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1、财务管理第三章(1),1,第二章 货币时间价值之重要应用：估价与收益率Valuation and Rates of Return,财务管理第三章(1),2,Main contents,The valuation of a financial assets is based on the present value of future cash flows.The required rate of return in valuing an asset is based on the risk involved.Bond valuation is based on the process of d
2、etermining the present value of interest payments plus the present value of the principal payment at maturity.Preferred stock valuation is based on the dividend paid.Stock valuation is based on determining the present value of the future benefits of equity ownership.,财务管理第三章(1),3,Valuation of bonds,
3、A bond provides an annuity stream of interest payments and a $1,000 principal payments at maturity.These cash flows are discounted at Y, the yield to maturity. The value of Y is determined in the bond market and represents the required rate of return for bonds of a given risk and maturity. The price
4、 of a bond is thus equal to the present value of regular interest payments discounted by the yield to maturity added to the present value of the principal (also discounted by the yield to maturity).,财务管理第三章(1),4,The price of a bond,Y=10%, n=20,财务管理第三章(1),5,Concept of yield to maturity,The yield to m
5、aturity, or discount rate, is the rate of return required by bondholders.The bondholder, or any investor for that matter, will allow three factors to influence his or her required rate of return.Real rate of return(2-3%)Inflation premium(2-4%)Risk premium,Risk-free rate of return,财务管理第三章(1),6,Increa
6、se in inflation premiumand impact on bond valuation,当必要收益率(到期收益率)由10%变为12%时，由于债券票面利率为10%，低于必要收益率12%，那么债券价格将从当前的$1000降为$850.90,财务管理第三章(1),7,Bond price table(10%interest payment, 20years to maturity),财务管理第三章(1),8,Time to maturity,思考：当债券票面利率高于必要收益率时，债券价格与票面价格哪个更高？还是相等？当票面利率低于必要收益率时，债券价格与票面价格哪个更高？还是相等？其
7、他因素不变，随着债券到期日的临近，债券价格会有什么变化？,财务管理第三章(1),9,Formula for bond yield,当债券价格、债券票面价格与票面利率已知，如何求必要收益率？,财务管理第三章(1),10,If the interest is paid semiannual, how you should calculate the price of the bond?Three steps:1、divide the annual interest rate by 22、multiply the number of years by 23、divide the annual yie
8、ld to maturity by 2.,财务管理第三章(1),11,Valuation of the preferred stock,优先股是相对于普通股 (ordinary share)而言的。主要指在利润分红及剩余财产分配的权利方面，优先于普通股。优先股的现金股利是固定的，且优先于普通股股利发放，每股支付的股利类似于债券发放的利息。优先股股东不具有投票权，只具有优先求偿权。属于一种混合式证券，既没有普通股东的所有权，也没有债务的强制性法律条款。,财务管理第三章(1),12,Preferred stock has no maturity date.The annual dividend f
9、or the preferred stock is a kind of Perpetual annuity.,优先股一般按照季度支付股利。需要对i , n 进行处理。,财务管理第三章(1),13,Valuation of common stock,普通股是指在公司的经营管理和盈利及财产的分配上享有普通权利的股份，代表满足所有债权偿付要求及优先股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权，它构成公司资本的基础，是股票的一种基本形式，也是发行量最大，最为重要的股票。目前在上海和深圳证券交易所上中交易的股票，都是普通股。,财务管理第三章(1),14,The value of common
10、stock is also on the concept of the present value of an expected stream of future dividends.Unlike preferred stock, the dividends are not necessarily level. The firm and shareholders may experience:No growth in dividendsConstant growth in dividendsVariable or supernormal growth in dividends,财务管理第三章(
11、1),15,股利估价模型,The value of common stock can be interpreted as the present value of an expected stream of future dividends.A dividend valuation model can be stated as:思考:上述公式为什么没有对principal payment贴现?,财务管理第三章(1),16,No growth in dividends,A no-growth policy for common stock dividends does not hold much
12、 appeal for investors and so is seen infrequently in the real world.,财务管理第三章(1),17,Constant growth in dividends,Price of common stock today,Dividend in year 1, D1,Constant growth rate in dividends,Required rate of return for common stock(discount rate),财务管理第三章(1),18,If two circumstances can be satisfied, the formula can be more useful.The firm must have a constant dividend growth rate(g).The discount rate( ) must exceed the growth rate(g).,财务管理第三章(1),19,第一项表示股东的股利收益率第二项股利、收益和股价的预期增长率当期收益+未来收益,用市盈率生意当期收益即可确定股票的市场价值，这是一种常用的估价方法。,财务管理第三章(1),20,Thank You!,