{"id":134616,"date":"2025-03-31T18:05:25","date_gmt":"2025-03-31T12:35:25","guid":{"rendered":"https:\/\/rajras.in\/?page_id=134616"},"modified":"2025-04-05T19:06:57","modified_gmt":"2025-04-05T13:36:57","slug":"financial-framework-capital-structure-cost-of-capital-profit-distributional-structure","status":"publish","type":"page","link":"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/","title":{"rendered":"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e: \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u090f\u0935\u0902 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e"},"content":{"rendered":"\n<p><strong>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e: \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u090f\u0935\u0902 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e<\/strong> \u0915\u093f\u0938\u0940 \u092d\u0940 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0928\u0940\u0924\u093f \u0914\u0930 \u0926\u0940\u0930\u094d\u0918\u0915\u093e\u0932\u0940\u0928 \u0938\u094d\u0925\u093f\u0930\u0924\u093e \u0915\u093e \u0906\u0927\u093e\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948\u0964 \u092a\u094d\u0930\u092d\u093e\u0935\u0940 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0914\u0930 \u0928\u094d\u092f\u0942\u0928\u0924\u092e \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0932\u093e\u092d\u092a\u094d\u0930\u0926\u0924\u093e \u092c\u0922\u093c\u093e\u0908 \u091c\u093e \u0938\u0915\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u0914\u0930 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u093e \u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u092d\u0940 \u092e\u091c\u092c\u0942\u0924 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0909\u091a\u093f\u0924 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0928\u0940\u0924\u093f\u092f\u093e\u0901 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u0940 \u091b\u0935\u093f \u0915\u094b \u092c\u0947\u0939\u0924\u0930 \u092c\u0928\u093e\u0924\u0940 \u0939\u0948\u0902 \u0914\u0930 <a href=\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/\">\u0935\u093f\u092a\u0923\u0928<\/a> \u092e\u0947\u0902 \u092d\u0940 \u0938\u0939\u093e\u092f\u0915 \u0938\u093f\u0926\u094d\u0927 \u0939\u094b\u0924\u0940 \u0939\u0948\u0902\u0964<\/p>\n\n\n<style>.kb-table-of-content-nav.kb-table-of-content-id134616_0c3b2a-bc .kb-table-of-content-wrap{padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);background-color:var(--ast-global-color-6);border-top:1px solid transparent;border-right:1px solid transparent;border-bottom:1px solid transparent;border-left:1px solid transparent;border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kb-table-of-content-nav.kb-table-of-content-id134616_0c3b2a-bc .kb-table-of-contents-title-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id134616_0c3b2a-bc .kb-table-of-contents-title{font-weight:regular;font-style:normal;}.kb-table-of-content-nav.kb-table-of-content-id134616_0c3b2a-bc .kb-table-of-content-wrap 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.kb-table-of-contents-icon-trigger:before{background-color:var(--ast-global-color-6);}@media all and (max-width: 1024px){.kb-table-of-content-nav.kb-table-of-content-id134616_0c3b2a-bc .kb-table-of-content-wrap{border-top:1px solid transparent;border-right:1px solid transparent;border-bottom:1px solid transparent;border-left:1px solid transparent;}}@media all and (max-width: 767px){.kb-table-of-content-nav.kb-table-of-content-id134616_0c3b2a-bc .kb-table-of-content-wrap{border-top:1px solid transparent;border-right:1px solid transparent;border-bottom:1px solid transparent;border-left:1px solid transparent;}}<\/style>\n\n\n<div style=\"height:70px\" aria-hidden=\"true\" id=\"ps\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-luminous-vivid-orange-color has-text-color has-background has-link-color wp-elements-02cc25424b5edd1674addd5e422d9c3d\" style=\"border-radius:10px;background-color:#fcb90059;padding-top:6px;padding-right:6px;padding-bottom:6px;padding-left:6px\"><strong>\u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e (Capital Structure)<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u0935\u093f\u0917\u0924 \u0935\u0930\u094d\u0937\u094b\u0902 \u092e\u0947\u0902 \u092a\u0942\u091b\u0947 \u0917\u092f\u0947 \u092a\u094d\u0930\u0936\u094d\u0928<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u0935\u0930\u094d\u0937<\/td><td>\u092a\u094d\u0930\u0936\u094d\u0928<\/td><td>\u0905\u0902\u0915<\/td><\/tr><tr><td>2023<\/td><td>&#8216;\u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0940 \u0905\u092a\u094d\u0930\u093e\u0938\u0902\u0917\u093f\u0915\u0924\u093e&#8217; \u0915\u093e \u0938\u093f\u0926\u094d\u0927\u093e\u0928\u094d\u0924 \u0915\u093f\u0938\u0928\u0947 \u092a\u094d\u0930\u0924\u093f\u092a\u093e\u0926\u093f\u0924 \u0915\u093f\u092f\u093e ? \u0938\u093f\u0926\u094d\u0927\u093e\u0928\u094d\u0924 \u0915\u0940 \u090f\u0915 \u092a\u094d\u0930\u092e\u0941\u0916 \u0905\u0935\u0927\u093e\u0930\u0923\u093e&nbsp;\u0932\u093f\u0916\u093f\u090f\u0964<\/td><td>2M<\/td><\/tr><tr><td>2018<\/td><td>\u0915\u093e\u0930\u094d\u092f\u0936\u0940\u0932 \u092a\u0942\u0901\u091c\u0940 \u0915\u0940 \u092a\u0930\u093f\u091a\u093e\u0932\u0928 \u091a\u0915\u094d\u0930 \u0905\u0935\u0927\u093e\u0930\u0923\u093e \u0915\u094d\u200d\u092f\u093e \u0939\u0948?<\/td><td>5M<\/td><\/tr><tr><td>2016<\/td><td>\u092a\u0942\u0901\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0905\u0935\u0927\u093e\u0930\u0923\u093e \u092e\u0947\u0902 \u0936\u0941\u0926\u094d\u0927 \u0906\u092f \u090f\u0935\u0902 \u0936\u0941\u0926\u094d\u0927 \u0938\u0902\u091a\u093e\u0932\u0928 \u0906\u092f \u0915\u0947 \u0938\u093f\u0926\u094d\u0927\u093e\u0928\u094d\u0924 \u092e\u0947\u0902 \u092d\u093f\u0928\u094d\u200d\u0928\u0924\u093e\u090f\u0901 \u092c\u0924\u093e\u0907\u092f\u0947&nbsp;<\/td><td>5M<\/td><\/tr><tr><td>2016<\/td><td>\u0936\u0941\u0926\u094d\u0927 \u0915\u093e\u0930\u094d\u092f\u0936\u0940\u0932 \u092a\u0942\u0901\u091c\u0940 \u0938\u0947 \u0906\u092a \u0915\u094d\u200d\u092f\u093e \u0938\u092e\u091d\u0924\u0947 \u0939\u0948\u0902 ?<\/td><td>2M<\/td><\/tr><tr><td>2016<\/td><td>\u090f\u0915 \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u2018\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e\u2019 \u0915\u094d\u092f\u093e \u0939\u0948 ?<\/td><td>5M<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0938\u0947 \u0924\u093e\u0924\u094d\u092a\u0930\u094d\u092f \u0909\u0938 \u0935\u093f\u0936\u0947\u0937 \u092e\u093f\u0936\u094d\u0930\u0923 (Mix) \u0938\u0947 \u0939\u0948, \u091c\u093f\u0938\u092e\u0947\u0902 \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0947 \u0938\u0902\u091a\u093e\u0932\u0928 \u0914\u0930 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0915\u0947 \u0932\u093f\u090f \u090b\u0923 (Debt) \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 (Equity) \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0924\u0940 \u0939\u0948\u0964 \u092f\u0939 \u0915\u093f\u0938\u0940 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0922\u093e\u0902\u091a\u0947 \u0915\u094b \u0926\u0930\u094d\u0936\u093e\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>&nbsp;\u0938\u094d\u0935\u093e\u092e\u093f\u0924\u094d\u0935 \u092a\u0942\u0902\u091c\u0940 &#8211; <\/strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0936\u0947\u092f\u0930 \u092a\u0942\u0902\u091c\u0940l, \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915 \u0936\u0947\u092f\u0930 \u092a\u0942\u0902\u091c\u0940,&nbsp; \u0938\u0902\u091a\u093f\u0924 \u0928\u093f\u0927\u093f \u0914\u0930 \u0905\u0927\u093f\u0936\u0947\u0937<\/li>\n\n\n\n<li><strong>\u0909\u0927\u093e\u0930\u0940 \u092a\u0942\u0902\u091c\u0940 &#8211; <\/strong>\u090b\u0923, \u0921\u093f\u092c\u0947\u0902\u091a\u0930, \u0938\u093e\u0930\u094d\u0935\u091c\u0928\u093f\u0915 \u091c\u092e\u093e, \u0905\u0928\u094d\u092f&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u093e \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>&nbsp;\u090b\u0923-\u0938\u0947-\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0905\u0928\u0941\u092a\u093e\u0924 (D\/E Ratio)<\/strong><\/li>\n<\/ul>\n\n\n\n<div class=\"math-container\">\n    <div class=\"math-box\">\n        <b>D\/E Ratio =<\/b>  \n        <span class=\"fraction\">\n            <span class=\"numerator\">Debt<\/span>\n            <span class=\"denominator\">Equity<\/span>\n        <\/span>\n    <\/div>\n<\/div>\n\n<style>\n    \/* Ensuring the pink box is centered horizontally within the row *\/\n    .math-container {\n        display: flex;\n        justify-content: center; \/* Centers horizontally *\/\n        width: 100%; \/* Ensures it spans full width of the row *\/\n    }\n\n    \/* Styling the pink box *\/\n    .math-box {\n        background-color: pink;\n        padding: 15px;\n        border-radius: 8px;\n        display: inline-flex; \/* Ensures inline behavior *\/\n        align-items: center;\n        justify-content: center;\n        text-align: center;\n        font-size: 20px;\n        font-weight: bold;\n        width: 8cm; \/* Exact width *\/\n        height: auto; \/* Adjusts based on content *\/\n    }\n\n    \/* Fraction Styling (Ensures Inline Display) *\/\n    .fraction {\n        display: inline-block; \/* Keeps fraction inline *\/\n        text-align: center;\n        vertical-align: middle;\n        margin-left: 5px; \/* Spacing between '=' and fraction *\/\n        font-size: 18px;\n        line-height: 1.2; \/* Keeps fraction compact *\/\n    }\n\n    .fraction .numerator {\n        border-bottom: 1px solid black;\n        display: block; \/* Stack numerator and denominator *\/\n        padding: 2px 4px;\n    }\n\n    .fraction .denominator {\n        display: block;\n        padding: 2px 4px;\n    }\n<\/style>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u093e \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0905\u0928\u0941\u092a\u093e\u0924 (Ratios) \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u092f\u0947 \u0905\u0928\u0941\u092a\u093e\u0924 \u092f\u0939 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u0930\u0942\u0930\u0924\u094b\u0902 \u0915\u094b \u092a\u0942\u0930\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u090b\u0923 (Debt) \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 (Equity) \u0915\u093e \u0915\u093f\u0938 \u0939\u0926 \u0924\u0915 \u0909\u092a\u092f\u094b\u0917 \u0915\u0930 \u0930\u0939\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>Leverage \u0905\u0928\u0941\u092a\u093e\u0924<\/strong><\/li>\n<\/ul>\n\n\n\n<div class=\"math-container\">\n    <div class=\"math-box\">\n        <b>Leverage Ratio =<\/b>  \n        <span class=\"fraction\">\n            <span class=\"numerator\">Total Debt<\/span>\n            <span class=\"denominator\">(Total Equity + Total Debt)<\/span>\n        <\/span>\n    <\/div>\n<\/div>\n\n<style>\n    \/* Centering the container in width *\/\n    .math-container {\n        display: flex;\n        justify-content: center; \/* Centers horizontally *\/\n        width: 100%;\n    }\n\n    \/* Styling the pink box *\/\n    .math-box {\n        background-color: pink;\n        padding: 15px;\n        border-radius: 8px;\n        display: inline-flex; \/* Keeps it inline *\/\n        flex-wrap: wrap; \/* Allows content to wrap *\/\n        align-items: center;\n        justify-content: center;\n        text-align: center;\n        font-size: 20px;\n        font-weight: bold;\n        min-width: 8cm; \/* Ensures enough space but keeps it flexible *\/\n        max-width: 100%; \/* Prevents it from stretching too much *\/\n        word-break: break-word; \/* Prevents overflow *\/\n        overflow-wrap: break-word;\n    }\n\n    \/* Fraction Styling *\/\n    .fraction {\n        display: inline-flex;\n        flex-direction: column;\n        align-items: center;\n        margin-left: 5px;\n        font-size: 18px;\n        line-height: 1.2;\n        word-break: break-word;\n        overflow-wrap: break-word;\n    }\n\n    .fraction .numerator {\n        border-bottom: 1px solid black;\n        padding: 2px 4px;\n        width: 100%; \/* Ensures it doesn't overflow *\/\n    }\n\n    .fraction .denominator {\n        padding: 2px 4px;\n        width: 100%; \/* Ensures it doesn't overflow *\/\n    }\n<\/style>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092f\u0939 \u0905\u0928\u0941\u092a\u093e\u0924 (Leverage Ratio) \u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0922\u093e\u0902\u091a\u0947 \u0915\u093e \u0935\u094d\u092f\u093e\u092a\u0915 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u093e \u0939\u0948, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0939 \u0915\u0941\u0932 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (Total Financing) \u092e\u0947\u0902 \u090b\u0923 \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0926\u094b\u0928\u094b\u0902 \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u092e\u0947\u0902 \u0930\u0916\u0924\u093e \u0939\u0948\u0964 \u092f\u0939 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u0915\u0941\u0932 \u092a\u0942\u0902\u091c\u0940 (Capital) \u092e\u0947\u0902 \u0938\u0947 \u0915\u093f\u0924\u0928\u0940 \u0930\u093e\u0936\u093f \u090b\u0923 (Debt) \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0939\u094b \u0930\u0939\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0940 \u0935\u093f\u0936\u0947\u0937\u0924\u093e\u090f\u0901 :<\/strong><\/h5>\n\n\n\n<p><strong>\u090b\u0923-<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u090b\u0923 \u0932\u0947\u0928\u0947 \u092a\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u090b\u0923 \u0927\u093e\u0930\u0915\u094b\u0902 (Bondholders) \u0915\u094b \u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u092e\u0942\u0932\u0927\u0928 (Principal) \u0914\u0930 \u092c\u094d\u092f\u093e\u091c (Interest) \u091a\u0941\u0915\u093e\u0928\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964\u090b\u0923 \u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u094b \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 \u0915\u092e \u091c\u094b\u0916\u093f\u092e \u0939\u094b\u0924\u093e \u0939\u0948, \u0907\u0938\u0932\u093f\u090f \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u090b\u0923 \u0909\u092a\u0915\u0930\u0923 (Debt Instruments) \u0915\u0940 \u0932\u093e\u0917\u0924 \u0915\u092e \u0939\u094b\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (Debt Financing) \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 \u0938\u0938\u094d\u0924\u093e \u0939\u094b\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u0907\u0938\u092e\u0947\u0902 \u0928\u093f\u092f\u092e\u093f\u0924 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u0940 \u092c\u093e\u0927\u094d\u092f\u0924\u093e \u0939\u094b\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u092c\u0922\u093c \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u092f\u0926\u093f \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0915\u0930 \u0909\u0938\u0915\u093e \u0938\u0939\u0940 \u0909\u092a\u092f\u094b\u0917 \u0928\u0939\u0940\u0902 \u0915\u0930 \u092a\u093e\u0924\u0940, \u0924\u094b \u0909\u0938\u0947 \u090b\u0923-\u091c\u093e\u0932 \u092e\u0947\u0902 \u092b\u0902\u0938\u0928\u0947 \u0915\u093e \u0916\u0924\u0930\u093e \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (Equity Financing) \u092e\u0947\u0902 \u0932\u093e\u092d\u093e\u0902\u0936 (Dividend) \u0915\u093e \u0928\u093f\u092f\u092e\u093f\u0924 \u092d\u0941\u0917\u0924\u093e\u0928 \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u093e, \u091c\u093f\u0938\u0938\u0947 \u092f\u0939 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092e\u0939\u0902\u0917\u093e \u0938\u093e\u092c\u093f\u0924 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u0915\u0902\u092a\u0928\u0940 \u092a\u0930 \u0932\u093e\u092d\u093e\u0902\u0936 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u0940 \u0905\u0928\u093f\u0935\u093e\u0930\u094d\u092f\u0924\u093e \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u0940, \u091c\u093f\u0938\u0938\u0947 \u092f\u0939 \u090b\u0923 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 \u0915\u092e \u091c\u094b\u0916\u093f\u092e\u092a\u0942\u0930\u094d\u0923 \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0932\u0902\u092c\u0940 \u0905\u0935\u0927\u093f \u0915\u0947 \u0932\u093f\u090f \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0926\u092c\u093e\u0935 \u0938\u0947 \u0930\u093e\u0939\u0924 \u092e\u093f\u0932\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u093e \u092a\u094d\u0930\u092d\u093e\u0935<\/strong><\/h5>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>\u090b\u0923 \u092c\u0928\u093e\u092e \u0907\u0915\u094d\u0935\u093f\u091f\u0940 (Debt vs. Equity):<\/strong> \u090b\u0923 \u0915\u0930 \u0932\u093e\u092d (Tax Benefits) \u0915\u0947 \u0915\u093e\u0930\u0923 \u0938\u0938\u094d\u0924\u093e \u0939\u094b\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0915\u0941\u0932 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0915\u092e \u0939\u094b \u0938\u0915\u0924\u0940 \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u092c\u0922\u093c\u093e \u0938\u0915\u0924\u093e \u0939\u0948 \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u092c\u0922\u093c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e <\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Leverage :<\/strong> \u0905\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0928\u0947 \u0938\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u092c\u0922\u093c\u0924\u093e \u0939\u0948, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u0930\u0928\u0947 \u092a\u0921\u093c\u0924\u0947 \u0939\u0948\u0902, \u091c\u093f\u0938\u0938\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u0902\u0915\u091f \u092f\u093e \u0926\u093f\u0935\u093e\u0932\u093f\u092f\u093e\u092a\u0928 \u0915\u093e \u0916\u0924\u0930\u093e \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u092a\u0930 \u092a\u094d\u0930\u0924\u093f\u092b\u0932 (ROE)<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Leverage \u092a\u094d\u0930\u092d\u093e\u0935 :<\/strong> \u092f\u0926\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u0930\u093f\u091f\u0930\u094d\u0928 \u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u094b\u0924\u093e \u0939\u0948, \u0924\u094b \u090b\u0923 \u0938\u0947 ROE \u092c\u0922\u093c \u0938\u0915\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u092f\u0926\u093f \u0930\u093f\u091f\u0930\u094d\u0928 \u0915\u092e \u0939\u094b\u0924\u093e \u0939\u0948, \u0924\u094b \u0928\u0941\u0915\u0938\u093e\u0928 \u092d\u0940 \u0905\u0927\u093f\u0915 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928 :<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u0938\u0902\u0930\u091a\u0928\u093e (Optimal Structure):<\/strong> \u090f\u0915 \u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0915\u094b \u0915\u092e \u0915\u0930\u0915\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092e\u0942\u0932\u094d\u092f \u0915\u094b \u0905\u0927\u093f\u0915\u0924\u092e \u0915\u0930\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0928\u0915\u0926\u0940 \u092a\u094d\u0930\u0935\u093e\u0939 \u092a\u094d\u0930\u092c\u0902\u0927\u0928 :<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u090b\u0923 \u0926\u093e\u092f\u093f\u0924\u094d\u0935 <\/strong>&#8211; \u0905\u0927\u093f\u0915 \u090b\u0923 \u0939\u094b\u0928\u0947 \u092a\u0930 \u0928\u093f\u092f\u092e\u093f\u0924 \u0928\u0915\u0926\u0940 \u092a\u094d\u0930\u0935\u093e\u0939 \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0939\u094b\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0932\u091a\u0940\u0932\u093e\u092a\u0928 \u0938\u0940\u092e\u093f\u0924 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948, \u091c\u092c\u0915\u093f \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0905\u0927\u093f\u0915 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0938\u094d\u0935\u0924\u0902\u0924\u094d\u0930\u0924\u093e \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923 \u0914\u0930 \u0938\u094d\u0935\u093e\u092e\u093f\u0924\u094d\u0935 :<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u090b\u0923:<\/strong> \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923 \u092c\u0928\u093e\u090f \u0930\u0916\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u0915\u0930\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u090b\u0923\u0926\u093e\u0924\u093e \u0915\u0941\u091b \u092a\u094d\u0930\u0924\u093f\u092c\u0902\u0927 (Restrictive Covenants) \u0932\u0917\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940:<\/strong> \u0938\u094d\u0935\u093e\u092e\u093f\u0924\u094d\u0935 \u0915\u094b \u0915\u092e\u091c\u094b\u0930 \u0915\u0930\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u0928\u0939\u0940\u0902 \u092c\u0922\u093c\u093e\u0924\u093e\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0936\u0947\u092f\u0930 \u092e\u0942\u0932\u094d\u092f \u092a\u0930 \u092a\u094d\u0930\u092d\u093e\u0935<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>\u0928\u093f\u0935\u0947\u0936\u0915 \u0915\u0940 \u0927\u093e\u0930\u0923\u093e &#8211;<\/strong> \u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u0915\u0947 \u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u0915\u094b \u092c\u0922\u093c\u093e \u0938\u0915\u0924\u0940 \u0939\u0948 \u0914\u0930 \u0938\u094d\u091f\u0949\u0915 \u0915\u0940 \u0915\u0940\u092e\u0924\u094b\u0902 \u0915\u094b \u0938\u094d\u0925\u093f\u0930 \u092c\u0928\u093e\u090f \u0930\u0916 \u0938\u0915\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0915\u0930 \u092a\u094d\u0930\u092d\u093e\u0935 :<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u0915\u0930 \u0932\u093e\u092d (Tax Shield):<\/strong> \u090b\u0923 \u092a\u0930 \u092c\u094d\u092f\u093e\u091c \u0915\u0930 \u092e\u0947\u0902 \u0915\u091f\u094c\u0924\u0940 \u092f\u094b\u0917\u094d\u092f (Tax Deductible) \u0939\u094b\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0915\u0941\u0932 \u0915\u0930 \u0926\u0947\u0928\u0926\u093e\u0930\u0940 \u0915\u092e \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0932\u091a\u0940\u0932\u093e\u092a\u0928 :<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 &#8211;<\/strong>\u0906\u0930\u094d\u0925\u093f\u0915 \u092e\u0902\u0926\u0940 \u0915\u0947 \u0926\u094c\u0930\u093e\u0928 \u0905\u0927\u093f\u0915 \u0932\u091a\u0940\u0932\u093e\u092a\u0928 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u0940 \u0939\u0948, \u0905\u0927\u093f\u0915 \u090b\u0923 \u092d\u0935\u093f\u0937\u094d\u092f \u092e\u0947\u0902 \u0909\u0927\u093e\u0930 \u0932\u0947\u0928\u0947 \u0915\u0940 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u094b \u0938\u0940\u092e\u093f\u0924 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0935\u093f\u0915\u093e\u0938 \u0915\u0947 \u0905\u0935\u0938\u0930<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>\u090b\u0923:<\/strong> \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0915\u0947 \u0932\u093f\u090f \u092b\u0902\u0921\u093f\u0902\u0917 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u092d\u0935\u093f\u0937\u094d\u092f \u0915\u0940 \u0909\u0927\u093e\u0930\u0940 \u0915\u094b \u0938\u0940\u092e\u093f\u0924 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940:<\/strong> \u092c\u093f\u0928\u093e \u0924\u0924\u094d\u0915\u093e\u0932 \u092a\u0941\u0928\u0930\u094d\u092d\u0941\u0917\u0924\u093e\u0928 \u0926\u093e\u092f\u093f\u0924\u094d\u0935\u094b\u0902 \u0915\u0947 \u0935\u093f\u0915\u093e\u0938 \u0915\u094b \u0938\u092e\u0930\u094d\u0925\u0928 \u0926\u0947\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0915\u094d\u0930\u0947\u0921\u093f\u091f \u0930\u0947\u091f\u093f\u0902\u0917 <\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>\u090b\u0923 \u092a\u094d\u0930\u092d\u093e\u0935:<\/strong> \u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u090b\u0923 \u0938\u0947 \u0915\u094d\u0930\u0947\u0921\u093f\u091f \u0930\u0947\u091f\u093f\u0902\u0917 \u0915\u092e \u0939\u094b \u0938\u0915\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0909\u0927\u093e\u0930\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u092c\u0922\u093c \u0938\u0915\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u094b \u092a\u094d\u0930\u092d\u093e\u0935\u093f\u0924 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0947 \u0915\u093e\u0930\u0915&nbsp;<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0928\u0915\u0926\u0940 \u092a\u094d\u0930\u0935\u093e\u0939 \u0938\u094d\u0925\u093f\u0924\u093f <\/strong>&#8211;&nbsp; \u092f\u0926\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0928\u0915\u0926\u0940 \u092a\u094d\u0930\u0935\u093e\u0939 (Cash Flow) \u092e\u0947\u0902 \u0905\u0927\u093f\u0915 \u0906\u0909\u091f\u092b\u094d\u0932\u094b \u0939\u094b \u0930\u0939\u093e \u0939\u0948, \u0924\u094b \u0906\u0917\u0947 \u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (Debt Financing) \u092c\u0928\u093e\u090f \u0930\u0916\u0928\u093e \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0905\u092a\u094d\u0930\u0924\u094d\u092f\u093e\u0936\u093f\u0924 \u0926\u093e\u092f\u093f\u0924\u094d\u0935\u094b\u0902 (Unexpected Obligations) \u0915\u094b \u092a\u0942\u0930\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u092a\u0930\u094d\u092f\u093e\u092a\u094d\u0924 \u0928\u0915\u0926 \u092d\u0902\u0921\u093e\u0930 (Cash Reserves) \u092c\u0928\u093e\u090f \u0930\u0916\u0928\u0947 \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0939\u094b\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u092c\u094d\u092f\u093e\u091c \u0915\u0935\u0930\u0947\u091c \u0905\u0928\u0941\u092a\u093e\u0924 (ICR)-<\/strong>\u092f\u0926\u093f \u092f\u0939 \u0905\u0928\u0941\u092a\u093e\u0924 \u0905\u0927\u093f\u0915 (\u0915\u092e \u0938\u0947 \u0915\u092e 1 \u0938\u0947 \u0905\u0927\u093f\u0915) \u0939\u0948, \u0924\u094b \u092c\u094d\u092f\u093e\u091c \u092d\u0941\u0917\u0924\u093e\u0928 \u092e\u0947\u0902 \u0935\u093f\u092b\u0932\u0924\u093e \u0915\u093e \u0915\u094b\u0908 \u091c\u094b\u0916\u093f\u092e \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u093e\u0964<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"892\" height=\"182\" src=\"https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image22.png\" alt=\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e \" class=\"wp-image-134627\" style=\"width:412px;height:auto\" srcset=\"https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image22.png 892w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image22-600x122.png 600w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image22-300x61.png 300w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image22-768x157.png 768w\" sizes=\"auto, (max-width: 892px) 100vw, 892px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u090b\u0923 \u0938\u0947\u0935\u093e \u0915\u0935\u0930\u0947\u091c \u0905\u0928\u0941\u092a\u093e\u0924&nbsp; (DSCR) : <\/strong>\u092f\u0939 \u0905\u0928\u0941\u092a\u093e\u0924 \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u090b\u0923 \u091a\u0941\u0915\u093e\u0928\u0947 \u0915\u0940 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u094b \u0926\u0930\u094d\u0936\u093e\u0924\u093e \u0939\u0948\u0964,\u092f\u0939 \u0928\u0915\u0926 \u0932\u093e\u092d (Cash Profits) \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u0915\u0941\u0932 \u090b\u0923 \u0926\u0947\u0928\u0926\u093e\u0930\u093f\u092f\u094b\u0902 (\u092e\u0942\u0932\u0927\u0928 + \u092c\u094d\u092f\u093e\u091c + \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915 \u0936\u0947\u092f\u0930 \u0932\u093e\u092d\u093e\u0902\u0936) \u0938\u0947 \u0915\u0930\u0924\u093e \u0939\u0948\u0964,<strong>\u0909\u091a\u094d\u091a DSCR<\/strong> \u092e\u091c\u092c\u0942\u0924 \u090b\u0923 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u094b \u0926\u0930\u094d\u0936\u093e\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0928\u093f\u0935\u0947\u0936 \u092a\u0930 \u092a\u094d\u0930\u0924\u093f\u092b\u0932 (RoI) : <\/strong>\u092f\u0939 \u0926\u0930\u094d\u0936\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u093f\u0924\u0928\u0940 \u0915\u0941\u0936\u0932\u0924\u093e \u0938\u0947 \u0905\u092a\u0928\u0940 \u0938\u0902\u092a\u0924\u094d\u0924\u093f\u092f\u094b\u0902 (Assets) \u0938\u0947 \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u092e\u093e \u0930\u0939\u0940 \u0939\u0948\u0964, <strong>\u0909\u091a\u094d\u091a ROI<\/strong> \u0939\u094b\u0928\u0947 \u092a\u0930, \u0915\u0902\u092a\u0928\u0940 \u090b\u0923 \u0915\u093e \u0905\u0927\u093f\u0915 \u0909\u092a\u092f\u094b\u0917 \u0915\u0930 \u0938\u0915\u0924\u0940 \u0939\u0948 \u0924\u093e\u0915\u093f \u092a\u094d\u0930\u0924\u093f \u0936\u0947\u092f\u0930 \u0906\u092f (EPS) \u092c\u0922\u093c\u093e \u0938\u0915\u0947\u0964<\/li>\n\n\n\n<li><strong>\u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 : <\/strong>\u092f\u0926\u093f \u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0915\u092e \u0939\u094b\u0924\u0940 \u0939\u0948, \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0932\u093f\u090f \u0905\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0928\u093e \u0906\u0938\u093e\u0928 \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0915\u0930 \u0926\u0930&nbsp;<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u0909\u091a\u094d\u091a \u0915\u0930 \u0926\u0930\u0947\u0902<\/strong> \u090b\u0923 \u0915\u094b \u0905\u0927\u093f\u0915 \u0906\u0915\u0930\u094d\u0937\u0915 \u092c\u0928\u093e\u0924\u0940 \u0939\u0948\u0902, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092c\u094d\u092f\u093e\u091c \u0915\u0930-\u0915\u091f\u094c\u0924\u0940 \u092f\u094b\u0917\u094d\u092f (Tax Deductible) \u0939\u094b\u0924\u093e \u0939\u0948, \u091c\u092c\u0915\u093f \u0932\u093e\u092d\u093e\u0902\u0936 \u092a\u0930 \u0905\u0927\u093f\u0915 \u0915\u0930 \u0932\u0917\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 : <\/strong>\u091c\u092c \u0915\u0902\u092a\u0928\u0940 \u0905\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0924\u0940 \u0939\u0948, \u0924\u094b \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u093e \u091c\u094b\u0916\u093f\u092e \u092c\u0922\u093c \u091c\u093e\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u092d\u0940 \u092c\u0922\u093c \u0938\u0915\u0924\u0940 \u0939\u0948 \u0914\u0930 \u0936\u0947\u092f\u0930 \u0915\u0940 \u0915\u0940\u092e\u0924\u0947\u0902 \u0917\u093f\u0930 \u0938\u0915\u0924\u0940 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u092b\u094d\u0932\u094b\u091f\u0947\u0936\u0928 \u0932\u093e\u0917\u0924 :&nbsp; <\/strong>\u092a\u0942\u0902\u091c\u0940 \u091c\u0941\u091f\u093e\u0928\u0947 \u092e\u0947\u0902 \u0936\u093e\u092e\u093f\u0932 \u0932\u093e\u0917\u0924\u0947\u0902, \u091c\u0948\u0938\u0947 \u0915\u093f \u0936\u0947\u092f\u0930 \u092f\u093e \u0921\u093f\u092c\u0947\u0902\u091a\u0930 \u091c\u093e\u0930\u0940 \u0915\u0930\u0928\u0947 \u0915\u0940 \u0932\u093e\u0917\u0924, \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0947 \u091a\u0941\u0928\u093e\u0935 \u0915\u094b \u092a\u094d\u0930\u092d\u093e\u0935\u093f\u0924 \u0915\u0930\u0924\u0940 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0905\u0928\u094d\u092f \u0915\u093e\u0930\u0915 : <\/strong>\u0938\u094d\u091f\u0949\u0915 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u093e\u0901, \u0938\u092e\u093e\u0928 \u0909\u0926\u094d\u092f\u094b\u0917\u094b\u0902 \u0915\u0940 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0914\u0930 \u0935\u093f\u0928\u093f\u092f\u093e\u092e\u0915 \u0922\u093e\u0902\u091a\u093e \u092d\u0940 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u0923 \u092e\u0947\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092d\u0942\u092e\u093f\u0915\u093e \u0928\u093f\u092d\u093e\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924&nbsp;<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0936\u0941\u0926\u094d\u0927 \u0906\u092f \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u2013&nbsp; \u0921\u0947\u0935\u093f\u0921 \u0921\u094d\u092f\u0942\u0930\u0902\u0921 \u0926\u094d\u0935\u093e\u0930\u093e<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0921\u0947\u0935\u093f\u0921 \u0921\u094d\u092f\u0942\u0930\u0902\u0921 \u0926\u094d\u0935\u093e\u0930\u093e \u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935\u093f\u0924 <strong>\u0936\u0941\u0926\u094d\u0927 \u0906\u092f \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 (Net Income Theory)<\/strong> \u092f\u0939 \u0938\u0941\u091d\u093e\u0935 \u0926\u0947\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0905\u0927\u093f\u0915 \u090b\u0923 (Debt Financing) \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0915\u0947 \u0905\u092a\u0928\u0947 \u092e\u0942\u0932\u094d\u092f (Firm Value) \u0915\u094b \u092c\u0922\u093c\u093e \u0938\u0915\u0924\u0940 \u0939\u0948 \u0914\u0930 \u0905\u092a\u0928\u0940 \u0915\u0941\u0932 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (Cost of Capital) \u0915\u094b \u0915\u092e \u0915\u0930 \u0938\u0915\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u091a\u0942\u0902\u0915\u093f <strong>\u090b\u0923 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0938\u0947 \u0938\u0938\u094d\u0924\u093e \u0939\u094b\u0924\u093e \u0939\u0948<\/strong> (\u0915\u0930 \u0932\u093e\u092d \u0915\u0947 \u0915\u093e\u0930\u0923), \u0907\u0938\u0932\u093f\u090f <strong>\u090b\u0923-\u0938\u0947-\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0905\u0928\u0941\u092a\u093e\u0924 (Debt-to-Equity Ratio) \u092c\u0922\u093c\u093e\u0928\u0947 \u0938\u0947 \u0915\u0941\u0932 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (WACC) \u0915\u092e \u0939\u094b\u0924\u0940 \u0939\u0948<\/strong> \u0914\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u0942\u0932\u094d\u092f \u092c\u0922\u093c\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u092e\u0941\u0916\u094d\u092f \u092e\u093e\u0928\u094d\u092f\u0924\u093e\u090f\u0901&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0915\u0902\u092a\u0928\u0940 \u092a\u0930 \u0915\u094b\u0908 \u0915\u0949\u0930\u092a\u094b\u0930\u0947\u091f \u0915\u0930 (Corporate Taxes) \u0928\u0939\u0940\u0902 \u0932\u0917\u0924\u0947\u0964<\/li>\n\n\n\n<li>\u090b\u0923 \u0939\u092e\u0947\u0936\u093e \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0938\u0947 \u0938\u0938\u094d\u0924\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Debt) \u0938\u094d\u0925\u093f\u0930 \u0930\u0939\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>Leverage \u092c\u0922\u093c\u0928\u0947 \u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Equity) \u0928\u0939\u0940\u0902 \u092c\u0922\u093c\u0924\u0940\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0906\u0936\u092f<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u094b \u0905\u092a\u0928\u0947 \u092a\u0942\u0902\u091c\u0940 \u0922\u093e\u0902\u091a\u0947 \u092e\u0947\u0902 \u0905\u0927\u093f\u0915\u0924\u092e <strong>\u090b\u0923 (Debt) \u0936\u093e\u092e\u093f\u0932 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f<\/strong> \u0924\u093e\u0915\u093f \u0909\u0928\u0915\u0947 \u092e\u0942\u0932\u094d\u092f \u0915\u094b \u0905\u0927\u093f\u0915\u0924\u092e \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0947\u0964<\/li>\n\n\n\n<li><strong>\u0905\u0927\u093f\u0915 \u090b\u0923 = \u0915\u092e \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 = \u0905\u0927\u093f\u0915 \u0915\u0902\u092a\u0928\u0940 \u092e\u0942\u0932\u094d\u092f<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>\u0906\u0932\u094b\u091a\u0928\u093e<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0935\u093e\u0938\u094d\u0924\u0935\u093f\u0915\u0924\u093e \u092e\u0947\u0902, <strong>\u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e (Financial Risk) \u092c\u0922\u093c\u093e\u0924\u093e \u0939\u0948<\/strong>, \u091c\u093f\u0938\u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u092d\u0940 \u092c\u0922\u093c \u091c\u093e\u0924\u0940 \u0939\u0948\u0964, \u0907\u0938 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u0915\u094b <strong>\u0905\u0935\u094d\u092f\u0935\u0939\u093e\u0930\u093f\u0915 (Unrealistic) \u092e\u093e\u0928\u093e \u091c\u093e\u0924\u093e \u0939\u0948<\/strong>,<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u0936\u0941\u0926\u094d\u0927 \u092a\u0930\u093f\u091a\u093e\u0932\u0928 \u0906\u092f \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u2013 \u0921\u0947\u0935\u093f\u0921 \u0921\u094d\u092f\u0942\u0930\u0902\u0921 \u0926\u094d\u0935\u093e\u0930\u093e<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0921\u0947\u0935\u093f\u0921 \u0921\u094d\u092f\u0942\u0930\u0902\u0921 \u0915\u093e <strong>\u0936\u0941\u0926\u094d\u0927 \u092a\u0930\u093f\u091a\u093e\u0932\u0928 \u0906\u092f \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 (NOI Theory)<\/strong> <strong>\u0936\u0941\u0926\u094d\u0927 \u0906\u092f \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 (NI Theory)<\/strong> \u0915\u093e \u0935\u093f\u0930\u094b\u0927 \u0915\u0930\u0924\u093e \u0939\u0948 \u0914\u0930 \u092f\u0939 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092a\u0942\u0902\u091c\u0940 \u0922\u093e\u0902\u091a\u093e (Capital Structure) \u0909\u0938\u0915\u0947 \u0915\u0941\u0932 \u092e\u0942\u0932\u094d\u092f (Firm Value) \u0915\u094b \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u0915\u094b\u0908 \u092d\u0942\u092e\u093f\u0915\u093e \u0928\u0939\u0940\u0902 \u0928\u093f\u092d\u093e\u0924\u093e\u0964<\/li>\n\n\n\n<li>\u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (Cost of Capital) \u090b\u0923-\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u092e\u093f\u0936\u094d\u0930\u0923 (Debt-Equity Mix) \u0915\u0947 \u092c\u093e\u0935\u091c\u0942\u0926 \u0938\u094d\u0925\u093f\u0930 \u0930\u0939\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u092e\u0941\u0916\u094d\u092f \u092e\u093e\u0928\u094d\u092f\u0924\u093e\u090f\u0901&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092c\u093e\u091c\u093e\u0930 \u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u091c\u094b\u0916\u093f\u092e \u0915\u093e \u0906\u0915\u0932\u0928 \u0909\u0938\u0915\u0940 <strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0947 \u092c\u091c\u093e\u092f \u0935\u094d\u092f\u093e\u0935\u0938\u093e\u092f\u093f\u0915 \u0906\u092f (Business Income)<\/strong> \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0915\u0930\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u090b\u0923 \u0938\u0938\u094d\u0924\u093e \u0939\u094b\u0924\u093e \u0939\u0948<\/strong>, \u0932\u0947\u0915\u093f\u0928 \u092f\u0939 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e (Financial Risk) \u092c\u0922\u093c\u093e\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Equity) \u092c\u0922\u093c \u091c\u093e\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u0915\u0941\u0932 <strong>\u092d\u093e\u0930\u093f\u0924 \u0914\u0938\u0924 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (WACC) \u0905\u092a\u0930\u093f\u0935\u0930\u094d\u0924\u093f\u0924 (Unchanged) \u0930\u0939\u0924\u0940 \u0939\u0948\u0964<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>\u0928\u093f\u0939\u093f\u0924\u093e\u0930\u094d\u0925<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0940 <strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u092c\u0926\u0932\u0915\u0930 \u0905\u092a\u0928\u0947 \u092e\u0942\u0932\u094d\u092f (Firm Value) \u0915\u094b \u0928\u0939\u0940\u0902 \u092c\u0922\u093c\u093e \u0938\u0915\u0924\u0940\u0964<\/strong><\/li>\n\n\n\n<li>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u093e \u0915\u094b\u0908 \u092a\u094d\u0930\u092d\u093e\u0935 \u0928\u0939\u0940\u0902 \u092a\u0921\u093c\u0924\u093e, \u0907\u0938\u0932\u093f\u090f <strong>\u092a\u094d\u0930\u092c\u0902\u0927\u0915\u094b\u0902 \u0915\u094b \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0947 \u092c\u091c\u093e\u092f \u0935\u094d\u092f\u093e\u0935\u0938\u093e\u092f\u093f\u0915 \u0938\u0902\u091a\u093e\u0932\u0928 (Business Operations) \u092a\u0930 \u0927\u094d\u092f\u093e\u0928 \u0926\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>\u0906\u0932\u094b\u091a\u0928\u093e<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092f\u0939 <strong>\u090b\u0923 \u0915\u0947 \u0915\u0930 \u0932\u093e\u092d (Tax Advantages of Debt) \u0915\u0940 \u0905\u0928\u0926\u0947\u0916\u0940 \u0915\u0930\u0924\u093e \u0939\u0948\u0964<\/strong><\/li>\n\n\n\n<li>\u092f\u0939 \u092e\u093e\u0928\u0924\u093e \u0939\u0948 \u0915\u093f <strong>\u090b\u0923 \u0938\u0947 \u0909\u0924\u094d\u092a\u0928\u094d\u0928 \u091c\u094b\u0916\u093f\u092e \u092a\u0942\u0930\u0940 \u0924\u0930\u0939 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0932\u093e\u0917\u0924 (Cost of Equity) \u092e\u0947\u0902 \u0935\u0943\u0926\u094d\u0927\u093f \u0938\u0947 \u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948<\/strong>, \u091c\u094b \u0939\u092e\u0947\u0936\u093e \u0938\u0939\u0940 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u093e\u0964<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u092a\u0930\u0902\u092a\u0930\u093e\u0917\u0924 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923 (\u092e\u0927\u094d\u092f\u0935\u0930\u094d\u0924\u0940 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924)<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092a\u0930\u0902\u092a\u0930\u093e\u0917\u0924 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923, \u091c\u093f\u0938\u0947 <strong>\u092e\u0927\u094d\u092f\u0935\u0930\u094d\u0924\u0940 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 (Intermediate Approach)<\/strong> \u092d\u0940 \u0915\u0939\u093e \u091c\u093e\u0924\u093e \u0939\u0948, <strong>\u0936\u0941\u0926\u094d\u0927 \u0906\u092f (NI) \u0914\u0930 \u0936\u0941\u0926\u094d\u0927 \u092a\u0930\u093f\u091a\u093e\u0932\u0928 \u0906\u092f (NOI) \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924\u094b\u0902<\/strong> \u0915\u0947 \u0924\u0924\u094d\u0935\u094b\u0902 \u0915\u094b \u092e\u093f\u0932\u093e\u0915\u0930 \u092a\u094d\u0930\u0938\u094d\u0924\u0941\u0924 \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u092f\u0939 \u0926\u0943\u0937\u094d\u091f\u093f\u0915\u094b\u0923 \u092f\u0939 \u0938\u0941\u091d\u093e\u0935 \u0926\u0947\u0924\u093e \u0939\u0948 \u0915\u093f <strong>\u090f\u0915 \u0906\u0926\u0930\u094d\u0936 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e (Optimal Capital Structure) \u0939\u094b\u0924\u0940 \u0939\u0948<\/strong>, \u091c\u093f\u0938\u092e\u0947\u0902 <strong>\u090b\u0923 \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u093e \u0938\u0902\u0924\u0941\u0932\u0928<\/strong> \u092c\u0928\u093e\u0915\u0930 \u092d\u093e\u0930\u093f\u0924 \u0914\u0938\u0924 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (WACC) \u0915\u094b \u0928\u094d\u092f\u0942\u0928\u0924\u092e \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948 \u0914\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092e\u0942\u0932\u094d\u092f (Firm Value) \u0915\u094b \u0905\u0927\u093f\u0915\u0924\u092e \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0947 \u091a\u0930\u0923&nbsp;<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Leveraging \u092a\u094d\u0930\u092d\u093e\u0935 (\u0905\u0928\u0941\u0915\u0942\u0932 \u091a\u0930\u0923)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u092e\u0927\u094d\u092f\u092e \u0938\u094d\u0924\u0930 \u0915\u093e \u090b\u0923 \u092d\u093e\u0930\u093f\u0924 \u0914\u0938\u0924 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (WACC) \u0915\u094b \u0915\u092e \u0915\u0930\u0924\u093e \u0939\u0948, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u090b\u0923 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 \u0938\u0938\u094d\u0924\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0924\u091f\u0938\u094d\u0925 \u091a\u0930\u0923 (\u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u090f\u0915 \u0910\u0938\u093e \u092c\u093f\u0902\u0926\u0941 \u091c\u0939\u093e\u0902 \u090b\u0923 \u0915\u0947 \u0932\u093e\u092d \u0915\u094b \u092c\u0922\u093c\u0924\u0940 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0932\u093e\u0917\u0924 \u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u0915\u0930 \u0926\u0947\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0905\u0924\u094d\u092f\u0927\u093f\u0915 Leveraging \u092a\u094d\u0930\u092d\u093e\u0935 (\u0905\u0935\u093e\u0902\u091b\u0928\u0940\u092f \u091a\u0930\u0923)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u0915\u094b \u092c\u0922\u093c\u093e\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u092d\u093e\u0930\u093f\u0924 \u0914\u0938\u0924 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (WACC) \u092c\u0922\u093c \u091c\u093e\u0924\u0940 \u0939\u0948 \u0914\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u0942\u0932\u094d\u092f \u0918\u091f\u0928\u0947 \u0932\u0917\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p><strong>\u0928\u093f\u0939\u093f\u0924\u093e\u0930\u094d\u0925<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u094b <strong>\u092e\u0927\u094d\u092f\u092e \u0938\u094d\u0924\u0930 \u0915\u093e \u090b\u0923<\/strong> \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0924\u093e\u0915\u093f \u0935\u0947 \u0905\u092a\u0928\u0947 \u092e\u0942\u0932\u094d\u092f \u0915\u094b \u0905\u0927\u093f\u0915\u0924\u092e \u0915\u0930 \u0938\u0915\u0947\u0902 \u0914\u0930 \u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u0938\u0947 \u092c\u091a \u0938\u0915\u0947\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0906\u0932\u094b\u091a\u0928\u093e<\/strong>\u092f\u0939 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 <strong>\u0938\u091f\u0940\u0915 \u0926\u093f\u0936\u093e-\u0928\u093f\u0930\u094d\u0926\u0947\u0936 \u0928\u0939\u0940\u0902 \u0926\u0947\u0924\u093e<\/strong> \u0915\u093f \u0906\u0926\u0930\u094d\u0936 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e (Optimal Capital Structure) \u0915\u0948\u0938\u0947 \u0924\u092f \u0915\u0940 \u091c\u093e\u090f\u0964<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u092e\u094b\u0926\u0940\u0917\u094d\u0932\u093f\u092f\u093e\u0928\u0940 \u0914\u0930 \u092e\u093f\u0932\u0930 (M&amp;M) \u092a\u094d\u0930\u092e\u0947\u092f<\/strong><\/h4>\n\n\n\n<p><strong>\u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935\u0928\u093e 1:<\/strong> \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0905\u092a\u094d\u0930\u093e\u0938\u0902\u0917\u093f\u0915\u0924\u093e (\u0915\u0930\u094b\u0902 \u0915\u0947 \u092c\u093f\u0928\u093e)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u090f\u0915 <strong>\u0938\u0902\u092a\u0942\u0930\u094d\u0923 \u092c\u093e\u091c\u093e\u0930 (Perfect Market)<\/strong> \u092e\u0947\u0902, \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u093e \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092e\u0942\u0932\u094d\u092f \u092a\u0930 \u0915\u094b\u0908 \u092a\u094d\u0930\u092d\u093e\u0935 \u0928\u0939\u0940\u0902 \u092a\u0921\u093c\u0924\u093e\u0964<\/li>\n\n\n\n<li>\u0915\u0902\u092a\u0928\u0940 \u091a\u093e\u0939\u0947 \u0915\u0947\u0935\u0932 \u090b\u0923 \u0932\u0947, \u0915\u0947\u0935\u0932 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0947, \u092f\u093e \u0926\u094b\u0928\u094b\u0902 \u0915\u093e \u092e\u093f\u0936\u094d\u0930\u0923 \u0905\u092a\u0928\u093e\u090f, \u0909\u0938\u0915\u093e \u092e\u0942\u0932\u094d\u092f \u0938\u092e\u093e\u0928 \u0930\u0939\u0947\u0917\u093e\u0964<\/li>\n\n\n\n<li><strong>\u092e\u093e\u0928\u094d\u092f\u0924\u093e\u090f\u0901<\/strong>: \u0915\u094b\u0908 \u0915\u0930 \u0928\u0939\u0940\u0902, \u0915\u094b\u0908 \u0926\u093f\u0935\u093e\u0932\u093f\u092f\u093e\u092a\u0928 \u0932\u093e\u0917\u0924 \u0928\u0939\u0940\u0902, \u0938\u092d\u0940 \u0915\u094b \u0938\u0902\u092a\u0942\u0930\u094d\u0923 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0939\u0948 ,&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>\u092a\u094d\u0930\u0938\u094d\u0924\u093e\u0935\u0928\u093e 2 <\/strong>: Leverage \u092c\u0922\u093c\u0928\u0947 \u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0932\u093e\u0917\u0924 \u092c\u0922\u093c\u0924\u0940 \u0939\u0948<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u091c\u092c \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0905\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0924\u0940 \u0939\u0948, \u0924\u094b \u0907\u0938\u0915\u0940 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u091c\u094b\u0916\u093f\u092e\u092a\u0942\u0930\u094d\u0923 \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Equity) \u092c\u0922\u093c \u091c\u093e\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u0938\u0938\u094d\u0924\u0947 \u090b\u0923 \u0938\u0947 \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u093e \u0932\u093e\u092d, \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0932\u093e\u0917\u0924 \u092e\u0947\u0902 \u0935\u0943\u0926\u094d\u0927\u093f \u0938\u0947 \u0938\u0902\u0924\u0941\u0932\u093f\u0924 \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0915\u0941\u0932 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 (WACC) \u0905\u092a\u0930\u093f\u0935\u0930\u094d\u0924\u093f\u0924 \u0930\u0939\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>M&amp;M \u092a\u094d\u0930\u092e\u0947\u092f \u0915\u0930\u094b\u0902 \u0915\u0947 \u0938\u093e\u0925 (\u0938\u0902\u0936\u094b\u0927\u093f\u0924 \u092e\u0949\u0921\u0932)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u091c\u092c <strong>\u0915\u0949\u0930\u094d\u092a\u094b\u0930\u0947\u091f \u0915\u0930 (Corporate Taxes)<\/strong> \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u092e\u0947\u0902 \u0930\u0916\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u0924\u094b <strong>\u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0915\u0930 \u092f\u094b\u0917\u094d\u092f \u0906\u092f \u0915\u094b \u0915\u092e \u0915\u0930\u0924\u093e \u0939\u0948<\/strong>, \u091c\u093f\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u0942\u0932\u094d\u092f \u092c\u0922\u093c\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u094b \u0905\u0927\u093f\u0915 \u0938\u0947 \u0905\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0924\u093e\u0915\u093f \u092c\u094d\u092f\u093e\u091c \u092d\u0941\u0917\u0924\u093e\u0928 \u092a\u0930 \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u0947 <strong>\u0915\u0930 \u0932\u093e\u092d (Tax Shield)<\/strong> \u0915\u093e \u092a\u0942\u0930\u093e \u092b\u093e\u092f\u0926\u093e \u0909\u0920\u093e\u092f\u093e \u091c\u093e \u0938\u0915\u0947\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0928\u093f\u0939\u093f\u0924\u093e\u0930\u094d\u0925<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0915\u0930\u094b\u0902 \u0915\u0947 \u092c\u093f\u0928\u093e:<\/strong> \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0905\u092a\u094d\u0930\u093e\u0938\u0902\u0917\u093f\u0915 \u0939\u094b\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0915\u0930\u094b\u0902 \u0915\u0947 \u0938\u093e\u0925:<\/strong> \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u094b \u0905\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0924\u093e\u0915\u093f \u0935\u0947 \u0905\u092a\u0928\u0947 \u092e\u0942\u0932\u094d\u092f \u0915\u094b \u092c\u0922\u093c\u093e \u0938\u0915\u0947\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0906\u0932\u094b\u091a\u0928\u093e<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0935\u093e\u0938\u094d\u0924\u0935\u093f\u0915 \u0926\u0941\u0928\u093f\u092f\u093e \u092e\u0947\u0902 <strong>\u0926\u093f\u0935\u093e\u0932\u093f\u092f\u093e\u092a\u0928 \u0932\u093e\u0917\u0924 (Bankruptcy Costs)<\/strong> \u0914\u0930 <strong>\u0905\u092a\u0942\u0930\u094d\u0923 \u092c\u093e\u091c\u093e\u0930 (Imperfect Markets)<\/strong> \u0915\u0947 \u0915\u093e\u0930\u0923 \u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u090b\u0923 \u0932\u0947\u0928\u093e \u091c\u094b\u0916\u093f\u092e\u092a\u0942\u0930\u094d\u0923 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u092a\u0947\u0915\u093f\u0902\u0917 \u0911\u0930\u094d\u0921\u0930 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u2013&nbsp; \u092e\u093e\u092f\u0930\u094d\u0938 \u0914\u0930 \u092e\u093e\u091c\u0932\u0941\u092b \u0926\u094d\u0935\u093e\u0930\u093e<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0901 <strong>\u0906\u0902\u0924\u0930\u093f\u0915 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (Internal Financing \u2013 \u0938\u0902\u091a\u093f\u0924 \u0932\u093e\u092d)<\/strong> \u0915\u094b \u090b\u0923 \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0938\u0947 \u0905\u0927\u093f\u0915 \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915\u0924\u093e \u0926\u0947\u0924\u0940 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li>\u092f\u0926\u093f \u092c\u093e\u0939\u0930\u0940 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0939\u094b\u0924\u0940 \u0939\u0948, \u0924\u094b \u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0901 <strong>\u092a\u0939\u0932\u0947 \u090b\u0923 (Debt)<\/strong> \u0915\u094b \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915\u0924\u093e \u0926\u0947\u0924\u0940 \u0939\u0948\u0902 \u0914\u0930 \u0905\u0902\u0924 \u092e\u0947\u0902 <strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 (Equity)<\/strong> \u091c\u093e\u0930\u0940 \u0915\u0930\u0924\u0940 \u0939\u0948\u0902\u0964\u0928\u0908 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u091c\u093e\u0930\u0940 \u0915\u0930\u0928\u0947 \u0938\u0947 \u092f\u0939 \u0938\u0902\u0915\u0947\u0924 \u092e\u093f\u0932 \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0905\u0927\u093f\u0915 \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928\u093f\u0924 (Overvalued) \u0939\u094b \u0938\u0915\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u0915\u093e \u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u0915\u092e \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0915\u0940 \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915\u0924\u093e \u0915\u093e \u0915\u094d\u0930\u092e&nbsp;<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u0906\u0902\u0924\u0930\u093f\u0915 \u0928\u093f\u0927\u093f (Retained Earnings)<\/li>\n\n\n\n<li>\u090b\u0923 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (\u090b\u0923, \u092c\u0949\u0928\u094d\u0921, etc.)<\/li>\n\n\n\n<li>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 (\u0928\u090f \u0936\u0947\u092f\u0930 \u091c\u093e\u0930\u0940 \u0915\u0930\u0928\u093e)<\/li>\n<\/ol>\n\n\n\n<p><strong>\u0928\u093f\u0939\u093f\u0924\u093e\u0930\u094d\u0925<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0932\u093e\u092d\u0926\u093e\u092f\u0915 \u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0901 \u0915\u092e \u090b\u0923 \u0932\u0947\u0924\u0940 \u0939\u0948\u0902<\/strong>, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0909\u0928\u0915\u0947 \u092a\u093e\u0938 \u0905\u0927\u093f\u0915 \u0938\u0902\u091a\u093f\u0924 \u0932\u093e\u092d \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0924\u0947\u091c\u0940 \u0938\u0947 \u092c\u0922\u093c\u0924\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0901 (High-Growth Firms) \u0905\u0927\u093f\u0915 \u090b\u0923 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0930\u0939\u0924\u0940 \u0939\u0948\u0902<\/strong>, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0935\u0947 \u0906\u0902\u0924\u0930\u093f\u0915 \u0928\u093f\u0927\u093f\u092f\u094b\u0902 \u0915\u094b \u091c\u0932\u094d\u0926\u0940 \u0938\u092e\u093e\u092a\u094d\u0924 \u0915\u0930 \u0926\u0947\u0924\u0940 \u0939\u0948\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0906\u0932\u094b\u091a\u0928\u093e<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092f\u0939 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 <strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0935\u093f\u0924\u094d\u0924\u092a\u094b\u0937\u0923 \u0915\u0947 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0932\u093e\u092d\u094b\u0902 \u0915\u0940 \u0905\u0928\u0926\u0947\u0916\u0940 \u0915\u0930\u0924\u093e \u0939\u0948\u0964<\/strong><\/li>\n<\/ul>\n\n\n\n<div style=\"height:70px\" aria-hidden=\"true\" id=\"pkl\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-luminous-vivid-orange-color has-text-color has-background has-link-color wp-elements-3f72e3822f1a20a7210ccc74a5c09620\" style=\"border-radius:10px;background-color:#fcb90059;padding-top:6px;padding-right:6px;padding-bottom:6px;padding-left:6px\"><strong>\u092a\u0942\u0901\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Capital)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u092f\u093e \u0932\u0947\u0928\u0926\u093e\u0930\u094b\u0902 \u0926\u094d\u0935\u093e\u0930\u093e \u0915\u093f\u0938\u0940 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u094b \u092a\u0942\u0902\u091c\u0940 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0905\u092a\u0947\u0915\u094d\u0937\u093f\u0924 \u092a\u094d\u0930\u0924\u093f\u092b\u0932 \u0915\u0940 \u0926\u0930 \u0939\u0948\u0964 \u092f\u0939 \u0928\u093f\u0927\u093f \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0915\u0930\u0928\u0947 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0939\u0948, \u091a\u093e\u0939\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u092f\u093e \u090b\u0923 \u0915\u0947 \u092e\u093e\u0927\u094d\u092f\u092e \u0938\u0947 \u0914\u0930 \u0907\u0938\u092e\u0947\u0902 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0926\u094d\u0935\u093e\u0930\u093e \u0905\u092a\u0947\u0915\u094d\u0937\u093f\u0924 \u092a\u094d\u0930\u0924\u093f\u092b\u0932 \u0914\u0930 \u090b\u0923 \u092a\u0930 \u092c\u094d\u092f\u093e\u091c \u0935\u094d\u092f\u092f \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Debt): <\/strong>\u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0915\u0947\u0935\u0932 \u0935\u0939 \u092c\u094d\u092f\u093e\u091c \u0926\u0930 \u0939\u0948 \u091c\u094b \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0947 \u090b\u0923 \u092a\u0930 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u0930\u0924\u0940 \u0939\u0948\n<ul class=\"wp-block-list\">\n<li><strong>\u0938\u0942\u0924\u094d\u0930 (Formula):<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"math-container\">\n    <div class=\"math-box\">\n        <b>\u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924 = <\/b>  \n        <div class=\"fraction\">\n            <div class=\"numerator\">\u092c\u094d\u092f\u093e\u091c \u0935\u094d\u092f\u092f \u00d7 (1 \u2212 \u0915\u0930 \u0926\u0930)<\/div>\n            <div class=\"denominator\">\u0915\u0941\u0932 \u090b\u0923<\/div>\n        <\/div>\n        <div class=\"definition\">\n            <br> T &#8211; \u0915\u0930 \u0926\u0930 (Tax Rate)\n        <\/div>\n    <\/div>\n<\/div>\n\n<style>\n    \/* Centering the pink box *\/\n    .math-container {\n        display: flex;\n        justify-content: center;\n        width: 100%;\n    }\n\n    \/* Styling the pink box *\/\n    .math-box {\n        background-color: pink;\n        padding: 15px;\n        border-radius: 8px;\n        display: inline-flex; \/* Keeps everything in one line *\/\n        align-items: center;\n        justify-content: center;\n        text-align: center;\n        font-size: 20px;\n        font-weight: bold;\n        flex-direction: column; \/* Allows stacking equation and definition *\/\n        min-width: 12cm; \/* Increased width *\/\n        max-width: 100%;\n        white-space: nowrap; \/* Prevents line breaks *\/\n    }\n\n    \/* Fraction Styling *\/\n    .fraction {\n        display: inline-flex;\n        flex-direction: column;\n        align-items: center;\n        margin-left: 8px; \/* More spacing *\/\n        font-size: 20px;\n        text-align: center;\n    }\n\n    .fraction .numerator {\n        border-bottom: 2px solid black;\n        padding: 4px 8px;\n        min-width: max-content;\n    }\n\n    .fraction .denominator {\n        padding: 4px 8px;\n        min-width: max-content;\n    }\n\n    \/* Definition Styling *\/\n    .definition {\n        font-size: 18px;\n        margin-top: 5px;\n    }\n<\/style>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 (Cost of Equity): <\/strong>\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0935\u0939 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0930\u093f\u091f\u0930\u094d\u0928 \u0939\u0948 \u091c\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0926\u094d\u0935\u093e\u0930\u093e \u092e\u093e\u0902\u0917\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964\n<ul class=\"wp-block-list\">\n<li><strong>\u0938\u0942\u0924\u094d\u0930 (Formula):<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"math-container\">\n    <div class=\"math-box\">\n        <b>Cost of Equity = <\/b>  \n        <span class=\"formula\">\n            R<sub>f<\/sub> + \u03b2 ( R<sub>m<\/sub> \u2212 R<sub>f<\/sub> )\n        <\/span>\n        <div class=\"definitions\">\n            <br>R<sub>f<\/sub> &#8211; \u091c\u094b\u0916\u093f\u092e-\u092e\u0941\u0915\u094d\u0924 \u0926\u0930, \n            \u03b2 &#8211; \u091c\u094b\u0916\u093f\u092e \u0915\u093e \u0905\u0928\u0941\u092e\u093e\u0928, \n            R<sub>m<\/sub> &#8211; \u092c\u093e\u091c\u093e\u0930 \u091c\u094b\u0916\u093f\u092e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e\n        <\/div>\n    <\/div>\n<\/div>\n\n<style>\n    \/* Centering the pink box *\/\n    .math-container {\n        display: flex;\n        justify-content: center;\n        width: 100%;\n    }\n\n    \/* Styling the pink box *\/\n    .math-box {\n        background-color: pink;\n        padding: 15px;\n        border-radius: 8px;\n        display: inline-flex; \/* Keeps everything inline *\/\n        align-items: center;\n        justify-content: center;\n        text-align: center;\n        font-size: 20px;\n        font-weight: bold;\n        flex-direction: column; \/* Allows stacking equation and definitions *\/\n        min-width: 16cm; \/* Increased width *\/\n        max-width: 100%;\n        white-space: nowrap; \/* Prevents breaking inside equation *\/\n    }\n\n    \/* Styling the formula *\/\n    .formula {\n        margin-top: 5px;\n        font-size: 22px;\n        font-weight: bold;\n    }\n\n    \/* Subscript styling *\/\n    sub {\n        font-size: 16px;\n    }\n\n    \/* Styling the variable definitions *\/\n    .definitions {\n        font-size: 18px;\n        margin-top: 5px;\n    }\n<\/style>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0935\u0947\u091f\u0947\u0921 \u090f\u0935\u0930\u0947\u091c \u0915\u0949\u0938\u094d\u091f \u0911\u092b \u0915\u0948\u092a\u093f\u091f\u0932(Weighted Average Cost of Capital &#8211; WACC):<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u092a\u0930\u093f\u092d\u093e\u0937\u093e (Definition): <\/strong>\u0915\u093f\u0938\u0940 \u092b\u0930\u094d\u092e \u0915\u0940 \u0938\u092e\u0917\u094d\u0930 \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0909\u092a\u0930\u094b\u0915\u094d\u0924 \u0926\u0940 \u0917\u0908 \u0932\u093e\u0917\u0924\u094b\u0902 \u0915\u0947 \u0935\u0947\u091f\u0947\u0921 \u090f\u0935\u0930\u0947\u091c \u092a\u0930 \u0906\u0927\u093e\u0930\u093f\u0924 \u0939\u094b\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0938\u0942\u0924\u094d\u0930 (Formula):<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"math-container\">\n  <div class=\"math-box\">\n    WACC = (\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u093e \u092d\u093e\u0930 \u00d7 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924) + <br>\n    (\u090b\u0923 \u0915\u093e \u092d\u093e\u0930 \u00d7 \u090b\u0923 \u0915\u0940 \u0932\u093e\u0917\u0924)\n  <\/div>\n<\/div>\n\n<style>\n  .math-container {\n    display: flex;\n    justify-content: center;\n    width: 100%;\n  }\n\n  .math-box {\n    background-color: pink;\n    padding: 15px 20px;\n    border-radius: 8px;\n    display: inline-block;\n    text-align: center;\n    font-size: 20px;\n    font-weight: bold;\n    width: 14cm;\n    max-width: 100%;\n    word-wrap: break-word;\n  }\n<\/style>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>\u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u0915\u0940 \u0917\u0923\u0928\u093e \u0915\u093e \u092e\u0939\u0924\u094d\u0935&nbsp;<\/strong><\/h5>\n\n\n\n<p><strong>\u092a\u0942\u0902\u091c\u0940 \u092c\u091c\u091f\u093f\u0902\u0917 \u0928\u093f\u0930\u094d\u0923\u092f (Capital Budgeting Decisions)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0902 \u0928\u093f\u0935\u0947\u0936 \u092a\u0930\u093f\u092f\u094b\u091c\u0928\u093e\u0913\u0902 \u0915\u0947 \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928 \u0915\u0947 \u0932\u093f\u090f \u0915\u0930\u0924\u0940 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li>\u092f\u0926\u093f \u0915\u093f\u0938\u0940 \u092a\u0930\u093f\u092f\u094b\u091c\u0928\u093e \u0915\u093e \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0930\u093f\u091f\u0930\u094d\u0928 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u0948, \u0924\u094b \u0909\u0938\u0947 \u0938\u094d\u0935\u0940\u0915\u093e\u0930 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u0905\u0928\u094d\u092f\u0925\u093e \u0905\u0938\u094d\u0935\u0940\u0915\u093e\u0930 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0907\u0937\u094d\u091f\u0924\u092e \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e (Optimal Capital Structure)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u092f\u0939 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u0915\u0930\u0924\u0940 \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u090b\u0923 \u0914\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0915\u093e \u0938\u0939\u0940 \u092e\u093f\u0936\u094d\u0930\u0923 \u0915\u0948\u0938\u0947 \u0930\u0916\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964<\/li>\n\n\n\n<li>\u0909\u091a\u093f\u0924 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0938\u0947 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u091c\u094b\u0916\u093f\u092e \u0915\u092e \u0939\u094b\u0924\u093e \u0939\u0948 \u0914\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u0942\u0932\u094d\u092f \u0905\u0927\u093f\u0915\u0924\u092e \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u092a\u094d\u0930\u0926\u0930\u094d\u0936\u0928 \u0915\u093e \u092e\u0942\u0932\u094d\u092f\u093e\u0902\u0915\u0928 (Financial Performance Evaluation)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0928\u093f\u0935\u0947\u0936 \u092a\u0930 \u0930\u093f\u091f\u0930\u094d\u0928 (ROI) \u0915\u094b \u092e\u093e\u092a\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u092c\u0947\u0902\u091a\u092e\u093e\u0930\u094d\u0915 (Benchmark) \u0915\u0940 \u0924\u0930\u0939 \u0915\u093e\u092e \u0915\u0930\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u092f\u0926\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u093e ROI \u0909\u0938\u0915\u0940 \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u0948, \u0924\u094b \u092f\u0939 \u0932\u093e\u092d\u0926\u093e\u092f\u0915 \u0914\u0930 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a \u0938\u0947 \u0938\u094d\u0925\u093f\u0930 \u092e\u093e\u0928\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0928\u093f\u0935\u0947\u0936 \u0914\u0930 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0928\u093f\u0930\u094d\u0923\u092f (Investment and Expansion Decisions)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u091c\u092c \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0928\u0908 \u092a\u0930\u093f\u092f\u094b\u091c\u0928\u093e\u0913\u0902, \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u092f\u093e \u0905\u0927\u093f\u0917\u094d\u0930\u0939\u0923 \u092a\u0930 \u0935\u093f\u091a\u093e\u0930 \u0915\u0930 \u0930\u0939\u0940 \u0939\u094b\u0924\u0940 \u0939\u0948, \u0924\u094b \u0935\u0939 \u0905\u0928\u0941\u092e\u093e\u0928\u093f\u0924 \u0930\u093f\u091f\u0930\u094d\u0928 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0915\u0930\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u092f\u0926\u093f \u0905\u092a\u0947\u0915\u094d\u0937\u093f\u0924 \u0932\u093e\u092d \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u0948, \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u0947 \u0915\u093e \u0928\u093f\u0930\u094d\u0923\u092f \u0932\u0947\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0932\u093e\u092d\u093e\u0902\u0936 \u0928\u0940\u0924\u093f (Dividend Policy)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u092f\u0939 \u0924\u092f \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u0915\u0930\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u0915\u093f\u0924\u0928\u093e \u0932\u093e\u092d\u093e\u0902\u0936 \u0926\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0914\u0930 \u0915\u093f\u0924\u0928\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u092a\u0941\u0928\u0930\u094d\u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964<\/li>\n\n\n\n<li>\u092f\u0926\u093f \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0905\u0927\u093f\u0915 \u0939\u0948, \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0905\u0927\u093f\u0915 \u0932\u093e\u092d \u0915\u094b \u092a\u0941\u0928\u0930\u094d\u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u0947 \u0915\u093e \u0935\u093f\u0915\u0932\u094d\u092a \u091a\u0941\u0928 \u0938\u0915\u0924\u0940 \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<div style=\"height:70px\" aria-hidden=\"true\" id=\"lkv\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-luminous-vivid-orange-color has-text-color has-background has-link-color wp-elements-208cb921c9f8678e6be5c6c0ad1b5bda\" style=\"border-radius:10px;background-color:#fcb90059;padding-top:6px;padding-right:6px;padding-bottom:6px;padding-left:6px\"><strong>\u0932\u093e\u092d\u094b\u0902 \u0915\u093e \u0935\u093f\u092d\u093e\u091c\u0928 (Distribution of Profit)<\/strong><\/h2>\n\n\n\n<p>\u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0935\u0939 \u092a\u094d\u0930\u0915\u094d\u0930\u093f\u092f\u093e \u0939\u0948 \u091c\u093f\u0938\u0915\u0947 \u0926\u094d\u0935\u093e\u0930\u093e \u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0932\u093e\u092d \u0915\u094b \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0939\u093f\u0924\u0927\u093e\u0930\u0915\u094b\u0902, \u091c\u0948\u0938\u0947 \u0915\u093f \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902, \u0915\u0930\u094d\u092e\u091a\u093e\u0930\u093f\u092f\u094b\u0902, \u0914\u0930 \u092a\u094d\u0930\u092c\u0902\u0927\u0928 \u0915\u0947 \u092c\u0940\u091a \u0906\u0935\u0902\u091f\u093f\u0924 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<p><strong>\u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0917\u0924 \u0938\u093e\u091d\u0947\u0926\u093e\u0930 (Single Partner):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0932\u093e\u092d-\u0939\u093e\u0928\u093f \u0916\u093e\u0924\u093e (Profit-Loss Account):<\/strong><strong><br><\/strong>\u090f\u0915\u0932 \u0938\u093e\u091d\u0947\u0926\u093e\u0930 \u0915\u0947 \u092e\u093e\u092e\u0932\u0947 \u092e\u0947\u0902, \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0932\u093e\u092d-\u0939\u093e\u0928\u093f \u0916\u093e\u0924\u0947 \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n\n\n\n<p><strong>\u0938\u093e\u091d\u0947\u0926\u093e\u0930\u0940 (Partnership):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0932\u093e\u092d-\u0939\u093e\u0928\u093f \u0935\u093f\u0928\u093f\u092f\u094b\u091c\u0928 \u0916\u093e\u0924\u093e (Preparation of Profit-Loss Appropriation Account):<\/strong><strong><br><\/strong>\u0938\u093e\u091d\u0947\u0926\u093e\u0930\u0940 \u092e\u0947\u0902, \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0935\u093f\u0936\u0947\u0937 \u0916\u093e\u0924\u0947 \u0915\u0940 \u0924\u0948\u092f\u093e\u0930\u0940 \u0915\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948 \u091c\u093f\u0938\u0947 \u0932\u093e\u092d-\u0939\u093e\u0928\u093f \u0935\u093f\u0928\u093f\u092f\u094b\u091c\u0928 \u0916\u093e\u0924\u093e \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0938\u092e\u093e\u092f\u094b\u091c\u0928&nbsp; (Modifications):<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u092a\u0942\u0902\u091c\u0940 \u092a\u0930 \u092c\u094d\u092f\u093e\u091c (Interest on Capital)<\/li>\n\n\n\n<li>\u0928\u093f\u0915\u093e\u0938\u0940 \u092a\u0930 \u092c\u094d\u092f\u093e\u091c (Interest on Drawings):&nbsp;<\/li>\n\n\n\n<li>\u0938\u093e\u091d\u0947\u0926\u093e\u0930\u094b\u0902 \u0915\u094b \u0915\u092e\u0940\u0936\u0928 (Commission to Partners)<\/li>\n\n\n\n<li>\u0938\u093e\u091d\u0947\u0926\u093e\u0930\u094b\u0902 \u0915\u094b \u0935\u0947\u0924\u0928 (Salary to Partners)<\/li>\n\n\n\n<li>\u0936\u0947\u092f\u0930\u0927\u093e\u0930\u093f\u0924\u093e \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u0932\u093e\u092d \u0915\u093e \u0935\u093f\u0924\u0930\u0923 (Distribution of Profit According to Shareholding): \u0905\u0902\u0924 \u092e\u0947\u0902, \u0932\u093e\u092d \u0915\u094b \u0938\u093e\u091d\u0947\u0926\u093e\u0930\u094b\u0902 \u0915\u0947 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u093f\u0924\u093e \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u0935\u093f\u0924\u0930\u093f\u0924 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u0915\u0902\u092a\u0928\u0940 (Company):<\/strong>\n<ul class=\"wp-block-list\">\n<li>\u092a\u094d\u0930\u092c\u0902\u0927\u0928 \u0932\u093e\u092d\u093e\u0902\u0936 \u0928\u0940\u0924\u093f \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u0932\u093e\u092d\u093e\u0902\u0936 \u0935\u093f\u0924\u0930\u0923 \u0915\u093e \u0928\u093f\u0930\u094d\u0923\u092f \u0915\u0930\u0924\u093e \u0939\u0948\u0964<\/li>\n\n\n\n<li>\u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915\u0924\u093e \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915 (Preferential shareholders) \u0928\u093f\u092f\u092e\u093f\u0924 \u0930\u0942\u092a \u0938\u0947 \u0932\u093e\u092d\u093e\u0902\u0936 \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"880\" height=\"890\" src=\"https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image24-1.png\" alt=\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e \" class=\"wp-image-134654\" style=\"width:388px;height:auto\" srcset=\"https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image24-1.png 880w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image24-1-100x100.png 100w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image24-1-600x607.png 600w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image24-1-297x300.png 297w, https:\/\/rajras.in\/wp-content\/uploads\/2025\/04\/image24-1-768x777.png 768w\" sizes=\"auto, (max-width: 880px) 100vw, 880px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0932\u093e\u092d\u093e\u0902\u0936 \u0915\u0947 \u092a\u094d\u0930\u0915\u093e\u0930:<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u0928\u0915\u0926 \u0932\u093e\u092d\u093e\u0902\u0936 (Cash Dividends):<\/strong> \u0932\u093e\u092d\u093e\u0902\u0936 \u0915\u0940 \u0930\u093e\u0936\u093f \u0938\u0940\u0927\u0947 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915 \u0915\u0947 \u0916\u093e\u0924\u0947 \u092e\u0947\u0902 \u0938\u094d\u0925\u093e\u0928\u093e\u0902\u0924\u0930\u093f\u0924 \u0915\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0938\u094d\u091f\u0949\u0915 \u0932\u093e\u092d\u093e\u0902\u0936 (Stock Dividends):<\/strong> \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092e\u094c\u091c\u0942\u0926\u093e \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u094b \u0905\u0924\u093f\u0930\u093f\u0915\u094d\u0924 \u0936\u0947\u092f\u0930 \u091c\u093e\u0930\u0940 \u0915\u093f\u090f \u091c\u093e\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0935\u093f\u0936\u0947\u0937 \u0932\u093e\u092d\u093e\u0902\u0936 (Special Dividends):<\/strong> \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0947 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u094b \u0935\u093f\u0936\u0947\u0937 \u0930\u0942\u092a \u0938\u0947 \u092a\u0941\u0930\u0938\u094d\u0915\u0943\u0924 \u0915\u0930\u0924\u0940 \u0939\u0948, \u091c\u094b \u0906\u092e\u0924\u094c\u0930 \u092a\u0930 \u090f\u0915 \u092c\u093e\u0930 \u092f\u093e \u0905\u0938\u093e\u092e\u093e\u0928\u094d\u092f \u0930\u0942\u092a \u0938\u0947 \u0909\u091a\u094d\u091a \u0932\u093e\u092d\u093e\u0902\u0936 \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e: \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u090f\u0935\u0902 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0915\u093f\u0938\u0940 \u092d\u0940 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u0940 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0928\u0940\u0924\u093f \u0914\u0930 \u0926\u0940\u0930\u094d\u0918\u0915\u093e\u0932\u0940\u0928 \u0938\u094d\u0925\u093f\u0930\u0924\u093e \u0915\u093e \u0906\u0927\u093e\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948\u0964 \u092a\u094d\u0930\u092d\u093e\u0935\u0940 \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e \u0914\u0930 \u0928\u094d\u092f\u0942\u0928\u0924\u092e \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0938\u0947 \u0932\u093e\u092d\u092a\u094d\u0930\u0926\u0924\u093e \u092c\u0922\u093c\u093e\u0908 \u091c\u093e \u0938\u0915\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u0914\u0930 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u093e \u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u092d\u0940 \u092e\u091c\u092c\u0942\u0924 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0909\u091a\u093f\u0924 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0928\u0940\u0924\u093f\u092f\u093e\u0901 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u0940 \u091b\u0935\u093f [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":134021,"parent":27106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"right-sidebar","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-134616","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e: \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u090f\u0935\u0902 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e - Connect Civils<\/title>\n<meta name=\"description\" content=\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e : \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0914\u0930 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0938\u0902\u0930\u091a\u0928\u093e, \u090b\u0923\/\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0905\u0928\u0941\u092a\u093e\u0924 (D\/E \u0905\u0928\u0941\u092a\u093e\u0924), \u0909\u0924\u094d\u0924\u094b\u0932\u0928 \u0905\u0928\u0941\u092a\u093e\u0924 (Leverage Ratio)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e: \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u090f\u0935\u0902 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e - Connect Civils\" \/>\n<meta property=\"og:description\" content=\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e : \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0914\u0930 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0938\u0902\u0930\u091a\u0928\u093e, \u090b\u0923\/\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0905\u0928\u0941\u092a\u093e\u0924 (D\/E \u0905\u0928\u0941\u092a\u093e\u0924), \u0909\u0924\u094d\u0924\u094b\u0932\u0928 \u0905\u0928\u0941\u092a\u093e\u0924 (Leverage Ratio)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/\" \/>\n<meta property=\"og:site_name\" content=\"Connect Civils\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Rasexam16\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-05T13:36:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rajras.in\/wp-content\/uploads\/2025\/03\/image14.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"709\" \/>\n\t<meta property=\"og:image:height\" content=\"711\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@rajras16\" \/>\n<meta name=\"twitter:label1\" content=\"\u0905\u0928\u0941\u092e\u093e\u0928\u093f\u0924 \u092a\u0922\u093c\u0928\u0947 \u0915\u093e \u0938\u092e\u092f\" \/>\n\t<meta name=\"twitter:data1\" content=\"13 \u092e\u093f\u0928\u091f\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/\",\"url\":\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/\",\"name\":\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e: \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0915\u0940 \u0932\u093e\u0917\u0924 \u090f\u0935\u0902 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0915\u0940 \u0938\u0902\u0930\u091a\u0928\u093e - Connect Civils\",\"isPartOf\":{\"@id\":\"https:\/\/rajras.in\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/rajras.in\/hi\/ras\/mains\/paper-1\/management\/financial-framework-capital-structure-cost-of-capital-profit-distributional-structure\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/rajras.in\/wp-content\/uploads\/2025\/03\/image14.jpg\",\"datePublished\":\"2025-03-31T12:35:25+00:00\",\"dateModified\":\"2025-04-05T13:36:57+00:00\",\"description\":\"\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0930\u0942\u092a\u0930\u0947\u0916\u093e : \u092a\u0942\u0902\u091c\u0940 \u0938\u0902\u0930\u091a\u0928\u093e, \u092a\u0942\u0902\u091c\u0940 \u0932\u093e\u0917\u0924 \u0914\u0930 \u0932\u093e\u092d \u0935\u093f\u0924\u0930\u0923 \u0938\u0902\u0930\u091a\u0928\u093e, 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