1

,
, leasing,

,

2

(i)


(wi)
:
m

WACC w1 1 w2 2 wm m wi i
i 1

.
(.. )

...
. ,

:


, ,

,

.

,
.
:

,
.
. ,
.
: _

1
1
1
1

CO

...

CO

COE
2
n
n

2
n
n
1
1
1
1

NC 0 CO1

,
NCI =
COj=
COEn =
= .
(1-)*,

, ,

. :

1
1
1
1

CO

...

CO

COE
2
n
n

2
n
n

NC 0 CO1

,
NCI =

COj= ()
COEn =
= .
(1-)*,




, ,





,
, ,
,

.
8

.
.
.
.
.
.
.

.
9

.
* ( *)

10

:
.
:

.
.
:

,

.

11




.
.
:
Sa = Sh + Sb + Sg + Sm + Sf
,
Sa =
Sh =
Sb =
Sg =
Sm =

Sf =
12

:
,
.

.
13

1 2
14

15

,
.
:

1
1
1

...

NC 0

,
NCI = 0
:
( * ) -
COj=
= .
(1-)*,

16






.
.
.
:

(CAPM)

17



To


:
. 0

1
1
1
1
1

...

j j 1 j
2

1
1

.
g. :
. 0

1
g

18




g
:

g= b(r), r

b


,

19


(CAPM)
CAPM .
-

.
-

.
CAPM :

E r r E r rRF i

i
RF
m

rRF =

E(rm) =
i = i,

20

.

:

rp

=
rp =

21





-
.
:

1 2

=

1 =
2 =
22


To
:

1
1
1
1

...

2

j

j
1

NCI 0 K 1

.
g. :
NCI 0

1
g

23





:
WACC = W(1-)+W+W
,
W, W, W = -
, (
)
,,= ,
(
)
=
24