Suport Curs 8

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    8. The Global Cost and Availability of Capital

    81. D C A C.

    G

    .

    C. G

    .

    . I / ,

    .

    : A

    . If a firm is located in a country with illiquid, small, and/or segmented

    capital markets, it can achieve this lower global cost and greater

    availability of capital by a properly designed and implemented strategy

    A

    , ,

    .

    F ,

    .

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    F 81 D C A C

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    3

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    82 A C C

    A (ACC)

    :

    ACC = + (1) D

    +D +D

    :

    ACC =

    = =

    =

    E =

    D =

    = (D+E)

    .

    ,

    .

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    (CA)

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    . 0.8

    80%

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    5

    .

    . A 1.6

    60% . I , ,

    20% , 1.6

    (0.20)(1.6) = 0.32, 32%.

    .

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    4 ).

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    E: 1: C A C C

    E 2: C

    ()

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    E 3:A G : A

    C

    E 4: A C

    .. A = 1 = 4%

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    F 82 , 19002002

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    83. .

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    A 1990.

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    84. .

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    86. C C C D .

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    . H,

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    A

    . D

    ,

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    E .

    H, E , ,

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    E. D

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    I A .

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    E 8.3

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    (E)

    (DC).

    F. 83 C C D CC

    I , E

    CC, E ACC.

    I

    , E ACC.

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    F. 84 D ACC

    D C?

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