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1、公司理财复习,财务管理决策,未来现金流量的价值确定 (4,5) 股票与债券定价 (6,7) 资本预算 (8,9) 风险与报酬(10) 长期融资成本(11),货币的时间价值：,一美元在今天的价值大于在未来某时点的价值 终值 现值 复利,4-6,Basic Definitions,Interest rate (r) Discount rate Cost of capital Opportunity cost of capital Required return Terminology depends on usage,4-7,Future Values: General Formula,FV =
2、PV(1 + r)t FV = future value PV = present value r = period interest rate, expressed as a decimal t = number of periods Future value interest factor = (1 + r)t Note: “yx” key on your calculator,4-8,The Basic PV Equation - Refresher,PV = FV / (1 + r)t There are four parts to this equation PV, FV, r an
3、d t Know any three, solve for the fourth Be sure and remember the sign convention,+CF = Cash INFLOW -CF = Cash OUTFLOW,4-9,Discount Rate,To find the implied interest rate, rearrange the basic PV equation and solve for r: FV = PV(1 + r)t r = (FV / PV)1/t 1 If using formulas with a calculator, make us
4、e of both the yx and the 1/x keys,5-11,Chapter 5,Future and Present Values of Multiple Cash Flows Valuing Level Cash Flows: Annuities and Perpetuities EAR & APR,5-12,Future Value: Multiple Uneven Cash Flows Example 5.2 Formulas & Time Line,5-13,Annuities and Perpetuities,Annuity finite series of equ
5、al payments that occur at regular intervals If the first payment occurs at the end of the period, it is called an ordinary annuity If the first payment occurs at the beginning of the period, it is called an annuity due Perpetuity infinite series of equal payments.,5-14,Annuities and Perpetuities Bas
6、ic Formulas,Perpetuity: PV = PMT / r Annuities:,5-15,5-16,Interest Rates,Effective Annual Rate (EAR) The interest rate expressed as if it were compounded once per year. Used to compare two alternative investments with different compounding periods Annual Percentage Rate (APR) “Nominal” The annual ra
7、te quoted by law APR = periodic rate X number of periods per year Periodic rate = APR / periods per year,5-17,EAR Formula,APR = the quoted rate m = number of compounds per year,5-18,EAR and APR in TI BA II+,2nd + ICONV 3 fields in worksheet: NOM (Nominal rate-APR) # EFF (Effective annual rate) # C/Y
8、 (Compounding periods/yr) # Enter any 2 values, move to the 3rd and press %,6-19,Chapter 6,Bonds and Bond Valuation Discount bond & Premium bond Inflation and Interest Rates Determinants of Bond Yields,6-20,Bond Definitions,Bond Debt contract Interest-only loan Par value (face value) $1,000 Coupon r
9、ate Coupon payment Maturity date Yield to maturity,6-21,Key Features of a Bond,Par value: Face amount Re-paid at maturity Assume $1,000 for corporate bonds Coupon interest rate: Stated interest rate Usually = YTM at issue Multiply by par value to get coupon payment,6-22,Key Features of a Bond,Maturi
10、ty: Years until bond must be repaid Yield to maturity (YTM): The market required rate of return for bonds of similar risk and maturity The discount rate used to value a bond Return if bond held to maturity Usually = coupon rate at issue Quoted as an APR,6-23,The Bond-Pricing Equation,PV(Annuity),PV(
11、lump sum),C = Coupon payment; F = Face value,6-24,Table 6.1,折价债券（discount bond),以低于面值的价格出售的债券,溢价债券(Premium Bond),债券以高于面值的价格出售,6-27,Bond Value ($) vs Years remaining to Maturity,6-28,Inflation and Interest Rates,Real rate of interest =Change in purchasing power Nominal rate of interest = Quoted rate
12、of interest, = Change in purchasing power and inflation The ex ante nominal rate of interest includes our desired real rate of return plus an adjustment for expected inflation,6-29,The Fisher Effect,The Fisher Effect defines the relationship between real rates, nominal rates and inflation (1 + R) =
13、(1 + r)(1 + h) R = nominal rate (Quoted rate) r = real rate h = expected inflation rate Approximation: R = r + h,6-30,Term Structure of Interest Rates,Term structure: The relationship between time to maturity and yields, all else equal The effect of default risk, different coupons, etc. has been rem
14、oved. Yield curve: Graphical representation of the term structure Normal = upward-sloping L/T S/T Inverted = downward-sloping L/T S/T,6-31,Figure 6.5 A Upward-Sloping Yield Curve,6-32,Factors Affecting Required Return,Default risk premium bond ratings Taxability premium municipal versus taxable Liqu
15、idity premium bonds that have more frequent trading will generally have lower required returns Maturity premium longer term bonds will tend to have higher required returns. Anything else that affects the risk of the cash flows to the bondholders will affect the required returns,Return to Quiz,7-33,C
16、hapter 7,Common Stock Valuation Some Features of Common and Preferred Stocks,7-34,Table 7.1,必要报酬率R的构成,股利收益率(dividend yield) = D1/P0 = 预期收益率/当前股价 资本利得收益率(capital gains yield), 也称投资价值增长率：g,Ch8,Net Present Value(NPV) The Payback Rule The Average Accounting Return The Internal Rate of Return(IRR) The Profitability Index,8-37,Net Present Value Sum of the PVs of all cash flows,Initial cost often is CF0 and is an outflow.,NPV =,n,t = 1,CFt,(1 + R)
