1 2 3 4 5 6 7 8 9 10 1 ABC D 2 AB C D 3 ABC D 4 AB C D 5 300000 153.68 A3.2 B4.3 C0.4 D1.1 6 1000 1 8000 16000 50 10 A4900 B5000 C12900 D600 7 A B C D
8 A B C D 9 A B C D 10 ABC D 11 A B C D 12 AB C D 13 A B CD 14 A B C D 15 A B C D 16 A B C D 1750 502 60 10 A1 B2 C3 D5 18 ABC D 19
ABC D 20 A B C D 1 A B C D 2 A B C D 3 A B C D 4 AB C D 5 AB C D 6 A B CD 7 A B C D 8 A B C D 9 A B C
D 10 A C B D 1 2 3 4 6 7 8 9 100 1 25 400 500 10250 250 10 11 12 13 14( ) 15 16 17 18 19 20 120 2 600 240 20 3 400 20 4 1 20 3 2 20 3 320 3
2 1000 400 2000 4000 500 1 500 40 100 15 10 10 1 0.1 350% 500 1200 250 1? (2)100% 10 2 4ABC 1 30000 2500 1000 30 6000 20%100% 20% 2? 5 2000 2 10 10 258 8000 700 60 33 10 5 4000 1 2 3 212 10 2800 6ABC 5 2 125000 3 1 350000 250000 2 475000 450000 3 200000 600000 4 980000 650000 5 600000 390000 1 5 2 0.5 250000
50 360.5 250000 50 7ABC 20 1 1000 ( 1 ) 1000 500 4000 1500 7000 10%0.1 / 10 / (1)? (2)20 2 5% 10% 20 2 (3)2 5% 2500 40% 8A 1999 2002 6 5 8 1.8 2004 2004 5000 B 552003 50000 0.5 5000 65 0.2 2003 100000 20000 2003 100000 0.15 15000 2003 100000 10 1 0.5 10000 5000 9 2002 2000 2 10 102003 258 4000 700 6033%10 5 1 2002 22002 2003 3 2 2003 1
42003 4000 2002 2003 10 12 8 1 2 3 4 5 6 1 2 3 4 5 Miller Modigliani MM 6 7 8 9 10 1C
2B 3D 4A 5A 6C 7A 8C 9A 10A 11B 12D 13A 14A 15B 16B 17B 18D 19C 20B 1AB 2ABCD 3AC 4BC 5ABC 6BC 7BC 8AC 9ABC 10ABCD 1: 2: 3 : 4 : 6 : 7 : 8 : 9 : 10 : 11 : 12 :
13 : 14 : 15 : 16: 17 : 18: 19 : 20 : 1 120 3 240 220 3 : 400 240 600 160 320 3 240 2 1 2000 15 300 400300700 2 500 (1+10%)=550 340 500 10 2000 1 550550 100 2000500 102050 4500 110 0.155 1000 2000300200055 645 540/4000 500 =5 6452050700550/5507.17 7.17 535.85 / 3 1 1200 150600 600250350 500350/500 100 30 210 220 3 350/20=17.5 4 2500 1202000 6000 50 3000 =300020001000 5 1 2 50 50 2000 50 1000 1000/10100
8000 1607001000 10 1331608 4000 50 2000 20001608/1039.2 3 28001000 10 133 /10039.2 13 2800100 20001608 12 133 /10017.77 6: 1 1 2 3 4 5 250000 450000 600000 650000 390000 210000 285000 120000 588000 360000 210000 285000 120000 588000 360000 40000 165000 480000 62000 30000 0.32 1.32 3.84 0.496 0.24 5 350000475000200000980000600000260500 2605000 0.61563000 5 2340000 1563000 23400001563000777000 777000/5155400 155400/1250001.24 / 2 0.5 250000 50 1 2 3 4 5 250000 450000 600000 650000 390000 0.5 125000 62500 450000 62500 62500 62500 62500 25000050 162500 350000 50 237500 400000 50 262500 140000 50 132500 0.5 1.3 1.9 2.1 1.06 4 400000 1650000 480000 62000 300000 0.9434 0.8900 0.8396 0.7921 0.7473 37736 146850 403008 49110 22419 659123 0.5 62500 162500 237500 262500 132500 0.9434 0.8900 0.8396 0.7921 0.7473 58962.5 144625 199405 207926.25 99017.12 709936 5
7 1 10001000 101=1100 500 15001000 10101100 0.1390 1000 10101000 101+4000=4900 6890 / 10/(6890/1100)=1.6 (2)20 2 1000 151050 20 2 1100 10 110 1100 0.1/100011 20 2 1050 11 115.5 115.5/(1100110)0.1 / 120 2 1000 151050 2500 60 1500 8 0.2 1.8118 20000 2004 2004 5000 5000 15000 0.15 0.15 1.88.33 8
9 1 50 2000 50 1000 1000/10100 2 4000 1607001000 10 133536 536/1005.36 3 536258 10 27.8 536258 5 13.9 100 1100 44000 50 2000 5362000 1464 EBIT681.3 1 EBIT/EBITI 681.3/681.33000 81.54 2 EBIT/EBITID/1T 681.3/681.33000 8 1464 12/1333.8 1. 1 Miller Modigliani MM 2
2 1 2 3 4 3 stock split
4 : 1 2 3 4 5 6 5 6 i. ii. iii. 50 iv. 5 10 v. vi. vii.