欢迎来到天天文库
浏览记录
ID:51964169
大小:1.07 MB
页数:42页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap010_PPT.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ValuationandRatesofReturn10ChapterOutlineValuationofassets,basedonthepresentvalueoffuturecashflowsTherequiredrateofreturninvaluinganassetisbasedontheriskinvolvedBondvaluationanditsdeterminationStockvaluationanditsdeterminationPrice-earningsratio2ValuationofFinancialAssetsHelps
2、inevaluatingfinancialcommitmentafirmneedstomaketo:StockholdersandbondholdersAttractinvestmentCostofcorporatefinancing(capital)isusedinanalyzingthefeasibilityofaninvestmentonanensuingproject3ValuationofFinancialAssets4ValuationConceptsValuationofafinancialassetisbasedondetermin
3、ingthepresentvalueoffuturecashflowsRequiredrateofreturn(thediscountrate)Dependsonthemarket’sperceivedlevelofriskassociatedwiththeindividualsecurityItisalsocompetitivelydeterminedamongcompaniesseekingfinancialcapitalImplyingthatinvestorsarewillingtoacceptlowreturnforlowriskandv
4、iceversaEfficientuseofcapitalinthepastresultsinalowerrequiredrateofreturnforinvestors5ValuationofBondsAbondprovidesanannuitystreamofinterestpaymentsandaprincipalpaymentatmaturityCashflowsarediscountedatY(yieldtomaturity).ValueofYisdeterminedinthebondmarket.Thepriceofthebondis:
5、EqualtothepresentvalueofregularinterestpaymentsDiscountedbytheyieldtomaturityaddedtothepresentvalueoftheprincipal6ValuationofBonds(cont’d)Assuminginterestpayments()=$100;principalpaymentsatmaturity()=$1,000;yieldtomaturity(Y)=10%andtotalnumberofperiods(n)=20.Thus,thepriceofbin
6、ds();Where:=Priceofthebond;=Interestpayments;=Principalpaymentatmaturity;t=Numbercorrespondingtoaperiod(runningfrom1ton);n=Numberofperiods;Y=Yieldtomaturity(orrequiredrateofreturn)7PresentValueofInterestPaymentsTodeterminethepresentvalueofa$100annuityfor20years,withadiscountra
7、teof10%Wehave:8PresentValueofPrincipalPayment(ParValue)atMaturityPrincipalpaymentatmaturityisusedinterchangeablywithparvalueorfacevalueofthebondDiscounting$1,000backtothepresentat10%,wehave:Thecurrentpriceofthebond,basedonthepresentvalueofinterestpaymentsandthepresentvalueofth
8、eprincipalpaymentatmaturity:Here,thepriceofthebondisessential
此文档下载收益归作者所有