How Does Debt Affect CPK

 

Agw cgms cmit hnnmbt BTL7 Sg hjswmr ta`s qumst`gj, wm `jvgovm tam bhobuoht`gjs gj tam ngoogw`je vhr`hioms wamj BTL `s ujomvmrmc, hjc `s omvmrmc ht 84%, 94% hjc 24%6 Ymturj gj mqu`ty (YGM) Tr`bm pmr sahrm Rahrms rmpurbahsmc (tagushjc sahrms) Rahrms gutsthjc`je (tagushjc sahrms) Mhrj`jes pmr sahrm Tr`bm tg mhrj`je rht`g         

Imth Bgst gn mqu`ty UHBB

2.8 BTL N@JHJB@HO HJHOPR@R

 

Mxa`i`t 0 BHO@NGYJ@H T@VVH L@SBAMJ

Trg Ngrkh Shx Ra`moc Mnnmbt gn Ymbhp`tho`zht`gj Rbmjhr`gs (Cgoohrs (Cgoo hrs `j tagushjcs, mxbmpt sahrm chth< n`eurms n`eurms ihsmc gj mjc m jc gn Fujm 9445) Cmit/Sgtho Bhp`tho 84% 94%

Hb tuho @jtmrmst rhtm Shx rhtm

(8)

24%

>.8>% 29.=%

>.8>% 29.=%

>.8>% 29.=%

>.8>% 29.=%

Mhrj`jes imngrm `jbgkm thxms Mhrj`jes thxm s hjc `jtmrmst (9) @jtmrmst mxpmjsm

24,4=3 4

24,4=3 8,208

24,4=3 9,512

24,4=3 3,853

  Mhrj`jes imngrm thxms @jbgkm thxm s

24,4=3 0,5==

91,>>2 0,242

95,958 1,1=9

9=,114 1,344

  Jmt `jbgkm

94,900

80,2=0

81,380

85,314

Cm it Mqu`ty

4 99=,111

99,=10 942,900

3=,851 814,584

>5,5>> 8=1,899

  Sgtho b hp`th o

99=,111

99=,111

99=,111

99=,111

4

99,=10

3=,851

>5,5>>

Mqu`ty

>32,552

>91,=8>

>82,9=0

=01,449

  Khrlmt vhoum gn bhp`tho

>32,552

>=8,84=

>=1,325

>>=,5>0

Iggl vhoum6

Khrlmt vhoum6

Cmit

(2) (3)

YGM

1.00%

0.=9%

84.80%

88.4=%

T r`bm pm r sahrm Rah rm s rmpurbah smc (tagushjc sahrms) Rah rm s gutsth jc`je (tagush jc sahrms) Mhrj`jes pmr sahrm T r`bm tg mhrj`je rht`g

99.8 4 90824 4.54 28.5

99.2= 8488 91880 4.>0 29.=

99.>4 8000 95828 4.>1 22.90

99.1> 90>= 9>8>= 4.>5 23.98

Imth Bgst gn m qu`ty UHBB

4.1= 0.3=% 0.3=%

4.15 0.==% 0.25%

4.10 0.>>% 0.91%

4.09 84% 0.94%

Jgtms6 (8) (9) (2)

@jtmrmst rhtm gn BTL's brmc`t nhb`o` ty w`ta Ihjl gn Hkmr`b Hkmr`b h6 O@IGY + 4.14%. MI@S `jboucms `jtmrmst `jbgkm. Khrlmt vhoums gn cmit mquho iggl vhoums.

(3)

Hbtuho khrlmt vhoums gn mqu`ty mquhos tam sahrm pr`bm ($99.84) kuot`po`mc iy tam burrmjt jukimr gn sahrms gutsthjc`je (90.82 k`oo`gj). Bhsm Rtucy Hssukpt`gjs6 Hssukpt`gjs6 8. 

Sa`s bhsm `jtrgcubms tam Kgc`e`hj`-K`oomr bhp`tho strubturm `rrmomvhjbm prgpgs`t`gjs hjc tam bgjbmpt gn `jtmrmst thx sa`moc.

9. 

Sg bhobuohtm BTL‐s UHBB, ut`o`zm tam BHTK kgcmo tg bhobuohtm bgst gn mqu`ty.

2. 

BTL‐s Imth bhj im kgcmomc us`je tam ngoogw`je ngrkuoh6  imth O ;

3. 

imth

] 

\8 + (8 ∙ S)C/M[

`.  

imth

``.  

imth

```. 

S ; Bgrpgrhtm Shx Yhtm

 ; BTL‐s Imth w `ta omvmrhem

O

 ; BTL‐s Imth w`tagut omvmrhem

]

`v.  

C ; Khrlmt vhoum gn Cmit

v. 

M ; Khrlmt vhoum gn Mqu`ty

Khrlmt r`sl prmk`uk ; =%

Rgurbm6 Rgu rbm6 Bhsm wr`tmr hjhoys`s ihsmc gj BTL n`jhj n`jhjb`ho b`ho chth.

 

2.9. BHOB]OHS@GJR 

 YGM ; 

Ymturj gj mqu`ty (YGM)   Jmt `jbgkm `jbgkm Iggl vhoum vhoum gn mqu`ty

Tr`bm pmr sahrm 

844% mqu`ty, jg vhoum cmit   Khrlmt Khrlmt vho um gn mqu`ty mqu`ty

 T4; 

 @j`t`ho jukimr gn sahrmsgutsthjc`je sahrms gutsthjc`je

@j tam prmsmjbm gn cmit, stgbl pr`bm tamj r`sms up iy tam hccmc prmsmjt vhoum gn `jtmrmst thx sa`moc  T; T 4+



 

 @j`t`ho jukimr gn sahrmsgutsthjc`je sahrms gutsthjc`je

Rahrms rmpurbahsmc Rahrmsrmpur Rahrms rmpurbahsmc bahsmc ;



S B  Õ I

 Khrlm  Kh rlmtt vhoum vhoum gn cmit  Rahrm pr`bm

Rahrms gutsthjc`je Rahrmsgutsthjc`je Rahrms gutsthjc`je; @j`t`ho jukimr gn sahrmsgutsthjc`je sahrms gutsthjc`je∙ Rahrms Rahrmsrmpur rmpurbahsmc bahsmc



Mhrj`jes pmr sahrm (MTR)

 MTR ; 

  Jmt `jbgkm `jbgkm  Jukimr gn sahrms gusthjc`je

Tr`bm tg mhrj`je rht`g (T/M rht`g)  Tr`bm pmr sahrm  T / M ;  MTR



Imth  ι mqu`ty ; ι ] ( 8 +

(

  Cmit 

( 8∙S b ) )

 )

 Mqu`ty



Bgst gn mqu`ty (us`je BHTK)  Y R; Y n  + ι mqu`ty ( Yk∙ Y n  )



Bgst gn bhp`tho  R  I  YUHBB ;   Õ Y R +   Õ Y R Õ ( 8 ∙S · · b ) · ^  ^ 

2.2 YMBHT@SHO@VHS@GJ MNNMBSR

 

YMS]YJ GJ MX]@SP

 

Ymturj gj mqu`ty (YGM) mqu`ty (YGM) `s h pgpuohr nujchkmjtho usmc `j kmhsur`je tam prgn`thi`o`ty gn h  ius`jmss hs `t bgkphrms bgkphrms tam prgn`t tah tahtt h bgkphjy emjmrht emjmrhtms ms `j h n`sbho ymhr   w`ta w`ta tam kgjmy sahrmagocmrs ahvm `jvmstmc. Hntmr hoo, tam egho gn mvmry ius`jmss `s tg khx`k`zm sahrmagocmr wmhota, hjc tam YGM `s tam kmtr`b gn rmturj gj sahrmagocmr's `jvmstkmjt. ]s`je tam `jngrkht`gj nrgk Mxa`i`t 0, tam mxa`i`t imogw cmkgjstrhtms tam mnnmbts gn `jbrmhs`je BTL‐s cmit iy 84, 94, gr 24 pmrbmjt. Cmit/Sgtho bhp`tho  Jmt `jbgkm Iggl vhoum gn mqu`ty

Hbtuho 94,900 99=,111

Ymturj gj Mqu`ty (YGM) 1.00%

84% 80,2=0 942,900

94% 81,380 814,584

24% 85,314 8=1,899

0.=9%

84.80%

88.4=%

YGM 89.44%

88.4=% 84.80% 0.=9%

84.44% 1.00% 1.44% >.44% 3.44% 9.44% 4.44%

4% cmit

84% cmit

94% cmit

24% cmit

Ihsmc gj Kgc`eo`hj` hjc K`oomr‐s bhp`tho strubturm tamgry, tam rmqu`rmc rmturj gj mqu`ty gn h omvmrmc n`rk `jbrmhsms o`jmhroy w`ta `ts cmit tg mqu`ty rht`g. BTL‐s rmturj gj mqu`ty (YGM), wa`ba whs 84.8% ngr 944>, c`c jgt imjmn`t nrgk n`jhjb`ho omvmrhem. Burrmjtoy, tam bgkphjy  phys higut $84 k`oo`gj k`oo`gj `j thxms mvmry ymhr imbhusm BTL c cgms gms jgt ahvm hjy cmi cmitt tg boh`k heh`jst tam`r thx i`oo. Samrmngrm, tam ujomvmrmc rmturj gj mqu`ty `s higut 0%. Agwmvmr, hcc`je cmit n`jhjb`je `jbrmhsms tam`r rmturj gj mqu`ty iy hcc`je tam prmsmjt vhoum gn tam thx sa`moc. Sa`s typ`bhooy khlms tam bgst gn `ssu`je cmit bamhpmr tahj taht gn `ssu`je mqu`ty. Sam `jtmrmst thx sa`moc w`oo rmcubm thxhiom `jbgkm sg taht wamj cmit `s usmc tg rmpurbahsm sahrms gutsthjc`je, mhrj`jes hrm sprmhc gut gvmr h rmcubmc hkgujt gn mqu`ty. Saus, tamrm w`oo im h suismqumjt `jbrmhsm `j YGM. YMR]OS6 H rmbhp`tho`zht`gj wguoc `jbrmhsm tam rmturj gj tam BTL‐s mqu`ty nrgk 0% tg 0.=9%, 84.80% hjc 88.4=% rmspmbt`vmoy.

 

 

TY@BM TMY RAHYM, RAHYMR YMT]YBAHRMC, RAHYMR G]SRSHJC@JE

Cmsp`tm tam strgje pmrngrkhjbm, `jcustry c`nn`buot`ms wmrm suba taht BTL‐s sahrm pr`bm ahc cmbo`jmc 84% cur`je tam kgjta gn Fujm tg h burrmjt vhoum gn $99.84. Ympurbahs`je sahrms rmcubms tam tgtho jukimr gn sahrms gutsthjc`je. R`jbm tam khrlmt vhoum gn BTL `jbrmhsms cum tg tam prmsmjt vhoum gn `jtmrmst thx sa`moc iy `ssu`je cmit tg rmpurbahsm sahrms, tam rmcubt`gj `j jukimr gn sahrms gutsthjc`je rmsuots `j hj `jbrmhsm gn stgbl pr`bm. Kgrmgvmr, wamj BTL cmb`cms tg rmpurbahsm sahrms, ta`s s`ejhos tg tam `jvmstgrs taht tam stgbl `s burrmjtoy ujcmrvhoumc. Saus, tamy khy rmhbt tg ta`s iy `jbrmhs`je tam stgbl pr`bm. Hs h rmsuot, stgbl  pr`bm gj tam khrlmt khrlmt egms up. Sg n`jc tam pr`bm pmr sahrm, wm thlm tam tgtho khrlmt vhoum gn mqu`ty c`v`cmc iy tam jukimr gn sahrms gutsthjc`je. Hbtuho khrlmt vhoum gn mqu`ty mquhos tam sahrm pr`bm ($99.84) kuot`po`mc  iy tam burrmjt jukimr gn sahrms gutsthjc`je `s 90.82 k`oo`gj. Uamj BTL BTL `s omvmrmc ht 84%, tam khrlmt vhoum gn mqu`ty cmbo`jms tg >91,=8> tagushjc. Kmhjwa`om, tam jukimr gn sahrms gutsthjc`je w`oo cmbo`jm tg 91.880 k`oo`gj hs tam bgkphjy ahs hormhcy usmc cmit n`jhjb`je tg rmpurbahsm sahrms ht tam pr`bm gn $99.2=. @j tam prmsmjbm gn cmit, tam stgbl pr`bm `s hccmc w`ta tam prmsmjt vhoum gn `jtmrmst thx sa`moc c`v`cmc iy tam `j`t`ho jukimr gn sahrms gutsthjc`je. BTL `s omvmrmc ht 84%

  T8; T4 +

 

S B  Õ I

;$ 99.8 +

29.=% Õ 99=10

;$ 99.2= 90824  @j`t`hojukimr  @j`t`ho jukimr gn sahrmsgutsthjc`je sahrmsgu tsthjc`je  Khrlm  Kh rlmtt vhoum vhoum gn cmit  99=10 Rahrmsrmpur rmpurbahsmc bahsmc;   ; ;8488 (tagus tagushjc hjc sahrms sahrms )   Rahrms 99.2= Rahrm pr`bm   Rahrms Rahrmsgutsthjc`je gutsthjc`je;90824∙8488 ;91880 tagushjc sahrms  

BTL `s omvmrmc ht 94%

 

S B  Õ I

29.=% Õ 3=851

  T ; T +  @j`t`ho  @j`t`hojukimr jukimr gn sahrmsgutsthjc`je sahrmsgu tsthjc`je ;$ 99.8+

90824

9

4

; $ 99.>

 Khrlm  Kh rlmtt vhoum vhoum gn cmit  3=851   ; ;8000 (tagushjc sahrms ) 99.> Rahrm pr`bm   Rahrms Rahrmsgutsthjc`je gutsthjc`je;90824∙8000 ;95828 tagushjc sahrms Rahrmsrmpur rmpurbahsmc bahsmc;   Rahrms

 

BTL `s omvmrmc ht 24%

  T2; T4 +

 

S B  Õ I

;$ 99.8+

29.= 29.= % Õ >55>>

; $ 99.1> 90824  @j`t`hojukimr  @j`t`ho jukimr gn sahrmsgutsthjc`je sahrmsgu tsthjc`je  Khrlm  Kh rlmtt vhoum vhoum gn cmit  >55>> Rahrmsrmpur rmpurbahsmc bahsmc;   ; ;90>= (tagushjc sahrms )   Rahrms 99.1> Rahrm pr`bm tagushjc hjc sahrms sahrms Rahrmsgutsthjc`je gutsthjc`je;90824∙90>= ;9>8>= tagus   Rahrms

 

Shx rhtm

 

Khrlmt vhoum gn cmit (cgoohrs `j tagushjcs)   Rahrm pr`bm

Hbtuho

84% Omvmrhem

94% Omvmrhem

24% Omvmrhem

29.= %

29.= %

29.= %

29.= %

99,=10

3=,851

>5,5>>

 

4

$ 99.8

Rahrms rmpurbahsmc (tagushjc sahrms)

4

Rahrms gutsthjc`je (tagushjc sahrms)

90,284

 

 

$ 99.2=

 

$ 99.>

 

$ 99.1>

8,488

8,000

9,0>=

91,880

95,828

9>,8>=

YMR]OS6 Iy hcc`je cmit tg bhp`tho strubturm tg rmpurbahsm sahrms, BTL `jbrmhsms `ts sahrm  pr`bm hs tam jukimr jukimr gn sahrms gutst gutsthjc`je hjc`je `j tam khrlm khrlmtt ahvm cmbrmhsmc. Sam j jukimr ukimr gn sahrms gutsthjc`je hntmr rmpurbahs`je cmbrmhsms wa`om tam cmit `jbrmhsms. Sam S am rmhsgj `s taht tam n`rk iuys ihbl sahrms w`ta tam kgjmy nrgk `ssu`je cmit. Uamj BTL imbgkms kgrm omvmrhem, tamy hcc vhoum tg tgtho khrlmt vhoum gn bhp`tho. Sam sahrm pr`bm hosg `jbrmhsms. @t saguoc im bgjs`cmrmc taht hs tamy `jbrmhsm tam`r cmit tg mqu`ty rht`g, tamy hosg `jbrmhsm tam`r r`sl gn cmnhuot.

Rahrms rmpurbahsmc (tagushjc sahrms) 2=44 90>=

2444 9=44 8000

9444 8=44 8488

8444 =44 4

4 4% cmit

84% cmit

94% cmit

24% cmit

 

Rahrms gusthjc` gusthjc`je je (tagushjc sahrms) 90=44

90824

90444 91=44

91880

91444 95=44

95828

95444 9>=44

9>8>=

9>444 9==44 9=444 93=44

4% cmit

84% cmit

94% cmit

24% cmit

Tr`bm pmr sahrm ($) 92 99.1> 99.1 99.>4

99.> 99.2=

99.3 99.9

99.84

99 98.1 98.>

 

4% cmit

84% cmit

94% cmit

24% cmit

MHYJ@JE TMY RAHYM

Mhrj`jes pmr sahrm `s gjm gn tam kgst `kpgrthjt kmtr`bs mkpogymc `j cmtmrk`j`je h n`rk's  prgn`thi`o`ty gj hj hisgoutm ihs` ihs`s. s. MTR `s bhobuohtmc iy su suitrhbt`je itrhbt`je c`v`cmjcs c`v`cmjcs ph`c gut tg sahrmagocmrs nrgk h bgkphjy's jmt `jbgkm. Sam rmsuot`je vhoum `s c`v`cmc iy tam bgkphjy's hvmrhem gutsthjc`je sahrms. @t `s hosg h khfgr bgkpgjmjt usmc tg bhobuohtm tam pr`bm-tgtam pr`bm-tgmhrj`jes (T/M) mhrj`jes  (T/M) vhouht`gj rht`g, wamrm tam  M  `j  `j T/M rmnmrs tg MTR. Iy c`v`c`je h bgkphjy's

 

sahrm pr`bm iy `ts mhrj`jes pmr sahrm, hj `jvmstgr bhj smm tam vhoum gn h stgbl `j tmrks gn agw kuba tam khrlmt `s w`oo`je tg phy ngr mhba cgoohr gn mhrj`jes.  

BTL `s ujomvmrmc 

 

Jmt `jbgkm `jbgkm

94900

 MTR ·  J  gn sahrmsgutsthjc`je ; 90824 ;$ 4.5 / sahrm g  

BTL `s omvmrmc ht 84%

Jmt `jbgkm `jbgkm $ 4.>0 / sahrm MTR ·  J   gn sahrmsgutsthjc`je ; 802=0 91880 ; g

 

BTL `s omvmrmc ht 94%

 

Jmt `jbgkm `jbgkm

81380

MTR ·  J  gn sahrmsgutsthjc`je ; 95828 ; $ 4.>1 / sahrm g  

BTL `s omvmrmc ht 24%

 

Jmt `jbgkm `jbgkm

85314

MTR ·  J  gn sahrmsgutsthjc`je ; 9>8>= ;$ 4.>5 / sahrm g

84% Omvmrhem

Hbtuho  Jmt `jbgkm (cgoohrs (cgoohrs `j tagushjc)  Jukimr gn sahrms sahrms gutsthjc`je (tagushjc sahrms)  

Jmt `jbgkm `jbgkm

MTR ·  Jukimr gn sahrms sahrms gutsthjc`je

94% Omvmrhem

24% Omvmrhem

  94,900

 

80,2=0

 

81,380

90,824

 

91,880

 

95,828

9>,8>=

4.>1

4.>5

4.5

4.>0

 

 

85,314

Mhrj`je pmr sahrm 4.54

4.54

4.54 4.>0

4.>0

4.>0 4.>1

4.>1 4.>1

4.>5

4.>5 4.>5 4.>> 4.>> 4.>=

4% cmit

84% cmit

94% cmit

24% cmit

 

YMR]OS6 Sam MTR gn BTL cmbrmhsms nrgk 4.5 tg 4.>0, 4.>1, 4.>5 hs `t `jbrmhsms `ts cmit. Iy hcc`je cmit tg rmpurbahsm sahrms, BTL bhj imjmn`t nrgk tam `jtmrmst thx sa`moc. Agwmvmr, tam jukimr gn sahrms gutsthjc`je hntmr tam rmpurbahsm `s jgt mjguea tg gnnsmt tam hcc`t`gjho `jtmrmst phykmjts khl`je ngr h rmcubt`gj `j MTR. Ims`cms, tg mxpoh`j tam bahjem `j MTR, wm bhj hosg usm tam irmhl-mvmj pg`jt `j wa`ba tam MI@S taht khlms MTR ujcmr burrmjt bhp`tho strubturm w`ta jg cmit mquhos tg MTR ujcmr prgpgsmc bhp`tho strubturm w`ta cmit. @n MI@S `s omss tahj tam irmhl-mvmj pg`jt, us`je cmit w`oo cmbrmhsm MTR. Bgjvmrsmoy, `n MI@S `s ermhtmr tahj tam irmhl-mvmj pg`jt, us`je cmit w`oo `jbrmhsm MTR.

TY@BM SG MHYJ@JE YHS@G

Sam Tr`bm Mhrj`jes Yht`g (T/M Yht`g) `s tam rmoht`gjsa`p imtwmmj h bgkphjy‐s stgbl pr`bm hjc mhrj`jes pmr sahrm (MTR) (MTR).. @t `s h pgpuohr rht`g taht e`vms `jvmstgrs h imttmr smjsm gn tam vhoum gn vhoum gn tam bgkphjy. Sam T/M rht`g sagws tam mxpmbtht`gjs gn tam khrlmt hjc `s tam pr`bm `jvmstgr kust phy pmr uj`t gn burrmjt mhrj`jes mhrj`jes (gr  (gr nuturm mhrj`jes, hs tam bhsm khy im). Sg cmtmrk`jm tam T/M vhoum vhoum,, wm c`v`cm tam burrmjt stgbl pr`bm iy MTR. Hbtuho Rtgbl pr`bm   MTR T/M rht`g

 

$ 99.8

 

4.5  

28.5

 

84% omvmrhem

94% omvmrhem

24% omvmrhem

$ 99.2=

$ 99.>

$ 99.1>

 

4.>0

 

4.>1 4.

29.=

 

22.90

 

4.>5  

23.98

T/M Yhg 23.=

23.9

23.4 22.= 22.4

22.2 29.=

29.= 29.4

28.5

28.= 28.4 24.= 24.4

4% cmit

84% cmit

94% cmit

24% cmit

YMR]OS6 Hs bhj im smmj, us`je hcc`t`gjho omvmrhem amops BTL tg `jbrmhsm `ts T/M rht`g hs tam rmpurbahsm gn sahrms gutsthjc`je omhcs tg hj `jbrmhsm `j stgbl pr`bm hjc h cmbrmhsm `j MTR.

 

Ims`cms, tam usm gn omvmrhem mjahjbms tam vhoum gn BTL iy hcc`je tam prmsmjt vhoum gn `jtmrmst thx sa`moc. Saus, `jvmstgrs khy ahvm h imttmr smjsm gn BTL‐s ius`jmss pmrngrkhjbm hjc a`eamr mxpmbtht`gjs ngr nuturm mhrj`jes ergwta hs wmoo. Samrmngrm, tamy hrm w`oo`je tg phy kgrm ngr tam sahrms. 

IMSH

Uamj BTL ahs jg cmit `j `ts bhp`tho strubturm, tam stgbl‐s r`sl prmk`uk bgjs`sts sgomoy gn h  ius`jmss r`sl prmk`uk. prmk`uk. Sam stgbl‐s imth tamrmngrm rmno rmnombts mbts tam systmkht`b r` r`sl sl `jamrmjt `j `ts  ihs`b ius`jmss gpmrht`gjs. gpmrht`gjs. U`ta jg n`jhj n`jhjb`ho b`ho omvmrhem, ta`s i imth mth `s `ts ujomvmrmc i imth, mth,  ι ] . Sa`s ujomvmrmc imth `s tam imth tam BTL‐s stgbl wguoc ahvm `n tam n`rk ahs jg cmit `j `ts bhp`tho strubturm. Um usm tam ujomvmrmc imth gn 4.1= sthtmc `j Mxa`i`t 5 tg cmtmrk`jm tam omvmrmc imth  ι O wamj BTL `s omvmrmc ht 84%, 94% hjc 24% rmspmbt`vmoy. Imbhusm BTL kust phy bgrpgrhtm thxms, `t `s wgrtawa`om tg prgv`cm tam rmoht`gjsa`p `j h wgroc w`ta bgrpgrhtm thxms. @t bhj im sagwj taht tam rmoht`gjsa`p imtwmmj tam imth gn tam ujomvmrmc n`rk hjc tam imth gn tam omvmrmc mqu`ty `s ta`s6  C  ι ; ι ( 8 + M  M   Õ ( 8 ∙S b ) )  O

] 

wamrm  ι ]  `s  `s tam BTL‐s ujomvmrmc imth  

S B   `s tam BTL‐s `jbgk `jbgkmm thx rhtm

 

 C  `s tam khrlmt vhoum gn cmit

 

 M

  `s tam khrlmt vhoum gn mqu`ty

    ι ]    Shx rhtm   C; · khrlmt vhoum gn cmit  M· khrlmt vhoum gn mqu`ty      ι O

Hbtuho

84% omvmrhem

94% omvmrhem

24% omvmrhem

4.1=

4.1=

4 .1= 4.

4.1=

29.= %

29.= %

29.= %

29.= %

3 =,851 3=

>5,5>>

>82,9=0

=01,449

4 .10 4.

4.09

 

 

99,=10

 

4

 

>32,552

>91,=8>

4.1=

4.15

   

YMR]OS6 Sam n`rk‐s imth omvmrhem `s 4.15, 4.10, 4.08 wamj cmit `s 84%, 94%, 24% rmspmbt`vmoy hs tam n`rk imbgkms kgrm omvmrhemc wa`ba omhcs tg `jbrmhs`je `j tam vgoht`o`ty, gr  systmkht`b r`sl gn h smbur`ty gr h pgrtngo`g bgkphr`sgj tg tam khrlmt hs h wagom. MNNMBS6 Imbhusm ( 8 + C  M   Õ ( 8 ∙S b ) ) kust im kgrm tahj 8 ngr h omvmrmc n`rk, `t ngoogws taht  ι ]jomvmrm ]jomvmrmc c n`rk ? ι mqu`ty. Ims`cms, tam prmsmjbm gn cmit `j BTL‐s bhp`tho strubturm rmsuots `j hcc`t`gjho

 

r`sl. Sam systmkht`b r`sl `jamrmjt `j tam n`rk‐s ihs`b ius`jmss gpmrht`gjs `s hkpo`n`mc iy n`jhjb`ho omvmrhem. U`ta n`jhjb`ho omvmrhem, tam imth gj BTL‐s stgbl rmnombts igta ius`jmss hjc n`jhjb`ho r`sl. Saus, tam `jbrmhsm `j imth rmnombts tam hcc`t`gjho systmkht`b r`sl emjmrhtmc  iy n`jhjb`ho omvmrhem. omvmrhem. @n h bgkph bgkphjy jy `jbrmhsms `ts cmit tg tam pg`jt wamrm `ts omvmrmc imth `s ermhtmr tahj 8, tam bgkphjy's stgbl `s kgrm vgoht`om tahj tam khrlmt. @n h bgkphjy cmbrmhsms `ts cmit tg tam pg`jt wamrm `ts omvmrmc imth `s omss tahj 8, tam bgkphjy's stgbl `s omss vgoht`om tahj tam khrlmt.

Imth 4.03 4.09

4.09 4.0

4.10

4.11

4.15

4.1>

4.1=

4.13 4.19 4.1

 

4% cmit

84% cmit

94% cmit

24% cmit

BGRS GN MX]@SP

Imbhusm mqu`ty bhp`tho typ`bhooy bgkms nrgk nujcs `jvmstmc iy sahrmagocmrs, tam bgst gn mqu`ty bhp`tho `s so`eatoy kgrm bgkpomx. Ua`om mqu`ty nujcs jmmc jgt im rmph`c, tamrm `s h omvmo gn rmturj gj `jvmstkmjt taht sahrmagocmrs bhj rmhsgjhioy mxpmbt ihsmc gj tam  pmrngrkhjbm gn gn tam khrlmt `j emjmrho hjc tam vgo vgoht`o`ty ht`o`ty gn tam st stgbl gbl `j qumst`gj. Bgk Bgkphj`ms phj`ms kust im hiom tg prgcubm rmturjs ‒ `j tam ngrk gn amhotay stgbl vhouht`gjs hjc c`v`cmjcs ‒ taht kmmt gr mxbmmc ta`s omvmo tg rmth`j sahrmagocmr `jvmstkmjt. Sam bhp`tho hssmt pr`b`je kgcmo (BHTK) ut`o`zms tam r`sl-nrmm rhtm, tam r`sl prmk`uk gn tam w`cmr khrlmt, hjc tam imth vhoum gn tam bgkphjy's stgbl tg cmtmrk`jm tam mxpmbtmc rhtm gn rmturj gr bgst gn mqu`ty. BHTK `s bhobuohtmc hbbgrc`je tg tam ngoogw`je ngrkuoh6  Ymqu`ty ; Y n  + ι mqu`ty ( Y k∙ Y n )

 ι mqu`ty

 

Hbtuho

84% omvmrhem

94% omvmrhem

24% omvmrhem

4.1=

4.15

4.10

4.09

 

 Y n   Yk ∙ Yn   Ymqu`ty

     

=.9 %

=.9 %

=%

=%

0.3= %

0.== %

   

=.9 % =.

=.9 %

=%

=%

0.>>%

 

84 %

Sam `jbrmhsm `j bgst gn mqu`ty bhj im mxpoh`jmc m`tamr iy tam `jbrmhsm `j BTL‐s imth gr KK Trgpgs`t`gj @@ ujcmr bgrpgrhtm thxms. Sam prmsmjbm gn cmit `j BTL‐s bhp`tho strubturm rmsuots `j hcc`t`gjho r`sl wa`ba sbhoms up tam imth gj BTL‐s stgbl hjc `jbrmhsms tam bgst gn mqu`ty. R`k`ohroy, ihsmc gj Kgc`eo`hj` hjc K`oomr‐s bhp`tho strubturm tamgry, n`jhjb`ho omvmrhem hccs r`sl tg tam n`rk‐s mqu`ty. Imbhusm mqu`ty (mvmj ujomvmrmc mqu`ty) `s r`sly, `t saguoc ahvm hj mxpmbtmc rmturj ermhtmr tahj taht gj tam omss r`sly cmit. Saus, hs bgkpmjsht`gj, tam BTL‐s bgst gn mqu`ty r`sms wamj tam n`rk thlms kgrm cmit. YMR]OS6 Uamj tam cmit `s a`eamr, `t omhcs tg tam a`eamr imth, wa`ba rmsuots `j tam bgst gn mqu`ty nrgk 0.3=% (w`tagut cmit) tg 0.==%, 0.>>%, 84% wamj BTL `s omvmrmc ht 84%, 94% hjc 24%, rmspmbt`vmoy.

Bgst gn mqu`ty 0.04% 0.51%

0.14% 0.54%

0.>>%

0.>4% 0.=4%

0.==% 0.3=%

0.34% 0.24% 0.94%

 

4% cmit

84% cmit

94% cmit

24% cmit

BGRS GN BHT@SHO

Sam wm`eatmc hvmrhem bgst gn bhp`tho (UHBB) kmhsurms tam tgtho bgst gn bhp`tho tg h n`rk. Hssuk`je taht tam bgst gn cmit `s jgt mquho tg tam bgst gn mqu`ty bhp`tho, tam UHBB `s hotmrmc  iy h bahjem `j bhp`tho bhp`tho strubturm. Sam bbgst gst gn mqu`ty `s typ` typ`bhooy bhooy a`eamr ta tahj hj tam bgst gn cmit, ssg g `jbrmhs`je mqu`ty n`jhjb`je usuhooy `jbrmhsms UHBB. Um cmn`jmc tam wm`eatmc hvmrhem bgst gn bhp`tho (w`ta bgrpgrhtm thxms) hs ngoogws6

 

 YUHBB ;

 R  I  YR +  Y I ( 8∙S B ) ^  O ^  O

Amrm prmsm msmjt jt vhoum vhoum gn BTL hntmr hntmr thl`jegj thl`jegj cmit   ^  O `stam pr

  R `stam vhoum vhoum gn omvmr omvmrmc mc mqu`ty mqu`ty   I`stamvhoumgn cmit  tamrmturj j gj mqu`ty mqu`ty   Y s `s tamrmtur tam `jtmrm rmst st rhtm ( bgs bgstt gn cmit )   Y I `s tam`jtm

Hbtuho

84% omvmrhem

94% omvmrhem

24% omvmrhem

Khrlmt vhoum gn mqu`ty Khrlmt vhoum gn cmit

>32,552

>91,=8>

>82,9=0

=01,449

3=,851 3=

>5,5>>

Khrlmt vhoum gn bhp`tho Bgst gn mqu`ty     Bgst gn cmit   Shx rhtm Bgst gn bhp`tho

>32,552

>=8,84=

0.3= %

0.== %

 

0.>> % 0.

84 %

4%

>.8> %

 

>.8> % >.

>.8> %

29.= %

29.= %

29.= %

29.= %

0.3= %

0.25 %

0.91 % 0.

0.9 %

4

 

99,=10

 

 

 

>=1,325

 

>>=,5>0

Bgst gn bhp`tho 0.=4% 0.3=% 0.3=% 0.34%

0.25%

0.2=% 0.91%

0.24% 0.9=%

0.94% 0.94% 0.8=% 0.84% 0.4=%

4% cmit

84% cmit

94% cmit

24% cmit

 Jgtm taht tam bgst gn gn cmit bhp`tho,  Y I , `s kuot`po`mc iy ( 8∙S B ) imbhusm `jtmrmst `s thx cmcubt`iom ht tam bgrpgrhtm omvmo. Agwmvmr, tam bgst gn mqu`ty,  Y s, `s jgt kuot`po`mc iy ta`s nhbtgr imbhusm c`v`cmjcs hrm jgt cmcubt`iom. @j tam jg-thx bhsm,  YUHBB  `s jgt hnnmbtmc iy

 

omvmrhem. Agwmvmr, imbhusm cmit `s thx-hcvhjthemc rmoht`vm tg mqu`ty, `t bhj im sagwj taht  YUHBB  cmbo`jms  cmbo`jms w`ta omvmrhem `j h wgroc w`ta bgrpgrhtm thxms. @j tam hismjbm gn cmit, BTL‐s bgst gn bhp`tho mquhos tg `ts bgst gn mqu`ty wa`ba `s 0.3=%. Uamj BTL `ssums cmit n`jhjb`ho, tam bgst gn mqu`ty `jbrmhsms hs n`jhjb`ho omvmrhem hccs r`sl tg tam n`rk‐s mqu`ty. Kmhjwa`om, `jtmrmst phykmjt `s thx cmcubt`iom. Hs sgkm gn tam `jbrmhsm `j mqu`ty r`sl hjc rmturj `s gnnsmt  iy tam `jtmrmst thx thx sa`moc, BTL‐s bgst g gnn bhp`tho w`oo ta taus us cmbrmhsm. YMR]OS6 Uamj BTL `s omvmrmc ht 84%, 94% hjc 24%, tam UHBB gn tam n`rk cmbrmhsms tg 0.25%, 0.91% hjc 0.9%, rmspmbt`vmoy. @j bgjbous`gj, tam n`jhjb`ho omvmrhem ahs hnnmbtmc smvmrho hspmbts, `jbouc`je YGM, Rahrms gutsthjc`je, MTR, Tr`bm Mhrj`je Yht`g, Imth, Bgst gn Mqu`ty hjc UHBB. Uamj rmbhp`tho`zht`gj, rmbhp`tho`zht` gj, tam `jbrmhsm gn cmit rmsuots `j tam `jbrmhsm gn YGM, Tr`bm tg Mhrj`je Yht`g, Imth hjc Bgst gn Mqu`ty. Gj tam gtamr ahjc, kgrm cmit hccmc `j tam bhp`tho strubturm hosg omhcs tg tam cmbo`jm gn tam jukimr gn sahrms gutsthjc`je, MTR hjc UHBB.