公司理财(精要版·原书第12版)PPT中文Ch05 估值导言Formulas
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公司理财(精要版·原书第12版)PPT中文Ch25 兼并和收购
25-7
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接管
• 接管 - 公司的控制权从一个股东群体转移到另一个股东群 体
• 接管的可能形式： 1. 收购
• 吸收合并或新设合并 • 收购股票 • 收购资产
2. 委托投票权争夺 - 通过争取足够数量的股东投票取代现有的管 理层，以此获得公司控制权的一种尝试
3. 私有化交易 - 公司的所有股票被私人集团完全持有的交易
学习目标
• 讨论不同类型的兼并与收购，为什么它们应该或不应该 发生，以及与之相关的术语。
• 描述会计师如何构建新公司的合并资产负债表。 • 定义兼并或收购的收益以及如何评估交易。
25-2
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第 25 章
兼并和收购
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
接管
• 接管 - 公司的控制权从一个股东群体转移到另一个股东群 体
• 接管的可能形式： 1. 收购
• 吸收合并或新设合并 • 收购股票 • 收购资产
2. 委托投票权争夺 - 通过争取足够数量的股东投票取代现有的管 理层，以此获得公司控制权的一种尝试
3. 私有化交易 - 公司的所有股票被私人集团完全持有的交易
学习目标
• 讨论不同类型的兼并与收购，为什么它们应该或不应该 发生，以及与之相关的术语。
• 描述会计师如何构建新公司的合并资产负债表。 • 定义兼并或收购的收益以及如何评估交易。
25-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
第 25 章
兼并和收购
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
公司理财(精要版·原书第12版)PPT中文Ch05估值导言Calculator
终值 :一般公式
• FV = PV(1 + r)t
▪ FV = 终值 ▪ PV = 现值 ▪ r = 期利率, 用小数表示 ▪ t = 期数
• 复利终值系数 = (1 + r)t
1-6
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现值 – 重要关系一
• 对于给定的利率，时间越长，现值越低
▪ 5年后500美元的现值是多少？十年？折现率是10% ▪ 5年: N = 5; I/Y = 10; FV = 500
CPT PV = -310.46 ▪ 10年: N = 10; I/Y = 10; FV = 500
CPT PV = -192.77
1-10
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现值 –例 1
• 假设你一年后需要1万美元来支付一辆新车的首付款。如 果你每年能赚7%，你现在需要投资多少？
• PV = 10,000 / (1.07)1 = 9,345.79 • 计算器
▪ 1N ▪ 7 I/Y ▪ 10,000 FV ▪ CPT PV = -9,345.79
1-14
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公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch03
financial statement analysis
3-2
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3-7
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KEY CONCEPTS AND SKILLS
• Standardize financial statements for comparison purposes
• Compute, and more importantly, interpret some common ratios
• Name the determinants of a firm’s profitability • Explain some of the problems and pitfalls in
• Cash and other current assets
▪ Decrease in liability or equity account
• Notes payable and long-term debt
3-6
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3-2
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3-7
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Standardize financial statements for comparison purposes
• Compute, and more importantly, interpret some common ratios
• Name the determinants of a firm’s profitability • Explain some of the problems and pitfalls in
• Cash and other current assets
▪ Decrease in liability or equity account
• Notes payable and long-term debt
3-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
公司理财(精要版·原书第12版)PPT中文Ch01公司理财概论
独资制
• 优点
▪ 易于组建
▪ 管制最少 ▪ 独资企业的所有者保留
企业全部的利润
▪ 所有企业的全部收入都 视同个人所得而纳税
• 缺点
▪ 限于所有者的寿命 ▪ 可以筹集到的权益金额
限于所有者个人财富的 金额
▪ 无限责任
▪ 所有权的转让困难
1-8
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WEB示例
• 互联网提供了大量关于个别公司的信息。 • 雅虎财经就是一个很好的网站。 • 去网站，选择一个公司，看看你能找到什么信息!
1-14
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学习目标
• 财务管理决策的基本类型和财务经理的作用 • 财务管理的目标 • 不同组织形态的企业的财务影响 • 经理和所有者之间的利益冲突
1-2
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公司理财(精要版·原书第12版)PPT中文Ch07 利率和债券估值
▪ 使用计算器:
• 年数= 5; 收益率= 11; 年金 = 100; 终值 = 1,000 • 债券价值= -963.04
7-6
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▪ 使用计算器:
• 年数= 20;收益率= 8;年金= 100;终值 = 1000 • 债券价值= -1,196.36
7-7
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普通债券收益率
• 假设有一种年利率为10%、期限为15年、票面价值为1,000 美元的债券。目前的价格是928.09美元。
▪ 收益率会高于还是低于10%？
▪ N = 15; PV = -928.09; FV = 1,000; PMT = 100; CPT I/Y = 11%
7-16
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7-12
• 年数= 5; 收益率= 11; 年金 = 100; 终值 = 1,000 • 债券价值= -963.04
7-6
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▪ 使用计算器:
• 年数= 20;收益率= 8;年金= 100;终值 = 1000 • 债券价值= -1,196.36
7-7
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普通债券收益率
• 假设有一种年利率为10%、期限为15年、票面价值为1,000 美元的债券。目前的价格是928.09美元。
▪ 收益率会高于还是低于10%？
▪ N = 15; PV = -928.09; FV = 1,000; PMT = 100; CPT I/Y = 11%
7-16
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7-12
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch22
CHAPTER OUTLINE
• Introduction to Behavioral Finance • Biases • Framing Effects • Heuristics • Behavioral Finance and Market Efficiency • Market Efficiency and the Performance of
psychology that men have greater degrees of overconfidence than women.
22-7
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OVERCONFIDENCE AND STOCK MARKET TRADING
• It has been shown that overconfidence by investors leads to overestimation of their own ability to pick the best stocks, leading to excessive trading.
OVERCONFIDENCE
• Example: 80 percent of drivers consider themselves to be above average.
• Business decisions require judgment of an unknown future.
公司理财(精要版·原书第12版)PPT中文Ch24 期权定价
保护性看跌期权
• 同时购买标的资产和一份看跌期权，以防止标的资产价 值下跌。
• 支付看跌期权溢价以抑制下跌风险。 • 类似于支付保险费以减轻潜在的损失 • 在需要保价的标的资产和为购买期权所支付的价格之间
进行权衡
24-4
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另一种策略
• 你可以买一个看涨期权，然后用执行价格的现值投资于 无风险资产。
• 如果资产价值增加，你可以使用看涨期权和投资的无风 险资产来购买这份资产。
• 如果资产价值下降，你选择不行使期权，仍然拥有投资 的无风险资产。
24-5
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24-16
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看跌期权定价
• 将看跌期权看作看涨期权，用布莱克-斯科尔斯模型为其 估值。然后，用买卖期权平价关系来确定看跌期权的价 值。 ▪ 之前示例中看跌期权的价值是多少？
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch21
21-6
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EXCHANGE RATES
• The price of one country’s currency in terms of another country’s currency
• Most currency is quoted in terms of dollars.
• Consider the following quote:
▪ Euro
1.1836
0.8449
▪ The first number (1.1836) is how many U.S. dollars it takes to buy 1 Euro.
▪ The second number (0.8449) is how many Euros it takes to buy $1.
批注本地保存成功开通会员云端永久保存去开通
CHAPTER 21
INTERNATIONAL CORPORATE FINANCE
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Illustrate the different types of exchange rate risk and ways firms manage exchange rate risk
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
EXCHANGE RATES
• The price of one country’s currency in terms of another country’s currency
• Most currency is quoted in terms of dollars.
• Consider the following quote:
▪ Euro
1.1836
0.8449
▪ The first number (1.1836) is how many U.S. dollars it takes to buy 1 Euro.
▪ The second number (0.8449) is how many Euros it takes to buy $1.
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CHAPTER 21
INTERNATIONAL CORPORATE FINANCE
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Illustrate the different types of exchange rate risk and ways firms manage exchange rate risk
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终值 – 例3
• 假设200年前你有一个相相关存款10美元，利率 5.5%。这笔投资现在值多少钱？
▪ FV = 10(1.055)200 = 447,189.84
• 复利的影响是什么？
▪ 单利 = 10 + 200(10)(.055) = 120.00 ▪ 复利使投资价值增加了447,069.84美元
第5章
估值导言：货币时间价值
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5F-5
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终值作为一般的增长公式
• 假设您的公司希望在未来5年里每年将小部件的单位销售 额增加15%。如果你现在一年卖出300万件产品，你希望 5年后卖出多少件？
▪ FV = 3,000,000(1.15)5 = 6,034,072
5F-11
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终值 :一般公式
• FV = PV(1 + r)t
▪ FV = 终值 ▪ PV = 现值 ▪ r = 期利率, 用小数表示 ▪ t = 期数
• 复利终值系数 = (1 + r)t
5F-6
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现值 – 重要关系二
• 在给定的一段时间内，利率越高，现值越小
▪ 如果利率是10%，5年后500美元的现值是多少？15% ？
• 利率 = 10%: PV = 500 / (1.1)5 = 310.46 • 利率 = 15%; PV = 500 / (1.15)5 = 248.59
5F-18
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现值 – 重要关系一
• 对于给定的利率，时间越长，现值越低
▪ 5年后500美元的现值是多少？十年？折现率是10% ▪ 5年: PV = 500 / (1.1)5 = 310.46 ▪ 10年: PV = 500 / (1.1)10 = 192.77
5பைடு நூலகம்-17
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学习目标
• 计算一个投资项目的终值 • 计算未来收益的现值 • 计算投资回报 • 计算一项投资的价值增长到期望值所需要的时间
5F-2
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快速测验 – 第一部分
• 单利和复利的区别是什么？
• 假设你有500美元要投资，你相信在未来15年你 每年可以赚8%。
▪ 15年后你会有多少复利呢？ ▪ 用单利会得到多少钱？
5F-12
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5F-10
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现值 –例 3
• 你的父母10年前为你设立了一个信托基金，现在价值 19,671.51美元。如果该基金每年的收益率为7%，你的父 母投资了多少？
▪ PV = 19,671.51 / (1.07)10 = 10,000
5F-16
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现值 –例 1
• 假设你一年后需要1万美元来支付一辆新车的首付款。如 果你每年能赚7%，你现在需要投资多少？
• PV = 10,000 / (1.07)1 = 9,345.79
• 计算器
▪ 1N ▪ 7 I/Y ▪ 10,000 FV ▪ CPT PV = -9,345.79
5F-14
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终值
• 假设你以每年5%的利率投资1000美元一年。一年后的终 值是多少？ ▪ 利息 = 1,000(.05) = 50 ▪ 一年后价值 = 本金 + 利息 = 1,000 + 50 = 1,050 ▪ 终值 (FV) = 1,000(1 + .05) = 1,050
• 假设你把钱放在银行再等一年。两年后你有多少钱？ ▪ FV = 1,000(1.05)(1.05) = 1,000(1.05)2 = 1,102.50
计算器使用说明
• 金融计算器（BA II Plus型号的计算器）
▪ FV = 终值 ▪ PV = 现值 ▪ I/Y = 期利率
• P/Y 必须等于 1 ， I/Y 才是期利率 • 利息以百分数而不是小数输入
▪ N = 期数 ▪ 记得在每个运算之后清除之前的数据 (CLR TVM) ▪ 其他计算器在格式上类似
5F-8
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章节纲要
• 终值和复利 • 现值和贴现 • 终值和现值的进一步讲解
5F-3
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快速测验 – 第二部分
• 现值和终值之间的关系是什么？
• 假设3年后你需要15000美元。如果你每年能赚 6%，你现在需要投资多少？
• 如果你能以8%的利率投资，你会投资更多还是更 少？多少钱？
5F-19
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复利的影响
• 单利和复利 • 考虑前面的示例
▪ FV 单利 = 1,000 + 50 + 50 = 1,100 ▪ FV 复利 = 1,102.50 ▪ 额外的 2.50来自于第一次利息所得的利息0.05(50) = 2.50
5F-7
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现值
• 我今天需要投资多少才能在未来得到一些钱？