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2.

 

2.3. ()

, , , , . ( . conceptio , ) , - , .

1 : (I) ; (2) ; (3) ; (4) ; (5) ; (6) ; (7) ; (8) ; (9) ; (10) ; (II) .

    1, . , , . , , . (). , , 10 : (1) ; (2) ; (3) ; (4) ; (5) ; (6) ; (7) ; (8) ; (9) ; (10) (.: [Keon, Martin, Petty. Scott, . 1119]).

, . , , .

(Cash Flow Concept). . , , . , , . . () (), . , , , , . . , .

(The Time Value of Money Concept) , , , , - , , . , , , , 70 . : , . . , . . , , . , , - . , , , , , , .

(Risk and Return Tradeoff Concept) , , : , (. . ), , . . , : . ; , . : { {), }.

(Operating Risk and Financial Risk Concept) , ( ) .

. , . , , . , , . , : , . . , . ; (Business Risk).

, , . , . , -, - ( , ). - . . - , (!) , . , , , . ( ). . 14.

, ( , , -). 2.

    2 operating risk business risk (.: [Levy, Sarnat, . 370385]). , economic risk. , operating risk.

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

(Cost of Capital Concept), . , , . -, , ; -, . , .

(Capital Market Efficiency Concept). , , , . , , :

  • .
  • . ( : .)

    (Efficient-market Hypothesis), , .

    . , ( ) (. . , , ). , , .

    , , , , ( ), . , .

    , , , ( ). , , () , .

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

    1967 . . (Harry Roberts) [, , . 317]. . .

    (Asymmetric Information Concept) , , , , , , . ( , . , -; .) , , , , , , , , .

    (Agency Relations Concept) , , , , , , .

    - , , ( ), . , , , . . . - ( ) () (), , . (. . 21.3). , (, -). 30- . XX . .

    60- . XX . . (John Kenneth Galbraith, . 1908), , 3. , -, , , , . , , , , , . , , , (Agency Theory)4.

      3 (, , , , ,), , ( .: []).

      4 [, ; ].

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

    , ( ). (, ) ( ) . , , . , , , , , , , . , 5 .

      5

    , . , , , , . , () . .

    . , . , , , .

    , , , (Agency Costs). , .

    (Opportunity Costs Concept), , , - , . . , , . , , , , ; , . , , , .

    (Going Concern Concept) , , , , , , . , , - .

    , , , , . - , . , - . , , . , .

    , , .

    (The Firm and Its Owners Separation Concept) , - , . . . . , , , -, , -, . , , , , , , . , . , , , , , , ().

     

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