财务高效管理基础 外文版6.ppt

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1、BONDS3TypresBonds1.DefferedPymt(PVofAnnuity)2.Principle&Interestannuity3.Non-Interestbearingnote(JustPrinciple)DeferredPaymentContract.AssetcostedisPVofAnnuity10%,5yearsDrAsset(PVAnnuity5yr210%)75.816DrDiscount24.184CrNP1styearDrIntExp(10%xCV-prinlereduct)7.582kDrNP20kCrCash20kCrDisc

2、ountAmort7.582k2ndDrIntExp(10%xCV-prinlereduct)6.340kDrNP20kCrCash20kCrDiscountAmort6.340kIntExp=((100-24.184)-(20k-7.582))x10%=6.340k3rdDrIntExp(10%xCV-prinlereduct)4.973kDrNP20kCrCash20kCrDiscountAmort4.973kIntExp=((100-24.184)-(20k-7.582)-(20k-6340))x10%=6.340k(75,816-12,418-13,66

3、0)x10%=4,97349,738SLMethodDiscountAmortizationtDrIntExp4.836kDrNP20kCrCash20kCrDiscountAmort24,184/54.836kBondsComputePriceofBonds:100k10yrSlatedRate8%,MktRate12%ComputePriceofBonds:200k20yrSlatedRate8%,MktRate12%100kBond,5years@9%Interest,MKTrate12%,yearlyBONDsellsat89atDiscountSeeP

4、gC-1inoldbookPVof$1@12%,5yr(.567)100k=56,700PVofAnnuity12%,5yr(3.605)9k=32,445Total89,145NonInterestbearingnotePVof$1@12%,5yr(.567)100k=56,700DrCash56,700DrDiscunt43,300CrNP100k1stDrIntExp(56.7x12%)CrDiscountEffectiveIntRate1stDrIntExp(56.7+discamort1st)x12%)CrDiscount2ndDrIntExp(56.

5、7+discamort1st+discamort2nd)x12%)CrDiscountSLAmortDiscountSLtDrIntExp(100-56.7/years)CrDiscountJAMESBONDTERM-allmatureinseries(likeCommonStock,firmneededfinancingatonce)Serial–allmatureininstallments(likeCommonStock,firmneededfinancingatintervals)Mortage-backedbyrealestate.Aversionca

6、lled“derivatives”Debentures-UnsecuredbondsorJUNKOtherTypesBONDSPg331INTERInUSADebenturebondis“JUNK”BondnotsecuredandInterestRateHighAssetlinkedBondisredeemableincommodities(VerysimilartoWarehouseReceiptusedinFutureCommoditiesExchangeinUSA)RegisteredorCuponBONDSVERSESSTOCK1.IssusingBo

7、ndshelpEPSratio.2.IssuingCommonStockhelpsDebt/EquityRatio3.IssuingCommonStockreducescontroloffirmbydominantstockholderBONDINTERESTRATES,Pg583StatedInterestRateonBond,10%MarketInterestRateA)IfMktrate>StatedRate,BondsoldatDiscountB)IfMktrate

8、edRate,Bonds