公司高级财务4

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ƒLeaseƒƒƒƒƒƒƒCALLOPTION;PUTOPTION.ƒƒLongCallSortCallLongPutShortPutWarrant)ƒƒƒ207019708AT&TƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒƒF=$1000,10.375%2014%30ƒ$760ƒ=F-P=1000-760=$240ƒ=240/30=$8niniPVIFFPVIFACPV,,×+×=ƒƒƒ(stepped-upexerciseprices)ƒƒƒƒ10%——30%ƒƒARight)ƒƒƒƒƒƒƒƒƒƒƒƒƒ000ƒ00A1A2ƒA1ƒA2ConvertibleBonds)ƒƒƒ1843NewYorkErieƒ199212ƒƒ2000200367%ƒ19995%200235%ƒƒƒ——ƒƒƒƒƒƒƒƒƒƒ100ƒƒƒƒƒƒƒƒ(Callable)ƒPuttable)ƒƒƒƒƒƒƒƒƒƒƒ1997325ƒƒƒƒƒƒƒƒ20011225ƒ10766ƒ4080ƒƒƒ19973ƒ199712ƒ199882001553ƒ20014ƒ60400ƒ3-510-15ƒ3ƒ2001-2003.33%--5%ƒ,,.2002,ƒ300.1%,95%ƒ2003.4,1592.7198.70.503%13.552.558.3385854051554.953.2545A1554.13759.5516520511.93A454052035512.557.6575858.85532004730ƒStraightValueƒconversionRatio=/ƒconversionValue=*ƒconversionBreak-even=/ƒconversionPremiumƒAmericanoptionsƒEuropeanoptionsƒcalloptionƒcalloptionƒputoption0ƒƒƒƒƒƒƒƒƒBlack-scholesBlack-scholesƒƒTsiveriotisFernandes1998—Black-scholesƒƒ2001ƒNewton-Raphsonƒƒƒƒƒ5%—20%9.02%25.00/6.11%3.30/2.77%10.00/2.00%12.09/7.00%11.46/2.00%12.10/23.00%8.78/10.00%10.59/0.10%9.68/0.20%5.8/1.00%10.11/0.10%8.13/0.10%6.90/3.00%7.43/98%,96%,94%,92%98%,96%,94%,92%95%,94%,93%,92%ƒƒƒƒƒƒƒƒ()(95%)ƒƒƒƒP0NKADP1ƒP1=P01NƒP1=P0AK1KƒPP0Ak1nkƒP1=P0Dƒƒƒƒƒƒ199983200082250%250%35200083200182180%180%25200183200282100%100%1520028320038230%30%10ƒƒƒƒƒA30ƒƒƒ107.36ƒƒƒƒƒƒ“-”ƒƒƒBrennanSchwartz1981ƒƒ“”“”ƒƒ“”ƒBrennanSchwartz1981“”ƒƒBerlyMeans1933“”JensonMeckling1976ƒ“”“”ƒJenson1986Stulz1990HartMoore1995Jenson1986“”ƒIsagawa2000“”——ƒIsagawa2000——ƒMayers1998

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