1.??????

1
1. ??????

• ????????
• ??????
• ??????????
• ?????????

2
1. ??????

• ??????
• ???? - 1996???????(??)

3
1. ??????

• ?????(?? - ??)
• ??????
• ???
• ?? - ??
• ?????????????
• ?????
• ????

4
1. ??????

• ?????(?? - ??)
• ???
• ???
• ?????
• ????????????
• ????????????
• ????

5
1. ??????

• ??????????
• ????? - ?????

6
2. ?????? - ??????

• ???? (Trade Credit)
• ??????
• ???????,???????????1997/7????????
• PT Harrisma Agung Jaya HP???????????????,?HP???,?
  ???????,30?45????????,??????????,???????HP????????
  ???,????????(AWSJ,98/4/29)

7
2. ?????? - ??????

• ????
• ?????
• ?2004-2005,???LPL(LPL-US)??????????????????,??????
  ???????????
• Lehman Brother(????)???C.J.Muse??,?????????,?????
  ???????? 
• ??????Wendell Weeks??,?2004???2005??,????????????
  ,?????20???,???????????Weeks??,????????,????????
  ??,???????????????????? 
• ????????LCD??????????????,????????????,??????
  ?????????,??Muse????
• http//cn.fpdisplay.com7751/cn.fpdisplay.com2005-
  10-13 100857

8
2. ?????? - ??????

• ????
• ?????????????????????????,?????????
• ????(CP, Commercial Paper)
• ????????????,????????????????????????,????????????
  ?????????,????????
• ??????(BA, Banker Acceptance)
• ????????????????????,????????,????????,???????????
  ??????,????????????????????????180???

9
2. ?????? - ??????

• ????
• ????????????(NIF)
• ?????????????????,???????????????,????????????????
  ?,??????????????????????????1994?8?21?,???????????
  ???????,??????5????????????7????????

10
2. ?????? - ??????

• ??????
• ??
• ??????????????????????????????????????????????????
  ????????,??????????????(??????)?????????????????,?
  ???????????????????????,?????????????,??????
• ??
• ????,???????????,???????

11
2. ?????? - ??????

• ??????
• ??
• ?????????????,??????????,????????????????????????,
  ??????????,?????????????????
• ???????????,?1990???????????????,??????????????33
  ????????????????????????????????
• ???????????????????????1995?????????????,?????????
  ??????,???????????????????????1.5?,????????100,?
  ??????150??,??????????120???????????????????(????
  1998?3?3?13?)

12
2. ?????? - ??????

• ??????
• ????
• ????,????????????
• ??????????Thailand Wongpaitoon Group PCL borrow
  100 million from Daiwa Securities America Inc.
  which it will repay over the next five years
  using its future export earnings. 95 of the
  companys output is for Reebok International Ltd.
  (AWSJ, 4/22/1998)

13
2. ?????? - ??????

• ???(Corporate Bond)
• ????,???????????????,??????????????,??????????????
  ???????
• ?????????
• ???????????,????????????????????????????????,?????
  ???,????????????
• ???????????
• ??????????????
• ???????????
• ??LIBOR??????
• ????????????????

14
2. ?????? - ??????

• ???(Corporate Bond)
• ?????????
• ????????
• ?????????????
• ????????

15
2. ?????? - ??????

• ??????(CB, Convertible Bond)
• ??
• ????????????????????????,????????(convertible
  bond)?????????????????
• ??????(exchangeable bond)
• ?????????????????????,????????(exchangeable
  bond)?
• ??
• ??????????????????????????1988?2?????????10???5???
  ???????,??????????????????1989?12?21?????????????1
  0??????????,????????????????

16
2. ?????? - ??????

• ??????(puttable bond)
• ??????????????????????????,????????(puttable
  bond)?
• ??1998??????????????????????1.7,??????90,??????58
  ,????300??,?????????????,???????0.5???
• ??????(callable bond)
• ??????????????????????,????????(callable bond)?

17
2. ?????? - ??????

• ???

18
2. ?????? - ??????

• ???(Preferred Stock)
• ??
• ???????????,?????????????????????????????????,????
  ?????????????????,??????????????????????,????????
• ???????????,????????????
• ?????1974?7???????,????????????1.4?,
• ?????
• ???????????,???????????????

19
2. ?????? - ??????

• ???(Preferred Stock)
• ??
• ?????
• ????????????????????,???????????????????1988?7????
  ??????,?????????,???????????????,?????????????,???
  ????????????????????????

20
2. ?????? - ??????

• ???(Preferred Stock)
• ??

21
2. ?????? - ????

• MIPS
• (Monthly Income Preferred Shares)
• Enron in November 1993 set up a subsidiary called
  Enron Capital LLC in Turks and Caicos, a
  Caribbean tax haven. The unit sold about 214
  million in preferred shares -- the MIPS -- to
  investors through Goldman Sachs, promising an 8
  annual dividend paid in monthly installments. The
  subsidiary then lent the proceeds to the parent
  corporation, to be paid back over 50 years or
  more.

22
2. ?????? - ??????

• ???(Common Stock)
• ??
• ??????????????????????????????????????????????????
  ????
• ????
• ????
• 1993/6???????B?
• 1996/5????
• 1997????????????????
• 2000??????Nasdaq??

23
2. ?????? - ??????

• ???(Common Stock)
• ??????
• 1994-2003,??160????
• ??????(GDR)
• 1992/5/28??????3?9???
• ??????(ADR)
• 1996/5/10??????1????(??ADR??10?),????1.76?(??10),
  NASDAQ???
• 1997/10/7?????1?2???(??ADR??5?)(???????),????5.95?
  (0??),NYSE???

24
2. ?????? - ????

• ???(Common Stock)
• ??????(????Targeted stock)
• ??????????????????,???????????
• ????USX???1991????????????????????????????????,??
  ???????????????????????????????,????????USX????,??
  ???????????????????????
• ATT?2000?4?27????????????,????132??

25
3. ?????? - ????

• ??
• ????

26
3. ?????? - ????

• ?? - ?????????

27
3. ?????? - ????

• ?? - ????

28
3. ?????? - ????

• ?? - ????

29
?????? - ????Source Glen, Jack, and Ajit Singh,
2003, Capital Structure, Rates of Return and
Financing Corporate Growth Comparing Developed
and Emerging Markets, 1994-00, working paper,
World Bank
30
4. ??????
31
4. ??????
32
???????????? MM??

• ??
• ??????????,?????????????
• ??
• ?????????????????????????????????(???0.6),??????6
  000??????????(???0.4),??????3000??
• ?????????????????????100????,???????????100?????
  100???????????,?????????20??
• ??????????????40?,????????23?,?????18?????????????

33
???????????? MM??

• ?????????????
• ??
• ????????????40?,????????22?,?????18??
• ????????????????????????,???????????,?????40?????
  ????,?????10???????????????????????,????????,?????
  ?????????????

34
???????????? MM??

• ???
• ?????????????,????????????????????????????????????
  ??????????
• ?????????????,??????

35
???????????? MM??

• ???MM????
• ????????????
• ?????????????????,???????????17.6??????????,?????
  ??17?,??????20????????????????????,????????????
• ???????,David Bowie?1997????,???????????
• ???????????,??????????????????????22?

36
???????????? MM??

• ?????????
• ??????(WACC)
• ??kegtkd,??????????????????????MM???????????
• ??

37
???????????? MM??

• ?????????
• ????????????
• ???d0

38
???????????? MM??

• ?????????

39
???????????? MM??

• MM???,???????
• MM????????????????????????????????????????,???????
  ??????????????,???????????????????????????????????
  ?,??????????????????????????????,??????????????

40
???????????? MM??

• MM???????
• ?????????????,?????????????
• (1)?????
• (2)?????
• (3)????
• (4)?????
• (5)?????
• (6)??????

41
6. ??????? - ??????

• ??????????????
• ??
• ???????????????,????1??????????????????????????,??
  ??????,??????????????????

42
6. ??????? - ??????

• ??????????????
• ?????????
• 1981?,????????30???,??????????????????????????????
  ??,???????????????????????????????????????????????
  ??10,?????????????????4?????????????????????
• ?????????????????,??????????,?????????????????????
  ??????,???????????,?????????????????,?????????????
  
• ??????????????????,?????????1982?8????????????????
  ???????????,1985?2????????????????????????????????
  ??,???????

43
6. ??????? - ??????

• ????????????
• ????????
• ??????
• ?????
• ???????
• ???????
• 1977 55 million Bowie Bonds, supported by the
  future sales of music by David Bowie, a British
  rock star
• 2006/5 Dunkin Brands raised 1.7 billion by
  selling bonds backed by, among other things, the
  royalties it will receive from its franchisees
• ????????

44
6. ??????? - ??????

• ?????
• 2003?7?????????????
• ???????Real Estate Asset Trust(??REAT)
• ?????,??????????????????????,????????(???)????????
  ?????????,??????????????,????????,?????
• REAT?????,????????,??????? ?????????,????????????
• ?????????????, ????????, ???????????, ????????,
  ???????????????, ????????, ???????????,
  ????????????????????????, ????????????,
  ???????????, ???????????,????????,
  ???????????????. ???????????????, ????????
• ??????????????,??????????????

45
6. ??????? - ??????

• ?????
• ???????Real Estate Investment Trust(??REITs)
• ?????????????????,??????,??????,??????????????????
  ???????,???????,???????????
• REITs??????????,???????,?????????REITs?????????
• ??Fubon No.1 REIT ????????????????????????????????
  ?????? ???? ??????????????????
• ??REITs1????,????????????????????????????????????
  ???????

46
6. ??????? - ??????

• ?????
• ?????????????????
• ???????(REAT)???,?????
• REAT?????,????????,?????????,
• ????????????????,?????????????????,????6????,??
  ??????

47
7. ??????? - ??????

• ??????????????
• 1989??????????????,??????????????????????,????????
  ??????????????????????????????,??????????????500??
  ?,?????,??????????,????,????????????????,??????,??
  ???????????????
• ??????
• ??????????????????????????????????????????????????
  ??????????????????????????,??????????????????,????
  ??????????????????,??????????,????????????????????
  ??

48
8. ??????? - ?????

49
8. ??????? - ?????

• ??????,??????
• ??
• ????????????,EBIT??????,I??????,??????????
• ?1
• ??????100?,????60?,??????????25????????????????

50
8. ??????? - ?????

• ??????,??????
• ?2
• ???????????????????????(???0.6),????????800?????
  ???(???0.4),??????400??????????25?????????
• ??????100????,???????????100?????100??????????,??
  ?????????2??
• ??????????40?,????????20?,?????20??

51
8. ??????? - ?????

• ??????,??????
• ????MM??
• ?????????
• ?????????? ??????????? ?? ?????

52
8. ??????? - ?????

• ??????????,??????
• ??
• ??????????????,????????????????,???????I
  (EBIT-I-Tc) I (1-tc) (EBIT-I)?????????????
• ??Tp????????,tD?????????????,tE??????????????
• ??????? (1-tD)I (1-tC)(1-tE)(EBIT-I)?
• ???????????????,?????(1-tD)?
• ??????????????,?????(1- tC)(1-tE)??

53
8. ??????? - ?????

• ??????????,??????
• ?1
• ????,????????????????,??????60?,??????30??????????
  ????????40,????????????13????????????
• ?2
• ??????????????40,????????????13?
• ??????????40?,????????20?,?????20??

54
8. ??????? - ?????

• ??????????,??????
• ????MM??
• ??????????
• ?????????
• ?????

55
8. ??????? - ?????

• ??????????,??????
• ????
• ??????????
• ?????????
• ????