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1. ? ? , . , () . , . , , . , . . : ( ); . : ; ; ; ; . . , . ( , - , . , .) , , , . , , . : , , , .. 2. ? OLI-? ? : ? 1. () 2. () 3. ( ) 4. 5. ( ) Merrimak : ? 1. 2. 3. 4. ( ) 5. -> (. ). , . - , . : . , . (. - , , ; . - ; . - ). OLI- (Ownership, Location, Internalisation) . , - - (ownership-specific advantages, location-specific advantages, internalization advantages). : - , - ( , ) - , . , - . , . : 1. - ( - , ) 2. 3. 4. 5. (, , ..) 6. (., MacDon , Pepsi ) 7. 3. : 1. NPV (Net Present Value) . (IC) , . (r), () , . = ++ = tn nsnkCC NPV10) 1 ( 2. - PP (Payback Period). , . , , . = = = nt tCF t PP10 : min 3. - ARR (Accounted Rate of Return). : ; PN ( ). : PN ( ). , , ; (RV), . _ _ __ _ _profit in accounting periodARRinvestment in accounting period= 4. - IRR (Internal Rate of Return) r, NPV . IRR , . 0) 1 (:1 =+=nt ttIRRCIRR 5. (DRR) , ( ), () , . = = = nt tDCF t DPP10 : min 6. MIRR ( , IRR. IRR > i ). MIRR , n , , d : nMIRRTVPV) 1 ( += ==++=+ tntt ntttMIRRk CIFkCOF11) 1 () 1 () 1 ( 7. ( ) PI - , . PI > 1. 11_ inf (1 )_(1 )ntttntttCIFPV lows kPICOFPV outflowsk==+= =+ 4. - NPV (Net Present Value) NPV . - IRR (Internal Rate Of Return) IRR . NPV 1. 2. 3. , , , 4. , 1. NVP - , . IRR 1. 2. 3. 4. 1. IRR 2. IRR , 3. IRR ( ) . IRR 4. NVP IRR . 5. 6. IRR , IRR IRR 5. ? 1. : . : , . 2. : . 3. : . 4. : . 5. : , . 6. : . 7. . 6. NPV? ? 0 11(1 )tn nnn sC PNPV C Sk =| |= + |+\ . n , n; S t; (, ):01(1 )tn n nnn sC P SNPV Ck =| |= + |+\ . 7. Cash Flow Cash Flow - , , , cash flow - ( ). , . - . cash flow - , , . , , () . - CF. CF , , , . . , , . , , , , . , , . (free cash flow to the firm FCFF) , ( ). , . FCFF , , , , . FCFF = FCFE + FCFD FCFD ; FCFE . 8. - , , . , . , : , , . , , . . , , . , .. , , . : , , - . - ; , ; . : , (, , , ..) . (, - .), , , . , , , : - ( - ); - (, - ); - . , , , 1 99. - () : : , .. . : - ; - ; - ; - / . : - (); - ; - ; - ; - . 9. - - : - 1. : , , , . (). - 2. : . - 3. - 4. - . - () 15 . - : - - : , . - : , . - : 15 , . - : - : -30. - : +10. - : +50. - : 0*0,33+10*0,33+50*0,33 = 19,8 . - : 4,8 . - : - DCF RO: - 1. DCF- RO NPV - 2. RO , NPV - 10. C-Far - - 1. : 4- : , , , . - 2. - 3. - 4. - - - 5. - . - ( ) . - 6. C-FaR. 11. ? : 1. - - 2. / 3. 4. : 1. 2. 3. ( ; ; ; ) - ( ) (, / / ) - (: , , ) 4. ( ) - : ( 5-7 ) (3, 6 ) - 12. ? ? 1. 1.1. ( ) - - - - - - () - 1.2. 2. 2.1. 2.2. 2.3. 1. ( ) 2. ( ) : (, ) 13. -? ? : 1. Modigliani-MillerModel:, , . 2. Relevantdividendpolicytheory(Bird-in-HandTheory): , 3. Taxdifferentiationapproach: ( ) vs 4. Residualtheory: ( ), ( ): , , , ; , . : , , . . 14. WACC? ? ? WeightedAverageCapitalCost (WACC) . : , WACC. . , . WACC = wdkd(1-T) + wpkp + wsks + weke where wd, wp, ws, we (shares of loan capital, preferred shares, retained earnings and issued new shares correspondingly) kd, kp, ks, ke (the cost of loan capital, preferred shares, retained earnings and issued new shares correspondingly) income tax rate. : (IRR). IRR , . . , , .. . . Alternatives to estimate ks. Alternative 1. = +tn nsnskDk1) 1 (: Alternative 2. (CAPM). s RF m RF s k k k k | ) ( + = where kRF km |s beta-coefficient of the share. Alternative 3. Calculation share profitability gPDks + =01, where D1 P0 g : keDCF, g k DF Peo= 1) 1 ( Po , F (%) D1 ke demanded profitability g , gFPDgF P Dke += +=1 ) 1 (0101 D1/Po 15. WACC WACC : 1. , ( - , ) 2.- , 3. 4. , : 5. 6. 16. CAPM? ? Capital Asset Pricing Model (CAPM) - , . CAPM . CAPM , , : . , , Merrill Lynch Value Line. , , : . , . -. , . CAPM (), . , , . , , - . . , , . , - , , . , . : : - ; - ; - , , ; - ; - ; - , . - , ( ). 17. . . , ( ) . : - - - : - ; - ; - , . . , , . , , . , : - ; - ; - , . , .. . . - . . - , . , . . . , , , . ( - ). - , . - , . , ( ) ( ). 18. . . . , , . 19. ? , ; , , , , ( ); , . : . ( ) (, ) . 20. ? : - - - (CDS, CreditDefaultSwap) - , , . ( ) 21. IPO? IPO? ? IPO: - IPO - . - ( , ) - 2-4 . - : , , . - : , ( ), ( 80%-15%-5%). - : 50 . . ( 5%.) IPO 1. IPO - . 2. IPO ( ), . 3. . ( 5 , , , ..). , . . 4. Roadshow - ( 3-4 ). . . . . 5. . 6. . (3 ) , , . ( 7%) . . : 1. 2. ( ) 3. ( IPO) 22. RegulationS, RegulationD, Rule 144a? RegulationS 1: 1) , , ; 2) , (directed overseas offering); 3) , ; 4) , . : , Regulation S. Regulation S: 1) . . (offshore transaction)7; 2) (direct selling effort)8 . 2: , 1 : 1) , ; 2) ( ); 3) . : , : 1) 3: , 1 2: 1) 2) 3) ( _ ). : 2, : 1) , 40 ; 2) , ( . Rule 144A). 3) 40 _ (temporary global security) . RegulationD RegulationD .. : - , , , , $5 . - , $1 . , $200 . - $5 . - . RegulationD: 1. RegulationD 2. , , , SEC. 3. 4. , RegulationD, SEC. 5. SEC 15 . Rule 144a C Rule 144a , . : - (, , ), 100 . . - , 100 . . 25 . . - , , 10 . . - , 144 : 1. 2. 144: 1. 2. , Rule 144a. 3. , , 4. 23. 5. (. Depositary Receipt) , , - (custody) -, . - , , . 6. () , , . 7. 1927 . . . 8. Rule 144. SEC Rule 144A, . . . 9. "144 " (QIB), . . , , , , SEC, , , . "144 ", . 24 : , , , : ; ; ; ; . ( ): ; ; , , ; ( S.W.I F.T.). 25. , ? , . : , , . , , .. .., . : 1(1 ) 1 1tf f S Sr iS+ (| |= + + | (\ . rf if S, St+1 (1 )(1 ) 1f f fr i e = + + ef , : . 8% . 1 NZD = 0.5 USD 1) 1 NZD = 0.6 USD, : rf = 1(1+0,08)(1+0,2) 1 = 0,296 29,6% 2) 1 NZD = 0.45 USD, : rf = 1(1+0,08)(1-0,1) 1 = 0,028 - 2,8% 26. ? 1) 1( )11( )t ABtAf rBA rf B+ +=+ 2) (1 ) 1 1f f F Sr iS (| |= + + | (\ . 3) ( ) (1 ) 1 ( ) 1f f fE r i E e ( = + + 27 , () . , . . , , , , , . . , . - , . . , , . . , / . , . , - , . , . . . , - . , , , . 28. () . , , 6 , 6 . , . () . , , - , , . , ( ) , . , . . , , . ( ), (). . , , , , , , , . , . . . , , . 29. . , ( ) , . , . . , , . ( ), (). 30. ? - , . , - . , , . , . , . , , , . , -, ; -, , . . . , , , . ( ), ( ). . : . . 150 . FF. : FF 2 %, , . . . 1 = 5 FF. 30000 (150000:5). 1 = 6 FF. FF 30000 , 180000 FF (30000 6). FF, . . , , , . , , - . , "" , , , . , "" , . . ( ) , . : ( ) 2 % (1 %, 3 %, ...) , . : (3) - , - , - , - . 31. ? (exchange risk) , 1. : = (exposure) 2. , . . . , . (Exposure) = / S . risk exposure risk , , , . : (Exposure) = delta , delta = % / % S. Delta / / 1% . delta > 1, , / , . , delta < 1 / 3. (Exposure) , a ( ) . 32. ? ? ? () . / . . / . / . , . . , : * () , ; * , ( ), ; * , . , , . . , , /. 33. ? ? ? - , / . . / . -, , , . (1. 2.- 3. 4. ) . , , . , / . , , . , , . , . , , , . 34. ? ? - . : 1. (- ) 2. 3. ( ) 4. ( ( ) , ( ) ) : : 1. : (leading and lagging) (matching) (, netting) 35. . () - , , . , , . , . : , , . . , . , . . , . (, , ) , . , . - . . : , .. , . , . , , . 36. ( . leverage ) , , . , , . , , , . , Forex 100:1. , , . = / , . -, , 1:1. = / . , 10:1, 20:1 . / ( ) . , . . 37. , ( ) , . , . . , , . ( ), (). 38. . - , / , / . : - Call Call - Put Put Call 100 () 100-Strike / 110 Call 100 () 100,if 2- If < 100 => If > 100 => 100 => Put 100 ( If => If 100 => Put 100 . => >100 => 39. ? . (commodity swap)- , , , , , , . . 6- (Commodity swap) 150 . 3.5% sulphur Fuel Oil (25 . 6 .), : , , NYMEX ( ) . . . , , . 6 : ( NYMEX ) , . . , . 100 . => >100 => . 40. ? ? (. credit default swap, CDS) , ( ) CDS, - (. Reference Entity) ( , , , , , ). . , - ( , , ), . . , , . , . : 1. , ; 2. , , ; 3. , - - , CDS, , ( , , , ); 4. , CDS , , CDS (, , ) - , , , -; 5. , (, 2008 ); 6. - , ( , ). , . 2008 . - , (). . . 41. . . (floor, ) , , , , , . . 42. ? (cap, ) , , , , , . LIBOR,% , % LIBOR,% , % . LIBOR+0,5% 3 6 . 6% 0,75%. LIBOR=7%, (7%-6%)=1% , 6,75%. 43. ? ? ( ) ( ). , ; , ; , , . : interestratecap- interestrateswap- interestratecollar- interestratefloor- : ,% , % (LIBOR - London Interbank Offered Rate) , , , 12 . 44. ? ? : . - . : 1. . 2 , 3. . : - - - 4. 5. 6. : 1. 2. ( ): 1. , 2. 3. 4. 5. 6. , , . . 1 / . . 424 , , ( ). 2 01 1999 . . 40 , : ( 20%- ) , 20% , () (, ) . 2003 . () 2004 . 2008 . . 750 . . (5% ). 45. 1. 2 3. 4. 1. 2. , , . . , , , . : , , . 2004 . , , 3. - 4. - . 46 , - , . , . . , , , , , . , . . . , . , ( ), , , . : 1. . 2. . 3. . 4. . 5. ( ) : , . , , , , . , , . , , , . 47. , ( ), ( ), , . . : 1. 2. 3. : 1 ( , , ) 2 3 4 $1. : 1 , 2 3 , 4 , : 1 , 2 , 3 , - . 48 , . , , , . . : . : , . , . -, . . , . , , . . . (, ) : , . : , , , , , . , . , , , .. , , , , , , , , . 49) ? ? ? , , -, - , 100-300 . - , - - - , - . , - , - - , . , - , - 4,25% ( ). - ( 1982 ., 1999 .; ). - ( ). - 4,25%, 10%. : , , . - : 100000 ; 30000-50000 ; - : 5-20 . - 8,5%; - - - - : , , ( ) - , - , 3% - (, ) - - ( ) 50) - ? . , . , - , . . . 1000 . 1500 . 120 ((1500 .-1000 .) 24%). 1100 24 ((1100 . 1000 .)24%). 1500 400 , . , , , - ( ), .