中级财务管理 ppt课件.ppt

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1、CHAPTER4BondsandTheirValuationKeyfeaturesofbondsBondvaluationMeasuringyieldAssessingriskWhatisabond?Along-termdebtinstrumentinwhichaborroweragreestomakepaymentsofprincipalandinterest,onspecificdates,totheholdersofthebond.BondmarketsPrimarilytradedintheover-the-counter(OTC)market.Mostbond

2、sareownedbyandtradedamonglargefinancialinstitutions.FullinformationonbondtradesintheOTCmarketisnotpublished,butarepresentativegroupofbondsislistedandtradedonthebonddivisionoftheNYSE.KeyFeaturesofaBond（面值）Parvalue–faceamountofthebond,whichispaidatmaturity(assume$1,000).（债券利息率）Couponintere

3、strate–statedinterestrate(generallyfixed)paidbytheissuer.Multiplybypartogetdollarpaymentofinterest.（到期日）Maturitydate–yearsuntilthebondmustberepaid.（发行日）Issuedate–whenthebondwasissued.（到期收益率）Yieldtomaturity-rateofreturnearnedonabondhelduntilmaturity(alsocalledthe“promisedyield”).WARNINGT

4、hecouponrateISNOTthediscountrateusedinthePresentValuecalculations.注意：债券利率不是折现率Thecouponratemerelytellsuswhatcashflowthebondwillproduce.Thevalueoffinancialassets012nkCF1CFnCF2Value...BondPricing（债券价值）ThepriceofabondisthePresentValueofallcashflowsgeneratedbythebond(i.e.couponsandfacevalue)

5、discountedattherequiredrateofreturn.Kd影响因素：风险补偿率+无风险利率（大致等于同期国债收益率）特别注意付息次数及期限BondPricingExampleWhatisthepriceofa6%annualcouponbond,witha$1,000facevalue,whichmaturesin3years?Assumearequiredreturnof5.6%.BondPricingExample(continued)Whatisthepriceofthebondiftherequiredrateofreturnis6%?Bond

6、PricingExample(continued)Whatisthepriceofthebondiftherequiredrateofreturnis15%?BondPricingExample(continued)Whatisthepriceofthebondiftherequiredrateofreturnis5.6%ANDthecouponsarepaidsemi-annually?BondPricingExample(continued)Q:Howdidthecalculationchange,givensemi-annualcouponsversusannua

7、lcouponpayments?TimePeriodsPayingcouponstwiceayear,insteadofoncedoublesthetotalnumberofcashflowstobediscountedinthePVformula.DiscountRateSincethetimeperiodsarenowhalfyears,thediscountrateisalsochangedfromtheannualratetothehalfyearrate.Effectofacallprovision（回购条款）Allowsiss