2001쓪뗚2웚뢣훝듳톧톧놨(헜톧짧믡뿆톧냦)No12ꆡ2001(ퟜ뗚51웚)JOURNALOFFUZHOUUNIVERSITY(PhilosophyandSocialSciences)serialNo151ꋙ샻싊뇤뮯뛔웳튵놾뷡릹뗄펰쿬쇖킢믹(뢣훝듳톧맜샭톧풺,뢣붨뢣훝ꆡ350002)햪ꆡ튪:퓚솬탸웟듎붵쾢틔뫳컒맺뗄샻싊틑뺭뒦퓚뷏뗍뗄쮮욽,뷏뗍뗄샻싊쮮욽볈폐샻폚붵뗍웳튵뗄닆컱뢺떣,튲폐샻폚웳튵삩듳춶맦쒣ꆣ듓닆컱맜샭뗄뷇뛈,럖컶붵쾢룸웳튵듸살뗄헢훖믺폶,쮵쏷뛔폚놾돉놾싊듳폚듻뿮샻싊뗄웳튵,뿉틔춨맽뗍샻싊뗄뷰죚뮷뺳살퓶볓듻뿮살믱뗃뺭펪쫕틦싊폫뷨뿮샻쾢싊횮볤뗄샻죳닮뛮,듓뛸쪹웳튵놾뷡릹닺짺룄뇤ꆣ맘볼듊:샻싊;놾뷡릹;닆컱룜룋훐춼럖샠뫅:F27513ꆡ컄쿗뇪쪶싫:Aꆡ컄헂뇠뫅:1002-3321(2001)02-0063-04ꆡꆡ샻싊쫇쫐뎡뺭볃맺볒뗷뿘뺭볃퓋탐뗄훘튪쫖VL=VU+TC3D뛎,컒맺쿖퓚틑뺭좷솢쇋짧믡훷틥쫐뎡뺭볃쳥쾵,웤훐:VLꆡ뢺햮릫쮾뗄볛횵튲늻샽췢뗘퓋폃샻싊쫖뛎살뗷뿘뺭볃퓋탐ꆣ캪쇋듙VUꆡ컞뢺햮릫쮾뗄볛횵뷸춶ꆢ삭뚯탨쟳,컒맺솬탸웟듎붵쾢,냑샻싊듓TCꆡ릫쮾쯹뗃쮰싊뷏룟쮮욽쿂붵떽쇋뷏뗍뗄쮮욽ꆣ평폚컒맺뻍튵톹솦EBITꆡ쮰쾢잰샻죳뷏듳,웈쟐탨튪놣돖맺쏱뺭볃뗄뎤웚룟쯙랢햹,캪Dꆡꆡ뢺햮ퟜ뛮듋,맺볒웴뚯쇋컷늿듳뾪랢뗄햽싔ꆣ샻싊ퟷ캪뗷뿘쏼쳢뛾:폐뢺햮릫쮾뗄좨틦놾돉놾뗈폚컞뢺뺭볃뗄훘튪뗷뿘룜룋,튲붫믡퓚뷏뎤뗄쪱웚쓚퓋탐햮릫쮾뗄좨틦놾돉놾볓짏튻뇊폫릫쮾쯹뗃쮰쮰퓚뷏뗍뗄쮮욽ꆣ퓚뗍샻싊뗄뺭볃뮷뺳쿂,쓜럱춨맽싊돉헽뇈뗄럧쿕놨돪ꆣ벴:뗷헻웳튵뗄놾뷡릹,듯떽룄짆웳튵뺭펪ힴ뿶뫍닆RSL=RSU+(RSU-RD)(1-TC)(DöS)컱ힴ뿶쒿뗄ꆣ캪듋,탨튪퇐뺿샻싊폫웳튵놾뷡릹[1](P396)횮볤뗄맘쾵,쪹웳튵쓜릻힡뷏뿭쯉뗄뷰죚뮷뺳듸평틔짏릫쪽뿉틔뗃돶:릫쮾뗄볛횵믲릫쮾뗄좨살뗄랢햹믺폶,쒱쟳웳튵뗄룟쯙붡뾵돉뎤,틔듋살틦놾돉놾뻹폫샻싊뇤뚯컞맘,틲듋,MM샭싛죏췆뚯맺쏱뺭볃뗄룟쯙붡뾵랢햹ꆣ캪샻싊뇤뚯늻펰쿬웳튵놾뷡릹ꆣ튻ꆢ놾뷡릹샭싛뛔샻싊뇤뚯뗄늻춬랴펳쇭튻훖훘튪뗄놾뷡릹샭싛쫇놾돉놾ퟮ킡쿖듺놾뷡릹샭싛쫇1958쓪쏀맺뗄쒬뗏룱샯뮯샭싛ꆣ뒫춳뗄놾뷡릹샭싛죏캪:웳튵뗄ퟜ놾퇇쓡뫍쏗샕릲춬뒴솢뗄,돆캪MM샭싛ꆣ뮯싊K쫇볓좨욽뻹놾돉놾싊,쫇뷩폚웳튵뷨죫룃싛컄룸돶쇋솽룶쏼쳢:놾B뗄욽뻹샻쾢싊KI뫍좨틦놾S튪쟳뗄쫕틦쏼쳢튻:폐뢺햮릫쮾뗄볛횵뗈폚럧쿕뗈벶쿠춬싊KS횮볤떫캴쪹폃뢺햮릫쮾뗄볛횵볓짏뢺햮뷚쮰뗄샻틦ꆣ벴ꆡꆡK=KBSI(B)++SKS(B)+S:VEBIT(1-TC)U=RU쫕룥죕웚:2000-09-26ퟷ헟볲뷩:쇖킢믹(1950-),쓐,뢣붨뢣훝죋,뢣훝듳톧맜샭톧풺뢱뷌쫚ꆣꆤ63ꆤ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
웤훐:KI=좫쓪샻쾢럑폃ö뷨죫놾ퟜ뛮좨틦놾뮯싊01100111ꆡꆡKS=막뚫뿉쓜뗃떽뗄쫕틦ö웕춨막ퟜ쫽뒫춳뗄놾뷡릹샭싛죏캪,뷨죫놾쯹돐떣뗄막욱쫐뎡볛횵100,00077,272럧쿕뇈좨틦놾킡,틲듋,KIꆴKSꆣ떱닆컱룜룋뢺햮쫐뎡볛횵30,000릫쮾ퟜ볛횵100,000107,272(BöS)=0쪱,Bö(B+S)=0,K=KS,떱Bö(B+S)=1쪱,K=KIꆣ뛸쟒,떱BöS뷏킡ퟜ놾뮯싊10%913%쪱KI뇈뷏욽컈,뇤뮯뫜킡ꆣ퓚헢튻뷗뛎,쯦ퟅ닆[2](P391)컱룜룋(BöS)뗄퓶볓,쪹볓좨욽뻹놾돉놾싊KMM죏캪솽릫쮾뗄볛횵늻쿠뗈뗄ힴ뿶컞램캬=KS늻뛏쿂붵좥뷓뷼KIꆣ떱닆컱룜룋뎬맽튻뚨돖쿂좥,쳗샻탐캪믡웈쪹솽릫쮾뗄볛횵쟷폚튻훂ꆣ뗄횵틔뫳,닆컱럧쿕뿬쯙퓶볓,뷨죫놾튪쟳뗄샻볙짨튻폐샭탔뗄춶헟돖폐L릫쮾1%뗄막쾢싊KI튲믡짏짽,떼훂볓좨욽뻹놾돉놾싊K쯦욱,웤쫐뎡볛횵캪772172풪ꆣ늢뷸탐틔쿂닙ퟷ:횮짏짽,탎돉ퟜ놾뮯싊K뗄벫킡횵뗣ꆣ쯹틔,뒫1.틔772172뗄볛룱돶쫛L릫쮾뗄막욱ꆣ춳뗄놾뷡릹샭싛죏캪듦퓚ퟮ병뗄놾뷡릹,떫2.틔5%뗄샻싊뷨뿮300풪ꆣ쫇,ퟮ병뗣퓚쓄샯,좴쓑틔좷뚨ꆣ3.틔1000풪뗄볛룱릺싲1%U릫쮾뗄막욱ꆣ듓뒫춳뗄놾뷡릹샭싛뿉틔뗃돶,떱샻싊쿂듋쳗샻붻틗뗄뺻놨돪=춶쫕틦-믺믡돉놾붵,욽뻹뷨죫놾돉놾쿂붵,떼훂욽뻹놾돉놾쿂=(1000310%-30035%)-85=0풪ꆣ떫쿖뷰붵ꆣ벴퓚웳튵웤쯼틲쯘늻뇤뗄쟩뿶쿂,쯦ퟅ샻싊뗄횧돶좴뷚풼쇋772172-700=72172풪ꆣ샠쯆뗄샭쿂붵,웳튵뗄놾뮯싊럖쒸뇤킡,웳튵뗄볛횵짏짽ꆣ탔춶헟믡킧럂,믡쪹L릫쮾뗄막욱볛룱쿂뗸,뛸평틔짏릫쪽뗃돶:샻싊뇤뚯펰쿬웳튵놾뷡릹,뷸U릫쮾뗄막욱볛룱짏헇ꆣ횱훁춶헟컞램닉폃늻뛸펰쿬웳튵뗄볛횵ꆣ춬뗄횧돶뛸믱뗃쿠춬뗄놨돪캪횹ꆣ듋쪱,VU=VLMM샭싛쫇퓚튻ퟩ샭쿫쫐뎡뮷뺳쳵볾뗄쫸=EBITöWACC=VUöRU=VUöRL벴뗈폚쮰쾢쿂,샻폃쳗샻풭샭횤쏷쇋폐뢺햮릫쮾뗄볛횵VL뗈잰샻죳돽틔폐뢺햮릫쮾뗄볓좨뷰욽뻹돉놾ꆣ폚컞뢺햮릫쮾뗄볛횵VUꆣ풼쫸쳵볾죧쿂:틔짏쪹솽릫쮾볛룱쟷폚튻훂뗄맽돌쫇쳗샻맽1.릫쮾뗄쫂튵럧쿕룟뗍뿉틔뺭평웤쾢잰쮰잰돌,듓룃쳗샻맽돌뿉틔뾴돶,쳗샻헟쫇샻폃쳗샻헟펯폠뗄뇪ힼ닮뫢솿돶살;뛸쟒죴릫쮾뗄쫂튵럧쿕쿠룶죋뗄닆컱룜룋살쳦듺릫쮾뗄닆컱룜룋,좡릫쮾춬,퓲쯼쏇쯹쫴뗄럧쿕뗈벶튲쿠춬ꆣ좨틦놾춶믘놨싊폫뢺햮샻싊횮볤뗄닮뛮ꆣ쳗샻2.쯹폐춶죋뛔폚쎿볒릫쮾퓚캴살쯹쓜닺짺쓜릻쮳샻뗘뷸탐탨튪튻뚨뗄쿈뻶쳵볾,쫗쿈쫇뗄쾢잰쮰잰뗄펯폠틔벰헢킩펯폠뗄럧쿕뚼폐쿠춬EBIT>0,EBIT쫇쳡릩샻죳뗄풴좪ꆣ웤듎,좨틦뗄풤웚ꆣ놾춶믘놨싊듳폚뢺햮샻싊,럱퓲,쳗샻헟늻믡3.춶죋퓚놾쫐뎡훐싲싴막욱폫뢺햮쪱,뷩죫ꆣ뮹폐틔짏MM룸돶뗄5쳵쫐뎡뺭볃뮷뺳볙늻뇘횧뢶붻틗돉놾;뛸쟒쯻쏇퓚뻙햮쪱쯹떣뢺뗄샻짨,짨뚨헢킩쳵볾뗄쒿뗄쫇캪쇋쪹뗃룶죋쳗샻믮뚯싊릫쮾쿠춬ꆣ쓜릻쮳샻뗘뷸탐ꆣ헢틢캶ퟅ퓚MM뾴살삭뚯닆컱4.룶죋룷릫쮾튻퇹,뚼뿉틔랢탐컞럧쿕햮좯룜룋럇뎣훘튪,횻늻맽,쫇평룶죋삭뚯닆컱룜룋뮹살돯,맊햮좯샻싊캪컞럧쿕샻싊ꆣ쫇평릫쮾삭뚯닆컱룜룋좴컞맘뷴튪ꆣ떫쫇,뛔폚훚5.릫쮾쎿쓪쯹닺짺뗄풤웚쿖뷰쇷솿뚼만뚨늻뛠뗄럇짏쫐웳튵살쮵,쓑틔춨맽쫐뎡쳗샻탐캪평춶뇤,쟒믡튻횱돖탸떽폀풶ꆣ[1](396)헟룶죋삭뚯닆컱룜룋살쳦듺웳튵닆컱룜룋,뇘탫퓚틔짏풼쫸쳵볾쿂,볙짨컞뢺햮릫쮾U,뫍폐평웳튵ퟔ짭삭뚯닆컱룜룋,닅쓜믱뗃좨틦놾춶뢺햮30%뗄릫쮾L뗄볛횵죧쿂:믘놨싊폫뢺햮샻싊횮볤뗄닮뛮ꆣ웤듎,샻싊뇤뚯붫U릫쮾L릫쮾펰쿬좨틦놾춶믘놨싊폫뢺햮샻싊횮볤뗄닮뛮,펪튵뺻샻평듋룄뇤쇋쳗샻헟쳗샻탐캪뗄웈쟐탔뫍돌뛈ꆣ떱10,00010,000뢺햮샻쾢좻,튲펰쿬웳튵삭뚯닆컱룜룋뗄웈쟐탔뫍돌뛈ꆣ뿉1,500횪,평MM샭싛놾짭뻍쓜췆뛏돶:떱샻싊쿂붵쪱,웕춨막뚫쫕틦10,0008,500춶헟룶죋룼믡삭룟닆컱룜룋뷸탐쳗샻믮뚯ꆣ춬퇹,웳튵튲믡붫닆컱룜룋삭뗃룼룟,벴퓶볓뷨죫ꆤ64ꆤ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
뷰뗄뇈싊,룄뇤웳튵놾뷡릹ꆣ틖훆럧쿕ꆣ죧맻퓚쪵탐맜샭샻싊뗄뷰쫐뎡샯,맺뛾ꆢ뢺햮뗄쳖싛볒탨튪뗷헻샻싊룜룋뫍닉좡탐헾쫖뛎뗈살복킡뷨뢺햮뗄쫗튪릦쓜쫇뒴퓬EBIT,뾪췘웳튵닆뢻듻맦쒣틔틖훆럧쿕ꆣ뛔폚웳튵,퓲튪힢틢뷰뗄춶뗄풴좪ꆣ튻냣살쮵,웳튵돯벯뷰쫇캪쇋믱좡룼뛠쿲,힢틢쫐뎡뗄맦쒣뫍쳡짽웳튵뗄벼쫵쮮욽,힢틢뗄뺭볃샻틦,룼뛠뗄뺭볃샻틦뗄풴좪퓚폚쳡룟뷰뗄뇟볊쫕틦싊늻쓜뗍폚뢺햮뗄뇟볊샻싊,탄벰EBIT,룼뛠뗄EBIT믡룸쳗샻헟믮뚯쳡릩룼뛠뗄쿖뷰뗄뺻쇷죫솿늻쓜뗍폚햮쾢쇷돶솿,틔뿘훆웳튵쳗샻믺믡ꆣ쾸탄뗄뛁헟뮹믡힢틢떽,MM샭싛퓚뇈뗄럧쿕ꆣ뷏릫쮾볛횵뗄쪱뫲쫇듓쿠춬뗄EBIT돶랢,퓚쿠춬쒿잰,짧믡짏ퟮ탨튪삭뚯닆컱룜룋뗄웳튵쫇맣뗄EBIT뗄쟩뿶쿂,릫쮾뗄볛횵늻믡틲캪놾뷡릹듳뗄훐킡웳튵,헢쫇튻룶뻞듳뗄뷨듻쫐뎡,평틔짏뗄늻춬뛸늻춬,벴MM뗄놾뷡릹컞맘싛ꆣ죧맻,뗄럖컶뿉틔뾴돶붡뾵뗄훐킡웳튵뷨듻쫐뎡뿉틔뛔릫쮾춨맽뢺햮쳡룟쇋EBIT,룹뻝짏쏦뗄릫쪽,릫웳튵ꆢ짧믡ퟶ돶뫜듳뗄릱쿗ꆣ떫쫇,평폚짧믡탅폃쮾뗄ퟜ볛횵뻍믡쳡룟,떱좻,릫쮾뗄ퟜ볛횵펦룃럖훆뛈늻릻췪짆,쪹훐킡웳튵뷨듻쓑틔죧풸,횻뫃럅뷢캪좨틦뗄볛횵뫍뢺햮뗄볛횵ꆣ헢쪱,횻튪릫쮾ퟜ웺쿮쒿믲헟닉폃맍풱벯뗈쏱볤뷨듻랽쪽,뇭쿖돶볛횵퓶볓뎬맽뢺햮볛횵퓶볓,좨틦뗄볛횵뻍믡뗃떽뷏룟뗄짧믡풴엤훃돉놾뫍붻틗돉놾ꆣ튪붵뗍짧믡뺻퓶볓ꆣ웤듎,웳튵춨맽뢺햮뿉틔뫜뫃뗘뗷뷚웳튵뷨듻돉놾,쫗쿈튪틀램훎맺,틔퓶잿짧믡탅폃ꆣ웤뗄뷰늨뚯ꆣ웳튵뷰뗄럖늼퓚쪱볤짏뫍뿕볤짏쫇듎,죚쟾뗀튪쫐뎡뮯,샻폃뷰릩쟳뺹헹살뫏샭뇤뮯뗄,듓샭닆짏뛔뢶뷰늨뚯뿉틔닉좡솽훖뒦샭엤훃짧믡풴,틔벤믮웳튵뺭펪쓜솦,폅쪤쇓청,랽램:튻훖쫇돯벯ퟣ릻뗄좨틦뷰,ퟣ틔싺ퟣ룷훖붡뾵돉뎤ꆣ늨뚯뗄탨튪,폶떽뷰탨튪솿뗄늨럥,웳튵ퟔ폃,죽ꆢ샻싊뇤뮯뛔웳튵놾뷡릹뗄펰쿬폶떽늨마,뛔췢뛌웚춶ꆣ쇭튻훖쫇닉폃뢺햮,폶듓짏쏦뗄럖컶뿉틔뾴돶웳튵탨튪삭뚯닆컱룜떽뷰탨튪솿뗄늨럥,뷨죫뷰,폶떽늨마,뎥뮹룋,믱뗃뺭펪쫕틦싊폫뢺햮샻싊횮볤뗄닮뛮,짧믡뷰ꆣ쿠뇈뷏살쮵,쯤좻솽훖랽램뻟폐쿠춬뗄킧폃,튲탨튪웳튵뗄뷨듻믮뚯,캪짧믡뷰쳡릩믱샻춾떫닉폃뢺햮뷰뗄돉놾쿠뛔뇈뷏뗍튻킩,춬쪱튲뇈뺶ꆣ평폚뷰놾짭탔훊뗄닮뇰,웤뛔닺좨뗄훷헅좨뷏쇩믮튻킩,쫇튻훖뷏뫃뗄뷰맜샭랽램ꆣ뗚죽,솦뫍돐떣뗄럧쿕돌뛈쫇늻튻퇹뗄ꆣ맊좨틦뷰평폚웳튵춨맽뷨죫뷰,쪹좨틦놾믱뗃뷏룟뗄춶믘돐떣뇈뷏듳뗄럧쿕,튪쟳폐뷏룟뗄쫕틦,뷨죫뷰놨싊,뿉틔쳡룟웳튵뗄놾믽샛,퓶잿웳튵뺭볃쪵돐떣뇈뷏킡뗄럧쿕,횻튪쟳뷏킡뗄쫕틦,떫듓뷰솦,듓뛸듯떽룄짆웳튵닆컱ힴ뿶뗄쒿뗄ꆣퟷ캪믵뇒뗄뷇뛈살뾴뛔웳튵쯹웰뗄ퟷ폃쫇튻퇹뗄ꆣ폐죋죏캪뢺햮폐럧쿕,뛔짧믡퓬돉튻훖늻컈웳튵룼뛠뗘샻폃뷨죫뷰,쒱쟳뷏뗍뗄뷰쪹폃돉뚨ꆣ뢺햮뗄좷뻟폐튻뚨뗄럧쿕,떫럧쿕쫇뿉틔뿘훆놾쫇쮳샭돉헂뗄ꆣ떱좻,맽뛠뗘샻폃뷨죫뷰,뿉뗄ꆣ펦룃뾴떽,뢺햮뛔짧믡뗄릱쿗튲쫇뻞듳뗄ꆣ쫗쓜돶쿖늻쓜뎥뮹떽웚햮컱뗄쟩탎,틽웰쏱쫂쯟쯏,쿈,퓚짧믡ퟜ춶훐,뢺햮햼폐쿠떱듳뗄뇈훘,뿉펰쿬웳튵뺭펪,짵훁떼훂웳튵탻늼웆닺ꆣ떫쫇퓚샻볻뢺햮뛔뺭볃뗄퓶뎤뻟폐잿듳뗄췆뚯ퟷ폃ꆣ웤듎,싊듳럹쿂붵뗄쟩뿶쿂,헢킩럧쿕죔좻컞램럁낭웳튵짧믡뒢탮탨튪뾿뷨듻살짺쾢,웳튵춨맽햮쾢쿲짧믡캪믱뗃뎬뛮믘놨뛸퓶볓뷨죫뷰,듓뛸펰쿬웳튵횧뢶쇋듳솿뗄닆뢻ꆣ샻쾢내헕십뿋쮼뗄쮵램쫇뷰죚놾뷡릹ꆣ놾뛔쪣폠볛횵뗄럖룮,샻싊뇣쫇럖룮뗄뇈싊,샻럧쿕쫇웳튵뿉쓜퓢쫜떽뗄쯰쪧,맊뿉틔볙짨럧싊쿂붵뻍틢캶ퟅ짧믡냑럖룮뗄샻틦뗷헻뛠튻킩룸쿕뗄쯰쪧뿉틔폃믵뇒볆솿ꆣ평폚럧쿕뗄늻좷뚨탔뫍닺튵놾,뮻뻤뮰쮵쫇짧믡쿫듓ퟜ쳥짏듌벤닺튵럧쿕뗄뢴퓓탔,튪ힼ좷뗘볆솿럧쿕뇈뷏삧쓑ꆣ룹뻝놾퓶볓뢺햮춶,ퟣ틔쮵쏷뢺햮뛔짧믡뗄릱쿗ꆣ떱럧쿕뗄쓚퓚쳘뗣,뿉틔볙짨:럧쿕쯰쪧듳폚쇣,쟒좻뷨듻폐럧쿕,듓짧믡ퟜ택뗄뷇뛈뾴듽뢺햮뗄럧듳킡폫뷨죫뷰뗄퓶솿돉헽뇈,쫇뷨죫뷰퓶솿뗄쿕,훷튪뇭쿖퓚풴뗄뇟볊킧폃뗝복맦싉짏,튻떩솬탸몯쫽,짨뷨죫뷰럧쿕돉놾몯쫽캪R(B),쟒짧믡뷰솿뗄ퟜ쳥맦쒣뎬맽폫웤쯼뺭볃풴뗄뻹R(0)=0ꆣ춬쪱볙짨:웳튵좨틦놾돉놾싊듳폚뫢ힴ첬,뷰뗄뇟볊킧폃뗝복맦싉믡쏷쿔뗘뇭쿖돶뷨죫놾돉놾싊벴K1>K2,쟒웳튵ힷ쟳샻죳폫럧살,ퟜ쳥럧쿕쏷쿔볓듳ꆣ죧맻퓚뷰쫐뎡샯쪵탐쫐쿕뗄ퟛ뫏킧틦ퟮ듳뮯ꆣ틔쿂횤쏷퓚틸탐듻뿮샻싊붵뎡샻싊뗄뮰,샻싊뇣믡짏짽,춨맽복킡뷨듻맦쒣살뗍뗄쟩뿶쿂,웳튵놾뷡릹훐퓶볓뷨죫놾믡떼훂ꆤ65ꆤ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ퟛ뫏놾돉놾쿂붵ꆣ쳢늻돉솢ꆣ웤샭평쫇쿔뛸틗볻뗄,죧맻웳튵뗄뺭펪짨웳튵뗄풭폐놾뷡릹캪2Wi,쟒ퟛ뫏놾킧틦늻듳폚뷨죫놾돉놾,웳튵뇣늻쓜믱뗃뺭펪쫕돉놾캪TK=2WiKiꆣ웤훐Wi캪뗚i훖놾쫽틦싊폫뢺햮샻싊횮볤뗄닮뛮,웳튵삭뚯닆컱룜룋튲뛮,Ki캪뗚i훖놾돉놾ꆣ(캪랽뇣퓄뛁웰볻,늻뻍쎻폐틢틥쇋ꆣ럁볙짨i=2,벴웳튵횻폐좨틦놾뫍뷨죫놾ꆣ)퓚맺볒맜샭샻싊뗄쟩뿶쿂,맺볒뿘훆샻싊뗄뇤웤ퟛ뫏놾돉놾TK=W1K1+W2K2ꆣ뛸쟒웳뚯,퓚헢퇹뗄쟩뿶쿂,튻냣살쮵샻싊쓑틔랴펳뷨듻튵죏캪룃놾뷡릹틑쫇쫊떱뗄놾뷡릹,죴뾼싇뷸뗄럧쿕,튲늻쓜춨맽뷰쫐뎡믺훆살틖훆뷨듻탐캪럧쿕볛횵틲쯘,웤ퟛ뫏럧쿕놾돉놾RK=W1K1럀랶럧쿕ꆣ웳튵펦룃쪹폃뇟볊쮰쾢잰뺻샻죳뫍뺻쿖+W2(R(W2)+K2),쟒RKꇛ(W1-Α)K1+뷰쇷솿살뿘훆ퟔ벺뗄뢺햮뇈싊,톰쟳ퟮ병놾뷡(W2+Α)(R(W2+Α)+K2)틲캪,RK틑뺭쫇릹ꆣ쫊떱뗄놾뷡릹,죴룄뇤룃놾뷡릹(짏쪽쫇듓ퟔ뇟볊쮰쾢잰뺻샻죳쫇횸ퟮ뫳뷨죫떥캻뷰뒴폐놾훐돩돶Α뮻돉뷨죫놾),뚼붫떼훂놾퓬뗄샻죳복좥떥캻뷰쪹폃돉놾,벴ꇷP=돉놾짏짽ꆣ떫쫇,죴뷨뿮샻싊쿂붵,뷨죫놾돉놾ꇷEBIT-ꇷIꆣ횻튪ꇷP>0,쮵쏷뢺햮퓶뎤죔쓜듓K2쿂붵떽K2ꇤ,벴K2>K2ꇤꆣ힢틢떽R(B)뗄듸살샻죳퓶뎤ꆣ횱훁ꇷP=0ꆣ듋쪱뗄뇟볊닆컱룜룋솬탸탔,횻튪Αퟣ릻킡,뇣폐:ΑK1+W2(R캪컞쟮듳(W2)+K2)>(W2+Α)(R(W2+Α)+K2ꇤ)ꆣ웤ퟛ뫏럧쿕놾돉놾뇟볊닆컱룜룋ꇷEBIT=ꇷEB=ꇞIT-ꇷIRK=W1K1+W2(R(W2)+K2)벴뇟볊닆컱룜룋듓쇣삭떽쇋벫쿞,죴볌탸퓶볓뢺=햮,평뷰뇟볊킧폃뗝복맦싉,튻냣죏캪믡돉뢺(W1-Α)K1+ΑK1+W2(R(W2)+K2쫽,쪹뗃ꇷ)P<0,벴뇟볊릱쿗캪뢺쫽,탎돉뛔웳>튵샻죳뗄쯰뫄,쪹웳튵뗄ퟜ샻죳쿂붵ꆣ쯹틔튻냣웳(W1-Α)K1+(W2+Α)(R(W2+Α)+K2ꇤ튵뗄뢺햮맦쒣튪헆컕ꇷEBIT>ꇷI틔쓚,벴뇟볊)=RKꇤ뷰쫕틦듳폚뇟볊뷰돉놾ꆣ춬쪱,캪쇋폐킧럀횹벴퓚뾼싇쇋퓶볓뷨죫놾뇈샽퓶볓럧쿕뗄쟩뿶쿂웳튵뗄닆컱럧쿕,웳튵뮹튪폐쓜솦벰쪱뮹놾뢶쾢ꆣ,탂뗄놾뷡릹뗄ퟛ뫏럧쿕놾돉놾RKꇤ<RKꆣ벴뢺햮놾쾢뎥뮹탨튪튻뚨쫽솿뗄쿖뷰,튪쟳웳튵뗄뺻퓚샻싊쿂뗷쪱볓듳웳튵뷨죫놾뗄뇈샽쿖뷰쇷죫솿듳폚뮹놾뢶쾢뗄쿖뷰탨튪솿ꆣ틲듋,웳,뗷헻웳튵놾뷡릹튵볈튪싺ퟣꇷEBIT>ꇷI,춬쪱폖튪뿘훆쿖뷰뗄,뇈뷏웳튵풭쿈뗄놾뷡릹쫇붵뗍쇋놾돉놾ꆣ뺻쇷죫솿듳폚쇣ꆣ헢샯탨튪힢틢뗄볙짨쫇:볙짨K1>K2,벴웳듓닆컱맜샭뗄뷇뛈살럖컶,웳튵퓚웤쯼쿠맘틲튵뗄좨틦놾돉놾싊듳폚뷨죫놾돉놾싊ꆣ평폚웳쯘늻뇤뗄쟩뿶쿂,놾돉놾ퟮ킡뮯뿉틔뮯캪웳튵튵좨틦놾뗄돉놾쫇웳튵춶믘놨싊볛횵ퟮ듳뮯ꆣ틲캪,퓚떱쯼틲쯘쿠춬,놾뮯틲ퟓ,룃볙짨뇣뗈볛폚웳튵뗄뺭펪킧틦듳폚뷨죫놾돉놾,랴횮룃쏼뇤킡,놾뮯싊쳡룟,웳튵볛횵뇣퓶듳ꆣ닎뾼컄쿗:[1]돂슡.쿖듺닆컱맜샭[M].첨췥뮪첩쫩뻖,1992.[2]삵죪볠.닆컱맜샭[M].첨췥뮪첩쫩뻖,1991.[퓰죎뇠벭:믆퇞쇖]ꆤ66ꆤ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
