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9()11(1)(2)(3)(4)(5)9.1(1)(2)(internallygeneratedfunds)3()()=Δ+Δ+ΔΔΔ(Δ152[1]=+=[][](9-1)=[Δ+Δ+Δ][+]9-1)9-1OS199611311996123112.063.051.090.0(39.00)126.0()22.034.070.0126.0.800(9-1)OS21996OS19979-1(3)19969-21997()1997OS1997700800OS19971500OS199719971996(9-19-2)OS1.261.38400(1200800)1400(63007700)200(51005300)153[1]20010001200200(9-2)OS19972000140010004009-2OS1997()19971231•8.0•WCR77.00•53.0093.0(40.00)138.01997•480.00(400.00)•80.00(48.00)(8.00)•24.000.00•(EBIT)24.00(7.00)•(EBT)17.00(6.80)•(EAT)10.2(3.20)•7.019971200900200OS199715002000OS500OS5009-37154116080(financialsystem)9-37(19841991)(%)(%)77134-34678713676535653961587228517228448515617426()()()RaganZingales(199612)OECD()134%9.2(householdsector)9-1()(directfinancing)(indirectfinancing)1559-19.2.1(security)()(bond)()(negotiablesecurity)(securitiesmarkets)9-1156(CD)9.2.2(liquidity)(financialintermediaries)()()()(privateplacement)9-1(negotiablecertificatesofdeposit)CDs()CDs()(indirectsecurities)9-4(1)(2)80[1]9-1157[1](indenture)9-4186019931860190019391970198019938981655856351114271916170021317240024415054679100100100100100100(10)1161291328402513952KaufmanMote(2~2119945/6)9.2.39-1()()1.(initialpublicoffering,IPO)(seconedissue)(secondarypublicoffering)(secdonarydistribution)FordFoundation(secondarymarket)(fairprice)(efficientsecurtiesmarkets)1582.(stockmarket)9-1(organizedstockexchangesmarkets)(overthe-counter,markets)1](membersoftheexchange)(dealers)(brokers)(unlistedsecurities)[2](institutionalinvestors)9-19-1(creditmarkets)(originalmaturity)(moneymarketinstruments)(moneymarket)(corporatenotes)(corporatebonds)(bondmarket)[3]9-1(commercialpaper)1990199219949-590[4]9-51990199219941.110319374109281342138322.14575693328159[1][2][3][4]()199019921994524283.()421104.51511(14)133412451()1.1722693242.2667833.2118324.10410(14)2293584493.(foreignbonds)[1](euromarket)Eurodollarbonds)[2](currencyrisk)(foreignexchangerisk)13())(EuroCP)(Eurocurrency)9-5199019949.3(publicoffering)(qualifiedinvestors160[1]()[2])(securitiesandExchangeCommission,SEC)9.3.19.3.2(investmentbank)[1]()9-2(generalcashoffering)(rightsoffering)1.(besteffortsbasis)(underwriter)28(originatinghouse,leadingmanagerbookrunner)(underwritingsyndicate)[1](sellinggroup),()161[1][2]15202030(sellingconcession)9-2(certificationrole)2.(dilution)[1](PE)100(subscriptionprice)80()PE100400PE162[1](right)()(right-onshares)(ex-rightsshares)(1)(80)(100)(2)(3)(4)(5)(80)(100)400PE4004(400100)41N0NnN=N0/Nn4400(1004)48055PE480(400+80)10096(4805)10096()()4N()=(N+)/(N+1)(9-2)[1]=(9-3)(calloption)9-6480PE80()163[1](9-2)()/(N1)(10080)/(4+1)20/549-61596=480=080=4804100=400=80=4802496=3844(80+16)=96=480()(standbyagreement)(take-upfee)(standbyfee)3.9.49.4.1()1.(self-liquidatingloans)(cleanupclause)(unsecuredloans)(collateral)(1)(transactionloan)164(2)(lineofcredit)(3)(revolvingcreditaqreement)()7922.(termloans)1~10(annuity)(mortgageloan)(equipmentfinancingloan)(captivefinancesubsidiary)(assetbasedborrowing)9.4.2(lessor)(lessee)(operatingleases)(financialleases)1.2.(directlease)(saleandlease-back)(leveragedlease)165(salvagevalue)3.10()4.6(NPV)(netadvantagetoleasingNAL)10100001000001000005852000(100005)20000(200010)1000510000(100010)401500150009-7()409000(1500060)8000(2000040)51000010000051000004.8[8(10.40)]4.8[1]16199166[1]9-712345900090009000900090008000800080008000800010000+100000+9100017000170001700017000180009.4.3(CP)(500)2270360[1]9.4.4101030100110(couponpayment)(maturitydate)()100(facevalue)(parvalue)[2]AEC1000(couponrate)85000080(10008)10008100081000AE5000(flotationcosts)AE50004.5955(4.5)AE4775[3]167[1][2][3]AEC100095.50%10009551.,,(1)(securedbond)(mortgagebond)(trustee)(unsecuredbond)(debentures)[2](2)(seniorbond)()(juniorbond)(subordinateddebt)(3)(sinkingfundprovision)(trust)(4)(callablebond)AE(1000)8.2552(1020)(deferredcallprovision)AE2(callValue)(AE8.258)2.AE95548051080(801000)8545(1000955)(marketyield)(yieldtomaturity)(redemptionyield)[1]5AE8051000y6168[1][2](IRR)7(NPV)NPV9559559559.169559.16AE9.1688.38(currentyield)(80955)(9.16)(8)(1000)(955)45AE89.16AE9.16AE583.(marketrisk)(creditrisk)(defaultrisk)(creditrating)AAAAAABBB4(investmentgradebonds)(BBBCCC)(speculativegradebonds)(junkbonds)()9-8109-8(%)(%)7.200AAA7.450.25(25)A8.050.85(85)BB9.252.05(205)CCC10.703.5(350)()80(1+y)580(1+y)480(1+y)380(1+y)280(1+y)180(1+y)580(1+y)480(1+y)380(1+y)280(1+y)11694.AEC584955AEAE471000AE478710008710007(955)(9.16)(7)480410001033.879A(9-4)BFCNy1/(1+y)NN1yAE1000847(9-4)B=1000=1000[1.1429+(11.1429)0.7629]=10001.03387=1033.87100033.87(premium)459.1675.(zero-couponbonds)(redemptionvalue)()10[1]1010009-4)(C=0)⎤⎦⎥1(1+0.07)40.080.070.080.07⎡⎣⎢B=F×Cy+1-Cy⎛⎝⎜⎞⎠×11+yN⎛⎝⎜⎞⎠⎡⎣⎢⎤⎦⎥80(10.07)580(10.07)480(10.07)380(10.07)280(10.07)1170[1]19814()667.25%314.14%B=F[(1+y)N]=1000[(1+0.10)10]=10000.38554=385.54(9-5)61.46(1000385.541000)1()259376(1385.54)6.(perpetualbonds)[1]1010009.5(9-4)N(1+y)NB=F=1000[0.10000/0.0950]=10001.05263=1052.63(9-6)100[2]9.51000127.9-93(9-4)(9-5)(9-6)1010101010003339.51010.539.510.5()(1)()(2)()(101010)(3)()(101010)9-9•()10010()1010(