Andrew J., "On the Management of Sinking Funds", Financial Management 10
(Summer 1981), p. 34-40.
, George O. Williams, and Frank J. Fabozzi, "A Model for Valuing Bonds and
Embedded Options", Financial Analysts Journal 49 (May-June 1993), p. 35-46.
Khanna, Aran, and John J. McConnell, "MIPS, QUIPS, and TOPrS: O l d Wine in New
Bottles' 'Journal ofApplied Corporate Finance 11 (Spring 1998), p. 39-44.
1
952
VII,
Van Home, James , "Implied Fixed Costs in Long-Term Debt Issues" Journal of Financial
and Quantitative Analysis 8 (December 1973), p. 821-833.
, Financial Market Rates and Flows, 6 ed. (Upper Saddle River, NJ: Prentice Hall,
2001, Chaps. 7 and 11.)
th
. Financial Market Rates and Flows, 6th ed. (Upper Saddle River, NJ: Prentice Hall,
2001, Chapters 7 and 11).
V I I Web-, (Wachowicz's Web World),
"" Web-,
, , .
21
21 :
,
;
,
.
?
, .
,
!
1
, X V I I I
( .. )
^ ,
^ , .
. , ( ,
. . .)
(term loans TL)
, (,
, ). ( . .
.)
. ,
.
,
10 . (.. "
"), . ("
10 ") .
, .
(term loan)
,
, 10 .
. (term loan)
-. -,
. -,
,
.
:
"Rough winds do shake the darling buds of May,
And summer's lease hath all too short a date..."
: lease "", "" ..;
lease "". , .
lease, , ,
. . .
1
956
VII.
, ,
, .
. ,
,
(
) .
(amortized), ..
, (balloon
payment), .
- .
,
( ).
"-" ,
0,25-0,50% .
,
. ,
, , -,
,
, ; , -, ,
.
,
, .
(commitment fee)
,
.
,
,
. ,
(commitment fee):
" "
.
, ,
. ,
0,25 0,75%. , ,
1 . .
0,50%; ,
.
: (1 . .
0,005 3 / 1 2 ) = 1250 .
21.
957
. ,
.
, .
,
.
, ,
. ,
,
, ,
.
() (revolving
credit agreement)
,
.
11,
() (revolving credit agreement)
, ,
.
( , 90 ),
(
)
.
,
. ,
0,25-0,50% , ,
.
,
.
(commitment fee), 0,50% ,
.
,
.
" ",
-
958
VII.
.
, " "
. ,
, ,
"
".
,
, ( "
") .
" "
.
,
.
:
,
.
. , ,
,
.
( )
,
,
, , ,
.
,
, ,
,
.
,
, ,
. ,
, .
, ,
.
, (medium-term note MTN)
,
.
30 ( ).
, (medium-term note
M T N ) ,
, 1970- ,
21.
959
"" ,
. M T N
.
30 ( ""
).
M T N (shelf
registration) .
415 SEC
.
M T N , ,
1980- Merrill Lynch.
, Goldman Sachs, Lehman Brothers CS First Boston
.
M T N ,
, .
(Euro medium-term note Euro MTN)
MTN, ,
.
M T N 1980- .
(Euro medium-term note Euro M T N )
, , ,
. ,
1970- , M T N
, .
,
" ". ,
.
,
(, ,
) ,
. ,
, (covenants).
(covenant)
, ; ,
,
960
VII.
(loan agreement)
, - I
.
(loan agreement)
, -
.
. ,
,
,
" "
.
. , ( )
, .
.
.
, .
. ,
.
.
.
: 1) ,
; 2) ,
, , ; 3)
, .
,
"", ,
, ,
20.
. , (working
capital requirement), , ,
. ,
.
(,
6 . .),
21.
961
" ".
,
.
( ).
.
, ,
, ..
.
(cash dividend and repurchase of common stock restriction)
, .
, ,
.
,
.
(
).
,
.
, .
(capital expenditures limitation)
.
,
, ,
.
,
,
.
, ,
,
. ,
,
.
(limitation on other indebtedness).
.
.
,
. ,
-
962
VII.
, ,
.
.
( , ) ,
. ,
. ,
.
( ,
). ,
- ,
.
(negative pledge clause).
(negative pledge clause)
,
.
,
. ,
, .
,
,
. ,
, ,
, "" .
, .
, .
,
. ,
,
. "" ,
""
.
.
,
. ,
,
, .. ,
.
, ,
, ,
.
.
,
. -
21.
963
, .
,
, .
"".
, ,
, .
, .
,
.
,
,
( ),
.
,
.
"" .
,
.
, ,
, , ,
. ,
, ,
. ,
( ).
, .
,
.
" ",
. ,
, ,
. ,
80%. (,
)
. ,
964
VII.
40%
.
, .
, .
,
- .
,
. ,
,
.
,
.
,
.
(lien)
.
.
(chattel mortgage)
(lien);
.
,
. (to perfect) ,
, .
, ,
.
(conditional sales contract)
, ,
, .
(promissory note)
.
.
(conditional sales contract)
,
. ,
,
21.
965
(.. ).
.
, .
,
(promissory note) .
,
.
, , (
), -
, , ,
.
,
() ()
.
, , .
,
, , .
, .
,
( ,
). , (lease) ,
.
(full service, maintenance),
, , .
(net lease) .
(lease)
, , ()
,
, , .
(net lease)
,
.
(operating lease)
,
.
966
VII.
(financial lease)
, ,
() (fair market value)
,
,
() (residual value)
.
(sale and leaseback)
,
,
. , ,
. , (operating
lease)
.
.
( , )
.
,
, .
, (financial lease)
.
,
.
, .
, , ,
.
.
:
( ,
).
.
(fair market value).
,
(residual
value). ,
, ,
. .
21.
967
:
, ,
("" ). ,
.
.
(sale and leaseback,)
, . ,
. ,
,
. ,
. ,
.
, ,
, .
, .
,
"" ( )
. ,
, ,
, .
. (direct leasing)
, .
. IBM
, Xerox Corporation . ,
.
, , ,
, .
,
,
, , , .
, (leveraged leasing)
,
( 20 40%) ,
,
, .
,
, , ,
.
, (leveraged leasing).
, ,
, : 1) , 2)
( ) 3) .
968
VII.
, ,
, .
, ,
. , , .
, 20%- ( " ").
80% ( )
. ,
,
. , .
.
, , , -,
,
; -, ,
( ); , -,
,
.
(residual value), , ,
.
, ,
,
.
( ),
, , ,
.
.
,
.
"" (.. )
.
,
"" ;
.
.
.
,
. -
21.
969
, " "
, .
,
.
. (Internal Revenue Service IRS)
, ,
.
, IRS . ,
""
, ,
20%
. ,
, 20%
. , ,
,
20%
.
. ,
. ,
(
, ).
IRS , ,
, ,
,
.
, , ,
"" ,
.
, .
.
.
, , ,
,
, , . ,
,
- .
,
.
, . -
970
VII.
,
.
, ,
. , ,
, ,
, .
,
, .
.
(alternative minimum tax )
,
,
, fax perference Items,
: .
(alternative minimum tax ) . ,
,
(tax perference item),
.
, ,
.
, ,
.
,
,
.
, , ,
,
. , ,
, .
, ,
. ,
,
, . , ,
. ,
,
. ,
21.
971
,
.
,
,
.
!
. . .
. . .
,
.
,
, ,
() .
,
,
.
,
,
, V,
,
. ,
,
,
, ..
,
,
, ,
.
, .
, McNabb Electronics, Inc.
148 . .
. -
.
26 .
., , ..
. ,
30 . .
, ;
, (net lease).
972
VII.
.
, R:
$1480< =
* ^ + 0
S i 7
) .
(21.2)
,
, R,
0,
,
,
. R,
, 11,61%.
13%, , X,
:
$148000 =
<
t i f (1 + 0,13)'
(1 + 0 )
(%)
20,00
32,00
19,20
11,52
11,52
5,76
; : 0,20 148 .
. = 29,6 . . .. ,
30 . . McNabb Electronics
,
.
21.
973
,
,
.
. ,
,
, .
, ( 1 1 , 6 1 1 2 % ) ,
.
, ,
. ,
. ,
26 . .
, ,
. 26 . .
0 , ,
1.
.
,
.
12%, (1 - 0 , 4 0 ) , 7,2%.
,
. ,
,
.
,
.
. 2 1 . 1 . ,
93 5 0 9 .
.
McNabb Electronics ,
, 12%-
,
VII.
974
, .
, , ,
. ,
, ""
. 148 . .
0,
28 955 ., .
.
: 148 . .
(28 955 .), 119 045 .
: 119 045 . 0,12 = 14 285 .
. . 21.2 .
2
21.1.
(.)
(.)
()-(b)
() (0,40)
( 7,2%) (.)
()
()
()
(d)
26 000
26 000
26 000
1-6
26 000
10400
15 600
73 901*
10 400
(10 400)
(6392)
93 509
' .
( )
, .
.
,
() . 21.3. ,
,
, ,
3
,
. , ,
. 212, , .
,
. , ("
") ( ) ,
.
21.
975
, 40%- .
(d) .
,
, (). ,
30 . .
(recapture of depreciation) 40%-
, .
, ,
18 . . ,
7,2%- ,
87 952 .
21.2.
(.)
<) - () + ()
(.)
()
()
()
28955
119 045
28 955
104 375
14 285
28 955
87 945
12 525
(.)
() (0,12)
28 955
69 543
10 553
28 955
48 933
8345
28 955
25 850
5872
28 952*
3102
' - .
(87 952 .) ,
(93 509 .).
, ,
McNabb Electronics ,
. , ,
, (11,61%),
, (12%).
,
, .
,
,
.
976
VII.
21.3. (.)
((b) + ())
<)-(d)
( 7,2%)
(0,40)
()
<>
()
<d)
()
(0
28 955
28 955
28 955
28 955
14 285
29 600
17 554
11 401
10 635
28 955
12 525
47 360
23 954
5001
4352
28 955
10553
28416
15588
13 367
10 851
28 955
8345
17 050
10158
18 797
14 233
28 955
5872
17 050
9169
19 786
13 976
28 952
3102
8524
4650
24 303
16 013
(30000)*
(12 000)**
(18 000)
(11 064)
148 000
87 952
" .
"" : 30 . . 0,40 = 12 . .
,
,
. ,
" ", ,
,
.
, ,
( , , ).
,
,
. ,
" ".
, ,
. ,
() , ,
.
21.
977
, ,
. ,
.
(. . 21.3)
, ,
(.. 7,2%),
,
,
( ) ,
, ,
, 18,4%.
,
. .
,
.
,
100%,
,
. , ,
,
.
"" .
40,
20%, .
, , .. 12% (1 - 0,20) = 9,6%.
. 21.1 21.3, ,
,
114 924 .,
112 261 . ,
- , , .
12%-
132 897 . 134 430 .
. ( )
.
, ,
, -
978
VII.
.
. , ,
, ,
, .
,
, ,
.
, .
.
.
.
, , ,
, , ,
. ,
.
, ,
, , ,
, .
: .
() ,
10 .
,
. ,
( ),
.
, ,
.
() .
- ,
.
, ,
. ,
.
21.
979
(,
)
( )
.
,
.
,
;
.
, .
, -, , -,
( ) , -,
,
.
,
, ,
.
,
.
. ,
.
.
.
, .
- ,
( ).
, , ,
. , 1976 13
(Financial Accounting Standards Board Statement No. 13,
FASB 13), -
980
VII.
. ,
:
, ,
,
.
4
13 (FASB13)
, (Financial
Accounting Standards Board FASB)
.
,
, (capital leases). ,
,
.
1.
.
2.
.
3. 75%
.
4.
90%
.
5
- , ,
, . ,
.
, (
) (operating lease) .
, 6
Statement of Financial Accounting Standards No. 13, Accounting for Leases (Stamford, CT: Financial
, ,
, , (lessee's
incremental borrowing rate). FASB ,
, ,
,
, .
6
() ,
21.
981
,
,
.
.
""
. , ,
.
, , ,
,
.
,
:
1) 2) ,
,
.
. (
,
,
.)
,
,
, () ,
, ,
.
,
.
, , .
(. .)
3,0
:
(. .)
1,0
(. .)
90
(. .)
2,0
(, .)
270
.
500 . . 140 . . ,
.
,
500 . .
140 . . , .. 360 . .
90 . . 270 . .,
.
982
VII.
,
. ,
(
,
); ;
,
;
;
"" ; ,
- , ; ,
.
,
, ,
,
. ,
,
,
;
,
( );
; ;
"" ; ,
.
.
,
.
,
. ,
,
.
,
. FASB 13
" " (interest method).
:
. ,
.
.
FASB 13 ,
, , ,
. , -
21.
983
, , .
,
.
1.
?
) ? ) ?
2.
-
?
3. ,
?
4.
!
5.
) ,
? ) ,
?
6.
, ?
7. ,
.
8.
,
?
9. 1 ,
( )
( )
.
,
. .
10. !
}
1
11. .
12. (
)
?
13. ,
:
984
VII.
a ) ;
b) ROI;
c) ROE;
d) ;
e) .
14. ,
.
?
15. ,
? .
a) .
b) .
c) .
d) .
e) .
1. Burger Rex
"-".
3 . .,
.
3 . .,
.
0,5% .
Burger Rex 1%
- 1,5%
- (
). Burger Rex
1,4 . . 1,4 . .
.
.
,
1 . .
a)
?
b)
?
21.
985
2. ,
( )
,
.
a) 46 . .,
11%
.
b) 210 . .,
47 030 .
.
c) 8%,
16 . . .
d) 165 . .,
10%
24 412 . .
3. U.S. Blivet
100 . .,
.
24 . .
(
).
, .
16 . .
14%,
. (
.)
40%- .
?
986
VII,
.
.
2.
(, .)
(. .)
(. .)
10
(
) (. .)
(. .)
(, .)
17
(, .)
17
- Acme
Aglet Corporation
(" ").
24% . (
24% ) ,
.
1,5 . . ( ). ,
250 . .
.
2,5 . ., ,
,
.
21.
987
,
?
.
3.
( ),
.
a) 260 . ., 13%,
, .
b) 138 . ., 6%,
,
20 . .
c) 773 . ., 9%,
10- , .
4. Volt Electronics Company
(
). "",
18,6 . .; .
a)
"", Volt Electronics Company
12%- ? (
, .)
b)
, (
)
4000 .?
5. Fez Fabulous Fabrics
. ,
,
20 . . Fez Fabulous
Fabrics ,
16 . . ( ).
12%-
,
,
.
;
Fez Fabulous Fabrics 35%.
(
)?
?
988
VII.
6.
Locke Corporation
.
30 . ., .
.
- 11%,
12%.
16 332 .
.
a) ,
.
b) ( )
,
. (
,
.)
21.
989
1. a ) , ) .
(. .)
(. .)
1400
3000
3000
3000
2000
1000
1600
1000
2000
10
- ( 1 %
1,5%
)
14
30
30
45
30
15
2.
(21.2).
) $46000 = + ( 4
1 1 % 5
PVIFA = 3,465 .
X5
. IV , ,
4 (4-period row), , 3,465
, 6%. ,
, X, 6%.
c) X = $16000(1 + )
8%6
0 % x
1 , 5,759.
. IV 10%, , 5,759
9 . ,
9 + 1, 10 .
990
VII.
' ,
, 1 :
(14%)(1 - 0,40) = 8,4%.
:
$100 000 = (1 + )
$ 100 000 = (1 + 4,288) = (5,288)
= $100 000/5,288 = $18910
(.)
(.)
(.)
() -()+()
() (0,14)
()
<)
()
18910
81 090
18910
73 533
11 353
18910
64 917
10 295
18910
55 096
9088
18910
43 899
7713
18910
31 135
6146
18910
16 584
4359
18 906*
2322
" - .
21.
991
PV
()
18910
18910
18910
18910
18910
18910
18910
18 906
(24 000)'
<>
0
11353
10 295
9088
7713
6146
4359
2322
()
0
20 000
32 000
19 200
11 520
11 520
5760
(d)
0
12 541
16918
11 315
7693
7066
4048
929
(9600)"
()
18910
6369
1992
7595
11 217
11 844
14 862
17 977
(14 400)
(0
18 910
5875
1695
5962
8124
7913
9160
10 222
(7553)
' .
" : (24 . .)(0,40) = 9600 .
, .
. ,
,
(.. 8,4%),
.
, 11,8% ( ),
,
.
.
7
992 VII.
Bower, Richard S., "Issues in Lease Financing", Financial Management 2 (Winter 1973), p. 25-34.
, and George S. Oldfield Jr., " O f Lessees, Lessors, and Discount Rates and
Whether Pigs Have Wings" Journal of Business Research 9 (March 1981), p. 29-38.
Bower, Richard S., Frank C. Herringer, and J. Peter Williamson, "Lease Evaluation",
Accounting Review 41 ( A p r i l 1966), p. 257-65.
Cenker, W i l l i a m J., and Robert Bloom, "The Leasing Conundrum", Management Accounting
Quarterly 1 (Spring 2000), p. 3 4 - 4 1 .
Crabbe, Leland, "Corporate Medium-Term Notes", Journal of Applied Corporate Finance 4
(Winter 1992), p. 90-102.
, "Anatomy of the Medium-Term Note Market", Federal Reserve Bulletin 79
(August 1993), p. 751-768.
GE Capital: Our Business Is Helping Yours Find Its Way Through Leasing Maze. (Stamford,
CT: General Electric Capital Corporation, 1999).
Fisher, Omar Clark, "Unveiling Islamic Leasing", Journal of Equipment Lease Financing 21
(Spring 2003), p. 2-12.
Gill, Richard C, "Term Loan Agreements",// of Commercial Bank Lending 62 (February
1980), p. 22-27.
H u l l , John C, "The Bargaining Positions of the Parties to a Lease Agreement", Financial
Management 11 (Autumn 1982), p. 71-79.
Lease, Ronald C, John J. McConnell, and James S. Shallheim, "Realized Returns and the
Default and Prepayment Experience of Financial Leasing Contracts", Financial
Management 19 (Summer 1990), p. 11-20.
Lummer, Scott L., and John J. McConnell, "Further Evidence on the Bank Lending Process
and the Capital-Market Response to Bank Loan Agreements", Journal of Financial
Economics 25 (November 1989), p. 99-122.
McConnell, John J., and James S. Schallheim, "Valuation of Asset Leasing Contracts",
Journal of Financial Economics 12 (August 1983),p. 237-261.
McDaniel, Morey W., "Are Negative Pledge Clauses in Public Debt Issues Obsolete?"
Business Lawyers ( M a y 1983), p. 867-881.
Miller, Merton H, and Charles W. Upton, "Leasing, Buying, and the Cost of Capital
Services"'Journal of'Finance 31 (June 1976), p. 787-798.
Mukherjee, Taran K., "A Survey of Corporate Leasing Analysis", Financial Management 20
(Autumn 1991), p. 96-107.
Myers, Stewart C , David A. D i l l , and Alberto J. Bautista, "Valuation of Financial Lease
Contracts" Journal of Finane 31 (June 1976), p. 799-820.
Schallheim, James S. Lease or Buy? Principles for Sound Decision Making. (Boston, M A :
Harvard Business School Press, 1994).
Slovin, M y r o n ., Marie E. Sushka, and John A. Polonchek, "Corporate Sale-andLeasebacks and Shareholder Wealth" Journal of Finane 45 (March 1990), p. 289-299.
Van Home, James, "A -Programrning Approach to Evaluating Restrictions under a Bond
Indenture or Loan Agreement" Journal of Financial and Quantitative Analysis 1 (June 1966),
p. 68-83.
, "The Cost of Leasing w i t h Capital Market Imperfections", The Engineering
Economist 23 (Fall 1977), p. 1-12.
Weingartner, H. Martin, "Leasing, Asset Lives and Uncertainty: Guides to Decision
Making", Financial Management 16 (Summer 1987), p. 5-12.
V I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j wachowi /
part7.html)
\ #111
V I
22
.
-
22 :
,
:
,
;
,
,
;
,
: ,
;
,
;
,
.
""
(straight debt)
(equity)
(options),
, .. ,
-
.
.
,
() (derivative securities).
,
:
, .
.
(straight debt or equity)
( ), .
() (derivative security)
, ()
(,
, ), , ,
(convertible security)
,
( ) .
( ) , (
).
. ,
,
.
(convertible security)
,
.
996
VIII.
(conversion
price) (conversion ratio). ,
McKesson
Corporation 9,75% 1000 .
43,75 ., ,
22,86 .
(22,86 ),
(1000 .) (43,75 .). ,
,
.
(conversion price)
,
, ,
,
(conversion ratio)
,
. ,
,
.
. ,
1000 .
40 . , 45 .
, - 50 . .. ,
.
,
.
2 1, .
() (antidilution clause).
(conversion value)
. McKesson Corporation
50 .,
: 22,86 50 . = 1143 .
22. , .
997
(conversion value)
,
, .
.
,
.
( ) (premium over conversion value).
McKesson Corporation
1000 . .
38,50 . ,
: 22,86 38,50 . = 880 . 120 .
, 1000 .,
.
.
120 . 880 ., 13,6%.
10 20%.
"".
10%.
,
, .
( , .)
(premium over conversion value)
; (conversion premium).
(call price).
,
.
. , ,
,
.
(subordinated) . ,
.
, , -
998
VIII.
. ,
,
.
, ,
(
() ) (dilution) ,
. ,
,
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.
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999
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18 . .,
:
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,
,
108 695 (500 391 305).
.
,
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.
. ,
,
.
,
. ,
.
, - , , , -
.
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-
(agency problems). ,
,
.
,
.
,
.
(exercise)
( (exercise) )
.
,
. ,
, ,
. ,
,
. , -
1000
VIII.
. (
,
).
. ,
.
, ,
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.
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. ,
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15%
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1080 .
,
1080 . 20, .. 54 .
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, .
, ,
15%
, ..
62 . . ,
,
.
,
. , ,
,
.
. ,
, .
,
.
50 56 .,
22. , .
1001
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.
. .
,
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.
,
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,
. ,
,
.
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, , ,
.
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.
(expiration)
,
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.
,
(volatility)
. () ,
, .
,
. (operating risk)
.
,
, .
, ,
.
, (
1002
VIII.
) .
,
.
,
.
,
:
. (
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.)
(hedge), .. ,
. ,
. ,
.
, ,
, ,
, , .
(hedge)
, .
( )
(straight bond value) ,
,
(open) .
, V
SB
SB
;
1/2 ,
;
F ;
2 ;
/ 2 ,
.
22. , ...
1003
(22.1) (22.2)
, . ,
.
,
(straight bond value)
,
, ,
, ,
.
%40
) + $ 1000(PWE
6%40
) = $744.
,
Fawlty Food Company 744 .
,
, ,
744 .
.
. , -,
, -,
-.
,
.
6 7%,
774 667 .
,
.
,
, ,
.
,
. ,
/
1004
VIII.
, .
,
.
1
,
,
. ,
, .
, ,
. ,
, ,
. , ,
,
.
( ) (premium over conversion value).
,
(premium over straight bond value)
- . ,
,
,
.
,
.
, .
(premium over straight bond value)
.
(. 22.1).
, ,
.
, .
1
22. , ,,.
1005
. 22.1.
X,
Y. ,
. ,
, .
, ,
.
.
, , ,
, . ,
, ,
.
,
.
(
), .
,
.
.
,
. , ,
(floor value)
1006
VIII.
,
. 22.1 "" ()
(premium over floor value).
,
. ,
,
.
.
. -,
,
. -,
.
,
. ,
.
,
.
.
, ,
( ).
,
.
. ,
,
. ,
, ,
. . 22.1
( ) .
( ) .
( )
.
(exchangeable bond)
, , ,
. , National Distillers Chemical Corporation
49 . . 6%- ,
Cetus Corporation.
22. , .
1007
(exchangeable bond)
,
, ,
.
(exchan
ge ratio), .
National Distillers 1000 .
(exchange price) 49 . 20,41
Cetus. Cetus
37,50 . . (exchange premium)
30,7%, .
Cetus: ,
. , ,
. ,
,
.
,
,
. , National Distillers
4% Cetus Corporation.
,
, , ,
. ,
.
.
,
,
.
,
.
( )
,
. ,
.
1008
VIII.
+ =
,
"" ,
.
.
, ,
.
.
.
, ,
.
( )
.
, .. ,
.
,
, ,
, (
) ,
.
.
.
, .
.
(warrant)
(exercise price),
. , ,
( , ).
, - (right),
,
(subscription price), ,
( ).
22. , ,
1009
(warrant)
.
, .
. ,
,
.
.
() - (underwriters)
.
, (private placement).
, ,
.
, 2, 3
2,54 . ,
, 12 . . (exercise price)
, .
, 12 13 .
14 . .
(exercise price)
, ,
"", .
.
, , .
,
, ,
.
, .
, .
,
EPS ,
. EPS ,
.
,
.
1010
VIII.
. (exercised)
. , ,
, .
, . 15%
. 40 ., ,
46 .
, ,
, Black
Shoals, Inc. 25 . .
. 10%.
( 1000 .) ,
30 .
. ,
.
25
25
10
11
(. .)
(
10 .) (.
.)
10
(.
.)
(. .)
40
40
40
(. .)
50
50
53
(. .)
50
75
78
,
. ,
, 100
30 . , .. 3 . . ,
.
ma[{N){Ps )-Efl\,
(22.3)
N , ; P
s
;
N; -
22. , ...
1011
: (N)(P ) E , ,
. ,
. -
, ,
, .
,
, ,
(out of the money).
, ,
,
. 22.2. ,
( i n the money).
S
. 222.
, ,
, ,
(leverage),
. "",
Textron.
, 10 .
12 .,
2 . ,
25% 15 . .
2 5 ., 150%- .
1012
VIII.
,
. ,
, .
, ,
. ,
, ""
, ( ).
, ,
. ,
, ,
.
.
,
. ,
,
.
. 22.2.
,
. ,
.
(. . 22.1).
,
. ,
,
.
,
,
.
.
,
,
. ,
, .
22. , .
1013
,
,
.
,
. -
" " .
, ,
,
.
,
, .
.
.
,
.
,
.
(
). (
, ).
, ,
,
, ,
.
, , .
, .
,
.
, , .
.
(option) ,
.
1014
VIII.
, , ,
" " .
. "", " "
. "" "".
"".
"" (put option)
,
( )
.
, "" (
"") . V
0
V =max(P -E,0),
o
(22.1)
P ,
: (P ) .
, Lindahl Corporation
25 . , 15 .
: 25 . - 15 . = 10 .
,
.
.
, .
s
. 22.2,
.
. Y
.
22. , ,..
1015
,
. , ,
.
,
. , ,
. ,
. .
. 22.2 .
, (time to
expiration), ,
. ,
. ,
, ,
.
, . 22.1.
. 1
, 2. , ,
, 3.
(interest rate).
. 22.1.
,
,
. ,
"" ,
1016
VIII.
(.)
(.)
0,10
30
20
0,25
36
30
0,30
40
40
0,25
44
50
0.10
50
60
1,00
40 .
. ,
""
, , 38 . ,
,
.
V
0
(1)
( P ) (.)
(2)
(.)
(3)
0,10
30
0,00
0,25
36
0,00
0,30
40
0,60
0,25
44
1,50
0,10
50
12
1,20
1,00
max ( P -38,0 .)
S
(1)(3)(.)
<4)
% = 3,30 .
V
0
22. , ,
max(P - . 38,0)
(1)
, (P ) (.)
(2)
(.)
(3)
0,10
20
0,00
0,25
30
0,00
0,30
40
0,60
0,25
50
12
3,00
0.10
60
24
2,20
1,00
1017
% = 5,80 .
,
. ,
. ,
,
.
, , .
. 22.2.
. 22.2.
.
,
(
), -
1018
VIII.
, .
W N,
. W
(
),
, N.
, , ( ) ""
.
.
.
,
(hedged positon) (..
. . .) .
.
(
" " (holding it long)) -
. ,
" ", .. ,
. , ,
, ,
, , .
,
"" ,
.
(""
, "")
.
, .
22. , ,,,
1019
-
.
. :
2
(..
);
;
;
;
,
, , ;
.
.
, ,
. ,
, ,
, .
,
XYZ ,
. 22..
. 22..
XYZ
Fischer Black and Myron Scholes, 'The Pricing of Options and Corporate Liabilities", Journal of Political
Economy 81 (May-June 1973),p. 637-654.
1020
VIII.
,
20 ., 7 . 20 .
(market value line) (. . 22.)
0,5 ( 1/2).
. ,
20 . 7 . .
" ", ,
: 20 . - 2(7 .) = 6 .
" " ( ) ""
( ), , .
, " "
. ,
( )
. ,
. 22. .
.
, ,
.
,
, (. . 22.1).
,
" "
.
. -
" "
. ,
,
. ,
. ,
.
.
V ,
, - ,
:
0
=( )[&))-(/"){&)),
0
(22.2)
;
;
= 2,71828 ;
, ,
;
t ( );
22. , ,,,
1021
N(d) ,
, d , :
In ;
a ,
.
,
;
.
. ,
(22.2),
t, , ( ),
, . .
,
, .
. .
. , ,
, ,
.
,
(hedge ratio) ,
.
N(dA. , -
, .
,
.
, ,
.
" "
.
.
. -
1022
VIII.
,
.
-
,
; ; ;
. ,
,
.
.
- .
1. ,
,
.
2. ,
, 10-20%
.
,
.
? .
3.
,
,
?
4.
, . .
5. ,
,
.
.
, ,
( ). ,
,
?
22. , ,
1023
6.
?
7.
?
8.
?
9.
, .
? .
10.
- ,
,
?
11.
?
12. ?
13.
,
? ,
?
14. - (,
),
,
?
15.
?
16.
?
1. Barnaby Boat Company 3 .
; 500 .
40 7%-
50 .
.
21 .
a)
?
b) ?
1024
VIII.
c) , ,
EPS I) ? I I )
?
d) 1 .
., EPS I) ? I I )
?
2. Phlogiston Chemical Company
10%-
10 . .
36 ., ,
(
), 12%.
10 1060 .,
10 1030 .
10 1000 . ,
,
15%
. ,
EPS 8%,
/ .
a) ,
.
b)
?
3. Red Herring Pizza ,
24 .
.
(.)
20
18
27
32
24
38
(.)
12
20
29
,
.
? ?
22. , .
1025
10 . . 9%- 20-
20%
105% (1050 .
1000 .). Blue Sky
1 ;
40%.
a) ?
b)
1000 .?
c)
?
d)
?
e) , Blue Sky
( ) 1 . . .
.
2. ,
( 1) Blue Sky Corporation
10 . .
12%.
, ,
1 . .,
, 1 ( ).
3. Faversham Fish Farm 7,75%-
20- .
1000 . 25
.
,
.
Faversham Fish Farm ,
.
(.)
40
45
32
23
18
(.)
690
700
650
600
550
(.)
1065
1140
890
740
640
) (
)
.
1026
VIII.
) , .
?
4. Faversham Fish Farm (. 3)
. 10 .,
440 .
410 .
.
?
5. Rambutan Fruit Company 10 .
. . : 20-
8%-
50 . 1000 .; 20-
12%- . 1000-
200 .
40%,
40 . .
20% ,
.
( 5 .) (. .)
(. .)
10
(, .)
15
(. .)
30
a) ,
, (
).
b) EPS
, ).
c)
, Rambutan
75 .
6.
Singapore Enterprise
,
16 2/3 Malaysian Palm Oil
Company,
50 . ( )
,
1000 . ?
-
?
22. , ..,
1027
7. (22.3),
.
N
P (.)
(.)
100
400
()
10
10
60
()
2,3
10
(d)
3,54
27,125
35,40
16
18
20
22
24
0,15
0,20
0,30
0,20
0,15
a) ?
b)
?
c)
?
d) ,
? ?
10. , ,
45 .
26 .,
10 .
.
50 . 2 .
.
1028
VIII.
a)
1 .
,
?
b) ?
c) ?
L. ) :
, .. 2 x 2 1 . = 42 .
b) : 50 . 42 . = 8 . ( = 8 ./42 . =
19,05%).
c) :
(3 . 500 000 ) (, .)
1,5
(. .)
140
(. .)
1,36
+ 500 000
(.)
2,72
(. .)
1,5
+ 580000
EPS (.)
2,59
d) :
(. .)
2,5
(. .)
140
(. .)
2,36
+ 500 000
(.)
4,72
(, .)
2,5
580 000
EPS (.)
2. ) : 36
4,31
.
1,12 = 40,32
10 :
40,32 . 1,06 = 42,74 .
,
, :
42,74 . 1,15 = 49,15 .
:
(49,15 . /36 .) - 1 = 36,5%.
22, , ,,,
1029
8% EPS
36% , (1,08) - 1.
/ ,
,
.
4
) , - ,
.
,
. EPS
,
, .
.
3.
(
).
(,)
18
20
24
27
32
38
(.)
12
20
29
(.)
16
28
, , ,
. 22.2.
,
24 .,
0.
(""),
,
.
A r d i t t i , Fred D. Derivatives: A Comprehensive Resource for Options, Futures, Interest
Rate Swaps, and Mortgage Securities. (Boston: Harvard Business School Press, 1996).
Asquith, Paul, "Convertible Bonds are Not Called Late", Journal of Finance 50
(September 1995), p. 1275-1289.
Asquith, Paul, and David W. Mullins, Jr., "Convertible Debt: Corporate Call Policy and
Voluntary Conversion" Journal of Finance 46 (September 1991), p. 1273-1289.
Barber, Brad M . , "Exchangeable Debt", Financial Managevent22 (Summer 1993), p. 48-60.
Barth, Mary E., Wayne R. Landsman, and Richard J. Rendleman, Jr., "Implementation of an
Option-Pricing Based Bond Valuation Model for Corporate Debt and Its Components",
Accounting Horizons 14 (December 2000), p. 455-479.
Black, Fisher. "How to Use the Holes in Black-Scholes", Journal of Applied Corporate
Finance 1 ( W i n t e r 1989), p. 67-73.
Black, Fisher and M y r o n Scholes. "The Pricing of Options and Corporate Liabilities",
Journal of Political Economy 81 (May-June 1973), p. 637-654.
1030
VIII.
Brennan, Michael J., and Eduardo S. Schwarz, "Convertible Bonds: Valuation and
Optimal Strategies for Call and Conversion", Journal of Finance 32 (December 1977),
p. 1699-1715.
Brennan, Michael J., and Eduardo S. Schwarz, "The Case for Convertibles", Journal of
Applied Corporate Finance 1 (Summer 1988), p. 55-64.
Byrd, Anthony K., and W i l l i a m T. Moore, "On the Information Content of Calls of
Convertible Securities" Journal of Business, 69 (January 1996), p. 89-101.
Chen, Andrew H . , "Uncommon Equity", Journal of Applied Corporate Finance 5 (Spring
1992), p. 36-43.
Finnetry, John D., "The Case for Issuing Synthetic Convertible Bonds", Midland
Corporate Finance Journal 4 (Fall 1986), p. 73-82.
Green, Richard C, "Investment Incentives, Debt, and Warrants", Journal of Financial
Economics 13 (March 1984), p. 115-136.
Haugen, Robert A. Modem Investment Theory, 5th ed. (Upper Saddle River, NJ: Prentice
Hall, 2001).
H u l l , John C. Options, Futures, and Other Derivatives, 5th ed. (Upper Saddle River, NJ:
Prentice Hall, 2003).
Jones, E. Philip, and Scott P. Mason, "Equity-Linked Debt", Midland Corporate
FinfanceJournals ( W i n t e r 1986),p. 47-58.
Lauterbach, Beni, and Paul Schulz, "Pricing Warrants: An Empirical Study of the BlackScholes Models and Its Alternatives",/oMn?a/ of Finance (September 1990), p. 1181-1209.
Long, Michael S., and Stephen E. Sefcik. "Participation Financing: A Comparison of the
Characteristic of Convertible and Straight Bonds Issued in Conjunction w i t h Warrants",
Financial Management 19 ( A u t u m n 1990), p. 23-34.
Marr, M. Wayne, and G. Rodney Thompson, "The Pricing of New Convertable Bond
Issues"', Financial Management 13 (Summer 1984), p. 31-37.
Mikkelson, Wayne H, "Convertable Calls and Security Returns", Journal of Financial
Economics 9 (September 1981), p. 237-264.
Sharpe, W i l l i a m F., and Gordon J. Alexander, and Jeffery V. Bailey. Investments, 5th ed.
(Englewood Cliffs, NJ: Prentice Hall, 1995, Chap. 20).
Van Home, James C, "Warrant Valuation in Relation to V o l a t i l i t y and Opportunity
Costs"', Industrial Management Review 10 (Spring 1996), p. 19-32.
Van Home. Financial Market Rates and Flows, 5th ed. (Upper Saddle River, NJ: Prentice
Hall, 1998).
. Financial Market Rates and Flows, 6th ed. (Upper Saddle River, NJ: Prentice Hall,
2001).
V I I I Web-, (Wachowicz's Web World),
"" Web-,
, , , (web. u t k . e d u / ~ j wachowi /
part8.html)
23
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1034
VIII.
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1035
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1041
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1042
VIII.
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1043
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1045
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1046
VIII.
;
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.
, , ,
.
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.
.
.
.
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.
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,
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1047
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.
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, , .
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).
.
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.
, ,
.
1048
VIII.
.
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23.
1049
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1050
VIII.
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23.
1051
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1052
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,
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(purchase method)
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,
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1053
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. .
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,
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).
1054
VIII.
,
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FASB), ,
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,
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23.
1055
j
I
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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 . .
, .. ,
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ABC
XYZ
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.
.
1056
VIII.
,
.
.
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.
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, .
,
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,
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23.
1057
.
.
,
.
,
, .
" " (two-tier tender offer).
CSX Corporation,
Consolidated Rail Corporation (Conrail) 1990- .
"" ()
, 45%
, 5%.
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, ,
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1058
VIII.
, .
,
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.
.
(managerial entrenchment hypothesis) ,
.
, (shareholders' interest hypothesis)
,
, .
,
, ..
. , ,
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, .
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,
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, .
(change the state of incorporation).
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,
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, ,
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(supermajority merger
approval provision).
.
(fair merger price provision).
,
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.
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23.
1059
.
, ,
.
(freeze out provision),
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.
"" (leveraged
recapitalization).
.
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, ,
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.
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,
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.
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. ,
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.
-
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, ,
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1060
VIII.
(lockup provision) .
, ,
.
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.
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.
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.
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23.
1061
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.
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.
, .
. (,
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);
, (,
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,
(joint venture),
. ,
NBC Microsoft ,
1062
VIII.
.
24- , MSNBC.
(joint venture)
,
.
, .
-
, (outsourcing)
,
, .
,
. ,
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. ,
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.
, (outsourcing)
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(virtual corporation)
,
.
23.
1063
: 1 + 1=3
: , I
.
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60 , Gartner (,
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40% , 2010
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.
1064 VIII.
, , I
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.
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, (divestiture)
.
. ,
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.
,
, , .
. ,
.
(liquidation)
, .
23.
1065
(sell-off)
. -,
, .
.
,
.
(sell-off)
,
; ,
,
()
,
() (spin-off) -
,
. -
. ,
,
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KFC, Pizza Hut Bell,
Tricon Global Restaurants 10 . .
, .
,
.
Tricon ,
-
(symbol ticker) Y U M .
() (spin-off)
, -
.
,
(ticker symbol)
- .
.
XIX .
.
, -
1066
VIII.
.
, , .
, .
. ,
,
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.
.
.
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.
.
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.
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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.
,
. -,
,
, .
,
. ,
. ,
.
,
. ,
,
,
.
,
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1 , ,
| , ,
.
Century Business Services Inc. (CBiz), , 1997 1999 "" 145 ,
24 . CBiz
, 1
, - I
.
, KPMG, ( 8 8 % )
, Fortune 1000, ,
. "
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, KPMG LLP ,
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23.
1069
,
, ,
, ,
.
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1070
VIII.
,
,
, .
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.
.
, ,
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. ,
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, .
.
.
(going private)
(leveraged buyouts).
23.
1071
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.
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