-
  - . .
:
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- , :
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:
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) www.hoovers.com www.reBortgallen .coni ( )
, . .:
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) www.corpfinet.com  www.courses.dsu.edu/finance   www.financewise.com   www.finpipe.com
 

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Richard A. Brealey Emeritus Professor of Finance  London Business School
Stewart C. Myers Gordon Y Billard Professor of Finance  Sloan School of Management  Massachusetts Institute of Technology
PRINCIPLES of CORPORATE FINANCE
seventh edition
McGraw-Hill  Irwin
Boston • Burr Ridge, IL • Dubuque, IA • Madison, W1• New York • San Francisco • St. Louis •
Bangkok • Bogota • Caracas • Kuala Lum pur • Lisbon • London • Madrid • Mexico City •
Milan • Montreal • New Delhi • Santiago • Seoul • Singapore • Sydney • Taipei • Toronto
Me Graw Hill
 

 


 
89
« »
,
. .
, 89 / . . . . —
.: « —», 2008. — 1008 .: . ISBN 978-5-9693-0089-7 (.)
: , , , — . 2- ( 7- ). , .
, , , , , ( , , ). , ( ), , ( , , ).
— : , , , , , , . , . .
, , , .
336.01 
65.26
. .
ISBN 978-5-9693-0089-7 (.) ISBN 0-471-18093-9 (.)
2003, 2000, 1996, 1991, 1988, 1984, 1981  by The McGraw-Hill Companies, Inc. All rights reserved. « —», . ., , .
2004
............................................................................................................................................................. xxvi
..................................................................................................................xxvii
.
1. .....................................................................................3
1.1. ?.................................................................................................................... .........
1.2. ................................................................................................................ 5
1.3. ?......................................................................................................7
1.4. .......................................................................................8
1.5. ..........................................................................................................................................9
.................................................................................................................................................................. 11
........................................................................................................................................... —  ................................................................................................................................— 
2. ................................................... 13
2.1. ...............................................................................14
...........................................................................................................................— 
................................................................................................................17
..........................................................................................— 
................................................................................................................18
2.2. ......................................................19
: ......................... — 
2.3. .................................................................................................................. 22
......................................................................................................................................23
2.4.   ? .................................................................. — 
2.5.   ?................................................ 24
..................................................................................................................................................................25
vi
3. ....................................................................31
3.1. ............................................................................................................... -
..................................................................................................................................... 32
 DF   , , ................................................................................................ — 
PV    NPV..................................................................................................................................................... 34
3.2. ........................................................................35
.......................................................................................................... 36
.............................................................................................................................................— 
3.3. ...............................................................................38
................................................................................................40
3.4. ........................................................................... 42
3.5. ................................................ 44
?......................................................................................45
.................................................................... 46
................................................................................................................................................................... -
............................................................................................................................................48 .................................................................................................................................—  ......................................................................................................... 49 ............................................................................................................ 52
- .  ..........................................................................................................53
4. ....................................................................................... 55
4.1. ....................................................................................................56
4.2. ....................................................................... 57
..................................................................................................................................................—  ?........................................................................................................58
4.3. ....................................................................... 60
..............61
.............................................. 64
................................................65
4.4. ................................................ 66
PVGO  « ».................................................................................... 68
....................................................................................... 69
/ ?.......................................................................................................70
4.5. .....................................................................71
: ............................................................................... — 
....................................................................................................................................................72
?..................................................................75
.................................................................................................................................................................. 76
............................................................................................................................................78 ................................................................................................................................79
.........................................................................................................79 ............................................................................................................ 82
- . «-»...........................................................................................................................................83
5. ....................................................................85
5.1. ............................................................................................................................... -
« » .................................................................................................87
 NPV   — !............................................................ 88
5.2. ...................................................................................................................................................... 89
............................................................................................................................................ — 
5.3. .............................................................................................................90
1: ?......................................................................................................92
2: ................................................................................................93
3: ........................................................................................................95
4: , ?.................................................................................................98
.............................................................................................................99
5.4. ..................-
......................................................................................................... — 
.......................................................... 101
....................................................................... 102
.......................................................................................................................................... 105 .................................................................................................................................—  ....................................................................................................... 106 ..........................................................................................................108
- .  «» ........................................................................ 109
6. ..................................................................Ill
6.1. ?..................................................................................................................................112
..........................................................................................................................— 
.......................................................................................................— 
.............................................................................................114
6.2. : ....................................................................................................................................116
....................................................118
...................................................................................................................... — 
............................................................................................................................................119
 NPV   ....................................................................................................— 
6.3. ....................................................................................................... 123
 
.................................................................. 124
............................................................................127
..............................................................................................128
6.4. ........................................................................................................................
1: ................................................................. 129
2: .................................................................................................130
.............................................................................................................................................................. 131
.......................................................................................................................................... 132 .................................................................................................................................—  ....................................................................................................... 133 .......................................................................................................... 137
- .  « »......................................................................................................... 139
: - ......................................................................................................................................... 141
.
7. , : ..................................145
7.1. 75- ............................................................... — 
....... :.................148
..................................................149
7.2. , ............................................ 152
............................................................................................— 
..........................................................................................................................................154
.................................................................................................................. 156
7.3. ...................................................................................................... 159
................................................................................. 162
...................................................................................................................... — 
7.4. ...................................... 163
— ........................................................................................................................ — 
................................................................................. 164
7.5. ............................................................................167
............................................................................................................................................................... 168
..........................................................................................................................................169 ................................................................................................................................ —  ....................................................................................................... 171 ..........................................................................................................173
8. ................................................................................................................................ 174
8.1. ..................................—  
............................................................................................................................ 175
.................................................................................................................................... 179
8.2. ............................................................................. 181
.....................................................................................................182
.........................................................................................................183
 
ix
8.3. : ...................................................................................................................... 184 .................................................................................................................................................. 185
.......................................................................................................................... 189
8.4. ......................................................................................................— 
.........................................................................................................— 
...........................................................................................................190
........................................................................................................................................................ 192
.........................................................................................................................................194
.......................................................................................................................................... 197 .............................................................................................................................. 198 .......................................................................................................199 ..........................................................................................................202
9 . ........................................................................203
9.1. .................................................................. 204
...........................................................................................................205
9.2. ...............................................................................206
Union Pacific Corp................................................................208
9.3. .........................................................209
....................................................................................... 210
Union Pacific..............................................................................................213
9.4. ..................................................... — 
...................................................— 
................................................................................................................... 214
, ?.............................................................................................215
9.5. , ............................................................................................... 216
...............................................— 
?.......................................................................................................................218
.................................................................................................................................................. 220
9.6. ................................ -
............................................................................... 222
................................................................................................................................................ 223
  .................................................................................. — 
................................................................................................................................................................225
......................................................................................................................................... 226 ................................................................................................................................—  ...................................................................................................... 228 ......................................................................................................... 230
- .  « ».....................................................................................................................232
: - .........................................................................................................................................234
 
X
.

10 . — .......................................................................................................237
10.1. ......................................................................................................................238
......................................................................................................................................239
..................................................................................................... 240
.............................................................................................243
10.2. - ..............................................................................................245
...................................................................................— 
..................................................................................................... 249
10.3. ..........................................................................................250
.....................................................................................................................................251
: « »............................................................................................................. 255
«» «» .......................................................................................................258
- ......................................................................................................... — 
............................................................................................................................................................. 259
..........................................................................................................................................260 ...............................................................................................................................261 ....................................................................................................... ..........................................................................................................263
- .  ........................................................................................................................................264
11. .....................................265
11.1. ....................................................................— 
«» ................................................................................................................................. 266
: ........................................................................................... 268
11.2. .................................................................................. 271
100 ......................................................................... 272
11.3. : .................................................... 273
........................................................................................ 275
.......................................................................................................................... 276
..................................................................................... 277
..................................................................................................................................... 278
....................................................................................................................................... 279 ............................................................................................................................................................ 281
............................................................................................................................................—  ..............................................................................................................................282 .......................................................................................................283 ......................................................................................................... 284
 
xi
12. ,
.......................................................................................................287
12.1. ....................................................................................................................288
..........................................................................................................................................— 
..........................................................................289
.............................................................................................................................................................290
12.2. , , ..........................—  
.......................................................................................................................... 291
.................................................................................................................................... — 
.....................................................................— 
......................................................................................................................................... 292
12.3. ........................................................................................................... 293
: ........................................................ — 
.........................................................................................................................................................294
..................................................................................................................................... 295
12.4. : .................................297
 EVA ........................................................................................................................300
 EVA  .......................................................................................................... 302
12.5. ....................................................................................303
............................................................................................................— 
: ..............................................................304
12.6. ............................................................................................306
? ......................308
? .................................................................... — 
?...........................................................310
..............................................................................................................................................................311
.......................................................................................................................................... 312 ...............................................................................................................................313 ......................................................................................................... —  .......................................................................................................... 315
: - ..........................................................................................................................................318
.

13. ..........................321
13.1.   ...............................322
............................323
13.2. ?.......................................................................................................324
: ...............................................................— 
................................................................................................................. 327
: ............................................................................................................ — 
13.3. : ?...................331
?.........................................................................332
........................................................................... 334
 
xii
, «dot.com»..................335
1987 . .............................................................................336
.............................................................................................338
13.4. ..............................................................................................339
1: « »............................................................................................................................—  2: « »....................................................................................................................... — 
3: « »..................................................................................................................................... 340
4: « ».......................................................................................................342
5: « »..........................................................................................................................................343
6: « — »...................................................................................... 344
............................................................................................................................................................. 345
..........................................................................................................................................346 .................................................................................................................................—  .......................................................................................................347 ..........................................................................................................349
1 4. ..................................................................350
14.1. ............................................................................... 351
?.................................. — 
?................................................................................................................... 352
14.2. ............................................................................................................................ 355
........................................................................................................................ 356
...........................................................................................................................................360
...............................................................................................................................361
14.3. ...............................................................................................................................362
................................................................................................................................................. —  ...........................................................................................................364
14.4. ....................................................................................................365
.......................................................................................................................................— 
..............................................................................................................................................................367
..........................................................................................................................................369 .................................................................................................................................—  .......................................................................................................370 .......................................................................................................... 371
15. .................................................. 372
15.1. ..................................................................................................................................373
.............................................................................................................................375
15.2.   ............................................................. 377 
............................................................................................................ 378
.........................................................................................................................................................380
........................................................................................................................ 382
.......................................................................................................................................383
15.3. ........................................................................................................384
................................................................................................................................................. 385
xiii
15.4. ....................................................... 386
................................................................................................................— 
.........................................................................................................387 ......................................................................................... 388
..................................................................................................................389
15.5. ............................................................................. 391
.............................................................................................................................................................. 392
. , ............................393 . « ».....................................................394
...........................................................................................................................................398 ................................................................................................................................. —  ....................................................................................................... 399 .......................................................................................................... 400
: - ....................................................................................................................................402
.
16. ...............................................................................................405
16.1. ......................................................................................................406
.........................................................................................................................— 
..........................................................................................................................................................— 
16.2. ......................................... 409
..................................................................................................................................................— 
16.3. ....................................................................410
.............................................................................................................................411
16.4. .........................................................................................413
.......................................414
: ...........................................................................................415
.............................................................................................................................................416
.....................................................................................................................— 
16.5. ........................................................................................................................................418
.....................................................................................................................................419
, .............................................................— 
16.6. ..................................................................................................................... 420
?................................................................................................................. 421 : ..........................................................................................— 
............................................................................. 423
..............................................................................................................................................................426
xiv
17. ? .......................................................... 434
17.1. .......................................................................................435
.................................................................................................................... 436
: ............................................................................. 438
17.2. ........................................................................440
........................................................................................................................—  ................................................................................................................................................. 441
..................................................................................................................442
17.3. ............................................................................................................................443
.........................................................................................................................................444 : ............................................................445 .....................................................................................................448 , .......................... — 
...................................................................................................................................— 
............................................................................................................................................................. 450
............................................................................................................................................ —  ...............................................................................................................................451 .......................................................................................................453 ..........................................................................................................454
18. ?..................................................................... 455
18.1. .......................................................................................................................... 456 ............................................................457
Pfizer............................................................................................................ — 
......................................................................................................................................................458
18.2. ...................................................................................................459
18.3. ................................................................................................463
......................................................................................................................................464
........................................................................................................469 : ............................................................................................................................ 470 : ............................................................................ 471
, , ..................................................................................................................................—  ........................................................................................................................... 472 .........................................474
.......................................................................................................475
...........................................................................................................................................481 ..................................................— 
............................................................................................................................................................. 482
xv
19. ........................................................................... 488
19.1. ................................................489
: « »............................................................................................................. 490
........................................................................................................................................... 492
19.2. WACC:  .................................................................. 493
.......................................................................................................................495
WACC ............................................................................ 497
19.3.   ..................................................................................................................................498
...........................................................500
..............................................................................................................................501
19.4. ........................................................................... 502
......................................................................................................................................................— 
 APV   .........................................................................................................................— 
?....................................................................................................509
 APV   ................................................................................................................— 
.......................................................................510
19.5. ................................ — 
....................................................................................................................................................511
.................................................................................................................................513
19.6. - ...................................................................................................................... 514
..............................................................................................................................................................516
: - ...........................................................................................................................................524
.
20. .............................................................................................. 527
20.1. « , « » ..........................................................................................................................528
«» ................................................................................................529
«»...................................................................................................................................................530
 
xvi
20.2. .............................................................................................533
«» .............................536
...........................................................................................................................................538
20.3. ?...........................................................................................540
............................................................................................................................. 543
..........................................................................................................................................546 .................................................................................................................................—  .......................................................................................................547 ..........................................................................................................549
21. ..........................................................................................................551
21.1. ...................................................................... 552
..................................... — 
..........................................................— 
«»...................................................................................................................554
21.2. ........................................................556
: ....................................................................... — 
...........................................................................................................559
.......................................................................................................560
21.3. - ........................................................................................................................ 561
— .........................................................................................................562
— ......................................................................................564
— ........................................................— 
21.4. : .............................................................................................565
............................................................................................................................................................. 568
............................................................................................................................................—  ................................................................................................................................ —  ...................................................................................................... 569 ..........................................................................................................571
- .  ..........................................................................................................572
22. ................................................................................................................................573
22.1. ....................................................................574
I I .........................................................................................................575
.....................................................................................................................578
22.2. ...................................................................................................................
«» .................................................................................................. 579
......................................................................................580
22.3. ..................................................................................................581
........................................................................................................— 
................................................................................585
.................................................................................................................................... — 
22.4. , ..................586
.................................................................................................. 588
22.5. ?............................................................................................................... 590
............................................................................................................................................................. 591
.......................................................................................................................................... 592 ................................................................................................................................. —  ....................................................................................................... 593 .......................................................................................................... 594
23. ......................................................................... 596
23.1. ?....................................................................................................................................... — 
...........................................................................................................................597
: ................................................................ — 
: .....................................................................................................598
..................................................................................599
23.2. ?.........................................................................................601
« ».......................................................................................................................—  ................................................................................................................ 602
............................................................................................
........................................................................................................604
..............................................................................................................................605
23.3. ................................607
23.4. ?..................608
............................................................................................................................................................. 610
: - ........................................................................................................................................616
.
24. ...................................................................................................... 619
24.1. .......................................................................620
........................................................................— 
........................................................................................... 622
? ..........................623
24.2. .................................................................— 
................................................................................................................................. 624
................................................................................................................626
24.3. ...............................627 ............................................................................................
....................................................................................629
...................................................................................................................................................— 
24.4. ................................................................................................630
...............................................................................................................................................631
 
xviii
24.5. ...................................................................... 635
............................................................................................................................................ 636
.......................................................................................... 641
.................................................................................642
..............................................................................................................................................................644
.......................................................................................................................................... 645 ................................................................................................................................. —  ....................................................................................................... 647 .......................................................................................................... 648
25. ........................................................................................650
25.1. ..........................................................................651
25.2. .......................................................................................................................— 
, , .........................................................................................................— 
.......................................................................................................................653
25.3. .................................................................................................654
25.4. ..................................................................................................656
25.5. .................................................................................................................................... — 
................................................................................................................................................— 
........................................................................................................................................657
25.6. ................................................................................................................ 659
..................................................................................................... 661
25.7. ............................................................ -
.............................................................................................................................663
.....................................................................................................................— 
25.8. ........................................................................................................ — 
..............................................................................................................................................................667
. .............................................................................................................. 669
11?  (6770) •   (6772) •   (672)
.......................................................................................................................................... 673 ...............................................................................................................................674 ....................................................................................................... 675 ..........................................................................................................676
26. .......................................................................................................................................................... 677
26.1. ?......................................................................................................................................678
26.2. ?...............................................................................................................................679
......................................... ..............................................................................— 
................................................................................... 680
26.3. ........................................................................................................................... 682
........................................................................................................................— 
xix
26.4. ............................................................................................................685
..........................................................................................................................686
?.............................................................................. — 
..............................................................................................................................687
...................................................................................688
............................................................................................................................................ 690
26.5. ?............................................................................................. 691
..............................................................................................................................................................692
.......................................................................................................................................... 693 ...............................................................................................................................694 ....................................................................................................... 695 .......................................................................................................... 696
- .  «».......................................................................................................................698
: - .......................................................................................................................................700
.
27. ............................................................................................703
27.1. .................................................................................................................................................. 704
..................................................................................................705
27.2. ...................................................................................... 706
............................................................................................................... 707
........................................................................................................................ 709
«» : .............................................................................— 
«» : ............................................................................... 710
27.3. .......................................................................................................................... 712
« » ................................................................................................................— 
27.4. .................................................................................................................................................................713
.............................................................................................................................................. — 
...................................................................................................................................716
27.5. ..................................................................................................................................717
: ............................................................................................................718
, ..................................................................................................................................720
27.6. « » - ?.........................................................................................................721
..............................................................................................................................................................723
..........................................................................................................................................725 .................................................................................................................................—  .......................................................................................................726 ..........................................................................................................729
28. .................................................................................................... 731
28.1. ...................................................................................................-
28.2. ..................................................................................................733 ......................................................................................................... 734
«»........................................................................................... 735
 
....................................................................................................................737
?.............................................................................................................. — 
28.3. ......................................................................................................741
..........................................................................................................743
..........................................................................................................................................— 
28.4. .................................... 744
................................................................................................................746
28.5. .............................................................................................................................. 747
............................................................................................................................................................. 749
..........................................................................................................................................750 .............................................................................................................................,751 .......................................................................................................752 ..........................................................................................................754
: - ...................................................................................................................................... 756
.

29. .................................................................759
29.1. ...................................................................................................................................— 
29.2. : ........................................................................................................761
.................................................................................................................................................— 
............................................................................................763
29.3. ............................................................................................. 764
?....................................................................................................................................... 766
?.................................................................................................................................767
?.................................................................................. 768
?............................................................................................................................... 770
?.......................................................................................................771
................................................................................................................................................. 772
29.4. .................................................................................................................773
29.5. ............................................................................................774
.....................................................................................................................776
............................................................... 777
29.6. .................................................................................................. 779
.............................................................................................................................................................780
xxi
30. .............................................................................. 789
30.1. ........................................................................................... 790
................................................................................................................................................— 
.......................................................................................................................................791
30.2.   .... — 
— ..........................................................................................................................792
30.3. .....................793
............................................................................794
.............................................................................................................................795
30.4. ....................................................................................................................797
: ........................................................................................... — 
: ............................................................................................ 798
30.5. ................................................................................................. 800
....................................................................................................— 
.......................................................................................................................................................802
.......................................................... 803
30.6. ............................................................................804
.................................................................................................................................................— 
..................................................................................................................................... 809
...........................................................................................................................................811 ................................................................................................................................. —  ....................................................................................................... 812 .......................................................................................................... 814
31. ..............................................................................................815
31.1. ..................................................................................................... — 
.................................................................................................................................................... 816
..........................................................................................................................818
........................................................................................................................................— 
.....................................................................................................................................819
................................................................822
...................................................................................................................................823
31.2. ?..........................................................................................— 
............................................................................................................................. 824
......................................................................................— 
31.3. ..................................................................................................826
................................................................................................................................................. —  ...........................................................................................................827
............................................................................... —  .................................................................................................................828
31.4. .........................................................................................................829
............................................................. ..................................................................— 
 
........................................................................— 
...................................................................................................................................... 832
............................................................................................................................................—  .................................................................................................— 
31.5. - ........................................................................ 833
............................................................................................................................................................. 834
......................................................................................................................................... 836 .............................................................................................................................. 837 .......................................................................................................838 ..........................................................................................................840
32. ...................................................................................................... 841
32.1. ...................................................................................................................................... 842
32.2. ........................................................................................ 843
32.3. ..................................................................................................................................... 844
32.4. ............................................................................................. 847
............................................................................................................848
......................................................................................... 849
..........................................................................................................................850
32.5. .......... ................................................................................................................. 851
............................................................................................................... 852 .............................................................................................................................................................853
: - ....................................................................................................................................... 858
. ,
33. ............................................................................................................................ 861
33.1. ......................................................................................................................862 .................................................................................................. 863
...............................................................................................864
.........................................................................................................................865
.....................................................................................................................................................—  ........................................................................................................................... — 
33.2. .......................................................................... 866
............................................................................................................................................... 867
: ................................................................................. ............................................................................................................869
33.3. ......................................................................