第九章　長期負債

e會計學 -圖解式學習法 CH09-1

指導者：詹茂焜　老師製作者：林盈寬、曾兆文

第九章　長期負債


負債定義負債定義

時間

過去

現在

資產負債表日(

當

期) 資產負債表日(

下

期)

義務發生

義務存在

流動負債

長期負債

清償義務 (未來 )一年


利息利息

利息＝ f(本金 (p)，利率 (i)，期間(t))　　＝本金利率期間　　＝ p i t


影響利率結構的基本因素影響利率結構的基本因素

一、通貨膨脹二、風險貼水三、實質補貼


貨幣購買力貨幣購買力

時間

購買力

貶值

Pn

0

P0

n


利率因子利率因子

時間

購買力

0

通貨膨脹

風險貼水

實質利率名目利率

1 2 ．．．．．3 n


貨幣的時間價值貨幣的時間價值

現值 (present value)：現在的貨幣價值終值 (future value) ：未來的貨幣價值

複利 (compound)

年金(annuity)

貨幣的價值

幣值的計算

在利息衡量期間內，只發生一次交易者。

在利息衡量期間內，發生 n 次交易 (n ≥ 2)。每次交易金額固定 (a)者，謂之普通年金。


幣值基本類型幣值基本類型

年金終值（ FA）

複利終值（ F）

年金現值（ PA）

複利現值（ P）

未來

現在

Ｎ次一次

交易次數 *交易方式

時間

* 交易在期末發生。


終值終值

時間

金額

I

$

AoAo

0 F = Ao （ 1 +

i ）

i

F＝A0 ＋A0i1 ＝ A0(1＋ i)1

A0 ：在 t0 的金額 i：利率tn ：期間， n＝ 1


負利率負利率

時間

金額

- I

$

F

0 F = P - I

- i

所謂負利率係指債權人要支付利息給債務人，例如，公司跟銀行貸款，銀行反要付利息給公司，通常在嚴重通貨緊縮 (deflation)時期，才有負利率的現象。

P


實質利率比較實質利率比較單位 (%)

民國 94 年 6月 28日

歐元區日本美國台灣韓國實質利率減實質利率減實質利率減實質利率減實質利率減94 年 CPI 94 年 CPI 94 年 CPI 94 年 CPI 94 年 CPI(1.90) (-0.20) (2.70) (1.70) (2.90)

隔夜拆款利率 0.19 0.20 0.47 -0.44 0.451 個月期存款利率 0.20 0.22 0.59 -0.41 -0.133 個月期存款利率 0.20 0.22 0.74 -0.38 0.166 個月期存款利率 0.16 0.22 0.92 -0.25 0.331 年期存款利率 0.12 0.23 1.07 -0.01 0.632 年期公債殖利率 0.11 0.28 0.95 -0.33 0.965 年期公債殖利率 0.57 0.63 1.06 0.03 1.177 年期公債殖利率－－ 1.14 0.18 －10 年期公債殖利率 1.22 1.40 1.27 0.18 1.67

20 年期公債殖利率－－ 1.60 0.61 －

30 年期公債殖利率－－ 1.55 0.99 －

資料來源：中央銀行

CPI：消費物價指數


實質利率表實質利率表台灣、美國、日本、韓國與歐元區實質殖利率比較

-1. 00

-0. 50

-

0. 50

1. 00

1. 50

2. 00

0/ N 1個月 3個月 6個月 1年 2年 5年 7年 10年

期別

單位（

%）

歐元區日本美國台灣韓國


複利終值複利終值

時間

金額

1

AoAo

n > 1

A1

An - 1I1

I2

In

2 ．．． n

Ao Ao(1 + i) Ao(1 + i)2 ．．． Ao(1 + i)n

i

i

i


a ． ( 1 + i )1

年金終值年金終值

時間

$

a a a a

a ． ( 1 + i )2

a ． ( 1 + i )3 ( 1 +

i )3

( 1 +

i )2

( 1 +

i )1

0 1 2 3 4

年金終值

a 為固定，故為普通年金。


年金現值年金現值

時間

a a a a

1 2 3 40

1a

1 i＋

2

1a

1 i＋

3

1a

1 i＋

4

1a

1 i＋

11 i＋

2

1(1 i )＋

3

1(1 i )＋

4

1(1 i )＋

年金現值

a 為固定，故為普通年金。


四種貨幣價值之換算四種貨幣價值之換算

n iP1. 複利現值因子( 1 + i )n

1＝n iF1＝

n iF2. 複利終值因子 ( 1 + i )n ＝n iＰ1＝

4.年金現值因子 n iPA ＝ n iPn

1

3. 年金終值因子 n iFA ＝ n-1 i1 + Fn-1

1


期初年金期初年金 vs. vs. 期末年金期末年金

0 1 2 3 4

a a a a

時間

n = 3 ( n – 1 )

a a a a

一、年金終值

(期末 )年金終值

(期初 )年金終值

n = 4

時間年金

期末期初

年金終值 n – 1

n

年金現值 nn - 1

（植樹問題）


期初年金期初年金 vs. vs. 期末年金期末年金

a a a a

n = 3 ( n – 1 )

a a a a

二、年金現值

期末年金

期初年金

n = 4

時間年金

期末期初

年金終值 n – 1

n

年金現值 nn - 1

0 1 2 3 4時間

（植樹問題）


公司債的特徵公司債的特徵

一、利用財務槓桿，增加提昇股東權益報酬率。二、不致於大權旁落而影響原有股東的經營控制權。

一、財務槓桿失敗，降低權益報酬率。二、負債比率過高，造成財務壓力或危機。

發行理由

二項風險


權益報酬率權益報酬率

權益報酬率本期損益股東權益

本期損益資產總額

資產總額股東權益

＝資產報酬率財務槓桿

負債＝ 0，財務槓桿＝ 1負債＞ 0，財務槓桿＞ 1

＝

＝


ROEROE 的財務槓桿效果的財務槓桿效果

財務槓桿

資產報酬率

＋

－

0

ROE2

ROE1

槓桿效果

1.當 ROA = 0 時， ROE1 =

ROE22. 當 ROA > 0 時， ROE1 >

ROE23. 當 ROA < 0 時， ROE1 <

ROE2

風險

報酬ROA


公司債的種類公司債的種類

一、擔保 vs.無擔保二、可轉換 vs.不可轉換三、國內公司債 vs.海外公司債四、附息公司債 vs.無息公司債


決定公司債售價之因素決定公司債售價之因素

一、轉換價值之高低二、票面利率與市場利率之差距三、公司的債信


面板五虎案面板五虎案( 單位：億元 )

廠商項　　　　目年　　　　　度

92 93 94(預估 )

友達舉債 (聯貸 ) － 600 ？權益 (ECB、增資 ) 187.5 230 ？

奇美電舉債 (聯貸 ) － 1,072 －權益 (ECB、增資 ) 508.58 － 470.0

華映舉債 (聯貸 ) － 380 64權益 (ECB、增資 ) 219.96 146.0 260.0

廣輝舉債 (聯貸 ) － 300 －權益 (ECB、增資 ) 208.7 133.5 160.6

彩晶舉債 (聯貸 ) － 150 －權益 (ECB、增資 ) 215.46 56.6 84.0


面額折現值面額折現值

時間

0 1 2 3 n

F

面值

（到期值）現

值

(

Ｐ)

折價

$

i


利息年金現值利息年金現值

時間

I11

(1 +i )

1n(1 +i )

3

1

(1 +i )

2

1

(1 +i )

I2 I3 In

利息年金現值

0 1 2 3 n公司債之售價＝面值之複利現值＋利息年金現值


分割債券分割債券 (( 公司債公司債 ))

所謂分割債券就是將原始附息債分割成利息債券（ IO）以及本金債券（ PO）兩部分，利息債券的持有人將擁有票面利息的所有權，本金債券的持有人則可於債券到期時收取本金。

公司債

利息債券（ IO）小額投資者

本金債券（ PO）固定收益


利率之種類－兩種觀念利率之種類－兩種觀念1.票面利率（ coupon rate ）

2.市場利率（ market rate）

或稱之為契約利率（ contract rate）、名目利率（ nominal rate），為每期支付現金利息之依據。支付利息（現金）＝面額票面利率 1 期

或稱之為有效利率，乃指金融市場，在特定風險下，借貸雙方願意接受的利率水準。


利率之種類－兩種結論利率之種類－兩種結論第一個結論：

第二個結論：

1.票面利率＝市場利率 → 平價發行2.票面利率＞市場利率 → 溢價發行

1.以市場利率作為折現率，計算現值。

3.票面利率＜市場利率 → 折價發行

2.以票面利率計算現金支付的利息金額。3.市場利率既然是資金機會成本，因此帳上的利息費用，應以市場利率認列之。


釋例釋例 ((假設假設一一 )) 發行面額 1,000,000 元，年息 4％，

每半年付息一次，五年後到期之公司債市場利率 4％

一、面額現值（複利現值）P＝＄ 1,000,000P 10 2 ％（查附表二複利現值表）


附表二　複利現值表附表二　複利現值表 n iP( 1 + i )n

1＝

1

利率期 (i)

間(n)

1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.89000 0.85734 0.82645 0.797193 0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.83962 0.79383 0.75131 0.711784 0.98025 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.79209 0.73503 0.68301 0.635525 0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.74726 0.68058 0.62092 0.567436 0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.70496 0.63017 0.56447 0.506637 0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.66506 0.58349 0.51316 0.452358 0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.62741 0.54027 0.46651 0.403889 0.95610 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.59190 0.50025 0.42410 0.3606110 0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.55839 0.46319 0.38554 0.3219711 0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.52679 0.42888 0.35049 0.2874812 0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.49697 0.39711 0.31863 0.2566813 0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.46884 0.36770 0.28966 0.2291714 0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.44230 0.34046 0.26333 0.2046215 0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.41727 0.31524 0.23939 0.1827016 0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.39365 0.29189 0.21763 0.1631217 0.91871 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.37136 0.27027 0.19784 0.1456418 0.91414 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.35034 0.25025 0.17986 0.1300419 0.90959 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.33051 0.23171 0.16351 0.1161120 0.90506 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.31180 0.21455 0.14864 0.1036721 0.90056 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.29416 0.19866 0.13513 0.0925622 0.89608 0.80340 0.72069 0.64684 0.58086 0.52189 0.46915 0.42196 0.27751 0.18394 0.12285 0.0826423 0.89162 0.79544 0.71004 0.63416 0.56670 0.50669 0.45329 0.40573 0.26180 0.17032 0.11168 0.0737924 0.88719 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.24698 0.15770 0.10153 0.0658825 0.88277 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.23300 0.14602 0.09230 0.05882

2.50% 3.00% 3.50% 4.00%0.50% 1.00% 1.50% 2.00% 6.00% 8.00% 10.00% 12.00%




一、面額現值（複利現值）

＝＄ 1,000,0000.82035 ＝＄ 820,350

二、利息現值（年金現值）

P＝＄ 1,000,000P 10 2 ％（查附表二複利現值表）

＄ 20,000PA 10 ２％（查附表四年金現值表）＄ 1,000,0004％　＝＄ 20,000 ．．．每期支付利息

12


利率期 (i) 間(n)

1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 1.98510 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.83339 1.78326 1.73554 1.690053 2.97025 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.67301 2.57710 2.48685 2.401834 3.95050 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.46511 3.31213 3.16987 3.037355 4.92587 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.21236 3.99271 3.79079 3.604786 5.89638 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 4.91732 4.62288 4.35526 4.111417 6.86207 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.58238 5.20637 4.86842 4.563768 7.82296 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.20979 5.74664 5.33493 4.967649 8.77906 8.56602 8.36052 8.16224 7.97087 7.78611 7.60769 7.43533 6.80169 6.24689 5.75902 5.3282510 9.73041 9.47130 9.22218 8.98259 8.75206 8.53020 8.31661 8.11090 7.36009 6.71008 6.14457 5.6502211 10.67703 10.36763 10.07112 9.78685 9.51421 9.25262 9.00155 8.76048 7.88687 7.13896 6.49506 5.9377012 11.61893 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 8.38384 7.53608 6.81369 6.1943713 12.55615 12.13374 11.73153 11.34837 10.98318 10.63496 10.30274 9.98565 8.85268 7.90378 7.10336 6.4235514 13.48871 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 9.29498 8.24424 7.36669 6.6281715 14.41662 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 9.71225 8.55948 7.60608 6.8108616 15.33993 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 10.10590 8.85137 7.82371 6.9739917 16.25863 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 10.47726 9.12164 8.02155 7.1196318 17.17277 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 10.82760 9.37189 8.20141 7.2496719 18.08236 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 11.15812 9.60360 8.36492 7.3657820 18.98742 18.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 11.46992 9.81815 8.51356 7.4694421 19.88798 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 11.76408 10.01680 8.64869 7.5620022 20.78406 19.66038 18.62082 17.65805 16.76541 15.93692 15.16712 14.45112 12.04158 10.20074 8.77154 7.6446523 21.67568 20.45582 19.33086 18.29220 17.33211 16.44361 15.62041 14.85684 12.30338 10.37106 8.88322 7.7184324 22.56287 21.24339 20.03041 18.91393 17.88499 16.93554 16.05837 15.24696 12.55036 10.52876 8.98474 7.7843225 23.44564 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 12.78336 10.67478 9.07704 7.84314

4.00% 6.00% 8.00% 10.00% 12.00%0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%

附表四　年金現值表附表四　年金現值表 n iPA ＝ n 1

t1 it 1





＝＄ 1,000,0000.82035 ＝＄ 820,350


＝＄ 20,0009.47130＝＄ 189,430

P＝＄ 1,000,000P 10 2 ％（查附表二複利現值表）

＄ 20,000PA 10 ２％（查附表四年金現值表）＄ 1,000,0004％　＝＄ 20,000 ．．．每期支付利息

12

售價＝ $820,350 ＋ $179,650 ＝ $1,000,000 → 平價發行


釋例釋例 ((假設假設二二 )) 發行面額 1,000,000 元，年息 4％，





1＝

1

利率期 (i)

間(n)

1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.89000 0.85734 0.82645 0.797193 0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.83962 0.79383 0.75131 0.711784 0.98025 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.79209 0.73503 0.68301 0.635525 0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.74726 0.68058 0.62092 0.567436 0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.70496 0.63017 0.56447 0.506637 0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.66506 0.58349 0.51316 0.452358 0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.62741 0.54027 0.46651 0.403889 0.95610 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.59190 0.50025 0.42410 0.3606110 0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.55839 0.46319 0.38554 0.3219711 0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.52679 0.42888 0.35049 0.2874812 0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.49697 0.39711 0.31863 0.2566813 0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.46884 0.36770 0.28966 0.2291714 0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.44230 0.34046 0.26333 0.2046215 0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.41727 0.31524 0.23939 0.1827016 0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.39365 0.29189 0.21763 0.1631217 0.91871 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.37136 0.27027 0.19784 0.1456418 0.91414 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.35034 0.25025 0.17986 0.1300419 0.90959 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.33051 0.23171 0.16351 0.1161120 0.90506 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.31180 0.21455 0.14864 0.1036721 0.90056 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.29416 0.19866 0.13513 0.0925622 0.89608 0.80340 0.72069 0.64684 0.58086 0.52189 0.46915 0.42196 0.27751 0.18394 0.12285 0.0826423 0.89162 0.79544 0.71004 0.63416 0.56670 0.50669 0.45329 0.40573 0.26180 0.17032 0.11168 0.0737924 0.88719 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.24698 0.15770 0.10153 0.0658825 0.88277 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.23300 0.14602 0.09230 0.05882

2.50% 3.00% 3.50% 4.00%0.50% 1.00% 1.50% 2.00% 6.00% 8.00% 10.00% 12.00%





＝＄ 1,000,0000.90529 ＝＄ 905,290


P＝＄ 1,000,000P 10 1 ％（查附表二複利現值表）

＄ 20,000PA 10 １％（查附表四年金現值表）＄ 1,000,0004％　＝＄ 20,000 ．．．每次付息金額

12



1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 1.98510 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.83339 1.78326 1.73554 1.690053 2.97025 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.67301 2.57710 2.48685 2.401834 3.95050 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.46511 3.31213 3.16987 3.037355 4.92587 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.21236 3.99271 3.79079 3.604786 5.89638 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 4.91732 4.62288 4.35526 4.111417 6.86207 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.58238 5.20637 4.86842 4.563768 7.82296 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.20979 5.74664 5.33493 4.967649 8.77906 8.56602 8.36052 8.16224 7.97087 7.78611 7.60769 7.43533 6.80169 6.24689 5.75902 5.3282510 9.73041 9.47130 9.22218 8.98259 8.75206 8.53020 8.31661 8.11090 7.36009 6.71008 6.14457 5.6502211 10.67703 10.36763 10.07112 9.78685 9.51421 9.25262 9.00155 8.76048 7.88687 7.13896 6.49506 5.9377012 11.61893 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 8.38384 7.53608 6.81369 6.1943713 12.55615 12.13374 11.73153 11.34837 10.98318 10.63496 10.30274 9.98565 8.85268 7.90378 7.10336 6.4235514 13.48871 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 9.29498 8.24424 7.36669 6.6281715 14.41662 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 9.71225 8.55948 7.60608 6.8108616 15.33993 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 10.10590 8.85137 7.82371 6.9739917 16.25863 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 10.47726 9.12164 8.02155 7.1196318 17.17277 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 10.82760 9.37189 8.20141 7.2496719 18.08236 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 11.15812 9.60360 8.36492 7.3657820 18.98742 18.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 11.46992 9.81815 8.51356 7.4694421 19.88798 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 11.76408 10.01680 8.64869 7.5620022 20.78406 19.66038 18.62082 17.65805 16.76541 15.93692 15.16712 14.45112 12.04158 10.20074 8.77154 7.6446523 21.67568 20.45582 19.33086 18.29220 17.33211 16.44361 15.62041 14.85684 12.30338 10.37106 8.88322 7.7184324 22.56287 21.24339 20.03041 18.91393 17.88499 16.93554 16.05837 15.24696 12.55036 10.52876 8.98474 7.7843225 23.44564 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 12.78336 10.67478 9.07704 7.84314

4.00% 6.00% 8.00% 10.00% 12.00%0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%


t1 it 1





＝＄ 1,000,0000.90529 ＝＄ 905,290


＝＄ 20,0009.47130＝＄ 189,430

P＝＄ 1,000,000P 10 1 ％（查附表二複利現值表）

＄ 20,000PA 10 １％（查附表四年金現值表）＄ 1,000,0004％　＝＄ 20,000 ．．．每次付息金額

12

售價＝ $905,290 ＋ $189,430 ＝ $1,094,720 → 溢價發行


釋例釋例 ((假設假設三三 )) 發行面額 1,000,000 元，年息 4％，





1＝

1

利率期 (i)

間(n)

1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.89000 0.85734 0.82645 0.797193 0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.83962 0.79383 0.75131 0.711784 0.98025 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.79209 0.73503 0.68301 0.635525 0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.74726 0.68058 0.62092 0.567436 0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.70496 0.63017 0.56447 0.506637 0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.66506 0.58349 0.51316 0.452358 0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.62741 0.54027 0.46651 0.403889 0.95610 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.59190 0.50025 0.42410 0.3606110 0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.55839 0.46319 0.38554 0.3219711 0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.52679 0.42888 0.35049 0.2874812 0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.49697 0.39711 0.31863 0.2566813 0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.46884 0.36770 0.28966 0.2291714 0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.44230 0.34046 0.26333 0.2046215 0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.41727 0.31524 0.23939 0.1827016 0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.39365 0.29189 0.21763 0.1631217 0.91871 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.37136 0.27027 0.19784 0.1456418 0.91414 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.35034 0.25025 0.17986 0.1300419 0.90959 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.33051 0.23171 0.16351 0.1161120 0.90506 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.31180 0.21455 0.14864 0.1036721 0.90056 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.29416 0.19866 0.13513 0.0925622 0.89608 0.80340 0.72069 0.64684 0.58086 0.52189 0.46915 0.42196 0.27751 0.18394 0.12285 0.0826423 0.89162 0.79544 0.71004 0.63416 0.56670 0.50669 0.45329 0.40573 0.26180 0.17032 0.11168 0.0737924 0.88719 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.24698 0.15770 0.10153 0.0658825 0.88277 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.23300 0.14602 0.09230 0.05882

2.50% 3.00% 3.50% 4.00%0.50% 1.00% 1.50% 2.00% 6.00% 8.00% 10.00% 12.00%





＝＄ 1,000,0000.74409 ＝＄ 744,090


P＝＄ 1,000,000P 10 3 ％（查附表二複利現值表）

＄ 20,000PA 10 3 ％（查附表四年金現值表）＄ 1,000,0004％　＝＄ 20,000 ．．．每次付息金額

12



1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 1.98510 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.83339 1.78326 1.73554 1.690053 2.97025 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.67301 2.57710 2.48685 2.401834 3.95050 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.46511 3.31213 3.16987 3.037355 4.92587 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.21236 3.99271 3.79079 3.604786 5.89638 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 4.91732 4.62288 4.35526 4.111417 6.86207 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.58238 5.20637 4.86842 4.563768 7.82296 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.20979 5.74664 5.33493 4.967649 8.77906 8.56602 8.36052 8.16224 7.97087 7.78611 7.60769 7.43533 6.80169 6.24689 5.75902 5.3282510 9.73041 9.47130 9.22218 8.98259 8.75206 8.53020 8.31661 8.11090 7.36009 6.71008 6.14457 5.6502211 10.67703 10.36763 10.07112 9.78685 9.51421 9.25262 9.00155 8.76048 7.88687 7.13896 6.49506 5.9377012 11.61893 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 8.38384 7.53608 6.81369 6.1943713 12.55615 12.13374 11.73153 11.34837 10.98318 10.63496 10.30274 9.98565 8.85268 7.90378 7.10336 6.4235514 13.48871 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 9.29498 8.24424 7.36669 6.6281715 14.41662 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 9.71225 8.55948 7.60608 6.8108616 15.33993 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 10.10590 8.85137 7.82371 6.9739917 16.25863 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 10.47726 9.12164 8.02155 7.1196318 17.17277 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 10.82760 9.37189 8.20141 7.2496719 18.08236 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 11.15812 9.60360 8.36492 7.3657820 18.98742 18.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 11.46992 9.81815 8.51356 7.4694421 19.88798 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 11.76408 10.01680 8.64869 7.5620022 20.78406 19.66038 18.62082 17.65805 16.76541 15.93692 15.16712 14.45112 12.04158 10.20074 8.77154 7.6446523 21.67568 20.45582 19.33086 18.29220 17.33211 16.44361 15.62041 14.85684 12.30338 10.37106 8.88322 7.7184324 22.56287 21.24339 20.03041 18.91393 17.88499 16.93554 16.05837 15.24696 12.55036 10.52876 8.98474 7.7843225 23.44564 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 12.78336 10.67478 9.07704 7.84314

4.00% 6.00% 8.00% 10.00% 12.00%0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%


t1 it 1





＝＄ 1,000,0000.74409 ＝＄ 744,090


＝＄ 20,0008.53020＝＄ 170,600

P＝＄ 1,000,000P 10 3 ％（查附表二複利現值表）

＄ 20,000PA 10 3 ％（查附表四年金現值表）＄ 1,000,0004％　＝＄ 20,000 ．．．每次付息金額

12

售價＝ $744,090 ＋ $170,600 ＝ $914,690 → 折價發行


溢價攤銷表溢價攤銷表 (( 利率法利率法 ))應付公司債公司債

期數現金 (Cr.)利息費用*(Dr.) 溢價 (Dr.) 溢價餘額期初帳面餘額

0 －－－ 94,720 1,094,7201 20,000 10,947 9.053 85,667 1,085,6672 20,000 10,857 9,143 76,524 1,076,5243 20,000 10,765 9,235 67,289 1,067,2894 20,000 10,673 9,327 57,962 1,057,9625 20,000 10,580 9,420 48,542 1,048,5426 20,000 10,485 9,515 39,027 1,039,0277 20,000 10,390 9,610 29,417 1,029,4178 20,000 10,294 9.706 19.711 1,019,7119 20,000 10,197 9,803 9,908 1,009,90810 20,000 **10,092 9,908 0 1,000,000

＊期初帳面餘額 1％（半年有效利率）＊＊取差額


公司債溢價公司債溢價

時間

面值(到期值 )

溢　價溢價

1,000,000

1,094,720$ 發行價格

帳面價值

1 32 54 76 98 100

現金　　 1,094,720　應付公司債　　 1,000,000 應付公司債溢價 94,720

應付公司債　 1,000,000 現金　　　 1,000,000

分錄

利息費用　　　　 10,947應付公司債溢價　 9,053　　現金　　　　　　 20,000

① ② 10,8579,143

20,000

③ 10,7659,235

20,000


折價攤銷表折價攤銷表 (( 利率法利率法 ))應付公司債公司債

期數現金 (Cr.)利息費用*(Dr.) 折價 (Dr.) 折價餘額期初帳面餘額

0 －－－ 85,310 914,6901 20,000 27,441 7,441 77,869 922,1312 20,000 27,664 7,664 70,205 929,7953 20,000 27,894 7,894 62,311 937,6894 20,000 28,131 8,131 54,180 945,8205 20,000 28,375 8,375 45,805 954,1956 20,000 28,626 8,626 37,179 962,8217 20,000 28,885 8,885 28,294 971,7068 20,000 29,151 9,151 19,143 980,8579 20,000 29,426 9,426 9,717 990,28310 20,000 29,717 **9,717 0 1,000,000

＊期初帳面餘額 3％（半年有效利率）＊＊取差額


折價攤銷及分錄折價攤銷及分錄

時間

面值

(到期值 )914,690

1,000,000$

1 32 54 76 98 100

現金　　　　　　 914,690應付公司債折價　　 85,310 　應付公司債　　　 1,000,000

應付公司債　 1,000,000 現金　　　 1,000,000

分錄

折　價

② 27,664

20,0007,664

③ 27,894

20,0007,894

利息費用　　 27,441　現金　　　　　　　 20,000　應付公司債折價　　 7,441

①


溢價攤銷表溢價攤銷表 ((平均法平均法 ))應付公司債

期數現金 (Cr.) 利息費用 *(Dr.) 溢價 (Dr.) 帳面餘額0 －－－ 1,094,7201 20,000 10,528 9,472 1,085,2482 20,000 10,528 9,472 1,075,7763 20,000 10,528 9,472 1,066,3044 20,000 10,528 9,472 1,056,8325 20,000 10,528 9,472 1,047,3606 20,000 10,528 9,472 1,037,8887 20,000 10,528 9,472 1,028,4168 20,000 10,528 9,472 1,018,9449 20,000 10,528 9,472 1,009,47210 20,000 10,528 9,472 1,000,000


折價攤銷表折價攤銷表 ((平均法平均法 ))應付公司債

期數現金 (Cr.) 利息費用 *(Dr.) 折價 (Cr.) 帳面餘額0 －－－ 914,6901 20,000 28,531 8,531 923,2212 20,000 28,531 8,531 931,7523 20,000 28,531 8,531 940,2834 20,000 28,531 8,531 948,8145 20,000 28,531 8,531 957,3456 20,000 28,531 8,531 965,8767 20,000 28,531 8,531 974,4078 20,000 28,531 8,531 982,9389 20,000 28,531 8,531 991,46910 20,000 28,531 8,531 1,000,000


長期應付票據之種類及折價長期應付票據之種類及折價種類

折價無息

附　　　　息

票面利率＝市場利率票面利率＜市場利率

應付票據折價有無有


長期票據折現值長期票據折現值

時間

1,000,000$

利息費用　　　 35,560　　應付票據折價　 35,560

1 2 30

機器設備　　　 889,000應付票據折價　 111,000 　應付票據　　　 1,000,000

應付票據　 1,000,000 現金　　 1,000,000

分錄

折　價

帳面價值889,000( 現值 )

36,98236,982

38,45838,458

① ② ③


付息還本方式（一）付息還本方式（一）定額型：　　每期除了支付利息外，並償還部分本金，但每期償還的金額固定（即年金觀念）。

(

每期)

金

額

0 到期

日

$

利息

本金時間


付息還本方式（二）付息還本方式（二）分期還本型：　　除了支付利息之外，分期償還定額本金。

(

每期)

金

額

0 到期

日

$

利息

本金時間


付息還本方式（三）付息還本方式（三）一次還本型：　　平時只支付利息，到期一次還本。

(

每期)

金

額

0 到期

日

$

利息時間

本金


付息能力－利息保障倍數付息能力－利息保障倍數應計基礎

現金基礎

息前稅前損益利息保障倍數＝利息費用

稅前損益＋利息費用＝利息費用

息前稅前營業活動現金流量利息保障倍數＝本期支付利息

營業活動現金流量＋支所所得稅＋支付利息＝支付利息


利息保障倍數利息保障倍數（單位：倍）

公司利息保障倍數

年　　　　　　　　　　度

84 85 86 87 88 89 90 91 92 93

華隆應計基礎 2.82 1.83 1.43 -1.16 -0.68 -1.51 -11.20 -4.56 -10.97 －

現金基礎 2.15 4.62 2.07 -0.56 1.36 2.27 3.28 1.00 1.10 －

太電應計基礎 1.75 1.33 2.54 -1.94 2.71 1.37 -2.11 -18.15 -4.74 －

現金基礎 0.13 1.54 1.18 1.79 1.10 0.20 1.62 1.73 1.14 －

茂矽應計基礎 32.84 9.08 1.59 -1.56 2.98 2.36 -11.53 -9.23 -7.95 29.18

現金基礎 37.76 18.13 1.27 -0.13 -0.58 4.79 -0.13 -0.87 -0.90 5.98

太設應計基礎 1.49 1.50 1.43 1.12 1.07 0.77 -0.88 -4.73 4.65 -2.45

現金基礎 -4.06 0.22 -0.09 1.26 1.54 1.20 0.22 3.50 2.41 1.50

資料來源 :TEJ


附表一　複利終值表附表一　複利終值表 n iF ( 1 + i )n ＝

1


1 1.00500 1.01000 1.01500 1.02000 1.02500 1.03000 1.03500 1.04000 1.06000 1.08000 1.10000 1.120002 1.01003 1.02010 1.03023 1.04040 1.05063 1.06090 1.07123 1.08160 1.12360 1.16640 1.21000 1.254403 1.01508 1.03030 1.04568 1.06121 1.07689 1.09273 1.10872 1.12486 1.19102 1.25971 1.33100 1.404934 1.02015 1.04060 1.06136 1.08243 1.10381 1.12551 1.14752 1.16986 1.26248 1.36049 1.46410 1.573525 1.02525 1.05101 1.07728 1.10408 1.13141 1.15927 1.18769 1.21665 1.33823 1.46933 1.61051 1.762346 1.03038 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 1.26532 1.41852 1.58687 1.77156 1.973827 1.03553 1.07214 1.10984 1.14869 1.18869 1.22987 1.27228 1.31593 1.50363 1.71382 1.94872 2.210688 1.04071 1.08286 1.12649 1.17166 1.21840 1.26677 1.31681 1.36857 1.59385 1.85093 2.14359 2.475969 1.04591 1.09369 1.14339 1.19509 1.24886 1.30477 1.36290 1.42331 1.68948 1.99900 2.35795 2.7730810 1.05114 1.10462 1.16054 1.21899 1.28008 1.34392 1.41060 1.48024 1.79085 2.15892 2.59374 3.1058511 1.05640 1.11567 1.17795 1.24337 1.31209 1.38423 1.45997 1.53945 1.89830 2.33164 2.85312 3.4785512 1.06168 1.12683 1.19562 1.26824 1.34489 1.42576 1.51107 1.60103 2.01220 2.51817 3.13843 3.8959813 1.06699 1.13809 1.21355 1.29361 1.37851 1.46853 1.56396 1.66507 2.13293 2.71962 3.45227 4.3634914 1.07232 1.14947 1.23176 1.31948 1.41297 1.51259 1.61869 1.73168 2.26090 2.93719 3.79750 4.8871115 1.07768 1.16097 1.25023 1.34587 1.44830 1.55797 1.67535 1.80094 2.39656 3.17217 4.17725 5.4735716 1.08307 1.17258 1.26899 1.37279 1.48451 1.60471 1.73399 1.87298 2.54035 3.42594 4.59497 6.1303917 1.08849 1.18430 1.28802 1.40024 1.52162 1.65285 1.79468 1.94790 2.69277 3.70002 5.05447 6.8660418 1.09393 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02582 2.85434 3.99602 5.55992 7.6899719 1.09940 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 3.02560 4.31570 6.11591 8.6127620 1.10490 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 3.20714 4.66096 6.72750 9.6462921 1.11042 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 3.39956 5.03383 7.40025 10.8038522 1.11597 1.24472 1.38756 1.54598 1.72157 1.91610 2.13151 2.36992 3.60354 5.43654 8.14027 12.1003123 1.12155 1.25716 1.40838 1.57690 1.76461 1.97359 2.20611 2.46472 3.81975 5.87146 8.95430 13.5523524 1.12716 1.26973 1.42950 1.60844 1.80873 2.03279 2.28333 2.56330 4.04893 6.34118 9.84973 15.1786325 1.13280 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 4.29187 6.84848 10.83471 17.00006

4.00% 6.00% 8.00% 10.00% 12.00%0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%



1＝

1

利率期 (i)

間(n)

1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 0.99007 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.89000 0.85734 0.82645 0.797193 0.98515 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.83962 0.79383 0.75131 0.711784 0.98025 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.79209 0.73503 0.68301 0.635525 0.97537 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.74726 0.68058 0.62092 0.567436 0.97052 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.70496 0.63017 0.56447 0.506637 0.96569 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.66506 0.58349 0.51316 0.452358 0.96089 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.62741 0.54027 0.46651 0.403889 0.95610 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.59190 0.50025 0.42410 0.3606110 0.95135 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.55839 0.46319 0.38554 0.3219711 0.94661 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.52679 0.42888 0.35049 0.2874812 0.94191 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.49697 0.39711 0.31863 0.2566813 0.93722 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.46884 0.36770 0.28966 0.2291714 0.93256 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.44230 0.34046 0.26333 0.2046215 0.92792 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.41727 0.31524 0.23939 0.1827016 0.92330 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.39365 0.29189 0.21763 0.1631217 0.91871 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.37136 0.27027 0.19784 0.1456418 0.91414 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.35034 0.25025 0.17986 0.1300419 0.90959 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.33051 0.23171 0.16351 0.1161120 0.90506 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.31180 0.21455 0.14864 0.1036721 0.90056 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.29416 0.19866 0.13513 0.0925622 0.89608 0.80340 0.72069 0.64684 0.58086 0.52189 0.46915 0.42196 0.27751 0.18394 0.12285 0.0826423 0.89162 0.79544 0.71004 0.63416 0.56670 0.50669 0.45329 0.40573 0.26180 0.17032 0.11168 0.0737924 0.88719 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.24698 0.15770 0.10153 0.0658825 0.88277 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.23300 0.14602 0.09230 0.05882

2.50% 3.00% 3.50% 4.00%0.50% 1.00% 1.50% 2.00% 6.00% 8.00% 10.00% 12.00%


附表三　年金終值表附表三　年金終值表 n iFA ＝n-1

n-1

t=1

1+ (1+i )

1

利率期 (i)

間(n)

1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.000002 2.00500 2.01000 2.01500 2.02000 2.02500 2.03000 2.03500 2.04000 2.06000 2.08000 2.10000 2.120003 3.01502 3.03010 3.04522 3.06040 3.07563 3.09090 3.10622 3.12160 3.18360 3.24640 3.31000 3.374404 4.03010 4.06040 4.09090 4.12161 4.15252 4.18363 4.21494 4.24646 4.37462 4.50611 4.64100 4.779335 5.05025 5.10101 5.15227 5.20404 5.25633 5.30914 5.36247 5.41632 5.63709 5.86660 6.10510 6.352856 6.07550 6.15202 6.22955 6.30812 6.38774 6.46841 6.55015 6.63298 6.97532 7.33593 7.71561 8.115197 7.10588 7.21354 7.32299 7.43428 7.54743 7.66246 7.77941 7.89829 8.39384 8.92280 9.48717 10.089018 8.14141 8.28567 8.43284 8.58297 8.73612 8.89234 9.05169 9.21423 9.89747 10.63663 11.43589 12.299699 9.18212 9.36853 9.55933 9.75463 9.95452 10.15911 10.36850 10.58280 11.49132 12.48756 13.57948 14.7756610 10.22803 10.46221 10.70272 10.94972 11.20338 11.46388 11.73139 12.00611 13.18079 14.48656 15.93742 17.5487411 11.27917 11.56683 11.86326 12.16872 12.48347 12.80780 13.14199 13.48635 14.97164 16.64549 18.53117 20.6545812 12.33556 12.68250 13.04121 13.41209 13.79555 14.19203 14.60196 15.02581 16.86994 18.97713 21.38428 24.1331313 13.39724 13.80933 14.23683 14.68033 15.14044 15.61779 16.11303 16.62684 18.88214 21.49530 24.52271 28.0291114 14.46423 14.94742 15.45038 15.97394 16.51895 17.08632 17.67699 18.29191 21.01507 24.21492 27.97498 32.3926015 15.53655 16.09690 16.68214 17.29342 17.93193 18.59891 19.29568 20.02359 23.27597 27.15211 31.77248 37.2797116 16.61423 17.25786 17.93237 18.63929 19.38022 20.15688 20.97103 21.82453 25.67253 30.32428 35.94973 42.7532817 17.69730 18.43044 19.20136 20.01207 20.86473 21.76159 22.70502 23.69751 28.21288 33.75023 40.54470 48.8836718 18.78579 19.61475 20.48938 21.41231 22.38635 23.41444 24.49969 25.64541 30.90565 37.45024 45.59917 55.7497119 19.87972 20.81090 21.79672 22.84056 23.94601 25.11687 26.35718 27.67123 33.75999 41.44626 51.15909 63.4396820 20.97912 22.01900 23.12367 24.29737 25.54466 26.87037 28.27968 29.77808 36.78559 45.76196 57.27500 72.0524421 22.08401 23.23919 24.47052 25.78332 27.18327 28.67649 30.26947 31.96920 39.99273 50.42292 64.00250 81.6987422 23.19443 24.47159 25.83758 27.29898 28.86286 30.53678 32.32890 34.24797 43.39229 55.45676 71.40275 92.5025823 24.31040 25.71630 27.22514 28.84496 30.58443 32.45288 34.46041 36.61789 46.99583 60.89330 79.54302 104.6028924 25.43196 26.97346 28.63352 30.42186 32.34904 34.42647 36.66653 39.08260 50.81558 66.76476 88.49733 118.1552425 26.55912 28.24320 30.06302 32.03030 34.15776 36.45926 38.94986 41.64591 54.86451 73.10594 98.34706 133.33387

12.00%0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 6.00% 8.00% 10.00%



1 0.99502 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.94340 0.92593 0.90909 0.892862 1.98510 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.83339 1.78326 1.73554 1.690053 2.97025 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.67301 2.57710 2.48685 2.401834 3.95050 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.46511 3.31213 3.16987 3.037355 4.92587 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.21236 3.99271 3.79079 3.604786 5.89638 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 4.91732 4.62288 4.35526 4.111417 6.86207 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.58238 5.20637 4.86842 4.563768 7.82296 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.20979 5.74664 5.33493 4.967649 8.77906 8.56602 8.36052 8.16224 7.97087 7.78611 7.60769 7.43533 6.80169 6.24689 5.75902 5.3282510 9.73041 9.47130 9.22218 8.98259 8.75206 8.53020 8.31661 8.11090 7.36009 6.71008 6.14457 5.6502211 10.67703 10.36763 10.07112 9.78685 9.51421 9.25262 9.00155 8.76048 7.88687 7.13896 6.49506 5.9377012 11.61893 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 8.38384 7.53608 6.81369 6.1943713 12.55615 12.13374 11.73153 11.34837 10.98318 10.63496 10.30274 9.98565 8.85268 7.90378 7.10336 6.4235514 13.48871 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 9.29498 8.24424 7.36669 6.6281715 14.41662 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 9.71225 8.55948 7.60608 6.8108616 15.33993 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 10.10590 8.85137 7.82371 6.9739917 16.25863 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 10.47726 9.12164 8.02155 7.1196318 17.17277 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 10.82760 9.37189 8.20141 7.2496719 18.08236 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 11.15812 9.60360 8.36492 7.3657820 18.98742 18.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 11.46992 9.81815 8.51356 7.4694421 19.88798 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 11.76408 10.01680 8.64869 7.5620022 20.78406 19.66038 18.62082 17.65805 16.76541 15.93692 15.16712 14.45112 12.04158 10.20074 8.77154 7.6446523 21.67568 20.45582 19.33086 18.29220 17.33211 16.44361 15.62041 14.85684 12.30338 10.37106 8.88322 7.7184324 22.56287 21.24339 20.03041 18.91393 17.88499 16.93554 16.05837 15.24696 12.55036 10.52876 8.98474 7.7843225 23.44564 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 12.78336 10.67478 9.07704 7.84314

4.00% 6.00% 8.00% 10.00% 12.00%0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%


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第九章 長期負債

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第九章　長期負債