1. 1. 2. 2. 3. 3. 4. 4. 5.

19 ~ R = VC = FCC = dep = ( ) EBIT = rd = EBT = tax = = T( EBT) ~ NI = Div = Rtd. FE. = ( )

19 ~ R = VC FCC dep EBIT rd EBT tax N. I Div Rtd. E.

12.3119 0 12.3119 1 10 5 25 15 10 15 20 1 5 25 35 10 150 175 25-40 -50 110 125 185 200 10 6 4 15 10 5 10 14 4 60 70 10 10 10 50 50 30 40 10 185 200

1. 2. 3. 4. 5. 6. 1. 7. 2. 10K,8K, 3. (SEC)

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

( ) (1) (%) (2) ( ) ( ) (%) 0 25000 15 3750 3750 15.00 25001 50000 18 4500 8250 16.50 50001 75000 30 7500 15750 21.00 75001 10000 40 10000 25750 25.75 100001 200000 45 45000 71750 35.88 200001 1000000 46 368000 439750 43.98 10000001 11000000 46 4600000 5039750 45.82 11000001 111000000 46 46000000 51039750 45.98 (3) (4) (5)

1984 1985 1986 15252 27990 37022 10924 16174 22174 4328 11816 14848

FVr, 1 = P0 + P0 r = P0 ( 1+ r) ( 51. ) FV 10%,1 = 1000 (. + 010. ) = 1000 ( 110. ) = 1100 FVr, 2 = FVr, 1( 1+ r) = P0 ( 1+ r)( 1+ r) = P0 ( 1+ r) 2 = 1000 ( 110. ) = 1210. 00 FVr, 3 = FVr, 2( 1+ r) = P0 ( 1+ r) 3 = 1000 ( 11. ) = 133100. 3 2

FV = P FVIF( ) 10%,5 0 10%,5 = 1000 ( 1. 6105) = 1610. 50

n FV = P ( 1 + r) ( 5. 2) r, n = P = FV 0 0 r, n 1 ( 1 + r) n [ ] n = FV ( 1 + r) = V PVIF ( 5. 2) r, n r, n r, n ( ) P0 = FV PVIF = 1610. 50 ( 0. 6209) 10%,5 10%,5 = 1000

PVIT ( r, n) = 1 FVIF ( r, n) PVIF = 1 ( ). 10%,5 1. 6105 = 0 6209 P = PV = FV [ PVIF ] = FV 0 ( 1 + r) r, n r, n ( r, n ) r, n n = 1000 ( 0. 6209) = 620. 90 1 P 0 FVr, n FVr, n 1000 = PVr, n = = n = 62090. FVIF ( r, n) ( 1+ r) 16105.

0 1 2 3 $1000 $1000 $1000 11000 12100 $3310 n n FVAr, t = a( 1+ r) + a( 1+ r) + Λ + a( 1+ r) + a( 1+ r) 1 2 1 0 n 1 n 2 1 0 = a[( 1+ r) + ( 1+ r) + Λ + ( 1+ r) + ( 1+ r) ] n 1 n 2 FVAr, t = a( u + u + Λ u + 1) 0 ( u = 1)

$909.10 $826.40 $751.30 $2486.80 0 1 $1000 $1000 $1000 1 1 2 1 n PVAr, t = a[ ] + a[ ] + Λ + a[ ] 1+ r 1+ r 1+ r 1 1 1 = a[ + + + ( n ] 1+ r ) ( + r ) 2 Λ 1 ( 1+ r ) 2 3

a FVIFA = FVA ( 54. b) ( r, t) FVA a = FVIFA r, t ( r, t) r,t ( 56. ) 10000 a = = 1638 61051.

PVA = apvifa ( 5. 5b) r, t ( r, t) PVA a = PVIFA r, t ( r, t) ( 5. 7) 20000 a = = 8042. 14 2. 4869

FVIF ( r, n) FVr, 5 1762. 30 = = = 17623. P 1000 0 PV = apvifa ( 55. b) r, t ( r, t) PVIFA ( r, t) PVr, 3 24018. = = = 2. 4018 a 1000

(P 0 ) (1+r) = (FV rn ) 1 $1000.00 1.05 $1050.00 2 1050.00 1.05 1102.50 FVr, 1 = P0( 1+ r) = 11200. ( q = 1) r 2 = P0 ( 1+ ) = 11236. ( q = 2) 2 r 4 = P0 ( 1+ ) = 11255. ( q = 4) 4 r 12 = P0 ( 1+ ) = 11268. ( q = 12) 12 r 365 = P ( 1+ ) = 11275. ( q = 365) 365 0 r nq q, n FVr, n = P ( 1 0 + ) (. ) q 58

PV = r q r, P ( 1+ 1 0 ) (. a) q 58 r q RVr, 1 / P0 = ( 1+ ) = 1+ r q e r e r q = APR = ( 1+ ) 1 ( 59. ) q FV r nq 5 4 = P0 ( 1 + ) = 100 ( 1+ 12 ) q 4 20 = 100 ( 1. 03) = 180. 611 r, n ( ) n 5 FVr, n = P0 ( 1+ re ) = 100 ( 1+ 12. 55%) = 180. 604

PVAr, t 100, 000 a = = PVIFA PVIFA ( r, t) ( 12%,3 )

1 ( 1+ r) r n

PV = FV 1 ( 1+ r) r, n r, n n = 1610 ( 0. 6209) = 1000 FVA = FVIFA r t = 3. 3100 1000 = 3310 r, t (, )

n V = V j = 12, Λ N j= 1

G G* 0 1000 1000 1 100 900 2 900 100

n ROA = ( t / n) I t= 0 0 ROA = 1500 + 0 + 0 + 450 [ + 1050 + 1950 ] 5 1950 390 1500 = 1500 = = 26% 5 1500

NPV CF1 CF2 CFn = [ + + + n I ( HK ) 1 ( + K ) 2 Λ ] ( + K ) 0 1 1 n CFt = t I 0 ( 6. 3) t= 1 ( 1+ K) PVIF = PV 0 1500 1.000 1500.00 1 150 0.909 136.35 2 300 0.826 247.80 3 450 0.751 337.95 4 600 0.683 409.80 5 1875 0.621 1164.38 NPV=796.28

CF1 CF2 CFn + + Λ = I 1 n 0 = 0 ( 1 + IRR) ( 1 + IRR) 2 ( 1 + IRR) ( 6. 4) n CFt t I0 = 0 t= 1 ( 1+ IRR)

PV@10% PV@20% PV@25% PV@25.4% 0 1500 1.000 1500.00 1.000 1500.00 1.000 1500.00 1.000 1500.00 1 300.909 278.70.833 249.90.800 240.00.797 239.10 2 450.826 371.70.694 312.30.640 288.00.636 286.20 3 750.751 563.25.579 434.25.512 384.00.507 380.25 4 750.683 512.25.482 361.50.4010307.50.404 303.00 5 900.621 558.90.402 316.80.328 295.20.322 289.80 1650 778.80 219.75 14.70 1.65 NPV n CFt = I ( 65. ) t= ( 1+ K ) 0 1

NPV n CFt = I = 0 ( 6. 6) t= ( 1 + IRR ) 0 1 t PV@10% 1 400 363.6 2 400 330.40 3 1000 751.00 57.00

A B PVIF@10% A B 0 12000 12000 1.000 1200.00 1200.00 1 1000 100 0.909 909.00 90.90 2 500 600 0.826 413.00 495.60 3 100 1100 0.751 75.10 826.10 197.10 212.60 0 1 2 3 NPY IRR X 10000 5000 5000 5000 10% 2.430 23.4% Y 10000 0 0 17280 10% 2 977 20.0%

6 5 1 2 3 @10% 1+3 2+3 0 100 100 100 1.000 200 200 1 0 225 450.909 450 675 2 550 0 0.826 550 0 NPV@10% IRR 1 354.30 134.5% 2 104.53 125.0% 3 309.05 350.0% 1+3 663.35 212.8% 2+3 413.58 237.5% 0 1600 1 10000 2 10000

$1000 $11000 $1000

12 289 771 (9400) (NPV) 3660

72314. 72314. NPV ( 2, 3 ) = 72314. + 2 + 4 = 1814. 69 ( 11. ) ( 11. )

A 0 1 2 3 4 5 6 $ 17500 $10 500 $10 500 $ 723.14 $ 17500 $ 723.14 $10 500 $10 500 $597.64 $723.14 $ 17500 $10 500 $10 500 $597.64 $723.14 B 0 1 2 3 4 5 6 $ 17500 $7000 $7000 $8313 $894.44 $894.44 $ 17500 $7000 $7000 $8313 $672.01 $1566.45=NPV(3,2) $894.44 NPV ( n) NPV ( n) NPV ( n, ) = NPV ( n) + n + 2n + Λ ( 1 + K) ( 1 + K) ( 6. 7) 1 ( 1+ K) U n

2 NPV( n, ) = NPV( n) + unpv ( n) + u NPV( n) + Λ + unpv ( n) ( 67. a) 2 NPV( n, ) = NPV( n) p[ + u + u + + u N + 1 1 Λ ] 2 3 N N + 1 u[ NPV( n, )] = NPV ( n)[ u + u + u + Λ + u + u ] ( 68. ) N u NPV( n, ) unpv( n) [ + 1 1 ] 1 u 1 N + limu = lim[ ] N 1+ K N 1 N + 1 1 0 1+ K < 1 1 NPV ( n, ) = NPV ( n) 1 u NPV( n, ) = 1 NPV( n)[ 1 ( 1/ ( 1 + K) n ) ] n ( 1+ K) NPV( n, ) = NPV( n) n ( 1+ K) 1 ( 69. )

2 1+ 1) NPV( 2, ) = NPV( 2)[ 2 ] = 72314. ( 4. 02) 1+ 1 ) 1 = 3595. 65 CF9 31664 NPV( 9) = 9 I 0 = 9 15000 ( 1+ K) ( 105. ) = 31664 (. 6446) 15000 = 5411

5 ( 1+. 05) 127628 NPV( 5, ) NPV ( 5) 5 4192 ( 105. ) 1 = 127628 1 = 4192 ( 46195) = 19365

MAX wjvj ( 610. ) j j wjij Wj 10. PI n CFe = [ t I t= ( + K) ] ( 611 1. ) 0 1

250000 PI = + = 600000 ( 113. ) 350000 111 11183 600000 (. ). 400000 PI = + = 600000 ( 115. ) 200000 1 00 11000 600000 (. ).

1 2 3 1 1 2 1 2 1 2 3 1 2 3

A B D 0.00% 31/3 0 1/2 0 3 5/6 3.83 3.00% 21/3 0 2/10 0 216/30 2.53 0 6.00% 11/3 0 0 1/10 17/30 1.23.10 8.85%.384 0 0.384 0.38.38 12.00% 0 2/3 0 7/10 (41/30) 1.37 15.00% 0 12/3 0 1 (2 2/3) 2.67 S * BA = I A I A = [ 5 ( 1/ 3) 5] 1 2 3 B A = 3 1 1 ( ) r 3 3 BB = I B I * B [ 2 ( 1/ 10r)] 1 1 2 B = 1/ 2 ( 1/ 10) r B A + B = 0 B 3 1 1 1 1 *( ) r + ( ) r = 0 3 3 2 10 100 10 15 3 r + r = 0 300 30 30 30 13r = 115 r = 884615%.

B I + 0 ( 1+ 0R ) ( 1+ R ) T 0 t= 1 T 0 3 10993. 47 = 3 t= 1 1401000 t + 3 ( 1+ R ) ( 1+ R ) 0 3 0 3 ( 7. 2)

Aaa 29 26.1 14 20.6 Aa 18 16.2 14 20.6 A 38 34.3 18 26.5 Baa 20 18.0 20 29.4 Ba 1 0.9 2 2.9 B 5 4.5 0 0 111 100.0 68 100.0

1000 + 100 B 0 = 1000 = 11. 1000 + 100 B0 = 700 = 1 + R 1100 R = 1 = 57 14% 100. ( 0 7. 00) = = 100% 700 B = E( + ) / + E( ) 0 1 770 700 = 1 + E( ) E( ) = 10%

3000000 2555000 445000 22000 40000 28000 90000 355000 100000 255000 15000 270000 10000 40000 20000 70000 200000 @40% 80000 120000 EPS.60

1984 12 31 380000 +1985 120000 50000 100000 1985 12 31 400000

700000 = = 2. 3 3600000 = 2. 5 400000 = = = 13. 300000 = 10.

= = = = 1000000 2000000 50% 33%

( EBIT ) + = 270000 = = 39. 70000 = 8. 0 + + = + 200000 + 70000 + 28000 = 70000 + 28000 298000 = = 30. 98000

= + + ( 1+ T) ( 1 + T) 298000 + 100000 = 98000 + 12000 / 0. 6 + 42000 / 0. 6 398000 = = 2. 1 188000 3000000 = = = 10 300000 = 9

3000000 = 8333 360 200000 = = 24 8333 = 20 ( ) (%) 020 50 2130 20 3145 15 4660 3 60 12 100 3000000 = = = 15. 2000000 = 2. 0

3000000 = = = 15. 2000000 = 2. 0 = = 120000 3000000 = 4% + ( 1 T) = = 114. 120000 + 70000 ( 0. 6) = 2000000

= = = = 120000 1000000 12% 15%

( ) 1980 1981 1982 1983 1984 1985 2100 2200 2500 3400 3200 3000 100 120 150 180 160 120 0.50 0.60 0.75 0.90 0.80 0.60 0.10 0.12 0.12 0.12 0.12 0.12 5.00 7.00 8.00 9.00 5.00 6.00 4.00 5.00 6.00 7.00 4.00 3.00 4.50 6.00 7.00 8.00 4.50 4.50 4.10 4.30 4.40 4.70 4.90 5.00 5,19801985 7.4 7.2 3.7 7.8 3.7 8.2 3.7 6.4 : 0.0 2.0 4.0 7.0

1980 1981 1982 1983 1984 1985 9.0 10.0 9.3 8.9 5.6 7.5 7.0 8.0 8.0 8.0 9.0 8.0 1.1 1.4 1.6 1.7 0.9 0.9 0.9 1.0 1.0 1.2 1.1 1.0

700000 300000 1000000 300000 =2.3 2.5 =1.3 1 1000000 2000000 =50% 33% 270000 70000 =3.9 8 298000 =3.0 5.5 98000 120000 3000000 + ( 1 T) 1620000 = FVIF( r, 5) = FVIF( r, 5) = FVIF( r, 5) = FVIF( r, 5) 3000000 300000 =10 9 200000 8333 =24 20 3000000 1300000 =2.3 3000000 200000 2000000 120000 1000000 =1.5 2 =4% 5% =8.1% 11.4% =12% 15% 3000 = 14286. ; r = 7. 4% 2100 7.2% 120 = 12. ; r = 37%. 100 7.8% 0. 60 = 12. ; r = 37%. 050. 8.2% 012. = 12. ; r = 37%. 010. 6.4% 4. 50 0. 60 =7.5 8

TR * = = PQ * ; Q* = ; P = ; F = ; v = ; V = = vq; c = = ( P V ); C = CQ = ( p v) Q; vq v CR = = ( 1 ) = ( 1 ); pq p = Q* p Q * = vq * + E p Q * = vq * + F F F Q* = = ( 91. a) P V C

= TR * * TR* = F + V = V TR TR V TR * * = PQ TR F F F TR* = = ( 9. 1b) V CR 1 PQ Q* TR *. F 40000 Q* = = = 50000 C 0. 4 F TR* = CR V PQ = 0. 6( ) V CR = ( 1 ) = 0. 4 PQ 40000 TR* = 10000 0. 4

= DOL B X X = = Q Q Q Q 56000 40000 40000 = 120000 100000 100000 16000 / 40000 = 20000 / 100000 40% = = 20% 2. 0 ( X) = pq = vq F = 1. 90 ( 120000) ( 1 ) 120000 60000 = 228000 120000 60000 = 48000

TR* = F ( CR) * ( F ) Q = C

1 2 3 4 5 6 1. 1 600 800 800 1000 1000 600 2. 80%(t-1) 480 480 640 640 800 800 3. 20%(t2) 120 120 120 160 160 200 4. 600 600 760 800 960 1000 1. 1 600 800 800 1000 1000 600 2. 50%(t+1) 300 400 400 400 500 500 300 300 3. (t-1) 300 400 400 500 500 300 4. 60%(t1) 180 240 240 300 300 180 5. 120 150 150 90 90 90 30%(t+1) 6. 600 790 790 890 890 570

1 2 3 4 5 6 1. 600 800 800 1000 1000 600 2. 600 600 760 800 960 1000 3. 600 790 790 890 890 570 4. 0 (190) (30) (90) 70 430 5. 0 (190) (220) (310) (240) (190) 1 2 3 4 5 6 1. 600 800 800 1000 1000 1000 2. 600 600 760 800 960 1000 3. 600 790 790 890 950 950 4. 0 (190) (30) (90) (10) (50) 5. 0 (190) (220) (310) (300) (250)

5 6 7 1. 1000 1000 1000 2. 50%(t+1) 500 500 500 3. (t-1) 500 500 4. 60%(t-1) 300 300 5. 30%(t+1) 150 150 6. 950 950 1 2 3 4 5 6 1. ( 9-4) 600 790 790 890 890 570 2. 100 200 3. 50 4. 40 40 5. 10 10 6. 640 790 900 930 890 830 12 1 2 3 4 5 6 1. ( 9-3) 600 600 760 800 960 1000 2. ( 9-8) 640 790 900 930 890 830 3. (40) (190) (140) (130) 70 170 4. (40) (230) (370) (500) (430) (260) 5. (12 ) 100 6. 100 60 (130) (270) 400 330 160

=

= = = = ( ) EPS EPS

1000 5000 = 10 5000 100 = = =

50000 20000 30000 50000 50000

20000 10000 10000 30000 50000 20000 20000 50000 30000 80000 80000 20000 5000 15000 10000 60000 45000 65000 50000 30000 95000 95000

45000 5000 45000 100000 50000 105000 40000 90000 30000 135000 135000 50000 60000 40000 30000 90000 90000

10000 50000 85000 25000 100000 70000 ( ) 15000 100000 100000 345000 345000

(%) (%) 2.0 10.0 17.0 5.0 20.0 ( ) 30.0 69.0 15.0 % 69.0 : 15.0 % 54.0 A L = ( TR) ( TR) bc( TR2 ) TR TR ( 101. ) A TR L TR

A L TR TR c PEFR = I ( 1+ g) b g 1+ g = I cb( ) ( 10. 2) g PEFR = 0. 0. 05 5 ( 1. 06)( 0. 6) = 0. 5 0. 53 = 0. 03 = 3% 0. 06 PEFR = 0. 0. 05 5 ( 1. 07)( 0. 6) = 0. 5 0. 46 = 0. 04 = 4% 0. 06

005. PEFR = 05. ( 015. )( 06. ) = 05. 0. 23 = 0. 27 = 27% 015. 0. 05 PEFR = 05. ( 0. 20)( 06. ) = 05. 018. = 032. = 32% 020.

(Y) (X) (Y/X) 19 0 0.403 4.560 0.088 19 1 0.461 4.962 0.093 19 2 0.506 5.728 0.088 19 3 0.507 6.477 0.078 19 4 0.665 8.480 0.078 19 5 13087 17.924 0.061 19 6 1.165 17.524 0.066 19 7 1.278 20.181 0.063 19 8 1.438 21.752 0.066 19 9 1.216 24.106 0.050

ε ε N 1 N Y = E( Y) PiYi = N Yi ( 10. 5) i= 1 h= 1

σ 2 N y = = 2 t= 1 VAR( y) [ yi E( y)] / ( N 1) ( 107. ) = CV ( y) = VAR( y) E ( y) ( 10. 7a) VAR( ) VAR( ) σ y 2 = VAR( Y) = σ = 0159. = 0. 399 Y

ε ε 1 N COV ( y, x) = [( yi E( y))( xi E( xi))] N 1 i= 1 ( 1010. )

) b ) 3. 035 b = = 0. 04987 60. 849 ) a ) a = 0. 873 0. 04987( 13169. ) = 0. 216 σ 2 y σ 2 2 ε j = ε / ( N 1) = 007232. / 9 = 0. 0080 r 2 = ( 1012. ) ( y y) ( ε ε ) 2 = 2 ( y y) 0. 159 0. 008 r 2 = = 0. 9496 0159.

) ) ) a b t( a) t b se( a), ( ) = ) ) = ) ( 1013. ) se( b)

A 110000000 105000000 100000000 @15% 16500000 15750000 15000000 70000000 55000000 40000000 50000000 50000000 500000000 120000000 105000000 90000000 EBIT/ 13.75% 15% 16.7% B 115000000 105000000 80000000 15% 15% 12% 17250000 15750000 9600000 120000000 105000000 90000000 EBIT/ 14.4% 15% 10.7%

800000 800000 @15% 400000 @12% 400000 400000 400000 800000 800000 1200000 1200000 @12% 144000 144000 48000 60000 96000 84000 @40%) 38400 33600 57600 50400 14.4% 12.6%

800000 800000 @8% @12%) 400000 400000 400000 800000 800000 1000000 1000000 @10% 100000 100000 48000 32000 52000 68000 @40% 20800 27200 31200 40800 7.8% 10.2%

% 365 ( 100 %) ( ) 2 365 = 0. 0204 18. 25 = 37. 23% = 98 20 0. 3723 18. 25 APR = re = ( 1 + ) 1 = 44. 56% 18. 25

6. 00 S * = = 10000 ( 12. 2) 0. 0003( 2)

1. 31 2. 6 3. 25 4. 21300.00 5. @5% 0.000139 6. 3 4 5 74.02 7.20 @0.25 5.00 8.3200 @0.02 64.00 9.200 @0.08 16.00 10. 7+8+9 85.00 10.98

1 1 M D = B 360 P = 100 D

275 D = 8% = 6111%. 360 P = 100 D = 100 = 6111. = 93. 89 ( 8% ) 1745 202, 659 486 290 267 240 176 165 87 82 71 67 53 52 48 451 185 2314 4920

C bt i * = 2

bt * C = 2 ( )( ) i = 2 25 1800000 010. = 30000 1800000 30000 TC = b( T ) +i( C ) C 2 = 25 ( 60) + 010. ( 15000 ) = 1500 + 1500 = 3000

A 1. 2. 3. 4. 5. B. 1. 2. 3. C. 1. 2. 3.

A= C=, = 25% CP=, = 10 EOQ= = 5400 N= =U/Q P= =40 Q= S= T= U= =3600 V= =125

R = CPZ( Q ) + V ( U ) + F 2 Q = CP Q 1 ( ) + VUQ + F ( 132. ) 2 dt dq CP 2 CP VC = 2 = 0 2 Q VU = 2 Q 2 2VU Q = CP 2VU * Q = = Q = EOQ CP ( 13. 3) 2( 125) ( 3600) EOQ = = ( 0. 25)( 40 ) 900000 10 = 90000 = 300 ( )

A = EOQ 300 = = 150 ( 13. 7) 2 2

= Q R / 360 = R U 360

Q = ( = R R U ) Q UQ R 1 Q A R R U Q U = = 2 ( ) 2 ( 1 R ) ( 13. 8) ( C)( P) Q ( U ) 2 1 R = F + ( V )( N ) = F + V ( U ) R T = CP Q U + F + V U 2 ( 1 R ) ( Q ) ( 139. )

dt CP U VU = ( dq 2 1 ) 2 R Q = ( 1310. ) CP CPU VU 2 = 0 2 2R Q 2 2 CPRQ CPUQ 2URV 2 = 0 2RQ 2 Q ( CPR CPU ) = 2URV Q * = EOQ = 2URV CP( R C) 2( 4800)( 3600)( 125 ) EOQ = 0. 25( 40 )( 4800 3600) = 360000 = 600 / A = Q U 2 1 R = 600 ( ) ( 1 2 3600 ) 4800 = 75 T = CP Q ( U F V U 2 1 ) R + + ( ) Q 600 = 025 40 + + 25 1 3600 3600. ( ) ( ) 5400 125 ( ) 4800 600 = 750 + 5400 + 750 = 6900

/30 150 5.00 0.04 200 6.67 0.08 250 8.33 0.20 300 10.00 0.36 350 11.67 0.20 400 13.33 0.08 450 15.00 0.04 10 E( 30 ) = ( ) 12 10 = ( ) 150 = 125 12

150 450 0 0 0 0 125.00 125.00 100 400 50 260.50 0.04 10.42 83.33 93.75 50 350 50 260.50 0.08 20.84,, 100 521.00 0.04 20.84,,,,, 41.68 41.67 83.35,, 100 521.00 0.08 41.68,, 150 781.50 0.04 31.26,,,,, 125.04 0 125.04

1 (%) 2 0 1/2 3 1/2 1 4 1 2 5 2 5 6 5 10 7 10 20 8 20

P= P 0 =500 P 1 =500 C= C 0 =350 C 1 =350 Q= Q 0 =200 Q 1 =200 b= b 0 =2% b 1 =2% t= t 0 =40 t 1 =40 k= k 0 =0.05% k 1 =0.05% NPV 0 P0Q0( 1 b0 ) = [ t ] C Q ( 1 + k ) 0 0 0 0 500 ( 200)( 1 0. 02) = 40 350 ( 200) ( 1. 0005) 98000 = 70000 1. 0202 = 96060 70000 = 26060 NPV 1 P1 Q1 ( 1 b1) = [ t ] C Q ( 1 + k ) 1 1 1 1 500 ( 250)( 1 0. 03) = 50 ( 350 )( 250) ( 10005. ) 98000 = 87500 10253. = 118258 87500 = 30758

NPV 0 P0Q0 ( 1 b0 ) P0Q0 = [ ] C0Q0 W[ P0 Q0 ( 1 + k ) ( 1 + k ) 0 500 ( 200)( 1 0. 02) = 40 350 ( 200) ( 1. 0005) 500 ( 200) 0. 25[ 500 ( 200) 40 ] ( 1. 0005) = 96060 70000 495 = 25565 t0 0 ] NPV 1 P1 Q1 ( 1 b1) P1Q1 = [ t1 ] C1Q1 W[ P1 Q1 ( 1 + k ) ( 1 + k ) 1 ] t1 1 WP1 Q1 k t 1 ( 1 + ) 1 500 ( 250)( 1 003. ) 350 ( 250) ( 10005. ) NPV 1 = 50 500 ( 250) 025. [ 500 ( 250) 50 ] ( 10005. ) = 118258 87500 771 = 29987

% 365 r e = 100 % (r e ) (%) 1/10, 20 36.87 1/10, 30 18.43 2/10, 30 74.49 2/10, 20 37.24 36.5 18.25 (%).. r e = ( 1 + 0 3687 36 5 ) 1 = 44. 32% 36. 5.. r e = ( 1 + 0 1843 18 25 ) 1 = 2013%. 18. 25.. r e = ( 1 + 0 749 36 5 ) 1 = 109. 45% 36. 5.. r e = ( 1 + 0 3724 18 25 ) 1 = 44. 58% 18. 25

" ", = = = 2000 20000 10% = = = 2000 18000 111%.

20000.00 10% 2000.00 22000.00 (22000 /12) 1833.33 1 1 r q ( 1+ ) 20000 = 1833 33 q. r / q 20000.00 10% 2000.00 18000.00 (20000 /12) 1666.67

18000 1666 76 1 1 1 = +. ( ) / r q r q q

r r n c = 1 1 1 ( ) ( )

1 r c = 1 1 ( ) ( ) 0. 16 5 = 1 = 1 = 16. 53% 6. 25 0. 2 6. 05 1 r c = 1 1 ( ) ( ) 016. 3 1 = = 16. 90% 6. 25 0. 33 r c = 1 = 16. 37% 6. 25 0. 143

72 360

1(D/E=0% D/TA=0%) $0 ( $10) 10000 $10000 $10000 2(D/E=100%; D/TA=20%) $2000 ( $10) 8000 $10000 $10000 3(D/E=100%; D/TA=50%) $5000 ( $10) 5000 $10000 $10000 4(D/E=100%; D/TA=80%) $8000 ( $10) 2000 $10000 $10000

1:D/TA=0% EBIT NOI 20% 20% 60% EBIT NOI $2000 $2000 $6000 : (rd) 0 0 0 2000 2000 6000 : (40%) 800 800 2400 (NI) 1200 1200 3600 (ROE) 12% 12% 36% EPS,1000 $1.20 $1.20 $3.60 1:D/TA=0% EBIT NOI $2000 $2000 $6000 : (rd) 200 200 200 2200 1800 5800 : (40%) 880 720 2320 (NI) 1320 1080 3480 (ROE) 16.5% 13.5% 43.5% EPS,1000 $1.65 $1.35 $4.35 1:D/TA=0% EBIT NOI $2000 $2000 $6000 : (rd) 700 700 700 2700 1300 5300 : (40%) 10800 520 2120 (NI) 1620 780 3180 (ROE) 32.4% 15.6% 63.6% EPS,1000 $3.24 $1.56 $6.36 1:D/TA=0% EBIT NOI $2000 $2000 $6000 : (rd) 1600 1600 1600 3600 400 4400 : (40%) 1440 160 1760 (NI) 2160 240 2640 (ROE) 108% 12% 132% EPS,1000 $10.80 $1.20 $13.20

0 48% 20% 60% 50% 96% 80% 240% EBIT ( DOL) C = = X ( 161. )

( ) 50 100 150, 100 $5000 $10000 $15000 6000 6000 6000 1000 2000 3000 2000 2000 6000 : 1600 1600 1600 3600 400 4400 : (@40%) 1440 160 1760 $2160 $240 $2640 ( DFL) = EBIT ( 162. ) DFL = EBIT EBIT rd = X X rd ( 16. 2a) $2000 ( DFL ) = = 5 $2000 $1600

$2000 DFL = = 111. $2000 $200 DCL EDIT = ( )( ) EDIT = (. ) 163 DCL = C X X C ( ) = ( 16. 3a) X rd X rd

0.2 0.5 0.3 $5000 $10000 $15000 6000 6000 6000 (0.25) 1000 2000 3000 7000 8000 9000 EBIT $2000 $2000 $6000 20% 20% 60% 2 S P ROA P ROA(ROA ROA) (ROA ROA) P (ROA ROA) S S 1 0.2 0.20 0.04 0.44 0.1936 0.03872 2 0.5 0.20 0.10 0.04 0.0016 0.00080 3 0.3 0.60 0.18 0.36 0.1296 0.03888 ROA=0.24 σ 2 =0.07840 σ=0.280 CV σ ROA 0. 28 0 24 = 1167.. S 2

S P ROE P ROE (ROE ROE) P (ROE ROE) S 1 1 0.2 0.12 0.024 0.264 0.0139 S 2 0.5 0.12 0.060 0.024 0.0003 3 0.3 0.36 0.108 0.216 0.0140 ROE = 0144. σ 2 =0.7056 0. 84 σ=0.840 CV = = 3500. 0. 24 2 1 0.2-0.165 0.0330 0.330 0.02618 2 0.5 0.1.5 0.0675 0.0.0 0.0005 3 0.3 0.435 0.1005 0.070 0.0219 ROE = 0. 165 σ 2 =0.7056 0. 84 σ=0.840 CV = = 3500. 0. 24 3 1 0.2-0.324 0.0648 0.528 0.0558 2 0.5 0.156 0.0780 0.048 0.0012 3 0.3 0.636 0.1908 0.4.2 0.0560 ROE = 0. 240 σ 2 =0.7056 0. 84 σ=0.840 CV = = 3500. 0. 24 4 1 0.2 1.08 0.216 1.320 0.3485 2 0.5 0.12 0.060 0.120 0.0072 3 0.3 0.32 0.396 1.080 0.3499 ROE = 0. 240 σ 2 =0.7056 0. 84 σ=0.840 CV = = 3500. 0. 24 2 S 2 β β β

β β β L E(Rj) ROE 1 1.400 0.1600 0.1400 2 1.568 0.1684 0.1650 3 1.904 0.1852 0.2040 4 5.600 0.3700 0.2400

$300 10% $5000 1200 1400 ( ) 3000 ( $10) 5000 ( ) 4100 $10000 $10000

0.2 0.5 0.3 $5000 $12000 $20000 6400 6400 6400 1000 2400 4000 7400 8800 10400 (EBIT) $2400 $3200 $9600 EBIT 2400 $3200 $9600 : (12% $7000) 840 840 840 3240 2360 8760 : (40%) 1296 944 3504 (NI) 1944 1416 5256 EPS,500000 3.89 2.83 10.51 38.9% 28.3% 105.1% EPS =$3.79 EBIT $2400 $3200 $9600 : (10% $5000) 500 500 500 2900 2700 9100 : (40%) 1160 1080 3640 (NI) 1740 1620 5460 EPS,600000 2.90 2.70 9.10 24.8% 23.14% 78% EPS =$3.50

65 17 45 16 64 36 52 7 31 20 59 41 42 5 27 18 53 47 50 4 22 10 38 62 36 8 24 12 41 59 38 4 24 30 67 33 68 3 56 6 67 33 * ** ** 49% 41% 11 6 39 53 *, * *

V = NOI X R = K ( 171. ) A. a L as L a(x K b B) B. a,u ab as u ab a(x) a(x K b B)

X K = Ku = ( 17. 2) V V u = X( 1 T) K u ( 17. 3) K u = X( 1 T) V u ( 17. 4) A. (L) a as L a(x K b B)(1 T) B. (U) as u a(1 T)B a; a(1 T)B a(x)(1 T) a(1 T)K b B =a(x K b B)(1-T)

S = NI K s K s = NI S

NI S KuS Ku B Ku BT Kb B( 1 T ) = KS = = = = S S S S K K K B T K B S = u + u ( 1 ) b ( 1 T ) S S K = K + ( K K )( 1 T )( B / S) S u u b ( 17. 8) K s (K u K u )(1 T) K u 0 B/S K = WACC = K T B K S b ( 1 ) + S ( 17. 9) V V L L

0 n 0 n V L B B S S = + + + I I I I I 0 B = 0 I 0 n n V L S B + S = + I I I 0 n n V L S B + S = + I I I S 0 V L = 1 ( 17. 10) I I S V 0 L = 1> 0 I I

V L = X ( 1 T) K u + TB X( 1 T) K u V L = I n X ( 1 T ) B + T K I I u ( 1711. ) 0 S = I X ( 1 T) K I u B n + T 1> 0 I X ( 1 T) I B n > Ku ( 1 T ) ( 1712. ) I V L = X( 1 T) K

B n K = WACC Ku ( 1 T ) I n B K = WACC Ku( 1 T ) I K = WACC K T B u ( 1 ) ( 17. 14) B + S X ( 1 ) 2. K X = T ( 1716. 1713. ) V L

$1000000 $1000000 $1000000 $5000000 ( 10%) $5000000 $1000000 (X) $200000 $200000 (K b B=rD) 50000 (X bb) $200000 $150000 40%T(X K b B) 80000 60000 (X K b B)(1 T) $120000 $9000 V u = X( 1 T) $200000 06. = = $1000000 K 012. u

K = R + ( R R ) β [ 1+ ( B / S)( 1 T)] s F M F u

as L =a(v L B L ) a(x R F B)(1 T PS ) (L) a as U Tc Tps a[ ( 1 )( 1 ) ] BL ( 1 T ) pb Tc T ax ( Tc)( Tps ) a[ ( 1 )( 1 1 1 ( 1 T ) pb ps (U) a R F BL(1 T pb ) Tc Tps a [ ( 1 )( 1 ) ] BL ( 1 T ) pb =a(x R F B L )(1 Tc)(1 T ps ) Tc Tps a( VL BL ) asu a[ ( 1 )( 1 = ) ] B ( 1 T ) pb L

( 1 Tc)( 1 Tps ) VL = Vu + BL B ( 1 Tpb ) ( 1 Tc)( 1 Tps ) = Vu + 1 B ( 1 Tpb ) L ( 17. 18) G ( 1 Tc)( 1 Tps) = 1 B ( 1 Tpb ) ( 1719. ) G ( 05. )( 08. ) Tpb T = Tpb 1 0. 4 06. 1 = ( 1 ) 1 Tpb 1 T pb pb G Tc = [ ( 1 ) B T ] ( 17 1. 20 ) pb

T pb 0.1 0.60 0.2 0.50 0.3 0.43 0.4 0.33 0.5 0.20 0.6 0.00 0.7 0.33 G= = r0 r0 = 1 T 1 T c pb

1 2 0.5 $40000 $10000 0.5 $60000 $90000

θ θ

(1) (2) (3) a 0% 5.00% 0.0% 100 12.00 12.00 100 12.00 10 5.10 0.51 90 12.30 11.07 100 11.58 10 5.40 1.08 80 12.75 10.20 100 11.28 30 5.50 1.65 70 13.29 9.30 100 10.95 35 5.70 2.00 65 13.50 8.78 100 10.78 40 6.00 2.40 60 15.00 9.00 100 11.40 50 8.00 4.00 50 18.00 9.00 100 13.00 60 13.50 8.10 40 24.00 9.60 100 17.70

Kr d1 D1 = + g = + g P V 0 0 ( 17. 21) K s = d1 D1 + g = P ( 1 f ) V ( 1 f ) 0 0 + g ( 17. 22) 2 K s = + 5% = 1611%. 20( 1 010. )

NPV N CFt I = t= 1 ( 1 + K) ( 1 f ) t ( 17. 23) NPV N CFt I = ( 1724. ) t= 1 ( 1 + K ) [ 1 f ( 1 T )] t

20 50 ( 1000) 81095. = + t= 1 K b t K b 20 ( 1+ ) ( 1+ ) 2 2 = = d ps P ps ( 17. 26)

d P ps ps 9 = = 0. 13 = 13% 69. 23 K = R + ( R R )β s F M F j

P 0 = d1 d0( 1+ g) EPS 0( 1+ g)( 1 b) = = K g K g K b s s s r ( 17. 27)

d1 Ks = + g P 0 ( 17. 28)

$2080 $360 2490 400 ( 12%) 400 110 120 ( 10%) 1000 200 1980 $4570 $4570

( ) ( ) (1) (2) (3) (4) (5) $400 100% $400.108 10% 1000 80% 800.215 20% 200 70% 140.038 5% * 1980 120% 2376.639 65% (*38.05 ) $3580 $3716 1.000

12% 7.2%.10.72% 13.5% 8.1%.20 1.62% 13% 13.0%.05.65% 17% 17.0%.65 11.05% WACC=14.04%

E( R ) = R + λcov ( R, R ) ( 17. 29) RM R λ 2 σ M F j F j M E ( X j ) E( R j ) = ( 17. 30) V J V j = E( X ) λcov ( X, R ) j j M R F ( 17. 31) Xj = 240 COV ( X, R ) = 1160. j M R F = 10% λ = 8 VAR( R ) = 0. 01 M V V j j 240 8( 1160. ) = 0. 10 = 1472

COV ( R, R ) = j M COV ( X, R ) V j j M 1160. COV ( R j, RM ) = = 0. 0079 1472 = COV ( R, R ) VAR R = 0. 0079 ( ). = 079. 0 01 β u j M M β j = βu[ 1+ B / S( 1 T)] ( 17. 32) β β j j = 0. 79[ 1+ 05. ( 06. )] = 1027. 103. β u β j = [ 1+ B / S( 1 T)] ( 17. 33)

0. 85 β u = = 0. 80 106. β k = 0. 80[ 1 + 0. 5( 0. 6)] = 104. E( R ) = R + [ E( R ) R ] β ( 17. 34) j F M F j 9%.33 3.00# 18.32%.67 12.27% 15.27%

β

1946 7.5 5.6 0.75 1965 49.1 19.1 0.39 1947 11.0 6.3 0.57 1966 51.4 19.4 0.38 1948 17.0 7.0 0.41 1967 49.9 20.2 0.40 1949 16.9 7.2 0.43 1968 50.0 22.0 0.44 1950 16.0 8.8 0.55 1969 45.6 22.5 0.49 1951 16.1 8.5 0.53 1970 37.2 22.5 0.60 1952 16.7 8.5 0.51 1971 45.7 22.9 0.50 1952 16.7 8.5 0.51 1971 45.7 22.9 0.50 1953 16.0 8.8 0.55 1972 55.0 24.4 0.44 1954 17.5 9.1 0.52 1973 59.3 27.0 0.46 1955 23.4 10.3 0.44 1974 43.3 29.9 0.69 1956 21.8 11.1 0.51 1975 59.9 30.8 0.51 1957 21.8 11.5 0.53 1976 74.6 40.8 0.43 1959 26.0 12.2 0.47 1978 109.1 47.0 0.43 1960 24.9 12.9 0.52 1979 107.2 52.7 0.49 1961 25.8 13.3 0.52 1980 90.6 58.6 0.65 1962 32.6 14.4 0.44 1981 109.5 64.7 0.59 1963 35.9 15.5 0.43 1982 105.6 68.7 0.65 1964 41.2 17.3 0.42 1983 150.6 73.3 0.49 1947 1955 150.6 74.5 0.49 1956 1966 350.0 158.0 0.45 1967 1972 283.4 134.5 0.47 1973 1979 547.7 265.6 0.48 1980 1983 456.3 265.3 0.58 1948 1966 1966 1972 1972 1979 1979 1983 6.12% 7.79% 10.71% 8.16% 6.34 1.13 10.00 8.87 5.83 3.90 11.63 8.60 1.67 4.32 8.19 8.24

K u di ( t + 1) + Pi ( t + 1) Pi ( t) ( t + 1) = P ( t) i ( 18. 2)

n ( t) P ( t) = S ( t) = i i i D ( t + 1) + n ( t) P ( t + 1) i i i 1 + Ku( t + 1) ( 18. 3) NOI (t + 1) + M (t + 1)P (t + 1) I ( t + 1) + D ( t + 1) i i i i 100 + M ( t + 1) P ( t + 1) = 80+ 40 i M ( t + 1) P ( t + 1) = 20 i i i i S ( t) = i NOIi ( t + 1) Ii ( t + 1) + mi ( t + 1) + Pi ( t + 1) + ni ( t) Pi ( t + 1) 1+ K ( t + 1) u

n ( t) = n ( t + 1) m ( t + 1) i i i S ( t) = i = = NOIi ( t + 1) Ii ( t + 1) + mi ( y + 1) Pi ( t + 1) + ni ( t + 1) mi ( t + 1) Pi ( t + 1) 1+ K ( t + 1) NOIi ( t + 1) Ii ( t + 1) + ni ( t + 1) Pi ( t + 1) 1+ K ( t + 1) u NOIi ( t + 1) Ii ( t + 1) + Si ( t + 1) 185 1+ K ( u t + 1 ) (. ) u

2500 10 25000 16667 2500 10.6 26500 16667 16667 25000 1000 1000 41667 41667 16667 25600 44167 44167 1000 2500 (10.60) 26500 : 1000 : -25000 0 1500 1000 1000

CONWTANT INS GROW1 GROW2 BETA WTOCK R2 D.W F- (1) 47.81-0.090-0.321-0.526-26.543 2.584 0.48 185.47 (12.83) (-4.10) (-6.38) (-6.43) (-17.05) (7.73) (2) 24.73-0.068-0.474-0.758 2.517 0.33 1.79 123.23 (6.27) (-2.75) (-8.44) (-8.28) (3) 70.63-0.402-0.603-25.409 0.41 1.88 231.6 (40.35) (-7.58) (-6.94) (-15.35) (4) 39.56-0.116-33.506 3.151 0.39 1.80 218.10 (10.02) (-4.92) (-21.28) (8.82) (5) 1.03-0.102 3.429 0.12 1.60 69.33 (0.24) (-3.60) (7.97)

V 1 V1 D M = ( 1+ r) γ 0V0 + γ 1 ( 188. ) V 1 L V1 D V 0 V1 a = 1 + r V1 b V1a V0 = < 1 + r 1 + r M a γ = γ 0 0 V1a ( 1+ r) V a + r γ 1 1 1 div div( ) V1b ( 1+ r) V b + r γ 1 1 1 div div *( )

M b γ = γ 0 0 V1a ( 1+ r) V b L div div + r + γ 1( 1 ) ( ) 1 V1 b ( 1+ r) V b div div + r + γ < 1( 1 ) *( ) 1 γ γ γ γ γ

1950 1953 5 4 30 5 25% 17 5

F p ne = 1 ( 18. 13) n 0 W PE ( 1 FP ) = P0 PT FP + ( 18. 14) n 0 W P n 0 0 F P P F P P E 0 T 0 = ( 1 P ) + P ( 1815. ) P P 0 0

W p 0 n 0

V b = C C C + 2 + Λ Λ = ( 19. 1) ( 1 + K ) ( 1 + K ) K b b b 4% 2500.00 6% 1666.67 8% 1250.00 10% 1000.00 12% 833.363 14% 714.29 16% 625.00

V b = C1 C2 C3 + M 1 + 2 + ( 1+ K ) ( 1+ K ) ( 1 + K ) b b b 3 ( 19. 2) 8% 1 100 0.9259 92.59 2 100 0.8573 85.73 3 100+1000 0.7938 837.18 =1051 50 4% 1166.51 6% 1106.90 8% 1051.50 10% 1000.00 12% 951.99 14% 907.17 16% 865.30

V ps = d K ps ps V ps d ps 3. 75 = = = 10. 7% K 35 ps 3. 75 V ps = = 35 0107.

P 0 = = + ( ) 10. + d1 + P1 d1 + P0 ( 1+ g) = ( 19. 4) ( 1+ K ) ( 1+ K ) s s P 0 = d1 K g s ( 19. 5)

P 0 = d = K g s 1 2 = 1818. 016. 0. 05

190. ( 105. ) 2 : P0 = = = 1818. 016. 0. 05 011. 190. ( 106. ) 2. 01 : P0 = = = 2185. 0152. 006. 0092. R F 9% 8% E(R M ) R F 5% 6% β 1.4 1.2 g 5% 6% d1 Ks = + g P 0 ( 19. 6) K 0 s 0 2. 01 Ks = + 6% = 9. 2% + 6% = 15. 2% = K 2185. s

d1 d2 = 1 + 2 + Λ Λ ( 1 + K ) ( 1 + K ) = t = 1 s d ( 1 + K ) t s t s

= d1 P = ( 19. 8) 0 K s

P 0 d1 d 2 d3 = 1 + 2 + ( 1+ K ) ( 1+ K ) ( 1+ K ) 1 d0( 1+ g) = 1 ( 1+ K ) = t = 1 s s s d0( 1+ g) t ( 1+ K ) d0( 1+ g) + 2 ( 1+ K ) d 0( 1+ g) + 3 ( 1+ K ) s s s s t 2 3 + Λ Λ 3 + Λ Λ ( 19. 9) P 0 = d1 K g s ( 19. 10)

P 0 n d 1 gs = ( + ) t ( 1+ K ) t = 1 t 0 1 s d n+ 1 + ( )( ) n K g ( 1+ K ) s s

: 1. 16%(K s =16%) 2.10 27.5%, 8%(g s =27.5%,g=8%,n=10) 3. 2.00 (d 0 =2.00 ) : (1) (2) (3) (4) 2(1.275) t 1/(1.16) t (2) (3) 1 2.55 0.8621 2.20 2 3.25 0.7432 2.42 3 4.15 0.6407 2.66 4 5.29 0.5523 2.92 5 6.74 0.4761 3.21 6 8.59 0.4104 3.53 7 10.96 0.3538 3.88 8 13.97 0.3050 4.26 9 17.81 0.2630 4.68 10 22.71 0.2267 5.15 10 : 34.91 : 10 a. 10 ; d11 22. 71 108. P10 = = = 306. 59 K g 0. 08 s b. 10 : 1 10 PV = P10 ( ) = 306. 59( 0. 2267) = 69. 50 1 + K : P 0 =34.91+69.50=104.41

d 1 1. 92 P0 = = K g 016. ( 0. 04) P 0 s d1 2 00 = =. 016. d1 2. 16 P0 = = K g 0. 16 0. 08 K s s (d 1 /P 0 ) 9.60 20.0% 2.40 12.50 16.0% 3.13 27.00 8.0% 6.75 P 0 ( 19 6) 104.41 2.4% 26.10 n t = 1 t ( 1+ g) ( 1+ K ) s t ( )[ ( ) n 1+ h 1 = 1+ h ] = ( 1+ h) FVIFA, h h n 1 + g 1+ K s s = 1 + h

1 1 + = + g h 1 + K s s 1. 275 = = 1099138. 116. 10 ( 1 + h) 1 = 15735. 10 ( 1 + h) 1 15735. = = 1587. = FVIFA( 9. 9138%,10 ) h 0. 099138

V u = X ( 1 T) K u = S ( 19. 12) 19 0 12 31 3500000 3500000 19 0 12 31 7000000 4900000 2100000 150000 (NOI,X) 600000 :( 40%) 240000 360000

Vu = S = 600000 06. = 2400000 015. ( 1912. a) V = X 0 ( 1 T)( 1 b)( 1 + g) ( 19. 13) K g u V X ( 1 T)( 1 b)( 1+ g) = K g u X ( 1 T)( 1+ g) bx( 1 T)( 1+ g) = K g u KuX ( 1 T)( 1+ g) KubX( 1 T)( 1+ g) = K ( K g) u X ( 1 T)( 1+ g)( Ku bku ) = Ku ( Ku g) X ( 1 T)( 1 + g)( Ku g + g Kub) = K ( K g) = = u u u X ( 1 T)( 1 + g)( Ku g) X ( 1 T)( 1 + g)( g bku ) + K ( K g) K ( K g) u u X ( 1 T)( 1 + g) X ( 1 T )( 1 + g) b( r bku ) + [ ] K K K g u u u u u ( 19. 13a)

V u = 600000 06. 05. 108. = 2777143 015. 0. 08 ( 1913. b) V u = 600000 06. 0. 2 1112. 015. 0112. = 2106947 ( 1913. c) V = X ( 1 T)( 1 b) u 0 n t= 1 t ( 1+ gs) t ( 1+ K ) u X 0( 1 T)( 1+ gs) + n K ( 1+ K ) u u n

V u 5 t 5 = ( 130. ) 600000( 06. )( 130. ) 600000( 0. 6)( 05. ) t + 5 ( 115. ) 015. ( 115. ) t = 1 5 t 130. t 115. 5 t = 1 t = 1 ~ t = ( 113. ) + 113. + 113. + Λ Λ + 113. 1 2 5 1 + gs ( ) 1 + K u n ( 1 + h) t = ( 1+ h) FVIFA, t = 1 h n

V = X ( 1 T)( 1 b) u 0 ( 1 + g ) s ( 1 + K ) u t t + X0 ( 1 T)( 1 b)( 1 + g) ( 1 + gs ) K g ( 1 + K ) u u t n (1) (2) (3) 1. 2400000 6.7 0.69:1 2. (g=8%) 2777143 7.7 0.79:1 3. (g=30%) A 5739853 15.9 1.6:1 B (g=8%)6434701 17.9 1.8:1

K K K K B s = u + ( u b) ( 1 T) S 1 = 015. + ( 015. 012. ) 06. = 015. + 003. 06. 1 = 0168. B S WACC = Kb( 1 T ) Ks B + S + ( ) B + S = 012. 0. 6 0. 5 + 0. 168 0. 5 = 012. V = L B + S = 600000 0. 6 360000 = = 3000000 0. 12 012. V = X ( 1 T )( 1 b) L 0 n t = 1 ( 1 + g ) s ( 1+ + K) t t X 0 ( 1 T )( 1 + gs ) + n K( 1 + K) 600000 0. 6 = 600000 0. 6 0. 5( 1 + h)( FVIFA ) + FVIF h%, 5 h%, 5 0. 12 1. 30 1 + h = = 116. 112. n

1978 289200 69% 30 10% 45 16% 14 5% 1979 332 232 70% 48 14% 37 11% 16 5% 1980 329 232 71% 24 7% 58 18% 14 4% 1981 369 254 69% 51 14% 48 13% 16 4% 1982 322 249 77% 18 6% 60 19% 4 1% 1983 380 290 76% 27 7% 51 13% 12 3% 1984 440 337 77% 39 9% 53 12% 11 3% 1978 1984 2461 1794 73% 237 10% 352 14% 79 3%

2 1 2 3 1 2

(1) (2) (3) (4) 1997 29.6 17.9 60% 1978 28.8 17.5 61 1979 27. 16.4 60 1980 37.6 11.9 32 1981 35.5 13.2 37 1982 a 24.7 1982 b 43.3 1982 34.0 12.7 37 1983 a 31.8 10.8 34 1983 24.4

( ) 10 60 200 600

( : ) 0.50 0 0 3 8.99 0.50-0.99 6 6.96 6.78 13.74 2 3.43 4.80 8.24 2 4.59 1.00-1.99 18 10.40 4.89 15.29 5 6.36 4.15 10.51 5 4.90 200-4.99 61 6.59 2.87 9.47 9 5.20 2.85 8.06 7 2.85 5.00-9.99 66 5.50 1.53 7.03 4 3.92 2.18 6.10 6 1.39 10.00-19.99 91 4.84 0.71 5.55 10 4.14 1.21 5.35 3 0.72 20.00-49.99 156 4.30 0.37 4.67 12 3.84 0.90 4.74 1 0.52 50.00-99.99 70 3.97 0.21 4.18 9 3.96 0.74 4.70 2 0.21 100.00-500.00 16 3.81 0.14 3.95 5 3.50 0.50 4.00 9 0.13 / 484 5.02 1.15 6.17 56 4.32 1.73 6.05 38 2.45

1982 1983 1977 1978 1979 1980 1981 H1 H2 H1 H2 ( ) 35.8 32.8 20.9 52.5 22.5 31.7 58.7 74.6 36.7 2.7.1 7.8 12.9 11.5 7.0 15.8 38.2 18.4 29.6 28.8 27.3 37.6 35.5 24.7 43.3 31.8 17.0 3.5 4.1 1.4 2.0 1.5 0.0.4 4.6 1.3 ( ) 36.6 47.7 67.3 38.5 69.7 64.6 13.2 0.2 60.2 20.9 32.3 47.1 30.6 44.1 55.3 31.4 3.9 30.5 1.6 2.7 9.0 4.0 14.7 8.7-18.2 8.7 7.8 13.5 11.5 10.2 3.1 8.7 1.7 2.6 8.8 18.8 0.6 1.2 1.0 0.8 2.2 1.1 2.6 3.8 3.1

A B 20 60 80 40 100 100 100 100

des.( N ) rep = + 1 ( 211. ) # + 1 2 rep.= 100000 + 1 = 28572 6 + 1 des. = ( rep 1) (# + 1) N ( 21. 2) 39999 7 des. = = 2. 8 100000

(5% ) 40000000 10000000 50000000 100000 100000000 10000000 2000000 8000000 ( 50%) 4000000 4000000 (1000000 ) 4 ( 25) 100 10000000 = = = 125000 80 1000000 = = = 8 125000

= + 1 V r = P0 P # + 1 s ( 213. ) 100 80 20 V r = = = 8 + 1 9 2. 22 = Pe Ps 97. 78 80 17. 78 Vr = = = = 2. 22 # 8 8

RFT C = S N( d ) x e N( d ) d 0 0 1 0 2 1 2 In( S0 / X 0) + [ RF + ( σ / 2)] T = σ T d = d σ T 2 1 0223. + ( 010. + 008. ) 01. 0223. + 0018. d1 = = 04. 0. 316 01264. 0. 241 = = 19066. 01264. N( d ) = 09719. d 2 1 = 19066. 0. 1264 = 17802. = 178. N( d ) = 0. 9625 2 C = 100 0. 9719 80 0. 9625 0. 99 = 9719. 7623. = 20. 96

1 1. 2 2. 1. 1. 2. 2. 3 3. 4. 1. 1. 2. 2. 3.

2.0 1.6 30% 40% 50% 7 3 5% 9% 13% 1000 300 800 400 700 ( 10%) 300 1000 ( 1 ) 100 300 400 1800 1800

1984 3000 3400 200 220 2484 28210 316 360 60 256 ( 50%) 128 128

& 700 39 700 35 700 35 30 300 17 500 25 300 15 20 1000 56 1200 60 1000 50 800 44 800 40 1000 50 1800 100 2000 100 2000 100 38 63 30 40 316 360 360 60 90 60 5.27 4.00 6.00 7.00 316 360 360 200 220 220 516 580 580 60 90 60 20 40 20 40 80 40 100 170 100 5.16 3.41 5.80 3.00

β β β β β β 3 30 10% 36 12% 30 10% 3 30 10% 30 10% 30 10% 2 24 12% 60 90 60

316 360 360 60 90 60 256 270 300 ( 5%) 128 135 150 128 135 150 (NI) 128 135 150 (K s )(%) 0.14 0.16 0.12 (s) 914 844 1250 ( ) 100 100 122.2 ( ) 9.14 8.44 10.23

914 844 1250 600 766 600 1514 1610 1850 600 766 600 1514 1610 1850 0.40 0.48 0.32 V L = X ( 1 T) K u + TB 316 0. 5 V L = + 0. 5 ( 600) = 1515 0. 13

Div * t T Div * = K NI + S + F Div T T 1 t t t t t= 1 t= 0 t= 0

Aaa 29 26.1% 14 20.6% Aa 18 16.2 14 20.6 A 38 34.3 18 26.5 Baa 20 18.0 20 29.4 Ba 1 0.9 2 2.9 B 5 4.5 0 0 111 100.0 68 100.0

200 (1) (2) (3) (4) (5) 200 50% 100 150 75% 100 25 50 50 50 100 25 50 0 0 400 100% 200 200 50% 300 0 700 29% 300 200 50% 150 200 100% 100 25 75 75 75 100 25 75 25 25 400 100% 300 300 75% 300 0 700 43% : 1. ( ) 2. ( ) ( ) 3...

(1) (2) (3) (4) (5) (6) 19 4 263.80 100.00 163.80 100.00 100.00 0 19 5 263.80 83.62 180.18 100.00 100.00 0 19 6 263.80 65.60 198.20 100.00 100.00 0 19 7 263.80 45.78 218.02 100.00 100.00 0 19 8 263.80 23.98 239.82 1100.00 100.00 1000.00 1319.00 318.98 1000.02 1500.00 500.00 1000.00

dur i db / B = d ( 1 + K )( 1 + K ) b b ( 22. 1) T C1 C2 C M B = 1 + 2 + Λ + T + ( 1 + k ) ( 1 + k ) ( 1 + k ) ( 1 + k ) b b b b T ( 22. 22) db d( 1 + k ) b 2 T = C ( 1 + k ) 2C ( 1+ k ) Λ TC ( 1 + k ) TM( 1+ k ) 1 3 ( + 1) ( T+ 1) b 2 b T b b C1 2C2 TCT TM = [ ( T T k ) 2 + ] 1 ( 1 k ) 3 + Λ + ( 1 k ) + 1 + ( 1 k ) + 1 + + + + b b b b db / B 1 C 2C TCT TM = [ 1 + 2 T T d( k ) / ( k ) B ( k ) 2 + Λ + + ] 1 + 1 + 1 + ( 1 + k ) ( 1 + k ) ( 1 + k ) b b b b b dur i T tcft ( t t + k ) = 1 1 b = B ( 22. 3 )

dur 1 26380. 1 2 26380. 263. 80 2 3 3 4 26380. 263. 80 + ( ) + ( ) + ( ) 4 + ( 5) 5 ( 11. ) ( 11. ) ( 11. ) ( 11. ) ( 11. ) = 1000. 00 ( 239. 82 + 436. 03 + 594. 59 + 720. 72 + 819. 00) = 1000. 00 2180. 16 = = 2. 810 1000. 00 dur 2 100 1 2 100 2 3 100 3 4 100 4 5 100 + ( ) + ( ) + ( ) + ( ) 5 ( 11. ) ( 11. ) ( 11. ) ( 11. ) ( 11. ) = 1000. 00 ( 90. 91 + 165. 29 + 225. 39 + 273. 21+ 310. 46 + 3104. 61) = 1000. 00 4169. 87 = = 4. 170 1000. 00

C B = ( 22. 4) K b C B 50 625

k ps d ps = ( 22. 5) p ps

4 5 8

NPV = = n ( 1 Tc)( r1 r2 ) D t [ 1+ ( 1 Tc) ] t= 1 b t= 1 5 t= 1 ( 1 0. 4)( 016. 010. ) 10000000 t [ 1+ ( 1 0. 4)( 010. )] n ( 1 Tc) r2 D D t [ 1+ ( 1 Tc) K ] [ 1+ ( 1 Tc) K ] 5 ( 1 0. 4)( 010. )( 300000) 300000 t t= 1 [ 1+ ( 1 0. 4)( 010. )] [ 1+ ( 1 04. )( 010. )] = 1516464 75823 224190 = 1216451 b 5 b n