$(30\%)$

$1\mathrm{.}1$ Asset substitutuion

$1\mathrm{.}5$ Sensitivity analysis

$1\mathrm{.}8$ Sunk costs

$1\mathrm{.}2$ Golden parachute

$1\mathrm{.}6$ Risk avoidance

$1\mathrm{.}9$

$1\mathrm{.}3$ Modified IRR

$1\mathrm{.}7$ White knight

$1\mathrm{.}10$ MCC

$1\mathrm{.}4$ Taking poison pills

$2\%$

$6\%$

$(1)$MM $(1958)$ Proposition $2$ : Rs $=Ra+(Ra-Rd)(\frac{D}{E})$

$$ Business risk $$ Financial risk $$

$5\%)$

$(2)$MM $(1963)$ Proposition $1=+$

$=Tc**B**$

$$ Tc $*$ B$(5\%)$

$(3)$ trade$-$off theory of capital structure $(8\%)$

$.$ NUK Corp. $60009$

$1000$

$4\%6\%$ NUK Corp.

$4\%$

$2\%$NUK Corp. $0\mathrm{.}810\%$

$20\%$ NUK Corp. $$ WACC $6\%$

$4\%$ IRR $$

$3\%$IRR $$ IRR$$

$$ IRR $$ NPV $5\%$

$,7000,8$

$,100081200$

$3500,,$

$11002600$

$10\%$@$(6\%)$

$.1202120212040$

$1006\%2021?(5$

$\%$

$2018$

$19200$

$20250,21300,22300,18,$

$10\%(5\%)$