英文版公司理财课件chapter 4
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公司理财第四章
4-4
Financial Planning Process • Planning Horizon - divide decisions into short-run decisions (usually next 12 months)
and long-run decisions (usually 2 – 5 years) • Aggregation - combine capital budgeting decisions into one large project • Assumptions and Scenarios
to make the balance sheet balance • Economic Assumptions – explicit assumptions about the coming economic environment
4-7
Example: Historical Financial Statements
– Dividends are a management decision and generally do not vary directly with sales – this influences additions to retained earnings
• Balance Sheet – Initially assume all assets, including fixed, vary directly with sales – Accounts payable will also normally vary directly with sales – Notes payable, long-term debt and equity generally do not vary directly with sales because they depend on management decisions about capital structure – The change in the retained earnings portion of equity will come from the dividend decision
Financial Planning Process • Planning Horizon - divide decisions into short-run decisions (usually next 12 months)
and long-run decisions (usually 2 – 5 years) • Aggregation - combine capital budgeting decisions into one large project • Assumptions and Scenarios
to make the balance sheet balance • Economic Assumptions – explicit assumptions about the coming economic environment
4-7
Example: Historical Financial Statements
– Dividends are a management decision and generally do not vary directly with sales – this influences additions to retained earnings
• Balance Sheet – Initially assume all assets, including fixed, vary directly with sales – Accounts payable will also normally vary directly with sales – Notes payable, long-term debt and equity generally do not vary directly with sales because they depend on management decisions about capital structure – The change in the retained earnings portion of equity will come from the dividend decision
英文版公司理财课件chapter 4
12
If you start investing now, time can be a very powerful ally. Year after year, the money you invest earns more money. And if you reinvest your earnings, you can earn even more money in the future, it’s called compounding returns and its one of the keys to making your money work harder.
13
For compounding to work its magic, you need to do two things:
1. Reinvest your investment returns (e.g. dividends and interest), rather than spending the money on other things. This will enable you to turn your investment earnings into capital so that you can generate even more future earnings. An easy way to reinvest income is to participate in a dividend, interest or income reinvestment scheme.
15
example
If you invest $10 000 at an 8% annual return until age 65, the table below shows how much you would get back
If you start investing now, time can be a very powerful ally. Year after year, the money you invest earns more money. And if you reinvest your earnings, you can earn even more money in the future, it’s called compounding returns and its one of the keys to making your money work harder.
13
For compounding to work its magic, you need to do two things:
1. Reinvest your investment returns (e.g. dividends and interest), rather than spending the money on other things. This will enable you to turn your investment earnings into capital so that you can generate even more future earnings. An easy way to reinvest income is to participate in a dividend, interest or income reinvestment scheme.
15
example
If you invest $10 000 at an 8% annual return until age 65, the table below shows how much you would get back
公司理财PPT翻译-伯克 4
第4章 货币时间价值
本章概述
4.1 时间线 4.2 时间移动的三条规则 4.3 系列现金流的估值 4.4 计算净现值 4.5 永续年金与年金
Copyright ©2014 Pearson Education, Inc. All rights reserved.
4-2
本章概述
4.6 运用年金电子数据表或计算器 4.7 非年度现金流 4.8 求解现金流 4.9 内含报酬率
4-13
4.2 时间移动的三条规则
• 财务决策通常要求比较或合并现金流。三条规则决 定着这两个过程。
表4.1 时间移动的三条规则
Copyright ©2014 Pearson Education, Inc. All rights reserved.
4-14
时间移动的第一条规则
• 现在的1美元与一年后的1美元并不等价。 • 只有同一时点的价值才可比较或合并。
Copyright ©2014 Pearson Education, Inc. All rights reserved.
4-5
学习目标
5. 已知年金五个输入量中的四个，计算第五个：（a）现值， （b）终值，（c）期数，（d）定期利率，（e）定期支 付。
6. 已知单一现金流四个输入量中的三个，计算第四个：（a） 现值，（b）终值，（c）期数，（d）定期利率。
– 一件今天价值为1000美元的礼物和将来价值为1210美元的礼物， 你更偏好哪一个？
– 为了回答该问题，你将不得不比较这两种选择哪个更有价值。要考虑 的一个因素是：“将来”有多久？
Copyright ©2014 Pearson Education, Inc. All rights reserved.
本章概述
4.1 时间线 4.2 时间移动的三条规则 4.3 系列现金流的估值 4.4 计算净现值 4.5 永续年金与年金
Copyright ©2014 Pearson Education, Inc. All rights reserved.
4-2
本章概述
4.6 运用年金电子数据表或计算器 4.7 非年度现金流 4.8 求解现金流 4.9 内含报酬率
4-13
4.2 时间移动的三条规则
• 财务决策通常要求比较或合并现金流。三条规则决 定着这两个过程。
表4.1 时间移动的三条规则
Copyright ©2014 Pearson Education, Inc. All rights reserved.
4-14
时间移动的第一条规则
• 现在的1美元与一年后的1美元并不等价。 • 只有同一时点的价值才可比较或合并。
Copyright ©2014 Pearson Education, Inc. All rights reserved.
4-5
学习目标
5. 已知年金五个输入量中的四个，计算第五个：（a）现值， （b）终值，（c）期数，（d）定期利率，（e）定期支 付。
6. 已知单一现金流四个输入量中的三个，计算第四个：（a） 现值，（b）终值，（c）期数，（d）定期利率。
– 一件今天价值为1000美元的礼物和将来价值为1210美元的礼物， 你更偏好哪一个？
– 为了回答该问题，你将不得不比较这两种选择哪个更有价值。要考虑 的一个因素是：“将来”有多久？
Copyright ©2014 Pearson Education, Inc. All rights reserved.
公司理财原版英文课件Chap.ppt
Chapter 8
Interest Rates and Bond Valuation
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
PV
$31.875 .11 2
1
1 (1.055)10
$1,000 (1.055)10
$825.69
8-9
YTM and Bond Value
When the YTM < coupon, the bond
1300
trades at a premium.
Bond Value
Know the important bond features and bond types Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value
When coupon rate > YTM, price > par value (premium bond)
volatility with respect to changes in the discount rate.
Interest Rates and Bond Valuation
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
PV
$31.875 .11 2
1
1 (1.055)10
$1,000 (1.055)10
$825.69
8-9
YTM and Bond Value
When the YTM < coupon, the bond
1300
trades at a premium.
Bond Value
Know the important bond features and bond types Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value
When coupon rate > YTM, price > par value (premium bond)
volatility with respect to changes in the discount rate.
大连海事,财务管理研究生公司理财chapter04
December 31, 2004
Revenues Equity 600
Costs
2000 1600
Total 1000 Total 1000 Net Income
400
4-7
Example: Pro Forma Income Statement
• Initial Assumptions
• Revenues will grow at 15% (2000*1.15)
4-6
Example: Historical Financial Statements
Gourmet Coffee Inc. Balance Sheet
December 31, 2004 Assets 1000 Debt 400
Gourmet Coffee Inc.
Income Statement For Year Ended
• Understand the financial planning process and how decisions are interrelated
• Be able to develop a financial plan using the percentage of sales approach
because they depend on management decisions about capital structure • The change in the retained earnings portion of equity will come from the dividend decision
• Plug Variable – determined by management decisions about what type of financing will be used (makes the balance sheet balance)
Revenues Equity 600
Costs
2000 1600
Total 1000 Total 1000 Net Income
400
4-7
Example: Pro Forma Income Statement
• Initial Assumptions
• Revenues will grow at 15% (2000*1.15)
4-6
Example: Historical Financial Statements
Gourmet Coffee Inc. Balance Sheet
December 31, 2004 Assets 1000 Debt 400
Gourmet Coffee Inc.
Income Statement For Year Ended
• Understand the financial planning process and how decisions are interrelated
• Be able to develop a financial plan using the percentage of sales approach
because they depend on management decisions about capital structure • The change in the retained earnings portion of equity will come from the dividend decision
• Plug Variable – determined by management decisions about what type of financing will be used (makes the balance sheet balance)
公司理财第四单元.ppt
• Ensure feasibility and internal consistency – help management determine if goals can be accomplished and if the various stated (and unstated) goals of the firm are consistent with one another
• Pro Forma Statements – setting up the plan using projected financial statements allows for consistency and ease of interpretation
• Asset Requirements – the additional assets that will be required to meet sales projections
• Liquidity requirements – determined by net working capital decisions
4-4
Financial Planning Process
• Planning Horizon - divide decisions into short-run decisions (usually next 12 months) and long-run decisions (usually 2 – 5 years)
• Understand how capital structure policy and dividend policy affect a firm’s ability to grow
4-2
Chapter Outline
• Pro Forma Statements – setting up the plan using projected financial statements allows for consistency and ease of interpretation
• Asset Requirements – the additional assets that will be required to meet sales projections
• Liquidity requirements – determined by net working capital decisions
4-4
Financial Planning Process
• Planning Horizon - divide decisions into short-run decisions (usually next 12 months) and long-run decisions (usually 2 – 5 years)
• Understand how capital structure policy and dividend policy affect a firm’s ability to grow
4-2
Chapter Outline
《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-9
Financial Requirements
• The plan will include a section on financing arrangements. • Dividend policy and capital structure policy should be addressed. • If new funds are to be raised, the plan should consider what kinds of securities must be sold and what methods of issuance are most appropriate.
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
3-10
Plug
• Compatibility across various growth targets will usually require adjustment in a third variable. • Suppose a financial planner assumes that sales, costs, and net income will rise at g1. Further, suppose that the planner desires assets and liabilities to grow at a different rate, g2. These two rates may be incompatible unless a third variable is adjusted. For example, compatibility may only be reached is outstanding stock grows at a third rate, g3.
《公司理财》斯蒂芬A.罗斯..,机械工业出版社 英文课件
McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
5-7
Pure Discount Bonds
Information needed for valuing pure discount bonds:
5-6
5.2 How to Value Bonds
• Identify the size and timing of cash flows. • Discount at the correct discount rate.
– If you know the price of a bond and the size and timing of cash flows, the yield to maturity is the discount rate.
– Time to maturity (T) = Maturity date - today’s date – Face value (F) – Discount rate (r)
$0
0
$0
$0
T 1
$F
T
1
2
Present value of a pure discount bond at time 0:
• To value bonds and stocks we need to:
– Estimate future cash flows:
• Size (how much)ຫໍສະໝຸດ and • Timing (when)
– Discount future cash flows at an appropriate rate:
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19
The equation for future value :
future value : F = P ·（ 1+r）n
（1+r）n——future value interest factor for an initial principal of $1 compounded at r per cent for n periods, using （F/p，r，n ）。 。 F: future value at the end of period n P: initial principal, or present value r: annual rate of interest paid n: number of periods (typically years)
17
An example of a future value table, showing how an investment of $1 grows with compound interest
FV factor = (1+r)t
18
A table of interest factors for the future value of one dollar deposited at the start of the year can used to simplify compound interest calculations.
Interest in year 2 = .06 ×$106 = $6.36 Value of investment after 1 year = $106+$6.36 = $112.36
8
Future value: amount to which an investment will grow after earning interest For an interest rate of r and a horizon of t years, Future value of $100 = $100×(1+r)t
13
For compounding to work its magic, you need to do two things:
1. Reinvest your investment returns (e.g. dividends and interest), rather than spending the money on other things. This will enable you to turn your investment earnings into capital so that you can generate even more future earnings. An easy way to reinvest income is to participate in a dividend, interest or income reinvestment scheme.
9
Compound interest: interest earned on interest
Simple interest
10
There is an important distinction between compound interest and simple interest. When money is invested at compound interest, each interest payment is reinvested to earn more interest (earn interest on interest ) in subsequent periods. In contrast, the opportunity to earn interest on interest is not provided by an investment that pays only simple interest.
The table gives the value of FVIF=(1+r)t ,which is indexed of a given interest rate, r, and a specified period of time, t The future-value interest factor for a single amount is always greater than one By multiplying the interest factor from the table for the future value of one dollar by the present amount, the future amount can be found The interest factor for the future value of one dollar increase as both interest rate and time increase
14
For compounding to work its magic, you need to do two things:
2. Give your investment time to grow by starting your investment as soon as possible and keep it going for as long as you can .
2
Objectives
1. 2. 3. 4. 5.
6.
Calculate the future value to which money invested at a given interest rate will grow Calculate the present value of a future payment Calculate present and future values of a series of cash payments Find the interest rate implied by present and future values Understand the difference between real and nominal cash flows and between real and nominal interest rates. Compare interest rates quoted over different time intervals—for example, monthly versus annual rates.
15
example
If you invest $10 000 at an 8% annual return until age 65, the table below shows how much you would get back
Age when you started the $10 000 investment 20yrs $319 204 30yrs $147 853 40yrs $68 485 50yrs $31 722
20
Problem
Daniel Busch will deposit $3000 today into an account paying interest of 12 per cent, compounded annually, and leave his money on deposit for three years, how much will he have?
16
How an investment of $100 grows with compound interest at different interest rate
The higher the rate of interest, the higher the future value, and the longer the period of time, the higher the future value
esting now, time can be a very powerful ally. Year after year, the money you invest earns more money. And if you reinvest your earnings, you can earn even more money in the future, it’s called compounding returns and its one of the keys to making your money work harder.
0 1
2
3
n-2 n-1 n
P
F
6
Future-values are typically measured at the end of a project’s life, while presentvalues are measured at the start of a project’s life (time zero).
11
The table compares the growth of $100 invested at compound versus simple interest. Notice that in the simple interest case, the interest is paid only on the initial investment of $100.
Chapter 4
The time value of money
1
In this chapter you will gain an understanding of the important time-value concepts and mathematics that are widely used in the financial decision-making process and are employed in later chapters.
The equation for future value :
future value : F = P ·（ 1+r）n
（1+r）n——future value interest factor for an initial principal of $1 compounded at r per cent for n periods, using （F/p，r，n ）。 。 F: future value at the end of period n P: initial principal, or present value r: annual rate of interest paid n: number of periods (typically years)
17
An example of a future value table, showing how an investment of $1 grows with compound interest
FV factor = (1+r)t
18
A table of interest factors for the future value of one dollar deposited at the start of the year can used to simplify compound interest calculations.
Interest in year 2 = .06 ×$106 = $6.36 Value of investment after 1 year = $106+$6.36 = $112.36
8
Future value: amount to which an investment will grow after earning interest For an interest rate of r and a horizon of t years, Future value of $100 = $100×(1+r)t
13
For compounding to work its magic, you need to do two things:
1. Reinvest your investment returns (e.g. dividends and interest), rather than spending the money on other things. This will enable you to turn your investment earnings into capital so that you can generate even more future earnings. An easy way to reinvest income is to participate in a dividend, interest or income reinvestment scheme.
9
Compound interest: interest earned on interest
Simple interest
10
There is an important distinction between compound interest and simple interest. When money is invested at compound interest, each interest payment is reinvested to earn more interest (earn interest on interest ) in subsequent periods. In contrast, the opportunity to earn interest on interest is not provided by an investment that pays only simple interest.
The table gives the value of FVIF=(1+r)t ,which is indexed of a given interest rate, r, and a specified period of time, t The future-value interest factor for a single amount is always greater than one By multiplying the interest factor from the table for the future value of one dollar by the present amount, the future amount can be found The interest factor for the future value of one dollar increase as both interest rate and time increase
14
For compounding to work its magic, you need to do two things:
2. Give your investment time to grow by starting your investment as soon as possible and keep it going for as long as you can .
2
Objectives
1. 2. 3. 4. 5.
6.
Calculate the future value to which money invested at a given interest rate will grow Calculate the present value of a future payment Calculate present and future values of a series of cash payments Find the interest rate implied by present and future values Understand the difference between real and nominal cash flows and between real and nominal interest rates. Compare interest rates quoted over different time intervals—for example, monthly versus annual rates.
15
example
If you invest $10 000 at an 8% annual return until age 65, the table below shows how much you would get back
Age when you started the $10 000 investment 20yrs $319 204 30yrs $147 853 40yrs $68 485 50yrs $31 722
20
Problem
Daniel Busch will deposit $3000 today into an account paying interest of 12 per cent, compounded annually, and leave his money on deposit for three years, how much will he have?
16
How an investment of $100 grows with compound interest at different interest rate
The higher the rate of interest, the higher the future value, and the longer the period of time, the higher the future value
esting now, time can be a very powerful ally. Year after year, the money you invest earns more money. And if you reinvest your earnings, you can earn even more money in the future, it’s called compounding returns and its one of the keys to making your money work harder.
0 1
2
3
n-2 n-1 n
P
F
6
Future-values are typically measured at the end of a project’s life, while presentvalues are measured at the start of a project’s life (time zero).
11
The table compares the growth of $100 invested at compound versus simple interest. Notice that in the simple interest case, the interest is paid only on the initial investment of $100.
Chapter 4
The time value of money
1
In this chapter you will gain an understanding of the important time-value concepts and mathematics that are widely used in the financial decision-making process and are employed in later chapters.