550                                                    18



0=ӗ'-,                              (18.5)

r-iO+A:*)'

 k*    .

 (18.5)    :

P-Y,'.                         (18.6)
i-i(l+k*Y

      IRR    IRR
  (  *)      -
     (  ).   -
,  k* > k,  ,  fc* < k.      NPV,  
    ,    :  
   3.

18.1.3     

         -
   .    , 
        ,   , 
     ,      -
    (dividend discount model, DDM}*. 
 ,  Z,        /, -
   ,    (18.1)   :

D,       D,       Z,        ^   D.
v=        +        +        + = >

'                    "         '                   '                  '                          ^J

(l+k)1   (l+k)2   (l+k)3      ,=i(\+k)'               ^-^

 , DDM       -
            . 
,        ,  -
      . (,  1000  
 1000    .)  ,   DDM  
    ,   .

        
 (18.7)   .  ,   
,      .   
    ,    -
  .      ,  -
     .

        . 
       /      
   t - 1,      g:

D,=D,_,(l+g,),                            (18.8)
 

DD^-^

=8,.                                    (18.9)

">-1

,     t = 2       $4,
        1=3 $4,20,  ($4,20 - $4)/$4 = 5%.