Ch.

10

[]

1 2 3 4 5 6

B C C D E C

1.
(TIE)

2.

=
EPS =

$
EPS
A B

0 D*

A EPS
+
< +

B EPS
+ > +

3.

( (Tax Shields))

( 35%~45%)

4.
(The Signalling Theory)
()
""

(The Pecking Order Theory)

1.

= QBEP =

= = 1,000,000 ()

2.

= =

= = $600,000

3.
 $16 2,000 5% = $400 + $6 n

$6 n = $1,200

n = 200 ()

4.

= $400 80% + 100 50% = $370

= $400 20% + 100 50% + 200 = $330

DOL = = = 2.1

DFL = = = 1.5

DTL = DOL DFL = 2.1 1.5 = 3.15

5.

EPSt = EPSt-1 (1 + DTL )

= $2.5 (1 + 1.5 1.6 10%)

= $3.1

1.

()

(+) (+) (+)

2.


(The Signalling
Effect)

3.

(Callable

Bonds)

4.
 QUICS AMR
QUICS AMR
$1.35 (% $1,081 )

QUICSAMR
63.3% () 72.1% ()

QUICS AMR

QUICS AMR ""

AMR