某公司财务研究管理及财务知识分析标准P.ppt

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1、财务管理江萍2010年秋季Handout2HandoutOutlineDiscountedCashFlowValuation贴现现金流估值NetPresentValueandOtherInvestmentCriteria净现值与其他投资标准Determiningtherelevantcashflows确定相关现金流1.DiscountedCashFlowValuationOutlineIntroductiontoValuation:TheTimeValueofMoneyFutureValueandCompounding(连

2、续复利)PresentValueandDiscountingMoreonthefutureandpresentvaluesFutureandPresentValuesofMultiple(复杂，多重的)CashFlowsApplication(应用)I.IntroductiontoValuation:TheTimeValueofMoneyBasicDefinitions(基本定义)：PresentValue–earliermoneyonatimelineFutureValue–latermoneyonatimelineIn

3、terestrate–“exchangerate”betweenearliermoneyandlatermoneyDiscountrate(贴现率)Costofcapital(资本成本)Opportunitycostofcapital(资本的机会成本)Requiredreturn(必要收益率或内部收益率)A.FutureValueandCompoundingExample1Supposeyouinvest$100foroneyearat5%peryear.Whatisthefuturevalueinoneyear?Inte

4、rest=$100*5%=$5Valueinoneyear=principal+interest=$100+$5=$105FutureValue(FV)=$100(1+5%)=$105Supposeyouleavethemoneyinforanotheryear.Howmuchwillyouhavetwoyearsfromnow?FV=$100(1+5%)(1+5%)=$100(1+5%)2=$110.25FutureValues:GeneralFormulaFV=PV(1+r)tFV=futurevaluePV=pres

5、entvaluer=periodinterestrateT=numberofperiodsFuturevalueinterestfactor=(1+r)tFuturevalueof$1FVof$1=(1+r)tFutureValues–Example2Supposeyouinvestthe$100fromtheprevious(之前的)examplefor5years.Howmuchwouldyouhave?FV=$100(1+5%)5=$127.63EffectsofCompoundingSimpleinterest(i

6、nterestisearnedonlyontheoriginalprincipal)单利：只对原始本金支付利息Compoundinterest(interestisearnedonprincipalandoninterestreceived)复利：计息的基础为原始本金，也包括已经获得的利息EffectsofCompoundingConsidertheexample1FVwithsimpleinterest=$100+5+5=$110FVwithcompoundinterest=$110.25Theextra$0.25com

7、esfromtheinterestof$5*5%=$0.25earnedonthefirstinterestpaymentConsiderexample2FVwithsimpleinterest=$100+5*5=$125FVwithcompoundinterest=$127.63Theeffectofcompoundingissmallforasmallnumberofperiods,butincreasesasthenumberofperiodsincreases(from$0.25to$2.63).Futureval

8、ue,simpleinterestandcompoundinterestTheeffectofcompoundingincreasesasthenumberofperiodsincreases.随着期限的增加复利对终值的影响逐渐增加。FutureValues–Example3ThecaseofPeter