财务管理专业英语3E教学课件作者刘媛媛 Topic 5.ppt

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1、5.1CentralConceptsinFinancialManagement5.2Simplevs.CompoundInterestRatesandFuturevs.PresentValue5.3Annuity5.4ValuationFundamentals5.5BondValuation5.6CommonStockValuationCentralConceptsinFinancialManagementRisk-returntradeoffInvestorswilltakeonadditionalriskonlyiftheyanticipatehighretur

2、n.TimevalueofmoneyAdollaravailabletodayisworthmorethanadollaravailableatafuturedate.Thisisbecauseadollartodaycanbeinvestedtoearnareturn.Simplevs.CompoundInterestRatesandFuturevs.PresentValueSimpleinterestSimplevs.CompoundInterestRatesandFuturevs.PresentValueCompoundinterestSimplevs.Com

3、poundInterestRatesandFuturevs.PresentValueFutureValuePresentValuediscountrate——opportunitycost,requiredrateofreturn,andthecostofcapital.AnnuityOrdinaryannuity——thefirstcashflowintheseriesisoneperiodfromtoday.Thisisthemostcommonformofannuity.Annuitydue——thefirstcashflowintheseriesoccu

4、rsatthebeginningofeachperiod.Deferredannuity——thefirstcashflowintheseriesoccursbeyondoneperiodfromtoday.Perpetuity——theseriesofpaymentscontinuesindefinitely.AnnuityOrdinaryannuity——thefirstcashflowintheseriesisoneperiodfromtoday.Thisisthemostcommonformofannuity.Annuitydue——thefirst

5、cashflowintheseriesoccursatthebeginningofeachperiod.Deferredannuity——thefirstcashflowintheseriesoccursbeyondoneperiodfromtoday.Perpetuity——theseriesofpaymentscontinuesindefinitely.AnnuityOrdinaryannuityAnnuityPerpetuityAnnuityNominalandeffectiveinterestratesValuationFundamentalsType

6、sofvalueGoing-concernvalueLiquidationvalueBookvalueMarketvalueIntrinsicvalueValuationFundamentalsValuationApproachesdiscountedcashflow(DCF)valuationrelativevaluationcontingentclaimvaluationoption-pricingmodelsValuationFundamentalsDiscountedCashFlowValuationBondValuationContractualProvi

7、sionsofaTypicalBondParValueCouponandCouponRateMaturityCallProvisionsSinkingFundProvisionsConversionRightsPutProvisionsIndentureTrusteeCollateralBondRatingBondValuationTheBondValuationFormulaBondValuationBondPricesandReturnsCurrentYieldYieldtoMaturity——return-to-maturity(RTM)；internal