16-5 对 Day corp.更现实的情景: Boom Recession 现金流 100 50 偿还债务 60 35 股东现金流 40 0 Day corp.权益的新价值 iy=(40x.5+0x5)/110=$18.18 BDay=(60x5+35x5)/1.10=$43.18 D 18.18+43.18=$61.3616-5 对 Day Corp.更现实的情景： Boom Recession 现金流 100 50 偿还债务 60 35 股东现金流 40 0 Day Corp权益的新价值: SDay = (40 x .5 + 0 x .5) / 1.10 = $18.18 BDay = (60 x .5 + 35 x .5) / 1.10 = $43.18 VDay = 18.18 + 43.18 = $61.36