???? ???? ??????? ?? ???? ((WACC - PowerPoint PPT Presentation

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About This Presentation
Title:

???? ???? ??????? ?? ???? ((WACC

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Title: M&M Author: 007 Last modified by: 007 Created Date: 9/7/2004 5:44:01 AM Document presentation format – PowerPoint PPT presentation

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Tags: wacc | wacc

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Transcript and Presenter's Notes

Title: ???? ???? ??????? ?? ???? ((WACC


1
?????? ???????
  1. ?????? ?????? ?? ?????? ??? ???? ????? ???
    ??????
  2. ???? ??????
  3. ??? ????? ????? ?????? ????? ????? ?????
  4. ???? ???? ????? ????? ????? (???? ?????? ??
    ??????)
  5. ???? ???? ??????? ?? ???? ((WACC
  6. ??????? ?????????' ?? MM ??? ????, ?? ????
    ??????? ????? ???

2
?????? ?????? ?? ??????
  • ??? ???? ????? ??? ??
  • ??? ???? ????? ?????? ????? ????? ?????
  • ??? ?? ??????? ??????, ????? ???
  • ???? ????? ?? ???? ?????? ????????, ?? ?????
    ??? ?????? ?????

3
???? ??????
  • ? ? ? ? ? ?
  • ???? ?? ???? ??? ??? ????? ??????
  • ???? ???? ?? ?????? ??? ?????? (?? ?????, ??
    ????)
  • ???? ???? ?? ?????? ???? ?????

4
???? ??????
  • ????? ????? ????? ??????
  • ????? ????? ???? ?? ???? ?????
  • ???? ????? ??? ?? ???? ?????.
  • ???? ??? ????? ??"? ?????? ??? ???? ??????
  • ????? ???
  • ?????

5
???? ??????
  • ?????? ?????? ?????? ????? ?? ???? ?????
  • ?????? ????? ????? ???? ????? ??? (??? ???? ????)
  • ????? ?????? ????? ????? ????? ?????
  • ????? ?????? OI RV
  • EPS RV/N

6
???? ??????
  • ?????
  • ????? ??????? ??? ???? ?? ????? ?????? ??????.
  • ????? ??????? ??? ???? ???? ???? ?? ????? ??????
    ??????.

7
???? ???? ?? ?????
  • ??? ?????? ?? ?????????
  • ????? ?????? ????????? ???????? ??????
  • ????? ????? ????????? ?????? ???? ?????
    ?????????? ???? ????? ???? ???? ??????
  • ?? ???????? ??? ?????? ?? ????? ????? ????? ?-
    ???? ?? ????????.
  • E Rf (Rm Rf)ß

8
???? ???? ??????? ?? ?????
  • ????? ??????? ?"? ??? ???? ???? ?? ????? ????
    ????????? ?? ?? ???? ??? ?????? (?? ??
    ??????????? ???????? ??? ???? ???? ????? ????
    ????? ????? ?????? ?????? ?????) WACC Weighted
    Average Cost of Capital
  • ???? ?????? ????????

9
???? ???? ????? ????? ?????
  • ???? ?????? ?????? ???? ????? ?????? ?????????
    ??????? ?????? ????
  • PD1/(K-g)
  • KD1/P g
  • ?????

10
???? ???? ????? ????? ?????
  • ???? ?????? ?????? ???? ????? ?????? ?????????
    ??????? ?????? ????
  • PEPS1 (1-b)/(K-bROE)
  • bROE g

11
MM
  • ????? (?????)
  • ???? ?? (???? ??? ????).
  • ??? ?????? ????? ???.
  • ??????? ??????? ????? ??????? ???? ????? ?????.
  • ????? ???? ?????? ????? ???? ??? ??????,
    ?????????? ????? ?????, ??? ?????? ?????.

12
MM
  • ???? (??????? ?????????' ?? ????????? ?????)
  • ??????? ?????? (??????) ??"?, ???? ?????? ?????
    ????? ????? ???? ???.
  • ???? ??? ????? ??, ?????? ???? ?????? ???? ????
    ????? ??? ??? ??? ????? ???????.
  • ?????? ????? ??? ???? ????? ?????? ?????? ??????
    ????? ??????? ????? ?????, ?????? ????? ????
    ?????? ???? ???, ??????? ????? ???, ???????? ????
    ????? ????, ?????? ???? ????? ???.

13
MM
  • ?????
  • ????? ???? ?? ?? ??? ??????.
  • ???? ????? ??????? (?????? ?????? ????? ???????
    ?????) ????? ???.
  • ???? ?? ???? ???? ???? ?? ????? ????? ????????'.
  • ????? ?? ????.

14
MM
  • ????? ?? ????? ?????????' ????? ????? ??? ????
    ?????.
  • ???? ????? ???? ?? ????? ????? ?? ???? ?? ????
    ??????, ????? ??????? ?????? ????, ?????? ?????
    ?? ???? ????? ???? ??????. ?? ??????? ??? ????
    ???? ????? ????? ???. ????? ?????
  • ????? ????? ????? ????? ??????? (???? ????)
    ?????? ????? ????? ????? ??? ?????? (????
    ?????).
  • ?????? ?????????' ?????? ??????? ????? ???????
    ??????

15
MM
  • ??????? ?????? ??"? ????? ?? ??
  • 1. ?????? ????? ?????? ?????? ???? ??? ???? ?????
    ???????
  • 2. ???? ?????? ?????? (????) ?? ?????? ??? ??
    ????? ???????.
  • ????? ?? ????

16
MM
  • ??????? ?????? ?? "??? ????? ?????? ???? ????
    ????? ??? ??? ????" ???
  • VL VU
  • VL SL BL
  • VL SL BL VU

17
MM?? ?? ?????
  • ?? ????? ????? ????? ?????, ???? ????? ?? ???
    ?????
  • ?????? ?????? ??? ????? ?? ???? ???????? ?? ????
    ??? ?????? ?????? ??????, ????
  • VL VU T BL
  • ???? ???? ????? ???? ???????

18
MM ?? ?? ????? ??????? ????? ???
  • ???? ???? ????? ?????? ????? ??? ?? ?? ???
    ?????? ?? ??????.
  • ???????? ?????? ??? (??? ????? ???????) ???? ??
    ???? ????? ???????.
  • ??? ?????? ????? ?? ?? ?????? ????? ???
  • VL VU T BL - E(BC)
  • ?????

19
MM ?? ?? ????? ??????? ????? ???
VL VU T BL
?'
?'
????????
20
???????? ????? ????? ?? ???? ??????
  • ?? ???? ???
  • ?? ?? ????????
  • ????? ??? ????? ????????
  • ??? ????? ?????? ????? ??? ????? ????????
  • ???? ???? ?????? ???? ???? ?????
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