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1. + ,6 ,r  ) (Segmentation): I$0$%K:O  &'(%'-H1$0- I$%,$ , O?0( $$%3%'
-H1
% -%'.% 0AK+M-1J9
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A&/2+3 /
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;<

&'( 18/18


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
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2+3
.4'2%5

1)
2)
3)
4)
5)

1.1 <- 0$0
$<:

6 ,= (Mass Market)
K+
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$0
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6 , )
. (Multi segment market)

6 ,.s (Niche Market)
1) K+
+.3-<
$K
%<&'(
1) K+
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3) ,&29&'(+,%: Differentiation

1.2 1J91J9$0$%R

%, :
= <
6D
i>&<
6D
(Geographic segmentation)
(Demographic segmentation)
1)
2)
3)
4)
5)
6)

=4
,
<-,;<
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035'+ 0. .-
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1)
2)
3)
4)

, =&'(
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A5 Promotion <?0<:<:.

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1) 55-A
-0.%
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3) Lifestyle (Activities, Interest,
Opinion)
4) .+M=

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- -K+M-1J9
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1)
2)
3)
4)
5)
6)
7)

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(Volume-benefit-brand
preference segmentation)
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C 
AO
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+.

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<. 0-%'&-=,&'(=',0=

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%> 0 0.9A<
19</+2+3.%
%
%<,

&'( 19/19


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
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2+3
.4'2%5

,&29A
$<

6 ,= (Mass Market)
 <C<,%=',0<<',
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 <': K+3/%, %s<',-, <
&;<%
 
',: ;%$
%> 
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 0K:+CM.;<&$%

6 , )
. (Multi segment market)

6 ,.s (Niche Market)
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,
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0/
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(%$08=
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$  3
h&6i*%jD
>
%  =
undifferentiated marketing
;%$
%  = differentiated
marketing

3*
67 PLC

$  36 ,

Introduction stage =
undifferentiated marketing
Maturity = differentiated
marketing


%  = undifferentiated
marketing
$0 = differentiated
marketing

)'D  6 ,3
$>.3.
A5A&00%-.:$ $0

- /
</
$0K+M-1J9
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; $ /)  3.3*
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.%I -H19,
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19
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<. (Personal differentiation)

2)   ;<',&0$0-&'(

%
%
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promote)
3/.%$0&'($
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 $.:$$0

&'( 20/20


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o /
<%
-N-H19<-2% (Culture symbols Positioning): .%I&4;&,
o /
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 .1.$&'(K:+CM.

3;<-
o /
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$%i 5
(Quality)

> (More)
High
Premium

,/ (More)

  
(Same)
/
 $0-
.:$$0

  
(Same)
60+ (Less)

High Quality

 $ (Price)

;%$&/

;%$&/

60+ (Less)
;%$&/


+.&'.( 1M=
A.',0-.:$ $0
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Cost

o /
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High
Cost

Low Quality

o /
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o /
<%<-5- 0K+M-1J9 (Product Class Positioning)
o /
<C<,A5
,+2'$ %- (Combination of ways Positioning)
o /
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A3
(Interest) .%.+<
G (Opinions)
4) -H1&'3( 
(
/
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Build Selectively
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(G'(,)
Divest
(> , 32+3)

   (Moderate)
Invest to build
(=,%,%
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Manage for earning
(+
=( A
;<K/;)
Manage for earning
(+
=( A
;<K/;)

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(
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(R 0 Focus $%R
%,)

%,
: 5$ 0&'( I
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&'( 21/21


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

1) Segmentation: ( 03K+M-1J9/<(%.+
- I
+.&'(%'-H1 Mass Product 3/

$, ,:A$ < Mass $
&0 0.9;< $0
$<%
-3++&, C<,A5 Lifestyle %I-/
< Segment
2) Targeting: $%:.R
%, 0/<%( .+
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A
$A3A
M=
3) Positioning: +H-&K:K+/<(%.+
- /
<0/
$0K+M-1J9 A
IK+M-1J9&'( 
%> 
 0
.% 0A<
M=A
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%
%- Lifestyle  0.$A
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.+
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I /<(%&'(I T/<(%%sCU O?(0;<
<0>?0.%
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0M=-H19&'(<'A
-K:+CM.

Low
Cost

High
Cost

Low Quality

2. 33-,&'(%'K$ -<
+A3O 
+. 0K:+CM.

1''
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 /
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<<R
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<. 0-<
The Seven WaS
Who: A. ,:A$ <R
%,
What: K:O +CM. ;

When: K:+CM.O %( ;

Who: A.%'
$$%-<
+A3
Why: &/;%K:+CM.>?0O

How: K:+CM.O ,$0;

Where: K:+CM.O &'(;



&'( 22/22

The Seven Oas

)'D 6 ,

Occupants: $%R
%,$0%3++&,,
54
9, M:%+4
9, =Z+%
Objective:
+.+&'(< 0O <:3
.1
%-+, 0.9 , .%$03.:$$0 (">$
?@(-2$"2A(@#)
Occasions: C 
AO

Product, Price, Place, Promotion

Organization: K:O K:$%-<
+A3%'-H1I

A< . K: ++%( , K:%' +&2+=, K:-<
+A3O , K:O , K:A5
Objective: ->
0.9AO 33-,&'('(, 0.
33-,M,A, 33-,&0
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33-,8=.. (">$A(@#5$ABCD3/,!
Maslow)
Operation: %+2A' O . -:N
, 
.
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.%:
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Outlets:
>&'(3-<3/
$,

Promotion: A5CH1A

%= %-
$0
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Product strategy
Promotion Strategy

Product: =+31&'(K+M-1J9

-, :-H19, K+M-1J9
., K+M-1J9&'(.<
-0, 4-,M= 0K+M-1J9, .%
$0%( ',&',-.:$$0
Promotion: A5
$0
+%<

Promotion: A5
$0
+%< C<,CH1,

5
-%=-29, ,0
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%
%-K+M-1J9


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

2. up{/.,+ (Model of Buyer Behavior)

+(0M,
&0<

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K+M-1J9
.
3/
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-:N


0
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%+&0
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=Z+%
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 (Buying Motivation):

03:0A3&'( +<3-K+M-1J9 (Product buying motives):  <,03:0A3-=s (Primary buying motives) 
03:0A3AO K+M-1J9-
 (Selective buying motives)
- 03:0A3&'( +<3
K (Rational buying motives): .%
,-<&'(;<3O A5, 
+&2+M=

%>M=AA50, .%$5( > , .%&&>,
<AO
- 03:0A3&'( +<3 %19 (Emotional buying motives):   ,$0-, . ,%,  0.%
<
,,
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%
%, &/
%
%,
%'
+.A


,, 5( 
',0 0, .%.,5+'(,-+
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&7(f
 (William J. Stanton):
-

Social and Group forces

Psychological forces

-2%
-2%,$ ,
5- 0
-0.%
$% 0 +0
. .-
%5+

Information
- 
$0CH1$0B
- 
$03
-0.%

&'( 23/23

03:0A3
-:
',:
.+
&-4.+

 6*,
&7(

Situational factors

- 
->?0.% 0
- /<-.%
/.-N
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<&0
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+A3
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- C 
AO

-
>&'(O
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%,AO


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
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2+3
.4'2%5

3;
&= (*,   & (100 $)

3;/0 1 &p* &(C5<  /$. Ratio /0 . (/q: 7; &$ D Ratio '& )). /), (-()D3;
(&)
Current Ratio
(1.5: 1)
.$%s
(2: 1)
Quick Ratio
(1 : 1)
(1.4 : 1)
Inventory Turnover
5  
8 
Debt Ratio
55%
30%
ROA
11%
14%
ROE
8%
12%


 
1'4?H 0+53-<0+ A
IK:+
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;%$ 00% &/ 0 $ 0:3- +.
9A
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9%A5A;N
, 0K </+&'(3&/A

0.9 ,:$ <;<AM19$0- ,$05$33-
-H1+.
9 Financial Ratio 3 0=+31 Ratio &'(A33- &',-.$ Ratio A <'
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%s 

% C<, Ratio &'(&/+.
9A 0.92+3&-(;%'<-0'.$
1) *6
.*,
i 5$. (Liquidity Ratios): I -
$&'(A5<- .%
%>A5/
',
- 0
0.9 C<,'(,
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A&/0%%

o +.
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*6
.

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$  )

Current Ratio (&$)

(-H! = 53)

Current ratio = (C/A) / (C/L)

Quick Ratio
(-H! = 53)

Acid Ratio = (C/A Inventory) / (C/L)

.%
%>A',( 
+&-=,9A

I0+
<=( A5A5/
'
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2) *6
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&'( 24/24


<0$
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+&-=,9A
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<;<<'


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o +.
9 -
$:
-<: -
$+3% (Turnover) Sales 3I-4H
 ,:$0&-0
%<

, DSO &'( Sales 3 ,:$< $0

*6
.

>6

Inventory Turnover Ratio (&$)

(-H! = 53)

$  ) /
&0/0$+

Inventory Turnover ratio = Sales / Inventory

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%>A
%
+. 0 0.9
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=(


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%',

+&-=,9
>;;<>: 3<

Day Sales Outstanding (DSO) DSO = Receivables / Average sales per day
(-)
= Receivables / (Sales/360)
(+6J.&.2 = 53)

Fixed Assets Turnover ratio (&$)

(-H! = 53)

Fixed Assets T/O Ratio = Sales / Fixed Asset

Total Asset Turnover ratio (&$)

(-H! = 53)

Total Asset T/O ratio = Sales / Total asset

3) *6
./


& : I -
$&'(A5<- .%
%>A+

'
+ > 0.9%'
'%
o .%
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.
Debt Asset ratio (%)
(+6 = -.1H$#*,&,#23J5$)

>6

$  ) /
&0/0$+

Debt ratio = Total Debt x100/ Total Asset

Time-interest-earned ratio (TIE) TIE = EBIT / Interest changes

(&$)
(-H! = 53)

&'( 25/25

0&A
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:0$ TIE (/ K:A
:3;%$, %A
: $ 0
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$%&'( 1 $ 10 %
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D/E ratio = (Total Debt/Total Asset) /

(1-((Total Debt/Total Asset))

%'
'I'(&$ 0
$ 0K:>


EBITDA Coverage ratio

EBITDA Coverage = (EBITDA +Lease payment) /

(I + Loan payment + Lease payment)

IC,59
/
-3
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Net Profit Margin (%)

(-H! = 53)

Profit Margin = Net Income / Sales

Basic Earning Power ratio (BEP)

(-H! = 53)

BEP = EBIT / Total Assets

Return on Asset (ROA)

 ROI
(-H! = 53)

ROA = Net Income / Total Assets

Return on Equity (ROE)

(-H! = 53)

ROE = Net Income / Equity

, <,3$ A
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(&$)
(-H! = 53)
Price/Cash Flow ratio
P/CF ratio = Price per share /
Cash flow per share
Book Value / share
BV / share = Equity / share outstanding

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Market / BV = Market price per share /

(Common equity / 3/

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> 0.9%'/; 1 & .

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&'( 26/26


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 Comprehensive
$%&'( 1 $ 10 %
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M=.$ 0 (Liquidity) O?(0
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Assets
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o
o
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'
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o
o

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Long term

o
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Retain earning

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Land
Equipment

Financial Leverage
Financial Risk

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Stock price
Maximum Stock price

WACC
Cost of Debt

%Debt

&'( 27/27


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 Comprehensive
$%&'( 1 $ 10 %
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&'( 28/28


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&'( 29/29


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 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
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Stock price: Po
Bird-in-the-hand Theory: -0&&'(%'&;%$% ;%$5 
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&'( 30/30


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
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3;/0 6 9; &p*6; 7-$  100;   &p*$7=;%jD,7 6*,
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$%&'( 1 $ 10 %
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&'( 32/32


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 Comprehensive
$%&'( 1 $ 10 %
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.
Inventory Turnover Ratio (&$)
(-H! = 53)

>6

$  ) /
&0/0$+

Inventory Turnover ratio = Sales / Inventory

Day Sales Outstanding (DSO) DSO = Receivables / Average sales per day
(-)
= Receivables / (Sales/360)
(+6J.&.2 = 53)

Fixed Assets Turnover ratio (&$)

(-H! = 53)

Fixed Assets T/O Ratio = Sales / Fixed Asset

Total Asset Turnover ratio (&$)

(-H! = 53)

Total Asset T/O ratio = Sales / Total asset

.%
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&'( 43/43


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o +.
9 -
$
*6
.
Debt Asset ratio (%)
(+6 = -.1H$#*,&,#23J5$)

>6

$  ) /
&0/0$+

Debt ratio = Total Debt x100/ Total Asset

Time-interest-earned ratio (TIE) TIE = EBIT / Interest changes

(&$)
(-H! = 53)

Debt per Equity ratio (D/E ratio)

D/E ratio = (Total Debt/Total Asset) /

(1-((Total Debt/Total Asset))

0&A
+&-=,9%+<3$
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-
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EBITDA Coverage = (EBITDA +Lease payment) /

(I + Loan payment + Lease payment)

IC,59
/
-3
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>6

$  ) /
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Net Profit Margin (%)

(-H! = 53)

Profit Margin = Net Income / Sales

Basic Earning Power ratio (BEP)

(-H! = 53)

BEP = EBIT / Total Assets

Return on Asset (ROA)

 ROI
(-H! = 53)

ROA = Net Income / Total Assets

Return on Equity (ROE)

(-H! = 53)

ROE = Net Income / Equity

&'( 44/44

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$%&'( 1 $ 10 %
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5) Market Value Ratio

*6
.

>6

$  ) /
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Price/Earnings ratio (P/E ratio) P/E ratio = Price per share / Earning per share
(&$)
(-H! = 53)
Price/Cash Flow ratio
P/CF ratio = Price per share /
Cash flow per share
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BV / share = Equity / share outstanding

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Market / BV = Market price per share /

(Common equity / 3/

%-N)

> 0.9%'/; 1 & .

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ROE =

Sales

Total Assets

Common Equity

Profit Margin ratio

Total Assets Turnover

ratio

Equity Multiplier

  $ $


  $ 


  %
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5.4 ; /07 (*, $ 
/0) (Risk Management)

5.4.1 M&.%
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4) Input risks:
.%
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5) Financial risks:
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6) Property risks:
.%
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, 0
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8) Environment risks: .%
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M< %
9) Liability risks:
.%
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10) Insurable risks:
.%
'(,0&'(
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&'( 45/45


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

i
Systematic risk

$$

>6/07=;*,
0.9;%$
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(A
5
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+
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!
:
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rate)
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(A5,K%23+ 5#A!: Required rate)

K^ = I=1-n KiPi
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(A5,K%23J+ 5$4!2!: Expected

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Market risk: " $ 
(

Portfolio market
risk
No. of
Stock

&'( 46/46


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

Security Market Line (SML): u
<0.%
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$0.%
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SML Equation = Ki = KRF + (Km - KRF)bi

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)  

 !

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:   

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&'( 47/47


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
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0 .1+
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o i36
5* 'D:

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%-NA< (Po) = 25 & . strike price (Px) = 20 &
<-0- Formula value = Po Px = 25-20 = 5 & -(
%,>?0 -0&30&=+%( =',0 5 &
&$- ;%$ 00&>?0 25 &G% (Financial leverage)
Put Option: Option &'(A

+&2+A,

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%'/; = 30-25 = 5 &

:./1:
Formula value
= Po Px
%( Po = Stock price  Px = Strike price
Market price of option
= Premium value + Formula value
4-=&9 (B&'(.::
1. Covered Option: -0&&'( call option C<,%'
 ,:A$ . . 0 0 0
2. Naked Option: Option &'( 3/
$,C<, writer &'(;%$%'

%-N ,:$A. . 0
3. Out-of-the-money Option: Option &'(%'. exercise price
:0$.< 0

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4. In-the-money Option: Option &'(%'. exercise price (/$.< 0

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< 0 Option: 5$ Chicago Board of Trade(CBOT), Chicago Mercantile Exchange(CME)
33-,&'(%'K&$ %:.$ 0 Option
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:0?
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d. .%K-K 0.

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&'( 48/48


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

 u
<0.%
-%=-29 0. Option %:.$%( A5
+&2+ (Exercise value)

Option price and Exercise
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45"#

Premium "*1*$%
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In the money = #

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3 ).; (Forward contracts): I
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< A-&'(/
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payments 33-&/ Swaps I&/2%
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&'(<A
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--

&'( 49/49


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

 Inverse floaters: I-S0+&'(% ' -< ', ,-%<-5' -< ', O?0( -K & 0-S
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& (Capital Management)
5.5.1
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0+&3
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&'( 50/50


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
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o #23-2@@A: I
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6. =-2-.

+&2+ (Bonds issued with warrants): A

&+ 2+-K:> =-2-
AO

%-N 0+H-&;<A.&'(/
< O?0( 3;<-K/;3.
&'(
=+(%
:0$.&'(/
< ( -< ',(/$=-2-2%<)
7. Indexed or Purchasing power bonds: %%( -0+uR
:0 I
R 0-K:0&3 -0+uR
8. =-2-3/ 0: %'./-=-2-<,
-&-=,9
9. =-2
-NN (Indenture): %'0 ,$0I&0 O?(0
%>3/
$,
=-2-5<A
%$;< <M,A 0033-&$-
10.
: (Debentures): =-2-,,&'(;%$%' ./ - ? ,:$-
+&-=,9 0
0.9.%
%>A5/
' 0 0.9

&'( 51/51


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

11.
:5- 0 (Subordinated Debentures): ;<-5/.%( 0.9%'5/
'
A
-3
' (B3.
4) <*5D6/0 ;>:;
1) %:.$&'(; (Par value): %:.$.&'(/
<;$ =-2-
?(08- 
<0
>?03/0+&'( 05/.%( ./
<;>$> 
2) -< ',&'( /
< (Coupon Interest rate): < ',3$,&'(/
<;$ Par
value
3) -< ', ,- (Floating rate bonds): < ',3$,&'(%'',( 0
 < C<,--%,
4) Zero Coupon bonds: =-2-&'(;%$%'5/< ', , $3/
$,A.&'(
(/$ Par value % (Discount) K &&'(-0&;<3%3. 0
=-2-&'(
:0?3&$-. Par value
5) Original issue discount bond (OID): 3/
$,=-2-.-0&'(%'.(/
$ Par value
6) /
<;>$>  (Maturity date): ,&'(/
<$ AO =-2-.
7) 0( ;',.=-2- (Call provisions): =-2- 0+H-&
$%3%'
/
<0( ;5+<';
i. >0+&'( 03$,A
-K:> =-2- > Par value = Call premium
ii. Deferred call =  /
<&';( %$
%>',.;<
-033/
$,.-0
I,&'(/
<
iii. =-2-&'(
%>',.;<%' - < ',&'(
:0$=-2-&'(;%$
%>
',.;<
8) Refunding operation: ;>$> =-2-5<$.
9) Potable bonds: ,.A
- 0.9$ /
<;< %( %'
190 ,$0
10) 0+&;>$> =-2- (Sinking Funds): A5
/
-;>$> =-2-A$@
iv. +H-&|0+;-K:<: K:<:
%>/0+;0&=(
KC,59
$ &'(=-2-3. ,;>$> 
v. > -< ',
:0 = .=-2-< = +H-&O =-2-.3<

-&-=,9
vi. > -< ',< = .=-2-=+(% = +H-&3A52+ '',.=-2-
5) &>$. 5*'*6:
1.
-.+<: =+31$ Future value 3A

0+
<&$A< .+<-%I
Present value
2. Premium bonds: =-2-&'(%'.
:0$ Par value +<?% ( -K &&'(
 03=-2- ,$< ', 0=-2-
3. Discount bonds: =-2-&'(%'.(/$ Par value +<?% ( -K &&'(
 03=-2-%$< ', 0=-2-

&'( 52/52


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

4. Fixed rate bonds: =-2-&'(%' -K &&'( 03=-2-&$-

-< ', 0=-2-
5. %:.$ 0=-2-3A%:.$ Par value 
% %( A./
<;>$> 
Bond
value

Premium
bond
Par bond
Discount
bond
Yea
rs

6)
>6 $+ % h6( 5*'*6 (Bond Yields)

i
%+%:.$=-2-

>6$+ %

$  )

VB= t=1 n (INT/(1+Kd)t) + (M/(1+Kd)n)

%( INT= 3/< ',$ 0<
Kd= -K &&'(-0& 0
M= Par Value
N = 

-K &%( >

=-2-./
<;>$> 
(Yield to Maturity: YTM):

VB= t=1 n (INT/(1+Kd)t) + (M/(1+Kd)n)

%( INT= 3/< ',$ 0<
Kd= YTM
M= Par Value
N = 

-K &%( >

VB= t=1n(INT/(1+Kd)t)+(Call price/(1+Kd)n)
=-2-3>:',. (Yield % ( INT= 3/< ',$ 0<
Kd= YTM
to call: YTC):

,6  

- %:.$ 0=-2-'(,%( -K &&'( PVIF i,n

 0'(,
- Kd = I : Fixed rate bond = Par value
- Kd>i: Premium bond
- Kd<i: Discount bond $3%'--3.
?;&$- Par value %( ./
<;>$> 
-K &8'(,$ @%( O =-2->
PVIF i,n
3./
<;>$> 

%( O =-2-A. X & > ;3&-(0 ./

<&'(. Y & 3;<- K &3>?0
',. Z%

M= Par Value
N = 

-K &A33-

Current Yield= INT/Current price
 0=-2- (Current Yield)
=-2-5/< ',@ 2 VB= t=1 n (INT/(1+(Kd/2))t) + (M/(1+(Kd/2))n)
%( INT= 3/< ',$ 0<
.-0

=-2-'3A
,;<I0+
<&$A<A 1 @C<,;%$ ./?0>?0/;
 <&
>5/< ',$ ,.-0 %:.$=-2-3=+(%?
-

Kd= YTM
M= Par Value
N = 

&'( 53/53


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

7) &$ 
/0)35*'*6

I 5&0

$ 
/0)

I ,

3 -< ', (Interest rate risk)

I =+(%> .< = <&

I <> .=+(%= K: 3',.=( ;%$A

<&

3 -K &%( /;0&

A
%$ (Reinvestment rate)
;%$
%>5/< ',0+.
;< (Default risk)

K:O ;<,;<

K:O
:N
',,;< O?(03&$ -0&

=-2--s: Default risk = 0

-0&5 O =-2-&'(%' Default risk
:0$ (%( & ,$0
% -) =33$,(/$


Default risk ?-: .%$5( >  0 0.9, 3-< -<-, 3<
0.9 0 =-2-
=-2-;.1M=3%' Default risk
:0%

8)
:
1) =-2-3%'.%
'(,0 3 ,$0 . .%
'(,0&'(;%$
%>5/< ',0+
.;< (Default risk), .%
'(,0( 03 -< ', .%
'(,03
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%$
2) '(,0%( > =-2- (u)
o -< ',=+(% > .=-2-< > -0&O =-2-A<

-&-=,9
o -< ',< > .=-2-=+(% > 0.9',.=-2-=( ;%$A

<&
o >.=-2-
:0$ Par value = Premium bond
o >.=-2-(/$ Par value = Discount bond
o >.=-2-&$- Par value = Fixed rate bond
o -&A2/,!(4$/,!:
o #$2K.-R: I
%'-H1&-0&'(I3
'3 0+3
%>', 0
+&2+;<M,

-035/
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-
: 
+%
+&2+;%$.$ ,=A% 0;&, $%-3 %%(
-< ',A& 0<(/ , /;, <, 0+H-&;%$$  %'.$A53$ ,?0%
< ',
o #$2-.S: >
+&2+I3 0+3 ;<-K/;3K %'
+&2+A 
',
/
<C,, 0 0.9

%-N'3;%$%';>$>  ( 0,
A<
-&-=,9) >%'
/;G3KA
 IM=-H19&'(<' 0 0.9 $> %'K>: 

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>:
$%  3', -0&$ +
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%-N
:0$
 :
o
-: K:>

%-N. I3 0 0.9%'
+&2+A 
',0%'
+&2+AO


%-N&'( A
%$;<$ 
1)

%-N;%$%'/
<;>$> 
2) ;<-0+K=',0 ,$0<', KG$ %( 0.9%'/ ;
3) -K &
;<3 CAPM
4)

%-N&'(,A .% ( .
:0?$&'(O %G%'/; (capital gain)

33<&>.<0G;<

&'( 54/54


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o < 0

%-N
o Closely Held Corporations: %'3 0 2-3 . IK:+
 0.9
o Publicly Owned Corporations: +H-&%
5&'%( '
3/% K:>
;%$;<IK:+
<, 0
o Over-the-Counter Market (OTC): <&'(I$  (%'3<
&',)
o M& 0O ,

1) O ,A< (IPO): IO ,

%-N 0 0.93&',A
%$
,-0;%$.,O ,A<
-&-=,9%$ 
2) O ,A<: IO ,

%-N&'( %=+(%+%A
%$
3) O ,A< 0: IO ,
-&-=,9<+%&'(%'O ,%$ 
(Outstanding share)
o %+.

%-N
&
.

%-NC<,A50+KI
-

>6$+ %
Dt/(1+Ks)t = General Model

$  )
I./1=(
%:.$33- 0

P^0 = t=1 N
%( P^0 = %:.$33- 00+K&'(.<$3;<- 0+
<&'(;<-3

%-N
&-0
%<A .
D = 0+K&'(K:>
.<$3;<-%(
+@ t
Ks= -K &&'( 03

%-N (CAPM)
T = 


%-N&'(%' -+C.0&'(

Growth Stock Model)


%-N&'(%' -+C;%$.0&'(

Constant Growth Stock Model)
%+%:.$+H-&

(Constant P^0 = Dt/(Ks - g ) = Constant Growth Model

- 0+K 0 0.93+C&$-&@

%( P 0 = %:.$33- 00+K&'(.<$3;<- - A5- 0.9&'(%'+CG%&'( (Mature)
&-0
%<A .
- P^0 %$.

%-N > ;%$O (Over
D = 0+K&'(K:>
.<$3;<-%(
+@ t
value)
Ks= -K &&'( 03

%-N (CAPM)
- P^0  ,$.

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g =3+N+C
value)
0( ;:
- %( %'.%O %? &/A
.,--
:0?
1) 0+K.<$3+C.0&'(
-
:$3<
%< $<',-.&'(=0
2) .

%-N3+CA - g
+;3<03
:$3<
%<
3) -K &&'(.<$3;<- 3.0&'(
^
(Non- P n = Dn+1/(Ks - g )
^

Vcompany = t=1 N FCFn / (1+WACC)n

= Corporate/Total Company Value Model
%( FCF = NOPAT Investment
WACC = WdKd(1-Tax)+WeKe

&'( 55/55

0.93A

0+
<I/;3
</+0
FCF 33$,.A
-3
'K:>

0.-0 0.9 3%'0+;%$= 3$,K
A5- 0.9&'(/-0+C
 ;%$.,3$,K%
$ 


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

Dividend

Super Normal Growth: 


6
(

Normal Growth: 

6


Zero Growth
Declining Growth:

Years

5.5.1.2 & 00+& (Cost of Capital)

o $  ): --(/  00+&
o 
 (Weighted Average Cost of Capital: WACC) = WdKd(1-T) + WeKe
o WACC I>-8'(,& 00+& -( 0%3
-<
$ 00+&&'(;%$&$- &/A
 0
',< ',
A
-
$00+&&'(;%$&$- 0.9 0A
& 00+&
-<
$
$0
$ 0
' 
$ 0K:>

%'.$
%
% -(. 3<&'( WACC %'.$ (/&'(
<&/A
+3%'%:.$
:0
<
o -)=D36;&: I-./1
%:.$=+(%&04Hs4
9, A5A%+=( 5$
 O

+&-=,9,
/.-N%
/
-2+3K:<
o $+ %6;3&:
/
-& 0/;

%$+2'3
.$;<;%$&$- $$ 3A5
+2'A<
 3
.$8'(,G;<

&'( 56/56


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

i36;

>6$+ %

& 0
'
+,, (
-0
-MH')

Cost of Debt = Kd (1-Tax) : (%)

& 0
+%
+&2+ (Kp)

Kp = Dp / PN : (%)

$  )
3A5&
-0
-MH'
=< ',

%>/;A5I.$A53$,$ 
',MH';<
>I 0.9&'( 3/
$,A
%$ ;%$;<
3/
$,<, 03%'.$2%',%
/
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3/
$, %'K&/A
 -< ',
:0$&'(;
& 0
+%
+&2+;%$ 0.+<
-0MH' ' ( 03
/%3/;
-0
-MH'

%( Dp = 0+K 0
+%
+&2+
PN = .3/
$, 0
+%
+&2+
-
.$A53$,A3-<3/
$,

& 0/;

% (Ks)

1) Capital Asset Pricing Model: CAPM

%( 0.9//;

%;A5A0&$  G.

3$,A
-K:>
=( /;0&$  0A2+3&'(%'.%

'(,0&$B-
-  .% 0K &&'(3 0 03
'%
(

CAPM = Ks = KRF+ (Km-KRF)bi

- >
% > .%
'(,0 (Bi) % > .% 0
K &3
:0

-K &3=-2-


:O?(0% Premium
O?(0&/A
K &%?
Ks &'(;<%IK &-(/ &'(K: +
3 0;<-.
3&'(//;&'(GI/;

%;0&$ &&'(3
3$,K

2) Bond-Yield-plus-risk-premium Approach Bond Yield= Ks = Yield + Premium

3) Discount-Yield-Plus-Growth-rate/Discount
Cash Flow (DCF) Approach

& 0

%-N A
%$ (Ke)

DCF=Ks=K^s=(D1/g)+expected g
%( expected g= beta(ROE)
Ke= (D1/(Po(1-F))+g


$00+& 03 03&%$
$0
%(
F= Flotation Cost
 & 0+&$
'
.$2%',%&'(3$,A
+5


5$04Hs+3OO3;%$
$
%-NA
%$=
&
:0


&3/;

%I&&'((/&'(
< O?(0+3
3 &'(3;%$3$,K$/;0&$ =( A
+<%:.$


%-N
:0
<

&8'(, 00+& (Weight Average Cost WACC = WdKd(1-T)+WpKp+WcKs

%( WpKp= & 0
+&
+&2+
of Capital :WACC)
WcKs= & 0
$3 0

&'( 57/57

A5=( /
<C.0
0 00+&&'(
%
%
 0 0.9A5IR
%,=( <%&


33-,&'(..%;%$;<:
<- -< ',
(I
:0>Kd
:0), -MH' (T
:0> Kd (/)


33-,&'(..%;<: C,,C.0
00+&,
C,,K (3$,%>/;

%
  ,><%
&), C,,0&


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
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0 .1+
2+3
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o -& 00+&
/
-.%
'(,0
Rate of Return
(%)

WAC
C

6$ !$ 
3*  

# (

6$ !*  
 (
*$ 
(

Hurdle
rate

Risk
Low
Risk

AVG
Risk

High
Risk

6$ !$ 
3 &".%

  ( WACC 5 $ 
 (
%* " 
( "#.%$ $0)*%&"$ (
6$ !*  
 (



o N
',( -& 00+&
1) .$
( %. G%'& $;%$;</%.+<A WACC =+&3I&&'(/ ;0&A
+&-=,9
> ,:$
2) 2+3<G&'(;%$;<3<&',A<
-&-=,9./1 WACC ,
3) N
./1& 00+&
4) & 00+& 0C.0&'%( '.%
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5) 0.9 $0B 0C.0
00+&
5.5.1.3 C.0
00+& (Capital Structure):  <,
'
 +,,
$ 0K:> 
 I./1
-<
$
0&&'(
%
% <:$30&&$A<<,:,% (%) 
$ 03 0 (%) C<, 0%'& 00+& (WACC)
(/&'(
<$ A
+<.

%-N
:0&'(
<
% Cost of Capital

Cost of Equity

Stock price
Maximum Stock
price

WACC
Cost of Debt

%Debt

&'( 58/58


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

5.5.1.4 %:.$0+%

i
%:.$A . (Future Value)

%:.$33- (Present value)

%:.$0+A . 00+&$-

&0< (Future Value of An Annuity: FVA)

%:.$33- 00+&$-&0<

>6

$  )

FVn= PV (1+I)
%( I = -
$< (Discount rate)
PV = %:.$33-
FV = %:.$A .
N = 3/@
PVn = FVn / (1+I)n
%( I = -
$< (Discount rate)
PV = %:.$33-
FV = %:.$A .
N = 3/@
FVn= PV (1+I)n

 0&
.$0+A .&'(./1;<3%'.$%?
FV 3%
  ,? ,:$- -< ',
,
I =+(% > FV =+(%
<.$ 00+
PV 3%
  ,<:&'( -
$<
&'(<',-: PV < > I =+(%
&'( -
$<<',-: PV < > n =+(%

1) Ordinary Annuity: /
<3$,&
,0<
FVAn(Oridinary)= PMT (FVIFAi,n)
2) Annuity Due: /
<3$,&B0<
FVAn(Due)= PMT (FVIFAi,n)(1+i)
PVn = FVn / (1+I)n

(Present Value of An Annuity: PVA)

1) Ordinary Annuity: /
<3$,&
,0<
PVAn(Oridinary)= PMT (PVIFAi,n)
2) Annuity Due: /
<3$,&B0<
PVAn(Due)= PMT (PVIFAi,n)(1+i)

Perpetuities

PV = PMT / i
%( PMT = 3$,K
I = -
$<
 -K &&'( 0

%:.$33- 0
0+
<;%$

&$-&0<

-3$,A3/&'(&$-&0<3>?0@&'(

+
<&'(/
<;
;%$;<0+0<&'(@&'( 0 $3;<; <3@&'(
n

;<0+A@&'( 0 $3;<;3>?0@&'( n-1

-3$,A3/&'(&$-&0<3>?0@&'(

+
<&'(/
<;
;%$;<0+0<&'(@&'( 0 $3;<; <3@&'(
n

6  /0,
FVIF

PVIF

1) FVIFA i,n

2) FVIFA i,n

1) PVIFAi,n

;<0+A@&'( 0 $3;<;3>?0@&'( n-1

-
 3$,&$-&0<$;%$%'/
<
+
< 5$

+%
+&2+
 =-2-M&;%$%'/
<;>$> 

PVn = CFn / (1+i)n

PVIF I,n

(Present Value of Uneven Cash Flow)

%:.$0+A . 0
0+ FVn = t=1nCFn(1+i)n-t

<;%$&$-&0< (Future Value of

FVIF I,n

Uneven Cash Flow Stream)

&&'(;%$A5$&@.-0 FVn= PV (1+I)n

-< ',&'(&3+0 (EFF%)

Periodic rate (Iper)

&'( 59/59

- 
0+
<&'(;<- 3%$@.-0
- &$ ,.-0&/A
 FV %'.$%?<,

FVIF I,n
-

%( m = 3/.-0&'&( A 1 @

iNom = -< ',&'(;A
-NN

Nominal interest rate= A5%( &@.-0

Effective Annual rate= &%$@.-0%'.$
:0
$ Nominal

Iper = iNom / m

-< ',$ 0<

EAR (EFF%) = (1+iNom/m)m-1.0


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

5.5.2 ; /07 (*,
&

5.5.2.1 3-<
0+0&3A5&ZH'3-.:$ (Matching Approach): -
$0&? ,:$-M& 0
K:3-<&00+ $I$%&'(5 .%&&, (
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 I= -H9+,% (;%$
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o 
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%',:

Relaxed Current Asset Investment Policy: 0&A
+&-=,9
%',
:0 .%
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K &(/%;<,

Restricted Current Asset Investment Policy: 0&A
+&-=,9
%',(/ =( 0&A

+&-=,9>%? =( A
;<K &
:0

Moderate Current Asset Investment Policy: 0&A
+&-=,9
%',;%$(/3+;
5.5.2.3 0&A
+&-=,9>:  0A50+3/%$3.&
o
+&-=,9>: &'(<+, . 19.( 03-
o *p%-$ 3
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C.0O .( 03-A
%$&<& 0$&'(,0- A50;< ,:$ =( <&K+
C.0,,K+M-1J9<+% = ( ,,<A
, <,
:0?
C.0,,K+M-1J9A
%$ = ( <<A
%$
C.0=( .% <M-,.%. 0
+0( < %

&'( 60/60


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 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
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o &'/ &-$ 

-=+31:  0=+31M& 0C.0, < 0C.0, 
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,.& (Payback Period: PB): PB = 3/@$ .&/(Cash flow &'(

 /
cash Flow &-0@)
I./1
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 5!22$,!(*,T!3+.3@@(A
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%:.$33-
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NPV): I./1
K$0
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<&'(;<30&
-03
/%.+<I@33--0+0&A@
 NPV /,!T!$,!.3&(?W2KA1X!
4@,.KT!J5$

I./1

,&'(3;<-K &
&$-0+0&&'(3$,;.-0


5!22$,!(*,T!3+.3@@(A*22-23+-5


 
',: ;%$./?0>?0%:.$ 00+


 <':

%> .%
',( 0 ,$0.$B;<$
C.0A<.&G$- (
'(,0 , > .&G)

M=.$ 0 0C.0;<
N


I./1
K$0
$0
0+
<&'(;<
NPV = t=0 CFt / (1+K)t
30&

-03/%.+<I@33--0+0&
%( K = & 0C.0O?(03A5I -
A@

$<
CF= 
0+
<
&2+&'(@ t


NPV
/,!T!$,!.3&(?W2KA1X!4@,.K
T!J5$


> NPV =0 5 >%$3 0&/$
 ;%$ A
=+31
.%
%>A3$,< ',$3$,;<
 ;%$
>%'
.%
%>A.0+
 33 < ', $ 
;< =;<+<& 00+& 3?0
%>/%5/
< ',;< .</+$ =3$ A
+<0&
=+(%,,+3


NPV I > EAV  MVA I<,


 <': NPV 
GI:-0+
N


IK &&'(.<$3;<-3C.0A
NPV = t=0 CFt / (1+IRR)t
. (%) A%+C.0C<,=+313 -
< ',
 K &&'(&/A

0+
<- < ,
C.0%( .+<%:.$33-&$-0+
<%( +(%C.0


IRR /,!T!4@$,!(?W2KA%@(*,T!3+
IRR .3&-H!-5


 <': IRR 
GI % +,%A5%$


 
',: % &'( %
:0$;%$$$3<'$
% ;
 0<:3/0+ <,

-K &3C.0 (Internal

rate of return (IRR)): IK &&'(
.<$3;<-3C.0A . (%)
A%+C.0C<,=+313
-< ',
 K &&'(&/A


0+
<- < ,C.0%( .+<%:.$
33-&$-0+
<%( +(%C.0
IRR /,!T!4@$,!(?W2KA%@(*,
T!3+ IRR .3&-H!-5
-K &3C.0
, -
(Multiple IRR)
-K &3C.0&'(%'-  (Modified Internal Rate of Return:
MIRR): MIRR: I -K &&'(.<
$3;<-A .
C<,.+<$3/;
0&$ .<$3;<-K &
&$-& 00+&

&'( 61/61

$  )

A5-C.0&'(%'
0+
<;%$+
1''A
A5 NPV -<
+A3$3-C.0
 ;%$
I -K &&'(.<$3;<-A .
C<,.+<$3
/;0&$ .<$3;<-K &&$-& 0
0+&
>C.0%' ,<&$- A5 NPV + MIRR


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o M& 0C.0:
o C.0&'(&<&-;< (Mutually exclusive project):  ;<=',0 1 C.0
o C.0&'(I +
$ - (Independent project):
%> ;<
,BC.0= %- ?-
.%
%>&0<0+
o C.0&'(=0?( = 4-,- (Dependent project):  0 C.0&-0
0C.0= %-
%>
+
2;<&-0
0C.0= %-<,
o =+3100& 0C.0: ./13 Cash Flow A 3 5$0. 5$0+(%C.0, 
0+
<
 < ,C.0 %:.$O
-03
G3
+C.0
Mutually exclusive
Independent
Dependent
&-$ 
Pay back Period: PB (Year)

;%$-C.0
;%$-C.0
;%$-C.0
;)
-C.0
-C.0
-C.0
Net Present Value: NPV
0
=+31.%
%>A5/< ',.0+ (.%&)
+
 C.0&'+( %$
-C.0
-C.0
;%$-C.0
;%$-C.0
;%$-C.0
Internal rate of return: IRR
+
-C.0&'( +
:0$
-C.0&'( IRR > WACC
(%)
;%$-C.0
;%$-C.0
;%$-C.0
MIRR (%)
+
 C.0&'( +
:0&'(
<
-C.0&'( MIRR > WACC %'.$
:0
<
;%$-C.0
;%$-C.0
;%$-C.0
5.6 ; /07 + ,-) )qh
5.6.1 C,,K&'(
%
% (Optimal Dividend Policy): 3-<A
%.' %
%<
$00+K33-
-3+N+C 0 0.9A . =( &/A
. 0

%-N
:0
<
0%:.$
:0
<A
-K:>

5.6.2 Constant Growth stock valuation Model: P^0 = D1 / (Ks g)
7
D1
P^0 =



 > 

 >  

Ks - g


6

5.6.3 &ZH'K:

o Dividend Irrelevance Theory (M&M Theory): 0+K;%$%'K&$ .

%-N& 00+&

 $;<$ C,,K;%$%'.%
/.-N %:.$ 0+33?-.%
'(,0.%
%>A&/
/; 0 0.9&$-
o Bird-In-the-hand Theory (Myron Gordon & John Linter): -0&,+<'3-0+KO?(0.+<$%'%:.$
%$/;3.

%-N&'(3
:0?A .

&'( 62/62


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o Tax Preference Theory: -0&,+<'&'(3-0+KA -&'((/%$ -&'(
:0 ( 03

MH'+<3/0+&'%( ' ,:$;0&$ $ A
+</;%:.$

%-N
:0?%/<-

MH'3O ,
,-0;%$ 03$,&-&' $MH'30+K 03$,&-&' <-0--0&>0&$
3;<C,59%$

K:0&3>

%-N <5'+ G;%$ 03$,MH'&'(%3/; 3?0> $I.& 0 0
Stock price: Po
Bird-in-the-hand Theory:  
( (2
 2
.% (7 #  &"$ (7  " (# %

8.$

Dividend Irrelevance Theory (M&M): (
. 

7 &"$ (0$( -!0($ 
"$ 
).##

Tax Preference Theory:   
0 2.%#

( 6(
 (7 *  "(.%
6
, # "0$(
%
8
0-!   ! #
((

:4  %*
7 ")* (%
8!;$
2 
 

Payout (%)

5.6.4 <G (B&'(',(  0-3$,0+K

5.6.4.1 Information Content, Signaling, Hypothesis: -0&.+<$0+KI
-NN1 0=,19
K &3|},+
 0 0.9 -(. >K% I
-NN1$|},+
 0 0.9%'
.<19C 
&//; 0+H-&=+(%? &/A
 ..

%-N3=+(%?<,
5.6.4.2 Clientele Effect: -0&%'.%5 A,C,,K;%$
% - 0.9;%$.'(,C,,K
$ , ( 03-0&3 0,
$ ,? ,

%-N
$'%'.$ A53$ ,%'.%
'(,03
,;%$;< -IK&/A
.

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-0&
A3 % 0>?0
..

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:0?G
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5.6.4.3 .%
%(/
% A3$,K:
-0&35 0&A

%-N 0 0.9&'(%'.%%$,/
$ AK .%
%(/
%  0K <, 2
$ . -3+N+C$5( >
%=',0A< 5( > ;<&$A<$3;<-0+KA .
5.6.4.4 +2'3$,0+K:
/
< -3$,0+KC<,A5 Residual Dividend Model:  0=+31>?0R
%, 0
+H-&A
0.%%-0( .-0( A
-K:>

0+
<&'(+H-&
%>
%;<< ,
/
<
C,,' 3
%--0&&'(;%$
A3.%K-K 00+K
0+K = /;
&2+ - /;

%&'(G;=( 0&C.0A
%$
5.6.4.5 /
<C,,K.0&'( (Dividend Stability): /
<3$,0+K.0&'(
5.6.4.6 /
<C,,K 0 (Dividend Policy in Practice)

&'( 63/63


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

5.6.5

3$,0+K:

1) 4-3$,K
2) 4-<
%<&',=-C 

3) /
<
+&2+A-0+K3I 2 -$ <
%<&',=-C 

4) 3$,0+K%-&'( /
<
5.6.6 33-,&'(%'K$ C,,K
1)  /
<$0B:
-NNA3/
$,=-2-
 :,% ,  /
< 0
+%
+&2+,  /
<&0

%,, +%10+
<&'( 0.9%', MH'.$ -
/

G/;

%; ,$0;%$
%
%
2) C 
A0&: 3/C 
A0&&'(%'/ ; (C 
&//;%>K(/), C 
A$0

5 C.0 (5 C.0;<> K
%(/
% )
3) &0 A3-<
0+&: .$A53$ ,A3/
$,

%-N, .%
%>AA50+0&3
'

$ 03 0, ..%( 03-3
', /3+
G33$,K%
5.7 ; /07 (*, ;
*:
P^o

Undervalue = 0$(
# ($ ;  0<*!   "2
Ke = KRF + (Km KRF)

Overvalue = 0$(
0$ ;  "



Risk

5.7.1


 (Stock Split): I=+(%3/

%-N&'%( ' ,:$<+%A
%? A5A1'&'(.

%-N
:0?
,$0<G 3?0
=( A
.

%-N(/0
5.7.2
K (Stock Dividend): I$0
 C<,;%$&$
>=s 0K:> 
33- A5A1'
&'( 0.9 0A
.

%-N<0A5$03/-<
5.7.3 O

%-N-. (Stock Repurchase): IO 

%-N-.=( <3/
&'(%' ,:$<+% &/A

/;$
=+(%.
=+(%?
o O

%-N.:

0.9%'0+
 &'(33,C,59A
-K:>
A1'&'(+H-&3A50+<-0$O
 -%
&3$,K

0.9%'
M0+&
$ 03 0
:0+; 3?0%'3/
$,=-2- %/0+&'(;<;O

-.

+H-&A

+&2+-=-0A>

%-N 0 0.9 C<,+H-&A5+2'O
.%=( A
=-0
;<O (
-3-<M,A 0.9)

&'( 64/64


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

o  <' 
', 0O

.:
3;,/
3;
/)
1)
-NN1&'(<'A%%% 0 0-0& (O .=.<$ 1) K:>
 3;%$:
?>?0.%$0
$00+K
.
3(/ $&'(.3I)
/;3.
&'(
:0?
2) K:O %'&0 &'(3,

 ;%$G;<
2) K:>

 3;%$&
%> 0O .&'(&3+0
3) &/A
3/ 
&'%( '%;IK&/A
. 3) > 0.9O .A.&'(
:0+; K:>
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0;<-.
:$
M+
3
',C,59
4) '(,C.0
00+& ,$0<G
5.8 ; /0 h 5) %D  &
5.8.1 .%
%,: =( %+K</+0$0
$3;<%&'( 0.9-0R
%,
 ;%$3I%&'(-
0&;<.<
-0;
 ;%$
5.8.2 0K,&29:
1) Mission: 
<0>?0
+(0&'(3&/A
+
-,&-49&'(0; Corporate Purpose: 03<%0$
%,%A
I
?(0
<',-&-0 0.9 Corporate Scope: /
< 0 0M&2+3=&'(&'(</ +2+3 Corporate
Objective: 330R
%,= ( A
I&0+
0 0 0.9/
<->
0.9&-0A5+0+%1
.1M=
2) Corporate Strategy:
0,&29=( &'(3R
%,&'(-0;
3) Operating Plans: /
<K</+0 ,$0 ',<
4) Long-ranged and Short-term sales forecasts: =,19, <,&-0A,
-,,
5) Financial Plan: /
<K0+ C<,


&/00+$0
=( +.
9K& 0</+0$ /;&'(.<;$ -
$&0
0+


/
<0+&'(30&
-
K 5 @&'(/
<; %>?00+&
/ 0


=,19
$00+&&'3( 
%;<A5$0 5 @



0..%



0K+-+0



0%s
/
-A
K &$ K:+

6) 3;<0%1 0&-0 0.9$K
7)
0C,,..%&0<0+ =( A
&$0+&'(A5;%' =$ 0
 3<&'(IN
&'(A<;
N
;<&-
8) Pro forma Financial Statement (Financial statement): 0%1.<19$0
$ ;

&'( 65/65


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

Step 1
Step 2
Step 3
Step 4
Step 5

Step 6

Step 5

Step 6

Step 5

Step 6

Step 7
Step 8

5.8.3 +2'=,19: A5+2' , 0, <,

5.9 ; /07 &$ D
i 5,;  & 6 , &
9 * & *6 ,/
)
5.9.1 <0+ (Financial Market): I<&'(A
+'(,-
M&$0B
1) M& 0<0+:
o Physical asset (Tangible, real market): I< 0
+&-=,9&'(%'- 3+0 (
 

o Financial Market: <&'O(  ,
-&-=,9&'(;%$%'- 
o Spot Market: <&'O(  ,
$0% &-&'
(
 
o Future Market: <&'(O ,
$0% 3+0BA .
o Money Market: <&'(&/O  ,
-&-=,9 ,;%$+ 1 @
(



o Capital Market: <&'(&/O ,
-&-=,9&'(%' ,%$ 1 @
o Mortgage Market: <&'( '(,-3/ 0
+&-=,9.
:0 5$ &'(<+
o Consumer credit markets: <5$O
+. CM. +CM.
o Primary market: <&'( 0.9$0BA5A<%&=+(%
(
<*!
o Secondary market: <&'(-0&&/O ,
-&-=,9& '( 3/
$,A<%
o The Initial Public Offering market (IPO): <,$ , 0< I
 ,

21 0+H-&
%
5
o Private market: <&'(0O  ,
$0.. 2 |},
o Public market: <&'(&/ O  ,C<,%'
-NN ,$0I%sO , ,$0%'
5.9.2
>-0+ (Financial Institutions):
1) Direct transfers: <%&C<,0
$03 00+K:&'( 00+
2) Indirect transfer through investment bankers: <%&K$+H-&0+&$0B (Investment bankers) C<,
+H-&
$'33/
$,
-&-=,9A
$3 00+&&-( ; (4$/,!(!24@K3+J?/,!(!2A&J?!23+"5
3) Indirect transfer through a financial intermediary: <%&K$-0 5$ 2. C<,3 00+3;<
< ',K:: 03$,< ', (4$/,!(!24@J.&KA&(!22/,!A(,!J?!2,H&3+"5

&'( 66/66


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

5.9.3

<
-&-=,9 (Stock Market): I< 0O?0( I
>&'(/
<.

%-N 0 0.9%' 2 M&
i. Organized Security Exchange: <&'(I&0AO  ,
-&-=,9 %'',  /
<&'($ 

-&-=,9&'(O , 03<&',
 ;<- N3<
-&-=,9&$-
ii. Over-the-Counter market (OTC):I<&'(;%$%'
>&'( -0$  I=',0%$%
%5+
 -&O
,
-&-=,9 &/O ,
-&-=,9&'(,-0;%$;<3<&',A<&'%( '
5.9.4 & 00+& (Cost of money): 0+&&5+<3%'&A- 0 O?0( 3
:0%
  ,? ,:$-C 
&'(
C.0-3I;;<, , 0C.0, .%
'(,0 0C.0, -0+uR
5.9.5 < ', (Interest rate): I-0&'(/
<& 00+& O?(0 -< ',3>:/
<C<, Demand
 Supply  00+&A<$0B
5.9.6 -< ', (Interest rate)
1) 0.9  0 -< ', :

+, &-!


 
& *$ 
&
K = K* + IP + DRP + LP + MRP



 
-! * $ (.<*!



 
& * $ 

(%&'

 !   ( $ 


2) .%
-%=-29
$0< ', ,
-,,:
Abnormal Yield curve:  !.$
"

Humped Yield Curve: 
 !""
0 (""
!"
""
Normal Yield Curve:  !.$
"
0-! "+, "
0-!  ) "0 $ 
0."" " Fixed 
 !  &* ((.$

($ .""
!
&*  "(
"62' 0
 

3) 33-,/
< -< ',: C,,0+, <<0%1, 33-,
$0&4,
M=4Hs+3
5.9.7

1) A
M+: -< ',,
-3(/ $,,
2) K:5: :,,%$ ( 03,A3$,.
',,%$ $ 0
',< ',
%$
3) K:A
:5 A
:,
- ( 03.%
'(,0(/$,, $;<- -< ',&'( (/$,,

&'( 67/67


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

5.10 ; /0 (*,  &. < (Multinational Financial Management)

5.10.1 $  ): +H-&&'(</+2+3A
,B&4 C<,%'
K=( ,,<A
%$B,
-><+A
%$B,

&.CC,'A
%$,

$0K+&'%( '
+&2+M=,
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.&0% 01J9$0, 3,.%

'(,0
5.10.2
&0/06; 5&( % 5 0(*,  &3&p* 3; = 6&
1) .%$0 0
0+ -'(,:
=+31.%K-K 0 -',( &'(+<3
demand  supply  00+
$0B O?(0$ A
+<.%
'(,03 -'(,;<
2) M4Hs+3 /
<&0
%,
3) .%$0&0<MH
4) && 0-s
5) .%
'(,0&0<% 0
6) .%$0&0-2%
5.10.3 (*, r*$ 
/0)3&p* 3; = 6&
1) -'(,$0
 (forward exchange rate): I0O ,0+

-BO?(03%'
$0% 
30, 60
 90 -A .
i. > forward > spot = -< (Discount)
ii. > forward < spot = -=+(% (Premium)
2) -< ',
% M. (Interest rate parity: IRP): I.+<&'($ -K &30&3&$-
&&4
-03%'-.%
'(,0 O?(033-,&'%( 'K$ -K &&-0
%<. K &3
0&'(,0 0 -'(,
(I.( 0% 5$,A
K:+
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M19A .)
3) /3O 
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3%'--3&-(0&/A

+ .&'(
% -&%'.&$-
(I.( 0% 5$,A
K:+

-<
+A3.<19M19A .)
5.10.4 6 ,&6 ,. <: n f 
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1) <,:C< $9: I0+< $9&'(|;,-02.$0&4 O?(0%'.1
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% 0+< $9&
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:0$0+< $9A

-s %+ 0+
$'
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+.
$0
 0&A
-&-=,9A<0+ 0 %+ -0+|0+:
 00+
$'3 K:+<- -%s (LIBOR)
2) <=-2-
$0&4: =-2-&'(3/
$, &4 0K: =-2-
a. =-2-$0&4: 3/
$,C<,K: A$0&4A:0+
 0&4K: =-2-
=( A5A<%& 3/
$,K$-&3/
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b. =-2-,:C: I=-2-&'(3/
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?(0$ ,:A$ :
0+ '&4
?(0  %:
3/
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%-N
$0&4: I3/
$,

%-N A
%$

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5+ =( <%&A&4 (&'(%'
$00+&%$&43 0+H-& I
0M==39 0
+H-&A&4&'(3/
$,;<<,

&'( 68/68


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
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.4'2%5

5.10.5
1)
2)
3)
4)
5)

5.10.6
1)

2)

3)

&'( 69/69

. <: 6;7;$ 
+ $*:,*/


0+
<&'(+H-&%$3;<--%/;A5;<

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.%
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+A3A
<' $ &'(30&
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(*, &/)3&p*3; = 6&
3-<0+
< (Cash Management): +H-& 0=,%G0+
<-A
G= %-5 0+
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=( A
%' 0+A%
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<&'(;%$A5 ;,-0
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< <-0-+H-&%5++,%A5C &0 +.C&+.$,G -0
N


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4-,M=A( 0 -'(,&$.C 0+;A<A<
3-<.<+ (Credit Management): A
.<+ 0+H-&%5+> $%'.%
'(,0% C<,8=
.%
'(,03 -',( &'(%'.%K-K
<-0- 0=+31>?0.%.% .$&'(3
',( 0A
.<+-
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3-<
+..0.-0 (Inventory Management): 33-,&'(%'K$ -<
+A3( 0
+..0.-0.
>&'(
3-<G, 3,
+., -'(,, /
<C., =+(%
 </=0MH' 0/


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+.A
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 Comprehensive
$%&'( 1 $ 10 %
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0 .1+
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&= (*,  6 ,

Marketing Management

&'( 70/70


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
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.4'2%5



 &= (*,  6 ,

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&'( 72/72


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&'( 73/73


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&'( 74/74


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&'( 76/76

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&'( 77/77


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&'( 78/78


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&'( 120/120


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&'( 121/121


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&'( 128/128


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i
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(Liquidity
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.
&(

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.
Current Ratio
(-H! = 53)
Quick Ratio
(-H! = 53)

Inventory
Turnover Ratio
(-H! = 53)
Day
Sales
Outstanding
(DSO)
(+6J.&.2 =
53)
Fixed Assets
Turnover ratio
(-H! = 53)
Total
Asset
Turnover ratio
(-H! = 53)

*6
.
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&

Debt
Asset
ratio
(+6 = -.1H$
#*,&,#23J5$)
Time-interestearned ratio
(TIE)
(-H! = 53)

>6
Current ratio =
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(C/A

Inventory) /
(C/L)
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Turnover ratio
= Sales /
Inventory
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=
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per day

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(-H! = 53)
Return
on
Asset (ROA)
(-H! = 53)
Return
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Equity (ROE)
(-H! = 53)

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(-H! = 53)

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per
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Flow ratio

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Market /Book
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Weight (O,T) 6s 1.00
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4. Competitive intensity
5. Technological requirement
6. Information venerability
7. Energy requirement
8. Environment impact
9. Social-political legal
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I 
.A</+0

Rating (,* 1-5)

Score (Weight x rate)

A
B
C

1
3
5

A1
B3
C5

1.00

X (+ C76   GE)

4) + , Priority: I/
<K&&'(+<?- 0.9 C<,/.$ Five Force &'(+.
9%0A0

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% =+31 0=+313.%$3IA
+<K&&'(+<?- 0.9 
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$ . (
n3
Five Force
/0(&,3d

6.6*

h/0&,3d
*$D 


  
;)

&'( 148/148

  

;)

High Priority
(@K Five Force Factor)
High Priority
(@K Five Force Factor)
Medium Priority
(@K Five Force Factor)

High Priority
(@K Five Force Factor)
Medium Priority
(@K Five Force Factor)
Low Priority
(@K Five Force Factor)

Medium Priority
(@K Five Force Factor)
Low Priority
(@K Five Force Factor)
Low Priority
(@K Five Force Factor)


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

3*
/0 4 &$ D
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93-<G, ..% 

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6) 
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&'( 149/149

(,3s (Strength)

(,. (Weakness)
cost

1.1 q((*)+ 3; (>%'3< $ 03I Differentiation

Strategy)

1) A53-<G-><+&'(<'
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cost

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Strategy)

4) A53-<G-><+&'(<'
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1.2 q((*)+ 3;

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Low

5) 0.9;%$
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 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

Value chain
1.3 q((*)+ 3; (Inbound Logistic): I
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93-<G, ..% 

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93-<G, ..% 

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10)
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&'( 150/150

(,3s (Strength)

(,. (Weakness)
cost

1.3 q((*)+ 3; (>%'3< $ 03I Differentiation

Strategy)

6) A53-<G-><+&'(<'
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 0.9%'
.%
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In Time (JIT) ;< ,$0%'
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Low

8) 0.9;%$
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Strategy)

9) A53-<G-><+&'(<'
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(W)


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
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Value chain
1.5 > (Operation): I=+(%
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5)
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&'( 151/151

(,3s (Strength)
1.5 :

(,. (Weakness)
1.5 :

1) &/&'(-0:  &/&'(-0;<A-

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 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
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2+3
.4'2%5

Value chain
1.6 33-,/ (Outbound Logistic): I
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2) . (Price)
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4) 
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1.8 +

&'( 152/152

(,3s (Strength)

(,. (Weakness)

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1.6 33-,/

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 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

Value chain
2. Support Activities
2.1 C.0
0=s 0 0.9
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2.2 Human Resource Management

2.3 Research and Development

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 Low cost Leadership

&'( 153/153


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
+&,-,%./
0 .1+
2+3
.4'2%5

> Primary Activity A
$ 0 Inbound Logistic, Operation  Outbound Logistic %'3<G03< $ %- 3 0A5
Core competency  Differentiation
> Primary Activity A
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9 C.0
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o
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4) Corporate Culture: -2% 0.9%' 7  ( 2 $%)
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5) IFAS: /
<I- % =( /; plot 0A GE Matrix (>;%$
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&/
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<-=( /;0A0
;<)
Internal Factors
1. Market share
2. Share growth
3. Product quality
4. Brand reputation
5. Distribution network
6. Promotional effectiveness
7. Productive capacity
8. Unit Cost
9. Material supplies
10. R&D performance
11. Managerial personal
Total

&'( 154/154

Weight (S,W) 6s 1.00

Rating (,* 1-5)

Score (Weight x rate)

A
B
C

1
3
5

A1
B3
C5

1.00

Y (+ C76   GE)


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3-%( ;<&-0
%<% A

 '.-0
?(0 5$ Core Competency  0 0.9I ,$0; <' ,$0; 3/;
:$
A5,&29A<$ ; (Cost Leadership
 Differentiation)
o Cost Leadership: 0.9%'3<G0&'(K+ (OM) %'/&.CC,'&'(&-
%-,%A5AK+ &/A
 0
',A
K+<0 %'+3,- =-K+A
%'
+&2+M=AK+ 0.93%'.%
%>
- (Core
competency) I Cost Leadership
 IK:/<& C<,K+ Mass Production =( A
+<

,-<3< (Economy of scale) 3&/A
& 0 0.9<0  3'3 0A5<<
%5 (Mass Marketing) 3,
+. Mass Distribution 3&/A
&3,
+.(/ &'(
<
o Differentiation: 0.9%'3< G0&'(< (Marketing) %'/&.CC,'&'(&-
%-,+3-,=-K+M-1J9%
A5AK+
+.
0
+.&'(%'-%A
%$ 0.93%'.%
%> (Core competency) I
Differentiation
 IK:/K+M-1J9&'($0;3.:$$0-A
,K:+CM. 3&/A
 0.9
%>
.
:0?=( 5<5,-&&'(
:0?;<
3*
/0 5 + , SWOT  */0)&
*)*<D 5*'&( *69
$D
1) SFAS (Strategic Factor Analysis Summary): +<3/ IFAS+EFAS = Average Weight Score
2) Grand Strategy
Strength
IFAS
Weakness

Quarter-1
Growth Strategy

Quarter-2
Stability Strategy

Quarter-3
Stability Strategy

Quarter-4
Retrenchment Strategy

Opportunity

EFAS

Threats

3) BCG Matrix (Portfolio analysis)

Stars:
Growth Strategy

Concentration
o Vertical
o Horizontal

Diversification
o Concentric
o Conglomerate
Cash Cows:
Stability Strategy

Pause Strategy

No change Strategy

Profit Strategy

Question Mark:
Growth Strategy

Concentration
o Vertical
o Horizontal

Diversification
o Concentric
o Conglomerate
Dogs:
Retrenchment Strategy

Turnaround

Captive company

Sell-out / Divestment

Bankruptcy / Liquidation

4) GE Matrix (Portfolio analysis)

&'( 155/155


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Growth Strategy: Vertical Growth Strategy: Horizontal Stability Strategy

Retrenchment Strategy
Growth Strategy:
Diversification
Growth Strategy
Stability Strategy

Growth Strategy:
Diversification
Stability Strategy: Profit
Stability Strategy
Retrenchment Strategy

Stability Strategy
Retrenchment Strategy:
Captive / Selling out
Retrenchment Strategy:
Bankruptcy/Liquidation

5) Corporate Parenting Strategy: I,&29&'(+H-&%$&/ 2+3%5+5$,

 +H-&: C<,+H-&%$ 0
/333-,

&'(%'.%
/.-N$ .%
/G3 0+H-&: +H-&%$&/

&'( I
( 0A Share resource A
$0+H-&:
<,- C<,&/ Share A ( 0 Skill, Capability  3'  0=+31
M
-0.%-2%A</+;
= %-5$,
 +H-&:<,
6) TOWS Matrix

7) */0) Vision, Mission, Objective, goal, Strategy, Policy: -'(,A


%
%
<. 0-%+
SWOT /;A5A/
<,&29A$<- =( A
</+0 %
<. 0%'
+&2+M=&'(
<

&'( 156/156


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3*
/0 6 + ,)'D
4) )'D,*$D  (Corporate Strategy)
o Growth Strategy: )'D6&-6
o Concentration: ,,-A2+3<+%

Vertical: ,,2+3;,-0 Supplier
 K:&3/
$,

Horizontal: ,,2+3 C<,=+(%

 ,,
,K+M-1J9
o Diversification: ,,-A2+3A
%$

Concentric: ,,;,-02+3&'%( '.%',(  0-2+3<+%

Conglomerate: ,,-;,-02+3&'(;%$',(  0-2+3<+%

&$;

6 ,
.

7.

.

Market Penetration

Market Development

7.

Product Development

Diversification

o Stability Strategy: )'D$/0

o Pause / Proceed with Caution Strategy:
,<+35-(1
o No Change Strategy: ;%$%''(,0</++3A<B&-0
+
o Profit Strategy: =,,%.0&//;;%$A
<0
o Retrenchment Strategy: )'D9,9)
o Turnaround Strategy: -0+3=( -%</+A
%$ ' .-0

Contraction: -<
+(0&'(&/A

:N
',

,<=( ;%$A
<&;%$'

Consolidation: A5- 0.9&'(%'<< (Downsizing)

o Captive Company Strategy: ,+3; ,:A$  1-s 0+H-& (

o Sell out Strategy: ,+3&-0
%<
o Divestment Strategy: ,+30
$
o Bankruptcy: , %A
uR 0%,
o Liquidation Strategy: ,
+&-=,9 ++3
5) )'D,*'&( (Business Strategy)
o Competition Strategy

Cost Leadership: K:/<&
0 Market share A
%&'(
<

Differentiation:
0.%$0 
  -H19&'(

 $&0<.1.$ +&'($0

Focusing: 3$%R
%,8=$% =,,%
0 Niche market <.$A53$ ,$0B0

Quick Responded:  
 0;< ,$0<GA

&--.% 05$0&'(:. 0
)'D

&'( 157/157

Low Cost

Differentiation

6 ,; 

Cost Leadership

Differentiation Focus

6 ,$

Cost Focusing

Differentiation Focus


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o Cooperative Strategy

Collusion: F--
 $%% -<KK+0=( A
+<.&'(
:0?

Strategic Alliance: =-2%+&02+3 =( <.%
'(,0&0% 0, 0+ 
0

'(,0&0<&.CC,'

Mutual Service Consortium: A5&-=,$%-

Joint venture: %+3I
?(0<', -05( +3A
%$ $%% -&/&-0 2 |},

Value chain partnership:
0=-2%+- Supplier
 Distributor

Licensing Agreement / Franchising: I<0A

+&2+-+H-& ( A&4 (A
</+
K+
 ,K+M-1J9A5( -B
&  (Functional Strategy)
6) )'D,*^&*6
o Operation Management
i. Inbound Logistic
ii. Operation
iii. Outbound Logistic
o Sales and Marketing
7 Cas
1.
2.
3.
4.
5.
6.
7.
i. Product
ii. Price

7 Pas

Customer Solution
Cost of Customer
Convenience
Communication
Caring
Completion
Comfort

1.
2.
3.
4.
5.
6.
7.

Product
Price
Place
Promotion
People
Process
Physical Evidence

1. Skimming pricing: -0.
:0$.:$$0

2. Penetration pricing: -0.(/ $.:$$0
3. competition pricing: -0.&$-.:$$0
4. Dynamic pricing: -0.'(,;% Demand  Supply
iii. Place: +

+..0.-03,
+.
iv. Promotion: IMC
o Financial Management: +2'3-<
0++2'A50+A
+<C,59
:0
<
i. Low cost:  &'( WACC (/&'(
<
ii. Differentiation: 3-<
0+&A
;<%&'(
<=( /%A5A+3,- =-K+M-1J9
iii. Leverage buyout: :0+%O +3,
+&-=,9=( 5/
'
iv. Reversed stock sprit: +
0+K =+(%.
 5-3:0A
%0&
o Human Resource Management (HRM): 3 R (Recruitment, Retention, Retried)
o Research and Development:
i. Technology Leader

&'( 158/158


 MBA  
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ii. Technology Follower

iii. Open Innovation
o Technology:
0
(
&'(
%
%
<. 0-+
0A$<- 5$ A5 MIS
o Logistic: A5 Outsourcing, Centralization, Use of the Internet
o Purchasing:
i. Just In time (JIT)
ii. Quality
iii. Delivery
3*
/0 7 + C^&6* & (Strategy Implementation)
1) 0.9  0/,&29;+-+

Project: C.0&'(3&/

Budget: 0%1&'( 0',%;

Procedure: K+-+

Project manager: K:3-<C.0

Human or Staff: K:$%C.0

Machine or Equipment: 19.( 0% $0B&'(A5A</+C.0

2) -C.0
0 0.9<, Mckinsey: 7 Ss Model

3) Action Plan: Gantt Chart, Path Program

h^&*6& 
=.

$ *h&,=

 %

1. -',%
2. -</+
3.%1K
</+
4) Managing Change

Restructure Organization

People

Technology
5) 3-<.&/0

%=+(%&-H&/0A

<. 0-,&29

3-<K:3-<A

%
%-,&29 C<,
A
K:3-<%'&- H+
 %'.%.$ 0-
%>+.
92+3 0
0.9;<

&'( 159/159


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o
o
o
o
o

Turnaround specialist
Cautions profit planner
Professional liquidator
Dynamic industry expect
Analytical portfolio manager

.-< .0/

$0&'(
/.-N C<, 33.-< 3M,A 0.9
 M, 0.9

%+K0: %'%s
 -5' -<%+&'(5-<3, %+ 360 04 %'
%',0
6) /= 0.9 /,

-H1 0K:/ &'(<:'  0%'-H1K:/&'(<', %'3:0A3&'(
%
%,
0
(
,
0.%5$,
 -A
0.9 %'M-<
+A3&'(>:  0


0-2% 0.9&'(
%>-'(,;< <
0 0.9
$0',: (Learning Organization)


03-<C<,-0->
0.9$%- (Management by Objective)

/= 0.9
:$<-
: C<, 0=+31>?0
M=19&'($0-, .%;%$$ , %$%, 
R
%,&'($0-, ,A$%&/2+3
3*
/0 8 &h $$ (Evaluation and Control)
1) Evaluation Process: 7=;3;>/0h .  h ,+ & 5 07=; &


 
 


 



 


  







!"

2) $$ (Controlling)

+(0&'( 0..%
o
+(0&'( 0=+%( : , <,,
$. 0<, M=-H19&'(<', /;
&2+, /;$
, 0+K3$,
o
+(0&'( 0<: ,K+, ,G
', &K+, &
$0
+%<

5+<..%:
o =Z+% (Behavior Control)
o ..%K+ (Output Control)
o ..%A5&-=, (Input Control)

&0A..%&'>( : 0:   %:&'(%.' %3/I%A5&$-, &-$ , /<-.%
/.-N, =+31
 ,, =+31K&'( %$I<'$
 < ,$%s&'(/
<;

3) Balance Scorecard (BSC)

o Financial Perspective
o Customer Perspective
o Internal Process Perspective
o Learning and Growth Perspective

&'( 160/160


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 Comprehensive
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&'( 161/161


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 Comprehensive
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&'( 162/162


 MBA  
 Comprehensive
$%&'( 1 $ 10 %
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