公司理财 罗斯Ch05.ppt

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1、CHAPTER5HowtoValueBondsandStocks(p106)0ChapterOutline5.1DefinitionandExampleofaBond5.2HowtoValueBonds5.3BondConcepts5.4ThePresentValueofCommonStocks5.5EstimatesofParametersintheDividend-DiscountModel5.6GrowthOpportunities5.7TheDividendGrowthModelandtheNPVGOModel(Advanced)5

2、.8PriceEarningsRatio5.9StockMarketReporting5.10SummaryandConclusions1ValuationofBondsandStockFirstPrinciples:Valueoffinancialsecurities=PVofexpectedfuturecashflowsTovaluebondsandstocksweneedto:Estimatefuturecashflows:Size(howmuch)andTiming(when)Discountfuturecashflowsatanap

3、propriaterate:Therateshouldbeappropriatetotheriskpresentedbythesecurity.25.1DefinitionandExampleofaBondAbondisacertificateshowingthataborrowerowesaspecifiedsum,itisalegallybindingagreementbetweenaborrowerandalender:Specifiestheprincipalamountoftheloan.Specifiesthesizeandti

4、mingofthecashflows:Indollarterms(fixed-rateborrowing)Asaformula(adjustable-rateborrowing)35.1DefinitionandExampleofaBondConsideraU.S.governmentbondlistedas63/8ofDecember2009.TheParValueofthebondis$1,000.Couponpaymentsaremadesemi-annually(June30andDecember31forthisparticula

5、rbond).Sincethecouponrateis63/8thepaymentis$31.875.OnJanuary1,2005thesizeandtimingofcashflowsare:45.2HowtoValueBondsIdentifythesizeandtimingofcashflows.Discountatthecorrectdiscountrate.Ifyouknowthepriceofabondandthesizeandtimingofcashflows,theyieldtomaturity(YTM)isthediscou

6、ntrate.Yieldtomaturity(YTM)isbondjargonforthediscountratethatequatesthepriceofabondwiththediscountedvalueofitscouponsandface(par)value.Inotherwords,presentvalue=pricewhenr=YTM.Theyieldtomaturityrepresentsthecurrentmarketinterestrateforabond.55.2HowtoValueBondsWenowconsiderh

7、owtovaluefollowingdifferenttypesofbonds:PurediscountbondsLevel-couponbondsConsols6PureDiscountBonds(p106)Thepurediscountbondisperhapsthesimplestkindofbond.Itpromisesasinglepaymentatafixedfuturedate.Purediscountbondsareoftencalledzero-couponbondsorzeroes.Wewillusethetermszer

8、o,bulletanddiscountinterchangeablytorefertobondsthatpaynocoupons.7PureDiscountBond