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1=

? 100% = 100%=+ ?

2=

100%
- - - 100% = 100% () ? () 100%

3=

4=

() 1=

- - = ? ?2

2=

= ?2 ?

1 20=200%=100%=50% = 1000 4 =1000200% = 2000() =(-)=(2000-)=1000100%=1000() =1000() +=5=100050%=500() =100() =400() =2000-1000-100-400=500() 2 20=200%=100%=20% =50% 25% 7500 30000 37500 25000 37500 12500 50000 100000

100000

=+=10000050%=50000() =100000-50000=50000() =5000025%=12500()
-1-

=50000-12500=37500() =100000-12500-50000=37500( =++=37500200% = 75000( =(-)=(75000-)=37500100%=37500() =37500() =3750020%=7500() ==100000( =100000-7500-30000-37500=25000()=100000-75000=25000() 3 56 60 86 90 680 480 560

680 ? 480 560 = (56 ? 60) / 2 = 3.45() = (86 ? 90) / 2 = 6.36()
4 20 600 260 30 20%

600 ? 260 =30 (1+20%)=36() = (30 ? 36) ? 2 =10.3()
5 20 400 50 20%

400 =50 (1+20%)=60() = (50 ? 60) / 2 =7.27()
1 Fn = P(1+in) i n P = Fn /(1+in) n n 2 Fn = PCFi,n = P(1+i) (1+i) CFi,n n n P= FnDFi,n = Fn /(1+i) 1/(1+i) DFi,n 3 Fn = RACFi,n ACFi,n R n P = RADFi,n ADFi,n 1 600000 6% 5 CF0.06,5 =1.338DF0.06,5=0.747 Fn = PCFi,n=600000CF0.06,5 =6000001.338=802800() 2 5 600000 6% CF0.06,5 =1.338DF0.06,5=0.747 P= FnDFi,n=600000DF0.06,5=6000000.747=448200() 3 10 5000 10 8% 10 ACF0.08,10=14.487ADF0.08,10=6.710 Fn = RACFi,n=5000ACF0.08,10=500014.487=72435() 4 10 5000 8% ACF0.08,10=14.487ADF0.08,10=6.710 P = RADFi,n=5000ADF0.08,10=50006.710=33550() 5 1000000 10% 10 ACF0.1,10=15.937ADF0.1,10=6.145 R = P/ADFi,n=1000000/ADF0.1,10=1000000/6.145=162733.93() 6 10 5 1000000 10% ACF0.1,10=15.937 ADF0.1,10=6.145
-2-

R = Fn/ACFi,n=1000000/ ACF0.1,10=1000000/15.937=62747.07()
1 = ADFi,n+DFi,n=()ADFi,n+DFi,n ˧ i 2 (R)=(P)/ ADFi,n i i=+ 1 100 8% 5 1000 ˧ 6% =1008%ADF0.06,5 +100DF0.06,5 = 84.212+1000.747= 108.40 2 1000 8 6% 2% i= 6%+2%= 8% R= P/ADFi,n = 1000/ADF0.08,8=1000/5.747 = 174() 1 =

? 1 - T ? 1 - T = = - ? 1 -

ͧ T =

+ ? 1 - ? + ? 1 -

=

=



2 =() 1DFL=

EBIT EBIT I EBIT ? I

DFL=

EBIT PD EBIT ? I ? PD /(1 ? T )
-3-

2EPS=

( EBIT ? I ) ? (1 ? T ) N N

1 800 80 320 400 800 (%) 6 8 15 -

80 320 400 = 6% 800 + 8% 800 + 15% 800 = 11.3%
2 1000 1 100 2 5 300 8% 5% 3 200 10% 8 4 400 40 10 10% 10:1 3% 6% 30%)

100 ? (1 / 10 ) 100 = +6% = 16% 200 ? 10% = 200 ? 8 = 10.42%

300? 8% ? (1 ? 30%) 300? (1 ? 5%) = = 5.89%
400? (1 / 10) = 400? (1 ? 3%) +6% = 16.31%

100 300 200 400 = 16% 1000 +5.89 1000 +10.42% 1000 +16.31% 1000 = 11.98%
3 2000 1 5 500 6% 3% 2 1200 10% 5% 2% 3 300 25%

500? 6% ? (1 ? 25%) 500? (1 - 3%) = = 4.64%
300 ? 10 % 300 = +2%=12%

1200? 10% = 1200? (1 ? 5%) +2% =12.53%

500 1200 300 =4.64% 2000 +12.53% 2000 +12% 2000 =10.48%
4 1000 40% 10% 60 10 150 25%
-4-

150 (150 ? 1000 ? 40% ? 10%) ? (1 ? 25%) 60 DFL= 150 ? 1000 ? 40 % ? 10 % =1.36 EPS= =1.38()
1 EV ( x) ? ?xi Pi 4 RV = f ? R 2 ? = ?[ xi ? EV ( x)] ? Pi
2

3 R =

?
EV ( x )

f 5=+

1 2(NPV)(PI)(IRR) 1ۡ 30% 4% (%) 8 15 20 1 0.1 0.3 0.6

EV ( x) ? ?xi Pi = 8% ? 0.1 ? 15% ? 0.3 ? 20% ? 0.6 ? 17.3%
?[ xi ? EV ( x)] 2 ? Pi
= 3.82 %

2 ? = =

(8% ? 17.3%) 2 ? 0.1 ? (15% ? 17.3%) 2 ? 0.3 ? (20% ? 17.3%) 2 ? 0.6

3.82 % EV ( x ) 3 R = = 17 .3% = 22.08%
4 RV = f ? R = 30% ? 22.08% ? 6.62%

?

5=+= 4% ? 6.62% ? 10.62%
2 10%ަ: 0 -150000 -200000 1 50000 50000 2 50000 55000 3 50000 60000 4 50000 55000 5 50000 70000

1=150000/50000=3() = 3+35000/55000= 3.64() 2 =50000/150000 = 33.33%

(50000 ? 55000 ? 60000 ? 55000 ? 70000 ) / 5 200000 = 100% = 29%
-5-

3 NPV =50000 ADF0.1,5 -150000= 50000 3.791-1500000= 189550-150000 = 39550() NPV = 50000DF0.1,1 + 55000DF0.1,2 + 60000DF0.1,3 +55000DF0.1,4 +70000DF0.1,5 - 200000 =500000.909+550000.826+ 600000.751+550000.683+700000.621- 200000 = 216975 - 200000 = 16975 4 PI =(50000ADF0.1,5) /150000= (50000 3.791) /1500000= 189550 /150000 =1.26 PI =50000DF0.1,1 + 55000DF0.1,2 + 60000DF0.1,3 +55000DF0.1,4 +70000DF0.1,5 /200000 =500000.909+550000.826+ 600000.751+550000.683+700000.621/200000 = 216975/200000 = 1.08 1 =+=

+ 2

=

2 ? ? ()=

= 2 ? ? ? 2 =

2 ? ?

1 3600 24 3

2 ? 3600? 24 3600 3 = = 240() = 240 = 15()
= 2 ? 3600? 24? 3 = 720( 2 50000 32

2 ? 50000? 32 0.2 20%= =4000()

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