financial modeling(财务金融建模第三版，西蒙）

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1、FINANCIALMODELINGThematerialsinthisbookareintendedforinstructionalandedu-cationalpurposes,toillustratesituationssimilartothoseencoun-teredintherealworld.ThereaderwillunderstandthatMITPressanditsauthorsdonotguaranteetheaccuracyorcompletenessofanyinformationpublished

2、inthisbook.NeitherMITPressnoritsauthorsisresponsiblefortheconsequencesoftheimplementationofmodelsorinformationpresentedinthisbook.FINANCIALMODELINGSimonBenningawithasectiononVisualBasicforApplicationsbyBenjaminCzaczkesTHIRDEDITIONTheMITPressCambridge,MassachusettsL

3、ondon,England©2008MassachusettsInstituteofTechnologyAllrightsreserved.Nopartofthisbookmaybereproducedinanyformbyanyelectronicormechanicalmeans(includingphotocopying,recording,orinformationstorageandretrieval)withoutpermissioninwritingfromthepublisher.Thisbookwasset

4、inTimesRomanbySNPBest-setTypesetterLtd.,HongKong,andwasprintedandboundintheUnitedStatesofAmerica.LibraryofCongressCataloging-in-PublicationDataBenninga,Simon.Financialmodeling/SimonBenninga.3rded.p.cm.Includesbibliographicalreferencesandindex.ISBN978-0-262-02628-41

5、.FinanceMathematicalmodels.I.Title.HG173.B462008332.01′5118dc222007038629109876Toourparents:HelenandNoachBenninga;EstherandAlfredCzaczkesContentsPrefacexxiiiPrefacetotheSecondEditionxxixPrefacetotheFirstEditionxxxiICorporateFinanceModels11BasicFinancialCalculations

6、31.1Overview31.2PresentValueandNetPresentValue41.3InternalRateofReturnandLoanTables91.4MultipleInternalRatesofReturn151.5FlatPaymentSchedules171.6FutureValuesandApplications191.7APensionProblemComplicatingtheFuture-ValueProblem211.8ContinuousCompounding251.9Discoun

7、tingUsingDatedCashFlows30Exercises312CalculatingtheCostofCapital392.1Overview392.2TheGordonDividendModel402.3AdjustingtheGordonModeltoAccountforAllCashFlowstoEquity442.4SupernormalGrowthandtheGordonModel482.5UsingtheCapitalAssetPricingModeltoDeterminetheCostofEquit

8、yrE522.6UsingtheSecurityMarketLinetoCalculateIntelsCostofEquity592.7ThreeApproachestoComputingtheExpectedReturnontheMarketE(rM)622.8Calculatingth