   ___        ________        __ _________597

,    t.     
  :

,= ,_,+ -,- 7).                         (19.13)

  (19.13) ,      
     :

-, =?,-B,_,+D,                        (19.14)

19.4.2    

  (economic earnings),  .',    
(19.14),         -
   (economic value of the firm):

Ee,=v,-v,-,+D,                      (19.15)
          t,
(, V,_,),        
(,         )9.

 ,       
(..  )       .
 . 19.3   (1)   ,   -
   Standard & Poor's,     (2) 
     .  ,   
 1,0         .

 . 19.4    (  )  -
  (  ) ,    
Dow Jones.   ,  ,    
,    ,      , -
   45  (..    ,   -
)   . ,     , -
          -
 .

 . 19.3  19.4 ,       -
 .  (19.14)  (19.15) ,    -
          -
.    ,     
      .

 ,      
,         
 10.       -
   ,      ,
    , ,  ,    ,
    - .   ,  -
    (generally accepted accounting principles, GAAP), -
   (,  FASB),    -
    (      -
 - ).      
 ,      ,   
   ,     
  ,      
  ".       -
  ,    .

20 1197