, . . | |
(, ) () () |
. 300 . .
X1 = 550/2600 = 0,21
X2 = 300/1800 = 0,167
X3 = 1500/2600 = 0,58
X4 = 300/1200 = 0,25
Z = 1,76+ 0,167+0,03+0,16 = 2,117, 0,42, .
27 ( 15). , 30 50, 100 70, . .
190, 150 | |||||
- | 0, 40 | ||||
310 | 310 |
70, 30+50 = 80 - , 190 . 40
, , !
28 ( 15). WACC, 11 200 .. ..: = 2000 . = 1800 . = 7 400 ., = 30%, =5%, βu ( ) = 0.6, 15%.
1) = 0,6*(1+0,8*1,95) = 1,536
2) 2 = 0,05 +1,536*(0,3-0,05) = 0,434
3) WACC = 0,434*0,34+0,8*0,67*0,15 = 0,22796, 22,8%
29 ( 15). , WACC, . 80%, 18% (rf = 5%, Rm = 10%). 20%. 16%. 60% ( β , , ).
1) WACC1 = 0,8*0,18 + 0,2*0,8*0,16 = 0,1696, 16,96%
2) 18 = Beta1*5+5, x=2,6
3) BetaU = 2,6/(1+0,8*0,25) = 2,17
4) BetaL (new) = 2,17*(1+0,8*0,67)=3,33
5) Ke2 = 0,05+3,33*0,05 = 0,2165
6) WACC2 = 0,6*0,2165+0,8*0,4*0,16 = 0,1811, 18,11%
7) Delta WACC = 1,15%
30 ( 15). . 3 . 10 . $., 5 . $ .
, 25% 75% . 10%, 15%. WACC NPV ( LCF=0).
1) WACC = 0,15*0,25+0,75*0,8*0,1 = 0,0975
|
|
2) NPV = PV - I = 12,4819 - 10 = 2,4819 . . -
31 ( 15). , : 25 000 , ( ) 10 . ., 20 . ., ( .) 8 . . , . , 50 . .?
1) = 20 000 000/ 1-(8000/10000) = 100 000 000 10 000
2) = 70 000 000/50 000 000 = 1,4
3) = 250 000 000 - 100 000 000 = 150 000 000
4) = (20 000 000+50 000 000)/(1-0,8) = 350 000 000 70 000 000/2000 = 35 000
32 ( 15). : = 200, =150. - :
= 60, = 30, =40, =50
( )=60
, = 40.
60 40 + 40 = 80
60 + = 60
30
40
50
120
180 140
40 . , , .
33 ( 15). 20 000 .. 5 000 .., 800 .., 900 .., 5 000 .. :
, (DFL, DOL, DTL).
1) = 5000/ 1-(10000/20000) = 10 000
= 20 000 - 10 000 = 10 000
2) DOL = 10 000/6700 = 1,49
DFL = 6700/5900 = 1,136
DTL = 1,49*1,136 = 1,69
34 ( 15). 10 000 .. 4 000 .., 400 .., 700 ..