1 2 3 4 5 6 7 8 9 10 11 12 13 MM 14 1 ABCD 2 10000 12 5 3 33%, 1200 A8.29B6.91C9.7D9.97 3 BCD 4 A B C D 5 2 5 2 A2.5 B2 C1.5 D1 6 ABCD 7
AB CD 811( ) B C 9( ) A B C D 10( ) A B C D 11 A B C D 12 A B C D 13 EBIT 3000 1000 A3 B2 C0.33 D1.5 14 A B C D 15 AB C D 16 A B C D 17 A BCD 18 A B C D 19 A
B C D 20 1.8 1.51 A1.2 B1.5 C0.3 D2.7 21 500 401.5 250 A2.4 B3 C6 D8 1 BCD 2 AB CD 3 A B C D 4 A B C D 5 A B C D 6 A B C D 7 A B C D E
8 A B C D 9 ± A B C D 10 A B C D 1 2 3 4 5 6 7 8 91 10 11 12 13( ) 14 ( ) 15 16100 17 18 19
20 1 F30000 70 3000000 2000000 1000000 22500 1000 3 5 20500 3 71000 4 100 4 3W 700 200 24 500 10 50 300 A 6 50 B 12 36 33 4 2000 10 50 30 100 60 1210 33 1 2000 2 2000 3 2001 5 500 200 300 30 8% 60 14% 30-80 9% 60 16% 80 10% 1 2 6 1500 800 10200 1550 10 33360 360 12 360 30 12 1 2 400 3 7100 7020 50 40 8 40 40 5 2060
8 400 100 300 40 4 40 8 75 10 75 12 9ABC 1 9%8.93% 2 1 8% 10 0.85 4% 3 1 5.5 0.35 7% 25% 4 5 40% 6 1.1 150 650 400 420 7 5.5%13.5% 1 2 3 10 1000 15 600 14 400 20 25 200 11 800 20 10 35 50 0 1000 950 50 400 20 1 100 150 EBIT 100 70 1
EBIT 2EBIT 400 3 4 1 MM 5 6 7 8 1 2 = wacc wi ki 3 4 5 6 Financial leverage 7 Operating Leverage 8 Tatal Leverage Combined Leverage 9 10 11
12 13 14 MM Modigliani Miller MM MM MM MM Rober Hamada CAPM MM KSL=KRF+u (KM-KRF)+ u (KM-KRF)(1-T)(D/S) u 1B 2B 3C 4A 5A 6D 7C 8C 9A 10A 11D 12C 13D 14B 15A 16B 17B 18D 19D 20D 21C
1AC 2BD 3BCD 4ABCD 5AB 6AD 7BDE 8AB 9AC 10AC 1: 2: 3: 4: 5: 6: 7: 8: 9: 10: 11: 12: 13: 14: 15: 16: 17: 18: 19: 20: 1 SVC/SVCF S3000000 3000000170 /[3000000170300000]=1.5 S2000000 2000000170 /[2000000170300000]=2 S1000000 1000000170 /[1000000170300000]= 2 : K 1000 131000 5 120 P/AK2 1000 P/SK2 K1 5 1000 5 120 P/A5 2 1000 P/S5 2 981.38>970 K2 6 1000 5 120 P/A6 2 1000 P/S6 2 40 1.83341000 0.89
963.34<970 K5 /6 5 970981.38/963.34981.38 K5.63 7/13% 7.22 10/14% 4 14.42 1000/25000.4 1000/25000.4 500/25000.2 2 5.63 0.47.22 0.214.42 0.4 9.46 3 EBIT24/16 EBIT60/10 EBIT120 120601334.02 120 120 4 1503010=200 2200-100100 3 200/[10060 12 10/133 ]2.57 5 1 =200/500=40% 300/50060 1 30/40 75 2 80/40 150 60/60 100 2 075 8 14 840 1460 11.6 75100 9 14 940 1460 12 100200 9 16 940 1660 13.2 200 10 16 1040 1660 13.6 6 1 S [ S 1 40% 60 800 10 360 12 ] 1 33 200 15 50000 [ S 1 40 60 800 10 ] 1 33 200 15 50000 30000 S500
2 400 3 400 EBIT400 14060180 400 1 40 1.33 180 EBIT/[EBITId/(1T)]180/[1808030/1-33 ]3.26 1.33 3.264.34 7 [100 30 20140 ]/[50 14020 (100 30)/[100 302050 40% 8 ] 2.59 [100 3020-50 408 ]/[100 302050 408 50 408]1.16 2.59 1.16 3 {[100 1.2 160 205]140 }/[50 14040]19.71 [120 160 ]/[120 160 20550 408 ] 1.95 [120 160%20550 408 ]/[120 160 20 550 4081.07 1.95 1.072.09 8 125 75 40/25 160 75/75 100 2 0100 100160 254 7510 8.5 254 7512 10 160 258 7512 11 9 1000 8 (1 40%) 850 (1 4%) g [0.35 (1 + 7%) / 5.5] + 7% r σ / σ J J M 10 :1
( EBIT 600 14%) (1 35%) 600 10% ( EBIT 200 11%) (1 35%) 200 10% = 20 40 EBIT299.85 (400 600 14%)(1 35%) 600 10% 21 = =7.27 / 20 (400 200 11%) (1 35%) 200 10% 2 5.64 / 40 1 31 50 40020420 100 150 600 14 84 10084 35 5.6 70 60.4 2 50 40020420 100 150 200 11 22 10022 35 27.3 70 100.7 3 1 1 Modigliani Miller MM MM MM 1 2 EBIT 3 4 5EBIT MM V L = EBIT EBIT V WACC = K = SU V L u Vu
KS U D/S K S U Kd KSL = KS ( K ) / u S K u d D S KSL KS u Kd D S MM V L = V u + TD MM 2 3 1 = / k D P e e o g k = D / P g (2)CAPM e e o R = R = β ( R R ) i f i M f
VQ( p v) S VC _ FC VQ Q VP / P Q( p v) S VC DOL = = = = VQ / Q S VC FC S VC FC EBIT S VC FC DFL = = = EBIT I S VC FC I V EBIT EBIT I V EBIT EBIT 5 2 ( S VC F I1)(1 T) ( S VC F I2)(1 T ) = N N 1 2 6 : (1) (2) (3) 7
DTL=( V EPS EPS VQ Q Q( P V ) = Q( P V ) FC I 8 1 2 3 4