Fundamentals of Corporate Finance15(ch15)

Fundamentals of Corporate Finance15(ch15)内容摘要：

1、2001 15- 1 5 2001 15- 2 in a 2001 15- 3 &M (t no it no or of a on 2001 15- 4 &M (t By , do . No No No on 2001 15- 5 s h a r e s e t u r 75s h a r r E a r n i n g 00125,000$75,000I n c om e O pe r a t i n gB x pe c t e dS l u m pE c on om y t h t a t e O u t c om em i l l i $S h a r e s a l u eM a r 2、ke t $10s h a r r P r i c 00s h a r e s u m be r D a t (t 2001 15- 6 50% 5%15%5% s h ar e s e t u r 50s h a r r E a r n i n g 00075,00 0$25 ,000e a r n i n g sE qu i t y 50,00 050,00 0$50 ,000I n t e r e s 000125 ,000$75 ,000I n c om e O pe r a t i n gB x pe c t e dS l u m pE c on om y t h t a t e O 3、 u t c om 000 $de bt of a r ke t v a 000 $S h a r e s a l u eM a r ke t $10s h a r r P r i c 0 0s h a r e s u m be r D a t (t 2001 15- 7 by 5%15%5% i n v e s t m e n t$10 e t u r 50i n v e s t m e n t on e a r n i n g sN e t . 0010% I n t e r e s t :L E S . 50s h a r e s t w a r n i n g sB x pe c t 4、e dS l u m pE c on om y t h t a t e O u t c om (t 2001 15- 8 r D V rD 2001 15- 9 M&M r D V rD 2001 15- 10 to of in of of ax of & 2001 15- 11 o. no s 1,000, 0%. to $1,000. do & 2001 15- 12 & ,000 1,000 0 100 ,000 900 40% 400 360 600 $540 600 *1/2 640 (540 + 100) o. no s 1,000, 0%. to $1,000. do 2001 15- 13 V ( D x rD x Tc D x 1000 x (x ( = $40 PV 0 40 / = $400 D x 1000 x = $400 2001 15- 14 600 / 6,000 = 400 al。