1.

2.

3.

QEBITEBITEPS

EBIT

EBIT = Q (P V) F =QMCF

F,F!

DOL

=

= = =

ABC5025100 0008 0008 000

DOL = = DOL

= 1+ ABC

ABCEBITEBIT

=(115-10)/10=10.5()

=(66-3)/3=21()

=(6.4-0.1)/0.1=63()

10

DFL

DFL

EPS=[EBITI(1T)D]/ N (TDN)

EPS=EBIT(1T)/ N DFL = = D=0 =

==1+

DTL

DTL == DOLDFL ==

EPS

EBIT

291114

EBIT-EPS114

EBITEPS

ModiglianiMiller(1958)

UABC=0 LABC=5000 SKSBKbEBITIDIVDIV+I V $ 10 000 15% - - 1 500 - 1 500 1 500 10 000 5 000 20% 5 000 10% 1 500 500 1 000 1 500 10 000

KSUKW

UABC=0LABC=5000SKSBKbEBITIEBTTDIVDIV+I $ 10 000 15% - - 1 500 - 1 500 750 750 750 5 000 20% 5 000 10% 1 500 500 1 000 500 500 1 000

ABC $ 20 80 $100 $ 50 50 $100

ABC $ 20 10 $ 30 $ 25 5 $ 30

ABC$10

= 10+[0.1$90+0.9$0]= $9

$90 (10% ) $10 $ 0 (90% )

V0B1 INPVV1V1=V0+I+NPV V1B1,

VL = VU + TB - FPV

XYZ7000

(=0.5)(=0.5)AB 5000 2500 10000 11500 7500 7000

A=7000+7500=500B= 7000 +7000=040003000

(=0.5)(=0.5)AB 1000 0 6000 7500 3500 3750

40004000

VL = VU + TB FPV - APV

10 000202025105 000()

254000(100 000/25)

205 000(100 000/20)10

B/S