公司理财第四讲

C

Y(50000,D(60000,

A60,00050,0001r

C’

Y(50000,D(60000,D’(60000,

(30,000(30,000Y(100,000,

(30,000(30,000

100,000100,00080,000100,000

B

BY

L(50,000, C(?,

60,00040,00060,00050,0003636430,000

1110%FV6,364110%NPV30,00040,000

B

BY40,00060,000L(50,000, C(?,

Calculatingdiscountedcash (1r)

Oftencalleddiscountfactor折现系数（因子 DiscountrateHurdleOpportunitycostofcapitalItisthereturnforgonebyinvestingintheprojectandnotinvestinginsecuritiesthatofferthisreturnPV

C2

应比较实际年利率EAReffectiveannualinterestrate(equivalentlyannuallycompoundedinterestrate)EAR=(1

r)m1APRAnnualPercentageRateAPR=每期利率X一年中的期数EARAPR. EAR=(1

r)m 1=er–1m1000×e0.10×2=1221.4FirstbasicprincipleofAdollartodayisworthmorethanadollarintheSecondbasicprincipleofASafeDollarisWorthMoreThanaRiskyIffuturecashflowsarenotUseExpectedFutureCashUsehigherdiscount TwoSourcesofSomepeoplesaythatifweusetheaverageofuncertaincashflowsateachpointintimeAndweshoulddiscounttheexpectedcashflowsbyarisklessrateofinterestNO.OtherprojectsandsecuritieswiththesamelevelofriskofferhigherexpectedreturnsWhyshouldweacceptlessfromthisprojectTwoSourcesofConfusion Abankwilllendyoumoneyat8%forthe Is8%thecostofcapitalfortheprojectNO.Thebankerisofferingyoua8%loanbasedontheoverallfinancialconditionofyourfirmSecondly,ifsecuritieswiththesameriskastheprojectofferanexpectedreturngreaterthantheprojectYoushouldinvestintheminsteadoftheIrrespectiveofthecostofthePerpetuityAstreamofconstantcashflowsthatlastsGrowingperpetuityAstreamofcashflowsthatgrowsataconstantrateAstreamofconstantcashflowsthatlastsforafixednumberofGrowingannuityAstreamofcashflowsthatgrowsataconstantrateforafixednumberofperiods PV

TheformulaforthepresentvalueofaperpetuityPV

CPV

C

(1g)

)2

)2

)3TheformulaforthepresentvalueofagrowingperpetuityPV

r如果适用的折现率为10%

$1.30 PV ....... (1r) (1

(1

r1rT11annuity CC(

Whatisthepresentvalueofafour-yearannuityof$100peryearthatmakesitsfirstpaymenttwoyearsfromtodayifthediscountrateis9%?

rPV

r

r

1

gtPVC

gr

g1r 101112131415

PrincipalorfacevalueorparvaluerepaidatendofDenominations(orparvalues)ofCorporateBonds$1,000.Bondsellingatparisselling“FLAT.”(ataMaturitysometimescasuallyusedforremaininglifeofbondorcurrentmaturityMostbondspayinterestYTM－YieldtoMaturity（到期收益率）－使债券价(PureDiscount(PureDiscount (LevelCouponPVC(LevelCoupon

r

r

PV

Interestratefixedtodayonaloanthatismadetoday.二、利率的期限结构（termstructureofinterestrates）(Thetermstructuredescribestherelationshipofspotrateswithdifferentmaturities.)Relationshipbetweenspot-interestratesandInterestratefixedtodayonaloantobemadeatsomefuturedate.债券PVA=

S01=

S01债券PVB=

S02=

826.45826.451 债券PVC=?

S01=

=

C2PVc到期收益率C2914.06YTMS01= S02=1 Investing1 Equivalenttogettingthe1-yearspotrateof8%,andlockingin12.04%ove