TOSYOU CODE: 9999      0
debtcashflow initial values:   0.000010 150.000000
stddev initial values:   0.000010 150.000000
ecfconst solution invest:  50.000000  70.000000
debt cf solution invest: 10.30889346 15.19205351
tax rate = 0.30  bankruptcy cost (proportion = 0.400)
non-debt tax shield (proportion = 1.000)
market portfolio: average = 0.13000  std.dev = 0.25000  lambda =   2.56595
riskless rate of interest = 0.06000  correlation =  0.40000
data: equity =  99.990000  debt =  99.990000  firm = 199.980000

agency cost: EZC - k L (EZC:ecfconst =  50.000000, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  49.023368 ( 2.12331) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  20.827013 ( 0.90207)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.8515 0.03342   0.11438 0.06628  0.09732  0.09027   10.0770   5.5382  15.6152
 dbratio     ROA    ROA1 debtcf1
 0.35467 0.13598 0.12342 0.39136

debt amount =   0.0000   investment =   2.0000   debt ratio =  0.00000
RRR on investment =  0.123580      after tax =  0.086506
search range of Y std.dev.:   minimum =  23.498327   maximum =  30.547826
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   1

agency cost: EZC - k L (EZC:ecfconst =  56.413101, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.445515 ( 2.40338) : loss rate  0.0172
liq.cash: 10Y std.dev. (1Y) =  23.498327 ( 1.01857)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.7510 0.02858   0.11196 0.06566  0.09740  0.09121   12.0770   5.5382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.31440 0.13644 0.12344 0.38508

debt amount =   0.1000   investment =   2.0000   debt ratio =  0.05000
RRR on investment =  0.123538      after tax =  0.086477
search range of Y std.dev.:   minimum =  23.497347   maximum =  30.546551
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.410747, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.424431 ( 2.40219) : loss rate  0.0175
liq.cash: 10Y std.dev. (1Y) =  23.497347 ( 1.01842)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 10.9591 0.02922   0.11229 0.06575  0.09739  0.09108   11.9770   5.6382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.32008 0.13637 0.12343 0.39291

debt amount =   0.2000   investment =   2.0000   debt ratio =  0.10000
RRR on investment =  0.123503      after tax =  0.086452
search range of Y std.dev.:   minimum =  23.496509   maximum =  30.545462
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.408736, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.403632 ( 2.40102) : loss rate  0.0178
liq.cash: 10Y std.dev. (1Y) =  23.496509 ( 1.01826)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.1678 0.02987   0.11262 0.06583  0.09738  0.09095   11.8770   5.7382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.32575 0.13630 0.12343 0.40078

debt amount =   0.3000   investment =   2.0000   debt ratio =  0.15000
RRR on investment =  0.123474      after tax =  0.086432
search range of Y std.dev.:   minimum =  23.495816   maximum =  30.544561
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.407073, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.383124 ( 2.39986) : loss rate  0.0182
liq.cash: 10Y std.dev. (1Y) =  23.495816 ( 1.01812)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.3772 0.03054   0.11295 0.06592  0.09737  0.09081   11.7770   5.8382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.33143 0.13624 0.12343 0.40869

debt amount =   0.4000   investment =   2.0000   debt ratio =  0.20000
RRR on investment =  0.123451      after tax =  0.086416
search range of Y std.dev.:   minimum =  23.495270   maximum =  30.543851
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.405762, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.362909 ( 2.39871) : loss rate  0.0185
liq.cash: 10Y std.dev. (1Y) =  23.495270 ( 1.01798)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.5873 0.03122   0.11329 0.06601  0.09735  0.09068   11.6770   5.9382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.33711 0.13617 0.12342 0.41663

debt amount =   0.5000   investment =   2.0000   debt ratio =  0.25000
RRR on investment =  0.123434      after tax =  0.086404
search range of Y std.dev.:   minimum =  23.494874   maximum =  30.543336
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.404810, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.342992 ( 2.39758) : loss rate  0.0188
liq.cash: 10Y std.dev. (1Y) =  23.494874 ( 1.01785)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 11.7980 0.03191   0.11364 0.06610  0.09734  0.09055   11.5770   6.0382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.34278 0.13611 0.12342 0.42462

debt amount =   0.6000   investment =   2.0000   debt ratio =  0.30000
RRR on investment =  0.123424      after tax =  0.086397
search range of Y std.dev.:   minimum =  23.494628   maximum =  30.543016
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.404220, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.323376 ( 2.39647) : loss rate  0.0192
liq.cash: 10Y std.dev. (1Y) =  23.494628 ( 1.01773)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.0094 0.03262   0.11399 0.06619  0.09733  0.09041   11.4770   6.1382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.34846 0.13605 0.12342 0.43266

debt amount =   0.7000   investment =   2.0000   debt ratio =  0.35000
RRR on investment =  0.123420      after tax =  0.086394
search range of Y std.dev.:   minimum =  23.494536   maximum =  30.542897
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.403999, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.304066 ( 2.39537) : loss rate  0.0195
liq.cash: 10Y std.dev. (1Y) =  23.494536 ( 1.01761)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.2215 0.03335   0.11434 0.06628  0.09732  0.09028   11.3770   6.2382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.35414 0.13598 0.12342 0.44073

debt amount =   0.8000   investment =   2.0000   debt ratio =  0.40000
RRR on investment =  0.123423      after tax =  0.086396
search range of Y std.dev.:   minimum =  23.494600   maximum =  30.542980
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.404152, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.285065 ( 2.39429) : loss rate  0.0198
liq.cash: 10Y std.dev. (1Y) =  23.494600 ( 1.01750)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.4343 0.03409   0.11470 0.06637  0.09731  0.09015   11.2770   6.3382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.35981 0.13592 0.12342 0.44885

debt amount =   0.9000   investment =   2.0000   debt ratio =  0.45000
RRR on investment =  0.123432      after tax =  0.086402
search range of Y std.dev.:   minimum =  23.494821   maximum =  30.543268
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.404684, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.266377 ( 2.39322) : loss rate  0.0202
liq.cash: 10Y std.dev. (1Y) =  23.494821 ( 1.01741)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.6479 0.03484   0.11506 0.06646  0.09730  0.09001   11.1770   6.4382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.36549 0.13586 0.12342 0.45702

debt amount =   1.0000   investment =   2.0000   debt ratio =  0.50000
RRR on investment =  0.123448      after tax =  0.086414
search range of Y std.dev.:   minimum =  23.495203   maximum =  30.543764
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.405601, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.248007 ( 2.39217) : loss rate  0.0205
liq.cash: 10Y std.dev. (1Y) =  23.495203 ( 1.01731)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 12.8622 0.03561   0.11543 0.06655  0.09729  0.08988   11.0770   6.5382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.37117 0.13580 0.12342 0.46523

debt amount =   1.1000   investment =   2.0000   debt ratio =  0.55000
RRR on investment =  0.123471      after tax =  0.086430
search range of Y std.dev.:   minimum =  23.495748   maximum =  30.544472
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.406909, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.229959 ( 2.39114) : loss rate  0.0209
liq.cash: 10Y std.dev. (1Y) =  23.495748 ( 1.01723)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.0772 0.03640   0.11581 0.06664  0.09728  0.08974   10.9770   6.6382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.37685 0.13574 0.12343 0.47348

debt amount =   1.2000   investment =   2.0000   debt ratio =  0.60000
RRR on investment =  0.123501      after tax =  0.086451
search range of Y std.dev.:   minimum =  23.496458   maximum =  30.545395
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.408612, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.212237 ( 2.39012) : loss rate  0.0212
liq.cash: 10Y std.dev. (1Y) =  23.496458 ( 1.01715)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.2931 0.03721   0.11618 0.06673  0.09727  0.08961   10.8770   6.7382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.38252 0.13568 0.12343 0.48179

debt amount =   1.3000   investment =   2.0000   debt ratio =  0.65000
RRR on investment =  0.123538      after tax =  0.086476
search range of Y std.dev.:   minimum =  23.497335   maximum =  30.546535
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.410718, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.194846 ( 2.38912) : loss rate  0.0216
liq.cash: 10Y std.dev. (1Y) =  23.497335 ( 1.01709)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.5097 0.03803   0.11657 0.06683  0.09726  0.08948   10.7770   6.8382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.38820 0.13563 0.12343 0.49014

debt amount =   1.4000   investment =   2.0000   debt ratio =  0.70000
RRR on investment =  0.123582      after tax =  0.086507
search range of Y std.dev.:   minimum =  23.498382   maximum =  30.547896
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.413232, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.177789 ( 2.38813) : loss rate  0.0219
liq.cash: 10Y std.dev. (1Y) =  23.498382 ( 1.01703)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.7271 0.03887   0.11696 0.06692  0.09725  0.08934   10.6770   6.9382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.39388 0.13557 0.12344 0.49855

debt amount =   1.5000   investment =   2.0000   debt ratio =  0.75000
RRR on investment =  0.123633      after tax =  0.086543
search range of Y std.dev.:   minimum =  23.499601   maximum =  30.549482
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.416160, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.161072 ( 2.38717) : loss rate  0.0222
liq.cash: 10Y std.dev. (1Y) =  23.499601 ( 1.01698)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 13.9454 0.03972   0.11735 0.06702  0.09724  0.08921   10.5770   7.0382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.39955 0.13552 0.12344 0.50700

debt amount =   1.6000   investment =   2.0000   debt ratio =  0.80000
RRR on investment =  0.123692      after tax =  0.086584
search range of Y std.dev.:   minimum =  23.500996   maximum =  30.551295
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.419508, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.144698 ( 2.38622) : loss rate  0.0226
liq.cash: 10Y std.dev. (1Y) =  23.500996 ( 1.01693)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.1646 0.04060   0.11775 0.06712  0.09723  0.08907   10.4770   7.1382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.40523 0.13546 0.12345 0.51551

debt amount =   1.7000   investment =   2.0000   debt ratio =  0.85000
RRR on investment =  0.123758      after tax =  0.086630
search range of Y std.dev.:   minimum =  23.502568   maximum =  30.553339
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.423283, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.128673 ( 2.38529) : loss rate  0.0229
liq.cash: 10Y std.dev. (1Y) =  23.502568 ( 1.01690)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.3846 0.04149   0.11816 0.06722  0.09723  0.08894   10.3770   7.2382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.41091 0.13541 0.12346 0.52407

debt amount =   1.8000   investment =   2.0000   debt ratio =  0.90000
RRR on investment =  0.123831      after tax =  0.086682
search range of Y std.dev.:   minimum =  23.504321   maximum =  30.555617
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.427490, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.113000 ( 2.38438) : loss rate  0.0233
liq.cash: 10Y std.dev. (1Y) =  23.504321 ( 1.01688)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.6054 0.04241   0.11857 0.06732  0.09722  0.08881   10.2770   7.3382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.41658 0.13536 0.12347 0.53269

debt amount =   1.9000   investment =   2.0000   debt ratio =  0.95000
RRR on investment =  0.123913      after tax =  0.086739
search range of Y std.dev.:   minimum =  23.506257   maximum =  30.558134
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   2

agency cost: EZC - k L (EZC:ecfconst =  56.432137, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.097685 ( 2.38348) : loss rate  0.0236
liq.cash: 10Y std.dev. (1Y) =  23.506257 ( 1.01686)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 14.8272 0.04334   0.11899 0.06742  0.09721  0.08867   10.1770   7.4382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.42226 0.13531 0.12348 0.54136

debt amount =   2.0000   investment =   2.0000   debt ratio =  1.00000
RRR on investment =  0.124002      after tax =  0.086801
search range of Y std.dev.:   minimum =  23.508378   maximum =  30.560891
old shareholders wealth =   10.0770    old bondholders =     5.5382
Calculatio Status ===>   0

agency cost: EZC - k L (EZC:ecfconst =  56.437230, k:agcpara = 0.09000000)
liq.cash: 10Y average (1Y) =  55.082733 ( 2.38261) : loss rate  0.0240
liq.cash: 10Y std.dev. (1Y) =  23.508378 ( 1.01686)
  debtcf default   rrrequi rrrdebt     WACC    WACCt   valequi  valdebt  valfirm
 15.0500 0.04429   0.11941 0.06752  0.09721  0.08854   10.0770   7.5382  17.6152
 dbratio     ROA    ROA1 debtcf1
 0.42794 0.13526 0.12349 0.55009

