& , ! , -, ! ’ % -. 1 ’ ! % . , !-# # " . 5 ’, % % !% . +- " ! , % !-. 5 # WACC " -! " .
4 " , , - , " % (471). 1# )/2 , ! . 5 % - , # " , # .
) " (471)8.7. & 4)29, % # )/2 0 50 % !# 471 7,5 13,5 .
$ 8.7.
0 % ! "6 "%; " 9, -.
|
|
B 1 |
B P |
|
|
()/2 = 0) |
()/2=50 %*) |
|
|
|
|
1. |
4)29 |
100 000 |
100 000 |
2. |
|
0 |
100 000 |
3. ) , 10% |
0 |
10 000 |
4. |
4 |
100 000 |
90 000 |
( . 1- .2) |
|
|
|
|
|
|
5. |
9 , 25% |
25 000 |
22 500 |
|
|
|
|
6. |
$ ( . 3- .4) |
75 000 |
67 500 |
7. ) % |
10 000 |
5 000 |
8. |
471 ( ) ( . 5/ . 6) |
7,5 |
13,5 |
|
|
|
|
8 " , ’ , % ! " !471 4)99, " ! " :
|
; + ' * = |
4 (%) |
(8.28) |
|
# 2$ |
4 |
(%) |
|
|
! , % ! " !# . 9- , % , # % % - , 4)29 50 %, 471 ! . & ! -" – 100 %/50 % = 2,00.
5 , % !- -4)99 !471 . N % ! " , :
|
G : % %-% = |
@_________ |
(8.29) |
|
! "6+ |
@ - " % & $%- |
|
|
J , 6 (* D) -/ 9, ' 8.7.
* D/ = 100 000 / 100 000 = 1,00
'BQP = 100 000 / (100 000 – 10 000 ) = 1,11
6 , P % ! " , "1. 1 . 8 " , !- 4)29 - ! " .
# )/2 P ! 50 %. N % 4)29 P, 1,11 .
& , % !, % ! - " . 9 " . 7 , !" 2,00, # 4)29 1 % - # 471 2 %. 8 ", % ", # ! , – !# .
6 , " , % " - ! % . 2 ! " , , # "-( " ! ) !, , # , ! . + – ! - " ()/2), ! " % " .
) , -! " ! -, ! ! ! # - ! .
9 ! " -! # «
– » (ª), ! :
! |
ROE |
|
(P r ) (1 tax) |
|
(r rf ) |
, |
(8.30) |
|
FR |
|
|
|
|
|
|
* – - ;
& – , ; L – , ; r – # , -
;
rf – ! , ; tax – # ! , .
9 ! " ! ! ,ª !# (! max).
6 " ! - , ! -(**), % ! :
GG |
|
|
, |
(8.29.) |
|
(G r ) (1 tax) |
|
|
* – |
" . |
' . & 8.8. - % " .
! :
1.8 ! ! , " " "-( ! 8750 . ).
2.) ! ! " !-# , - .
3.' ! « ! ! – ».
4.' ! # ! .
5." " !# !! # -˜ ** ! !# , % ! -" .
* , % % " -
– 20 % 80 % . 9 ! # (0,02),(1,9 ), " ª !# – 32,4.
8.5. 0 G 3 BR@S / D / @ Q 4 3
J ! !- ( . ) !« » « », ! " # , ’. 9 , 2$ !-
* $.
" , # ! - ! !, : ( ) . ’ , - ! " ! : ;’ ; "; ’ ( -# ! % , ’ % ); -.
" :
! ;
! ;
# ;
# ( ) ;
! ;
! -( );
;
" # ! " -% .
# " ! -! , ! ! -( # # ), % ! - " ! " . 6 ! -" , %" . )! % , % ." ! ," .
P " ! ! " ! :
" ;
;
# ;
;
;
–;
- , - ! ! # ;
#- " % .
9 " : " 6J8# , ! " !, " !# " ( ) . N % -% ! " ( ), - ! " . 9 , !, " . 4 ! " - , « / » ! - " !. 2 # ! " , % ! ! , " !!# .
B " " ! ! ! ! "- -. 7 ! - , % ! " . 9 !" " ! " ! ! " - ! ! .
) ! " :
( ) ;
! ;
# !-" , ! ;
# , ! 6J8- ;
.
+ ! – -! ,. 8 ! ! ! ! ( ! 6J8 , "( , ) ! :
1)! ! , - ! , % ! ;
2)! , -’ !- " ;
406
3)! !! , ,% ;
4)!, #-.
7 " # ! " !# " : ,. 6 " -:
" # , ! ;
" " # ( # # );
-! .
& ! " ! ( ! ) ! ( -).
P ! ,, ! ! . )
! ! " " ! !. * , % ! - , " ! ! " , "-, % !. 9 - ! ! ( )! . 2 ! ! # -" !.
6 " " , % !- ! , . 7! - :
1)" ! , " , ! ;
2)! " -# " ( # );
3)! (capital costs, CC), % ! -" , " , - " ! , % ! # . $ !# ! , % , % ! ;
4)! " ( , # ), ! ! , ! , " " ;
407
5) " ! , ! ! " . 4 - " ! " ! . 7 , ! " % , "# ,% .
! , % ! , ’ -: , (- , # ! " WACC); -;. .
7 ! - " ! !: # !(IRR), # – (NPV).
& # : " ! - " IRR, ! , : # !# -IRR > .
) " , , , # . 7 " -% # " . 6 # -! # " ( " ). 6 !# .
9 % , #-, ! !# - . 6 " : # -# (IRR) # ! ,, ! ( ) % ! .
7 " , ! ! , , , " , IRR" . 6 -.
4 " ! "" [5, . 337]. & ! - : " (investment opportunity schedule, IOS) -(marginal cost of capital, MCC), ! ( . . 8.6).
K " (IOS) , % ! , # " # ! -(IRR). K (+ )" , - , % ! . 9 # – , # .
408
N ! , " !’ " , . & " # ! " ! (WACC). 8- " ! , " ! -.
) , T 1-2 " -. 9 ! # ( ) " . & # *9 T 3-4 20 (60 – 40) . " ! !# . 7- , " 20 . , !! 10 14 %. N % #-, % !# , ! - !# ! . 8 " , % !% 60 ., ! , , 16 %. T 4-5 ! - , " ! " 50 ., % ! # T 1–3.
5 ( ), |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IRR , % |
|
|
|
|
|
8 " |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
! |
|
|
|
|
|
|
|
|
|
|
|
" |
|
|
|
25 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( 1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
= 16% |
MCC |
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
) #- |
|
|
|
|
|
|
|
|
|
|
|
|
IOS ( 2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
30 |
|
|
40 |
|
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 , |
|
. .
' . 8.6. 9 ! " (IOS) (+ )
6 (IOS) (+ ) – 16 % -!. W " -(NPV) -. ) ! -! ! -
. 4 " ! ! ( ). 4 -! # -! (+ ). 9( IRR) " NPV, , % ! . ! # (IRR), % ! ! - " .
* # " ! !(NPV). & !- - " ! :
1) ! — !! " ( " - );
2)! (NPV);
3)" ( " ) NPV > 0 ! ;
4)! ! ! -NPV.
N % " ,! , ! -" !.
7 ! ! " - , ! , ! - " . ! ! -(NPV). 4 !# , % ! !.
7 !# # – . 9! # !, - ! " , ! % # , % .:
! ( ) - " ;
" - !, % % ;
!, "-.
7 # # – , % ! ! NPV. 9 , % ! ! , ! ! " " , ! - ! . ) , ! -
