Fundamentals of Financial Management
EUGENE BRIGHAM, JOEL HOUSTON
16th Edition
,ÿ
ÿ
ÿ
ÿ ÿ
!"#$%&'ÿ)*+ÿ,-ÿ./&'/0&1ÿ23ÿ40-#-50#6ÿ7#-#8&9&-%ÿ
:2%&ÿ%"#%ÿ%"&'&ÿ0;ÿ#-ÿ2/&'6#$ÿ<&%1&&-ÿ%"&ÿ=>4ÿ#-?ÿ9@6%0$6&A5"205&ÿB@&;%02-;Cÿ#;ÿ;29&ÿ23ÿ%"&ÿ=>4ÿ
;%#%&9&-%;ÿ#'&ÿ@;&?ÿ0-ÿ9@6%0$6&A5"205&ÿB@&;%02-;Dÿ
7@6%0$6&ÿ!"205&+ÿ='@&>4#6;&ÿ
EFÿHIÿJKLMÿNKOPKOQMRKILSÿMTUÿVWXÿOQIYLÿZI[UOÿMTUÿV\XFÿ
QFÿ ]OZUÿ ÿ
^Fÿ WQ_LUÿÿ
`abc\deÿ ]OZUÿ
fXHa]beÿ Eÿ
gHWWHVhi]jeÿ\`bjÿ
d\W\d\aV\beÿ EkEÿcTQMÿHLÿWRIQINUlÿ
mh\b]HXaÿ]jf\eÿ ]OZUÿnÿWQ_LUÿ
o`bÿp`dH`qi\beÿ WQ_LUÿ
fd\W`V\ÿa`r\eÿ ]nWÿ
i\`daHasÿXqt\V]Hp\beÿ WXWrFqdHsFEuFvEFvEÿkÿcTQMÿHLÿWRIQINUlÿ
a`]HXa`iÿb]`ag`dgbeÿ hIRMU[ÿbMQMULÿkÿqhbfdXsFWXWrFqdHsFEuFvwÿkÿdUx_UNMRyUÿMTRIYRIzÿ
b]`]\ÿb]`ag`dgbeÿhIRMU[ÿbMQMULÿkÿXoÿkÿgHbVFWXWrFqdHsFEuFvwÿkÿWRIQINUÿxZINMRKIÿ
0123
iXV`iÿb]`ag`dgbeÿ hIRMU[ÿbMQMULÿkÿXoÿkÿgUxQZ_MÿVRM{ÿkÿbMZ[UIMLÿ|R__ÿZI[UOLMQI[ÿQI[ÿ^Uÿkÿ
bMZ[UIMLÿ|R__ÿZI[UOLMQI[ÿQI[ÿ^UÿQ^_UÿMKÿQOMRNZ_QMUÿMTUÿzKQ_LÿKxÿMTUÿxROJSÿMTUÿOK_UÿKxÿMTUÿxRIQINUÿxZINMRKIÿRIÿ
MTUÿUIMUOPORLU}LÿKOzQIR~QMRKISÿQI[ÿQLÿQIÿQIQ_{LMÿZLRIzÿPZ^_RNÿRIxKOJQMRKIFÿ
]XfHVbeÿ dK_UÿKxÿxRIQINUÿ
4563
\jcXdgbeÿq_KKJ}LÿIK|_U[zUÿ
g`]\ÿVd\`]\geÿ nEnvEuÿeEÿfrÿ
7ÿ9ÿ
g`]\ÿrXgHWH\geÿ nEnvEuÿeEÿfrÿ
ÿ
Fÿ]TUÿVTQROJQIÿKxÿMTUÿqKQO[ÿJZLMÿQ_LKÿ^UÿMTUÿV\XFÿ
5ÿ
QFÿ ]OZUÿ ÿ
^Fÿ WQ_LUÿÿ
ÿÿÿÿ
ÿ
2
,ÿ
ÿÿ
!ÿ!!ÿ
"#$%&'(ÿ *+,-.ÿ
/01#2$(ÿ 3ÿ
41**156728(ÿ&"$8ÿ
'&*&'&$(ÿ 393ÿ%:+;ÿ1-ÿ*<=+=>.?ÿ
@6&$210#ÿ28/&(ÿ 2AB.ÿCÿ*+,-.ÿ
D"$ÿE"'1"F7&$(ÿ *+,-.ÿ
7&"'#1#Gÿ0FH&521E&$(ÿ *0*IJF'1GJ3KJL3JL3ÿ9ÿ%:+;ÿ1-ÿ*<=+=>.?ÿ
#"210#"7ÿ$2"#4"'4$(ÿ 6=<;.Mÿ$;+;.-ÿ9ÿF6$/'0GJ*0*IJF'1GJ3KJLNÿ9ÿ'.O,.>;<P.ÿ;:<=Q<=Rÿ
ÿÿ
$2"2&ÿ$2"#4"'4$(ÿ6=<;.Mÿ$;+;.-ÿ9ÿ0Dÿ9ÿ41$5J*0*IJF'1GJ3KJLNÿ9ÿ*<=+=>.ÿOB=>;<S=ÿ
705"7ÿ$2"#4"'4$(ÿ 6=<;.Mÿ$;+;.-ÿ9ÿ0Dÿ9ÿ4.O+B,;ÿ5<;Tÿ9ÿ$;BM.=;-ÿU<,,ÿB=M.A-;+=Mÿ+=MÿV.ÿ9ÿ
$;BM.=;-ÿU<,,ÿB=M.A-;+=Mÿ+=MÿV.ÿ+V,.ÿ;Sÿ+A;<>B,+;.ÿ;:.ÿRS+,-ÿSOÿ;:.ÿO<AWXÿ;:.ÿAS,.ÿSOÿ;:.ÿO<=+=>.ÿOB=>;<S=ÿ<=ÿ
;:.ÿ.=;.AYA<-.Z-ÿSAR+=<[+;<S=Xÿ+=Mÿ+-ÿ+=ÿ+=+,T-;ÿB-<=RÿYBV,<>ÿ<=OSAW+;<S=Jÿ
20/15$(ÿ 'S,.ÿSOÿO<=+=>.ÿ
\&8%0'4$(ÿF,SSWZ-(ÿ\=SU,.MR.ÿ
4"2&ÿ5'&"2&4(ÿ ]C^3C^L3Kÿ_(3`ÿ/Iÿ
4"2&ÿI041*1&4(ÿ ]C^3C^L3Kÿ_(3`ÿ/Iÿ
ÿ
0123
_Jÿ2:.ÿVS+AMÿSOÿM<A.>;SA-ÿ<-ÿ;:.ÿ:<R:.-;ÿA+=Q<=RÿVSMTÿ<=ÿ+ÿ>SAYSA+;<S=Xÿ+=Mÿ;:.ÿ>:+<AW+=ÿSOÿ;:.ÿVS+AMÿ<-ÿ;:.ÿ
:<R:.-;ÿA+=Q<=Rÿ<=M<P<MB+,Jÿ2:.ÿ5&0ÿR.=.A+,,TÿUSAQ-ÿB=M.Aÿ;:.ÿVS+AMÿ+=Mÿ<;-ÿ>:+<AW+=Xÿ+=Mÿ;:.ÿVS+AMÿ
R.=.A+,,Tÿ:+-ÿ;:.ÿ+B;:SA<;Tÿ;SÿA.WSP.ÿ;:.ÿ5&0ÿB=M.Aÿ>.A;+<=ÿ>S=M<;<S=-Jÿ2:.ÿ5&0Xÿ:SU.P.AXÿ>+==S;ÿ
A.WSP.ÿ;:.ÿVS+AMXÿVB;ÿ:.ÿSAÿ-:.ÿ>+=ÿ.=M.+PSAÿ;Sÿ:+P.ÿ;:.ÿVS+AMÿPS;.MÿSB;ÿ+=Mÿ+ÿ=.UÿVS+AMÿPS;.Mÿ<=ÿ
4563
-:SB,Mÿ+ÿ>S=O,<>;ÿ+A<-.Jÿ1;ÿ<-ÿYS--<V,.ÿOSAÿ+ÿY.A-S=ÿ;Sÿ-<WB,;+=.SB-,Tÿ-.AP.ÿ+-ÿ5&0ÿ+=Mÿ>:+<AW+=ÿSOÿ;:.ÿ
VS+AMXÿ;:SBR:ÿW+=Tÿ>SAYSA+;.ÿ>S=;AS,ÿ.aY.A;-ÿV.,<.P.ÿ<;ÿ<-ÿV+Mÿ;SÿP.-;ÿVS;:ÿSOO<>.-ÿ<=ÿ;:.ÿ-+W.ÿY.A-S=Jÿ
+Jÿ 2AB.ÿ ÿ
7ÿ9ÿ
VJÿ *+,-.ÿÿ
"#$%&'(ÿ 2AB.ÿ
/01#2$(ÿ 3ÿ
5ÿ
41**156728(ÿ&"$8ÿ
ÿÿÿÿ
ÿ
2
, ÿ
ÿÿ
!ÿ!!ÿ
"#$#"#%&#'(ÿ *+*ÿ,-./ÿ01ÿ$23.3456ÿ
78#'90:%ÿ9;<#(ÿ 9=>5ÿ?ÿ$.@15ÿ
AB'ÿCB"0BDE#'(ÿ $.@15ÿ
E#B"%0%Fÿ:DG#&90C#'(ÿ $:$HID"0FI*JIK*IK*ÿ+ÿ,-./ÿ01ÿ$23.3456ÿ
%B90:%BEÿ'9B%LB"L'(ÿ 832/5Mÿ'/./51ÿ+ÿD8'<":FI$:$HID"0FI*JIKNÿ+ÿ"5O@54/2P5ÿ/-23Q23Rÿ
'9B9#ÿ'9B%LB"L'(ÿ832/5Mÿ'/./51ÿ+ÿ:Aÿ+ÿL0'&I$:$HID"0FI*JIKNÿ+ÿ$23.345ÿO>34/2S3ÿ
E:&BEÿ'9B%LB"L'(ÿ 832/5Mÿ'/./51ÿ+ÿ:Aÿ+ÿL5O.>@/ÿ&2/Tÿ+ÿ'/>M53/1ÿU2@@ÿ>3M5=1/.3Mÿ.3MÿV5ÿ+ÿ
'/>M53/1ÿU2@@ÿ>3M5=1/.3Mÿ.3MÿV5ÿ.V@5ÿ/Sÿ.=/24>@./5ÿ/-5ÿRS.@1ÿSOÿ/-5ÿO2=WXÿ/-5ÿ=S@5ÿSOÿ/-5ÿO23.345ÿO>34/2S3ÿ23ÿ
/-5ÿ53/5=Y=215Z1ÿS=R.32[./2S3Xÿ.3Mÿ.1ÿ.3ÿ.3.@T1/ÿ>123RÿY>V@24ÿ23OS=W./2S3Iÿ
9:<0&'(ÿ "S@5ÿSOÿO23.345ÿ
\#;,:"L'(ÿD@SSWZ1(ÿ\3SU@5MR5ÿ
LB9#ÿ&"#B9#L(ÿ ]?^*?^K*Jÿ_(*`ÿ<Hÿ
LB9#ÿH:L0$0#L(ÿ ]?^*?^K*Jÿ_(*`ÿ<Hÿ
ÿ
aIÿ<.=/35=1-2Y1ÿ.3MÿY=SY=25/S=1-2Y1ÿR535=.@@Tÿ-.P5ÿ.ÿ/.bÿ.MP.3/.R5ÿSP5=ÿ4S=YS=./2S31Iÿ
.Iÿ 9=>5ÿ ÿ
VIÿ $.@15ÿÿ
B%',#"(ÿ 9=>5ÿ
0123
<:0%9'(ÿ *ÿ
L0$$0&8E9;(ÿ#B';ÿ
"#$#"#%&#'(ÿ *+_ÿ$S=W1ÿSOÿD>123511ÿ:=R.32[./2S3ÿ
4563
78#'90:%ÿ9;<#(ÿ 9=>5ÿ?ÿ$.@15ÿ
AB'ÿCB"0BDE#'(ÿ $.@15ÿ
7ÿ9ÿ
E#B"%0%Fÿ:DG#&90C#'(ÿ $:$HID"0FI*JIK*IK_ÿ+ÿ$S=W1ÿSOÿD>123511ÿ:=R.32[./2S3ÿ
%B90:%BEÿ'9B%LB"L'(ÿ 832/5Mÿ'/./51ÿ+ÿD8'<":FI$:$HID"0FI*JIKNÿ+ÿ"5O@54/2P5ÿ/-23Q23Rÿ
'9B9#ÿ'9B%LB"L'(ÿ832/5Mÿ'/./51ÿ+ÿ:Aÿ+ÿL0'&I$:$HID"0FI*JIKNÿ+ÿ$23.345ÿO>34/2S3ÿ
5ÿ
ÿÿÿÿ
ÿ
2