財務(wù)管理英文版課件 5

5.TimeValueofMoney&Valuation貨幣時間價值與估價contents5.1CentralConceptsinFinancialManagement5.2Simplevs.CompoundInterestRatesandFuturevs.PresentValue5.3Annuity5.4ValuationFundamentals5.5BondValuation5.6CommonStockValuationPage

25.1CentralConceptsRisk-returntradeoff:Investorswilltakeonadditionalriskonlyiftheyanticipatehighreturn.Timevalueofmoney:Adollaravailabletodayisworthmorethanadollaravailableatafuturedate.Thisisbecauseadollartodaycanbeinvestedtoearnareturn.Page

3Abirdinthehandisworthtwointhebush.5.2.1SimpleinterestInterestthatisnotaddedtotheprincipalorcapitalincalculatingsubsequentinterestpaymentsisreferredtoassimpleinterest.Underthesimpleinterestarrangment,theamountofinterestpaiddoesnotvaryandisbasedontheinitialcashflowinvolved.Page

45.2.1SimpleinterestPage

55.2.2CompoundinterestCompoundinginvolvescalculatinginterestnotonlyontheprincipalbutalsoontheinterestearnedtodateonthatprincipal,assumingthattheinterestisreinvested.Page

65.2.2CompoundinterestTheso-calledcompoundingeffectthereforetendstoincreasetheamountofinterestpaid(charged)astheprincipalincreasesduetotheadditionofpreviousinterestpayments(charges).Page

75.2.2CompoundinterestMostcreditcardholdersareacutelyawareoftheimplicationsofmissinganinterestpaymentasthisamountisthenaddedtotheoutstandingbalancetocalculatetheamendedamountowing!Page

85.2.2CompoundinterestPage

95.2.4PresentValueTheinterestrateusedtocomputethepresentvalueiscalledthediscountrate,butmayalsobereferredtoastheopportunitycost,requiredrateofreturn,andthecostofcapital.Page

105.3AnnuityThesizeofthecashflowfromthesecurityisidenticalineachperiod;Thetimingofthecashflowsisuniform,i.e.,thecashflowsoccuratthesameperiodicinterval.Page

115.3AnnuityBondssatisfybothcriteriaastheypayasetcouponratebasedontheinitialprincipalinvestedatuniformperiodsintime.Page

125.3AnnuityOrdinaryannuity——thefirstcashflowintheseriesisoneperiodfromtoday.Thisisthemostcommonformofannuity.Annuitydue——thefirstcashflowintheseriesoccursatthebeginningofeachperiod.Deferredannuity——thefirstcashflowintheseriesoccursbeyondoneperiodfromtoday.Perpetuity——theseriesofpaymentscontinuesindefinitely.Page

135.3.1OrdinaryannuityPage

145.3.1OrdinaryannuityThisisconsistentwiththeviewthatfuturevaluesmustbediscountedwhenscaledbacktopresenttime,whereaspresentornearpresentvaluemustbemagnifiedtocorrectlyequatewithfuturevalue.Page

155.3.2AnnuitydueThedistinguishingfactorwithanannuitydueisthefactthatthefirstcashflowoccursonthevaluationdate,i.e.,immediately.Therefore,thecorrectadjustmentforanannuitydueistoreducethediscountingfactorbyoneandtoaddtothereducedcalculationanon-discountedcashflowstream.Page

165.3.2AnnuitydueFVADn=A(FVIFAi,n)(1+i)PVADn=A(PVIFAi,n-1)+A=A(PVIFAi,n)(1+i)Page

17Two-stagediscountingmethodEssentially,theperiodicpaymentsarediscountedbacktothefirstperiodpriortothebeginningofthecashflowstream.Thisvalueisthendiscountedbacktotime0.Page

185.3.3Deferredannuity5.3.4PerpetuityPage

195.3.5EffectiveinterestratesWhenpaymentsaremademoreorlessfrequentlythantheinterestiscompounded,thismisspecificationcanberesolvedbymatchingthepaymentperiodwiththecompoundingperiod.Page

20Nominalinterestrate

Arateofinterestquotedforayearthathasnotbeenadjustedforfrequencyofcompounding.EffectiveinterestrateTheeffective(annual)interestrateiscalculatedtodetermineaneffectiverate(usuallyannual)fromaratewithmultiplecompoundingperiods.Page

21Theeffectiverateofaninvestmentwillalwaysbehigherthanthenominalorstatedinterestratewheninterestiscompoundedmorethanonceperyear.Asthenumberofcompoundingperiodsincreases,thedifferencebetweenthenominalandeffectiverateswillalsoincrease.當(dāng)利息而每年復(fù)合超過一次，實際利率的投資總是高于名義或者規(guī)定利率。隨著數(shù)量的增加,復(fù)合時期之間的差異和實際利率名義也會增加。Page

22舉例Forexample,ifasavingsplanofferedanominalinterestrateof8percentcompoundedquarterly/semiannuallyonaone-yearinvestment,theeffectiveannualinterestratewouldbe:Page

23EffectiveinterestratePage

24舉例（1+0.08/4）4-1=(1+0.02)4-1=0.08243(quarterly)（1+0.08/2）2-1=(1+0.04)2-1=0.0816(semiannually)Page

25Theeffectiverateofaninvestmentwillalwaysbehigherthanthenominalorstatedinterestratewheninterestiscompoundedmorethanonceperyear.5.4ValuationFundamentalsGoing-concernvalueLiquidationvalueBookvalueMarketvalueIntrinsicvaluePage

26Going-concernvalue—持續(xù)經(jīng)營價值Thistypeofvaluedependsonthefirm’sabilitytogeneratefuturecash

flowsratherthanonitsbalancesheetassets.Page

27Liquidationvalue—清算價值Liquidationvaluepershareistheactualamountpershareofcommonstockthatstockholderswouldreceiveifthefirmsellallassets,paysallitsliabilitiesincludingpreferredstock,anddividesanyremainingmoneyamongthem.Page

28Bookvalue—賬面價值Bookvaluepershareofcommonstockistheshareholders’equity-totalassetslessliabilitiesandpreferredstockaslistedonthebalancesheet-dividedbythenumberofsharesoutstanding.Page

29BookvalueThebookvalueofanassetistheaccountingvalueoftheasset-theasset’scostminusitsaccumulateddepreciation.Page

30MarketValueMarketvalueisthepricethattheownercanreceivefromsellinganassetinthemarketplace.Thekeydeterminantvalueisthesupplyanddemandfortheasset.Page

31intrinsicvalueIntrinsicvalue,alsocalledfundamentalvalue,isameasureofthetheoreticalvalueofanasset.Becausedetermingtheintrinsicvaluerequiresestimates,wemayneverknowthe“actual”or“true”intrinsicvalueofsomefinancialassets.Page

325.4.6ValuationapproachesDiscountedcashflow(DCF)valuationRelativevaluationContingentclaimvaluation或有要求權(quán)估價Page

335.4.7DiscountedCashFlowValuationPage

345.5BondValuationAbondisacontractorapromissorynoteissuedbyacorporationorgovernmentpromisingtopaytheownerofthebondapredeterminedamountofinteresteachyear.Page

35Page

36Bondvaluation

Whocangetbenefitfromfollowingpolicy?CallprovisionsSinkingfundprovisionsConversionrightsPutprovisionsIndentureTrusteeCollateralBondrating①ParvalueFeelbelowpar感覺不好Beuptopar達(dá)到一般水平Parvalue~facevaluematurityvaluenominalvalueprincipalPage

37①ParvalueThepriceofabondmayriseaboveorfallbelowitsparvalueduetodifferencesbetweenitscouponrateandprevailingmarketinterestrates.Page

38②CouponandCouponrateCouponpaymentistheperiodicinterestpaymentwhichisequaltothecouponinterestrateasapercentratemultipliedbythematurityorparvalueofthebond.Thecouponinterestrate,alsocalledthenominalyield（名義收益率）,facevalue,isthecontractualrateofinterestbasedonabond’sparvalue.Page

39③MaturityTermtomaturityorsimplymaturityofabondisthelengthoftimeuntiltheagreement

expires（期滿）.Page

40④Callprovisions—贖回條款Withacallfeature,theissuermaydecidetoretirebondstotakeadvantageoflowinterestrates,togetridofrestrictiveindentureprovisions,ortoreduceindebtedness（債務(wù)）.Acallpremiumisanadditionalamountthattheissueragreestopayabovethebond’sparvaluetorepurchasethebond.Page

41⑤SinkingFundProvisions—償債基金條款A(yù)sinkingfundprovisionpermitstheissuertoretireabondthroughaseriesofpredefinedprincipalpaymentsoverthelifeoftheissue.Page

42⑥Conversionrights—轉(zhuǎn)換權(quán)Suchbondsarecalledconvertibledebtbecausetheyofferthebondholderachanceforcapitalgainsinexchangeforlowercouponpayments.Page

43⑦PutProvision—賣出條款Somebondshaveaputprovision,whichgivesthebondholdertherighttosellthebondstockbacktotheissuerattheputpriceoncertaindatesbeforematurity.Page

44⑧Indenture—債務(wù)契約Negativecovenants:payingtoomuchdividendspledgingassetstootherlenderssellingmajorassetsmergingwithanotherfirmaddingmorelong-termdebtPage

45⑧Indenture—債務(wù)契約Affirmative/Positivecovenants:maintainingcertainratioskeepingcollateralingoodconditionmakingtimelypaymentsofinterestandprincipalPage

46⑨Trustee：托管人Atrusteeisthebondholders’agent,typicallyabank,inapublicdebtoffering.Iftheborrowerviolatestheterms,thetrusteeinitiatesactionagainsttheissuerandrepresentsthebondholdersinthisaction.Page

47⑩Collateral：擔(dān)保品Secureddebt:有擔(dān)保債務(wù)

Mortgagebonds（住房）抵押債券Collateraltrustbonds（證券）擔(dān)保信托債券Asset-backedsecurities(ABS)Page

48⑩

Collateral：擔(dān)保品Unsecureddebt:無擔(dān)保債務(wù)Debentures信用債券Subordinateddebentures次級信用債券IncomebondsJunkBondsPage

49⑾Bondrating：債券評級MajorratingservicesincludeStandard&Poor’sCorporation(S&P),Moody’sInvestorsService,Inc.(Moody’s)andFitchInvestorServices.Page

505.5.2TheBondValuationFormulaPage

515.5.3BondPricesandReturnsCurrentYield：現(xiàn)行收益率YieldtoMaturity：到期收益率return-to-maturity(RTM)

internalrateofreturn(IRR)Page

52YieldtoMaturityPage

535.6CommonStockValuationCommonstockcharacteristicsandfeaturesCommonstockvaluationPage

545.6CommonStockValuationCommonstockholders:ResidualownersBeartheultimaterisksandrealizetherewardsofownershipHavelimitedliabilityPage

55ParorNoparStockForcommonstock,parvalueisthestatedvalueattachedtoasingleshareatissuance.Ifacompanysellsstockformorethanitsparvalue,itrecordsanyissuepriceinexcessofparasadditionalpaid-incapitalorcapitalinexcessofpar.Page

56SupposethatFawltyPacemakers,Inc.,isreadytostartbusinessforthefirsttimeafterjusthavingsold10,000sharesof$5-par-valuecommonstockat$45ashare.Theshareholders’equityportionofthebalancesheetwouldbe:Commonstock($5parvalue;10,000sharesissuedandoutstanding)$50,000Additionalpaid-incapital400,000Totalshareholders’equity$450,000ParorNoparStockIfacompanysellsstockforlessthanitsparvalue,anydiscountfromparrepresentsalegalliabilityoftheownerstothecreditingintheeventofliquidation.Theissuercarriesnoparstockonitsbooksattheoriginalmarketpriceoratsomeassignedorstatedvalue,whichisusuallybelowtheactualissuingprice.Page

59Authorized,issued,outstanding,andtreasuryThecharter（章程）

ofacorporationspecifiestheauthorizedsharesofcommonstock,whicharemaximumnumberofsharesthatthecorporationmayissuewithoutamendingitscharter.Page

60Authorized,issued,outstanding,andtreasuryOutstandingsharesrefertothenumberofsharesissuedandactuallyheldbythepublic.Thefirmbasesitsearningspershareanddividendspershareontheoutstandingshares.Page

61CharacteristicandfeaturesRighttovoteRighttoincomeRighttoResidualassetsRighttotransferownershipOtherrights~preemptiveright優(yōu)先購股權(quán)Page

62RighttoVoteAvoiceinmanagementAmendingthecorporatecharterandbylawsSelectingthefirm’sindependentauditorsChangingtheamountofauthorizedsharesApprovingtheissuanceofsecuritiesProxytheirvotetoothersPage

63Priortotheannualmeeting,managementsolicitsproxiesfromshareholderstovote