公司理财精要第十版课件_图文.ppt
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公司理财第十版PPTChap006-Calc课件
6C-7
Multiple Cash Flows – Present Value Example 6.3
• Find the PV of each cash flow and add them ▪ Year 1 CF: N = 1; I/Y = 12; FV = 200; CPT PV = -178.57 ▪ Year 2 CF: N = 2; I/Y = 12; FV = 400; CPT PV = -318.88 ▪ Year 3 CF: N = 3; I/Y = 12; FV = 600; CPT PV = -427.07 ▪ Year 4 CF: N = 4; I/Y = 12; FV = 800; CPT PV = - 508.41 ▪ Total PV = 178.57 + 318.88 + 427.07 + 508.41 = 1,432.93
4,000 = 21,803.58
• Value at year 4: 1 N; 8 I/23,547.87
公司理财第十版PPTChap006-Calc
6C-4
Multiple Cash Flows – FV Example 2
• Suppose you invest $500 in a mutual fund today and $600 in one year. If the fund pays 9% annually, how much will you have in two years?
▪ Year 0 CF: 2 N; -500 PV; 9 I/Y; CPT FV = 594.05 ▪ Year 1 CF: 1 N; -600 PV; 9 I/Y; CPT FV = 654.00 ▪ Total FV = 594.05 + 654.00 = 1,248.05
公司理财第十版PPTChap007
• N = 20; I/Y = 8; PMT = 100; FV = 1000 • CPT PV = -1,196.36
7-7
Bond Price
Graphical Relationship Between Price and Yield-to-maturity (YTM)
Yield-to-maturity (YTM)
7-3
Bond Definitions
• Bond • Par value (face value) • Coupon rate • Coupon payment • Maturity date • Yield or Yield to maturity
7-4
Present Value of Cash Flows as Rates Change
▪ Using the formula:
• B = PV of annuity + PV of lump sum • B = 100[1 – 1/(1.11)5] / .11 + 1,000 / (1.11)5 • B = 369.59 + 593.45 = 963.04
▪ Using the calculator:
▪ Using the formula:
• B = PV of annuity + PV of lump sum • B = 100[1 – 1/(1.08)20] / .08 + 1000 / (1.08)20 • B = 981.81 + 214.55 = 1196.36
▪ Using the calculator:
decrease and vice versa
7-5
Valuing a Discount Bond with Annual Coupons
7-7
Bond Price
Graphical Relationship Between Price and Yield-to-maturity (YTM)
Yield-to-maturity (YTM)
7-3
Bond Definitions
• Bond • Par value (face value) • Coupon rate • Coupon payment • Maturity date • Yield or Yield to maturity
7-4
Present Value of Cash Flows as Rates Change
▪ Using the formula:
• B = PV of annuity + PV of lump sum • B = 100[1 – 1/(1.11)5] / .11 + 1,000 / (1.11)5 • B = 369.59 + 593.45 = 963.04
▪ Using the calculator:
▪ Using the formula:
• B = PV of annuity + PV of lump sum • B = 100[1 – 1/(1.08)20] / .08 + 1000 / (1.08)20 • B = 981.81 + 214.55 = 1196.36
▪ Using the calculator:
decrease and vice versa
7-5
Valuing a Discount Bond with Annual Coupons
公司理财第十版PPTChap.ppt
917.56 ▪ Or PMT = 70; N = 14; I/Y = 8; FV = 1,000; CPT
PV = -917.56
7-11
Interest Rate Risk
• Price Risk
▪ Change in price due to changes in interest rates ▪ Long-term bonds have more price risk than short-term
rates • Understand the term structure of interest rates
and the determinants of bond yields
7-2
Chapter Outline
• Bonds and Bond Valuation • More about Bond Features • Bond Ratings • Some Different Types of Bonds • Bond Markets • Inflation and Interest Rates • Determinants of Bond Yields
7-12
Figure 7.2
7-13
Computing Yield to Maturity
• Yield to Maturity (YTM) is the rate implied by the current bond price
• Finding the YTM requires trial and error if you do not have a financial calculator and is similar to the process for finding r with an annuity
PV = -917.56
7-11
Interest Rate Risk
• Price Risk
▪ Change in price due to changes in interest rates ▪ Long-term bonds have more price risk than short-term
rates • Understand the term structure of interest rates
and the determinants of bond yields
7-2
Chapter Outline
• Bonds and Bond Valuation • More about Bond Features • Bond Ratings • Some Different Types of Bonds • Bond Markets • Inflation and Interest Rates • Determinants of Bond Yields
7-12
Figure 7.2
7-13
Computing Yield to Maturity
• Yield to Maturity (YTM) is the rate implied by the current bond price
• Finding the YTM requires trial and error if you do not have a financial calculator and is similar to the process for finding r with an annuity
公司理财精要版第10版Chap09
$ 200
$ 182
2
400
331
3
700
526
4
300
205现CF $ 182
价值？
9-6
9.1 为什么要使用净现值
净现值（NPV）法则是决定是否实施投资的一个有效判 断标准。
投资的净现值等于： 投资产生的未来全部现金流量的现值 – 初始投资
一项投资的净现值是这项投资的未来现金流量（收益）的 现值减去初始投资成本。
未来现金流量的现值是考虑过适当的市场利率进行贴现后 的现金流量的价值。
项目A、B、C的预期现金流量
年份
A
0
-100
1
20
2
30
3
50
4
60
回收期（年）
3
B
C
-100
-100
50
50
30
30
20
20
60
60000
3
3
回收期法
管理视角
回收期法决策过程简便（容易理解）。 回收期法便于决策评估。 回收期法有利于加快资金回笼。
由于上述原因，回收期法常常被用来筛选大量的小 型投资项目。
固定资产 1 有形 2 无形
公司应该投
资于什么样
的长期资产 ？
流动 负债 长期 负债
所有者 权益
Good Decision Criteria
一个好的资本预算评估准则要考虑以下问题：
▪ 该评估准则考虑了货币的时间价值？ ▪ 该评估准则是否考虑了投资蕴含的风险？ ▪ 该评估准则能否判断某项投资是否为企业创造了
什么是公司理财？
公司资产负债表模型
公司理财研究以下三个问题：
公司理财第十版PPTChap007
Coupons
• Suppose a bond with a 10% coupon rate and semiannual coupons, has a face value of $1,000, 20 years to maturity and is selling for $1,197.93.
Is the YTM more or less than 10%? What is the semiannual coupon payment? How many periods are there? N = 40; PV = -1,197.93; PMT = 50; FV = 1,000;
PPT文档演模板
公司理财第十版PPTChap007
•7-4
Present Value of Cash Flows as Rates Change
• Bond Value = PV of coupons + PV of par • Bond Value = PV of annuity + PV of lump
▪ Short-term bonds have more reinvestment rate risk than long-term bonds
▪ High coupon rate bonds have more reinvestment rate risk than low coupon rate bonds
PPT文档演模板
公司理财第十版PPTChap007
•7-3
Bond Definitions
• Bond • Par value (face value) • Coupon rate • Coupon payment • Maturity date • Yield or Yield to maturity
• Suppose a bond with a 10% coupon rate and semiannual coupons, has a face value of $1,000, 20 years to maturity and is selling for $1,197.93.
Is the YTM more or less than 10%? What is the semiannual coupon payment? How many periods are there? N = 40; PV = -1,197.93; PMT = 50; FV = 1,000;
PPT文档演模板
公司理财第十版PPTChap007
•7-4
Present Value of Cash Flows as Rates Change
• Bond Value = PV of coupons + PV of par • Bond Value = PV of annuity + PV of lump
▪ Short-term bonds have more reinvestment rate risk than long-term bonds
▪ High coupon rate bonds have more reinvestment rate risk than low coupon rate bonds
PPT文档演模板
公司理财第十版PPTChap007
•7-3
Bond Definitions
• Bond • Par value (face value) • Coupon rate • Coupon payment • Maturity date • Yield or Yield to maturity