资金边际成本和EBIT-EPS——例题

——1000000120000050000750000752051230~1000062010000~40000740000850~2500102500120~22500147522500~7500015750001613()60~1000010000/0.2=500000~5000020710000~4000040000/0.2=20000050000~200000840000——2000005100~25002500/0.05=500000~50000122500——50000140~2250022500/0.75=300000~30000751522500~7500075000/0.75=10000030000~1000001675000——100000430000500001000002000000~3000050000~10000030000~50000100000~2000002=2061.205100.51~751410.53000012.2300002061.22~5100.550000751511.2512.95=2071.4500005120.63~751511.2510000013.252071.41000005120.64~200000751612.014.03=2081.65120.65200000751612.014.24Method)(EPS Analysis(EPS Indifference Point)EPSEBITEBITBreak-Even EBIT)EPSEBITEPSEPSEBITEBITEPSEPS-EBITEBITEPSEPS Indifference Point—Even EBITEBIT-EPSBreak-5EPS1t1tEPS=(EBITI)(1T)DPN1.1EPS0EBIT“”EBIT=I+ DEBIT>p/(1-t)EBITEBIT-EPSx61.1EPS0EBIT“”EBIT=I+ Dp/(1-t)EBIT>EBIT21EPS,EBITEPS1EPS2,(EBITI1)(1T)D1(EBITI2)(1T)D2N1N2（EPS,EBIT）72（）；。（2），EBITEBIT，，，，EBITEBIT，，，EBIT＝EBIT，。EBIT-EPS：x。：，，，1EPS0EBIT（2）（EPS,EBIT）（3），。8EPS-EBITEPS-EBIT，，。，。，S，，P，E，，，，EBIT。，。，，，。EBIT。EBIT-EPS：10；2025；207525；20。96.810