CH6

(Call Option)

 -
( )

(Preemptive Right)

10

11

12

(Hybrid Security)
13



( )

14

 -
(Participation)

15

10%
10%

16


>

10%
16%

16%

17


>

10%
13%
16% 13%

18

 -
(Cumulative)

19

 - ( )

2,000
10 8%( )

$10 * 2,000 * 8% * 3(
) = $4,800
20

 - ( )

$1,600

$4,800

21

 -
(Redeemable Preferred Stock)

22

 -
(Convertible Preferred
Stock)

23

24

(
)

25

26

 ( )
(Face Value)
(Principal)
(Coupon)

(Time to Maturity)

27

 ( )


(Mortgage Bond)

(Debenture)
(Callable Bond)
(Call Provision)

28



(Tax shield)

29

30

1
1 ~7
7

( )

(Prime Rate)

31

32

 (Convertible
Bond)

33

34

35

36

( )

37

38

( )

39

(Pecking Order Theory)

40

41

42


(Duration)

t CFt

t
t =1 (1 + r )
Duration =
PV
n

t ( )
n
CFT t
PV
r
43

 ( )
$1,000
8% 10%

80
80
1080
PV =
+
+
= 950.26
1
2
3
(1 + 0.1) (1 + 0.1) (1 + 0.1)

1 80
2 80
3 1080
+
+
1
2
(1 + 0.1) (1 + 0.1) (1 + 0.1) 3
Duration =
= 2.78
950.26
44

 ( )

45

46

47

(current ratio)

+
=
=

48

49

50

51

(Ongoing Liquidity)

52

 ( )

(Cash Cycle)

53

= +

= -

54

 ( )

55

56

 ( )

57

 ( )

58

 ( )

59

 ( )

60

61

62




( )

63

 ( )

64

1-30 31-60 60

$30,000

$20,000

$10,000

40,000

20,000

10,000

$10,000

100,000

70,000

10,000

10,000

$10,000

$170,000 $110000 $30,000

$20,000

10,000

4%

8%

15%

30%

$12,800

$4,400

$2,400

$3,000

$3,000
65

66

 ( )

67


EOQ (Economic Order Quantity)
JIT (Just In Time)

68

EOQ

(Safety Stock)

69

JIT

JIT

70




( )

VS
>

71

72

73

74

( )

75

76