1. ( 2. 3. 4. 1. 2. 3.
- - (EBIT) - (EBT) -
304 _50 254 30 30. 72 60. 72 193.28 3 190. 28 4 _ 200 _ 196 196 10 206
0.75 0.80 0.85 ( ) 300 304 307 (, ) FF1,120,000 :1 =8.00 ( ) FF1.120,000 140 000
3 11 100 16 100 9.6 50% 1 =8 FF16 800 000 9 600 000 1 200 000 240 000 FF4 960 000 2 480 000 FF2 480 000 240 000 FF2 720 000 340 000
3 12 FF8/ 1. 2. 3. 4. 5. FF2,720,000 800000 FF1 920 000 2 720 000 2 720 000 2 720 000 2 720 000 800 000 240 000 340 000 340 000 340 000 340 000 100 000 ( 1+ if, t ) ( 1+ ih, t)
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 ( ) ( / ) 45 43 55 50 50 47 38 35 33 36 39 37 219 222 250 236 239 228 164 140 129 140 145 140
100,000 100,000 60,000 60,000 100,000 100,000 60,000 60,000 90,000 110,000 54,000 66,000 ( ) 10 000 10 000 6 000 6 000 40% 4 000 4 000 6 000 6 000 6 000 6 000 0 0
A. (FC) B. SC C. (TC) D. (PC) X*(1 ) TC=X* 1 SC= X* TC/SC 1 X*(1 )/SC T T PC1.0=SC1.0=TC1.0 SC1.0=PC1.1 TC1.0=PC0.9 TC1.0=SC0.82
1974 1989 1974 1980 1981 1989 0.0511 0.0217 0.0560 0.0584 0.0640 0.0444 0.0210 0.0475 0.0564 0.0621 0.0569 0.0225 0.0633 0.0611 0.0669
5 4 FASB 52 LEC 100 200 300 1.30 1.30 1.30 130 260 390 1.30 1.30 1.45 130 260 435 400 1.30 520 1.50 600 1000 180 700 100 20 1.30 1.50 1300 234 910 150 28 1.30 1.30 1.50 1425 234 910 150 131 1000 (22) 1300 1425
p S = p
+ 2.3 1.05 1.32 +26% 97 44.00 34.65 21% 1.4 0.64 0.61 5% 2.19 1.00 1.16 +16% 25.5 11.60 6.39 45% 17.7 8.05 5.63 30% 5.25 2.39 1.88 21% 8.6 3.90 7.79 +100% 1.3 0.59 0.63 +7% 3900 1773 1230 31% 370 168 159 5% 2.6 1.18 1.88 +59% 2100 955 707 26% 3.75 1.70 0.60 65% 295 134 106 21% 24 10.90 6.10 44%
p2 16000 = = 10667. p1 15000
ò
( 1+ rh) 1 = rh 1 ( 1+ rf) F 1 e0 rh ( 1+ rf) F rh 1 e0 F e0 1 = rh F = 1 + rf e0
rh rf F e 0 = 1+ rf e0 rh rf = D 1+ rf e e 0 F e 0 = e0 e0
1. 2. 3. 5. ( ) 1. 2. (1)30 (2)30 90 (3)90 360 3. 4. 5. 1. 2. 3. 4. 1. 2. 3.
A B AAA BBB 7.5% 9% 1.5% Libor+ 0.255 Libor 0 25% Libor+ 0.75% 0.5% 8.5% 1%
3 16 1. 100 1,446,500. 1 13,800 =1.4465 1,460,300 1 =1.4603 2. = 1.4603 1.4465 9 17 1 460 300 0 4. =1000000 1.4603 5. (3 4)
6 1 50 1 20 7 =1.83 91.5 25000 50 1 = 1.8350 91.75 15000 +12500
( 12000) 1.8540 2224800 2580000 2236800 1.7450 2094000 2580000 2106000 1.6540 1984800 2580000 1996800 1.5430 1851600 2580000 1863600
1988 6 30 1986 6 30 1988 12 30 1.7340 1.6200 1.7600 13.0625% 1.6140 16.18755 (1)+(2) 12 30 1.76 0 (1760000) (1760000)