财务管理专业英语 教学课件 作者 崔刚主编 Chapter 4.pptx

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1、g10byzw主编4.1BondandTheirValuation4.2StocksandTheirValuationChapter4FinancialAssetsandTheirValuation4.1　BondandTheirValuation4.1.1　BondandTheirFundamentalContent4.1.2　BondValuation4.1.3　YieldtoMaturityonBonds4.1.1　BondandTheirFundamentalContent1.FaceValue2.Coupon

2、Rate3.MaturityDate1.FaceValueThefacevalueisthefixedvalueofthebond.Itgenerallyrepresentstheamountofmoneythefirmborrowsandpromisestorepayonthematuritydate.2.CouponRateTheannualinterestpaymentisdividedbythebond’sfacevaluetoobtainthecouponrate.Thecouponratewhichisdi

3、fferentfromeffectiveannualrateofinterestisstatedonthebond’sface.3.MaturityDateBondsgenerallyhaveaspecifiedmaturitydateonwhichthefacevaluemustberepaid.Thecompanyisobligatedtopaythebondholderthefacevalueofthebondonmaturitydate.4.1.2　BondValuation1.GeneralizedBondV

4、aluationModel2.BondswithSemiannualCoupons3.Zero-CouponBonds4.PerpetualBonds1.GeneralizedBondValuationModelTypicalbondshavefixedinterestrate,calculatedandpaidinterest,andreturnedfacevaluetomaturity.Basedonthisbond’scashflowmodel,wecangetthisequationbelow:（4-1）Whe

5、ntheinterestisfixedonI,theaboveequationcanbeshownbelow:1.GeneralizedBondValuationModel1.GeneralizedBondValuationModel【Example4-1】Acompanyhasoutstandinga8percentbondissuewithafacevalueof＄1，000and6yearstomaturity.Interestispayableannually.Themarketrateofbondis10pe

6、rcent.Calculatethevaluationofbond.Althoughsomebondspayinteresteachyear,thevastmajorityactuallypayinterestsemiannually.Thus,weobtainthefollowingequationforfindingthevalueofabondthatpaysinterestsemiannually:2.BondswithSemiannualCoupons（4-3）2.BondswithSemiannualCo

7、uponsJustasEaxmple4-1,the5percentcouponbondshave12periodictomaturityandoursemiannualrequiredrateofreturnis4percent.Thevalueis:3.Zero-CouponBondsZero-Couponbondisasecuritythatpaysnointerestbutsellsatadeepdiscountbelowitsfacevalue;itprovidescompensationtoinvestors

8、intheformofpriceappreciation.Thevalueofitwouldbe:（4-4）4.PerpetualBondsPerpetualbonddoesn’thaveaspecifiedmaturitydateanditsvaluewouldsimplybeequaltothecapitalizedvalue