人民币PPT.ppt

人民币 庞大的外汇储备:$8 400亿; 惊人的人民币存款: 18万亿; 势不可挡的FDI: $600亿/年; 全球加工厂:?2亿劳动力/全球产业转移; 国富民穷.(教育的贫穷是最大的贫穷) 刚性的汇率, 不良的金融体制,贸易体制. 一府两会. Valuation of Bonds Chapter 6 objectives 1.???Distinguish between different kinds of bonds. 2.????Explain the more popular features of bonds. 3.????Define the term value as used for several different purposes. 4.????Describe the basic process for valuing assets. 5.????Estimate the value of a bond. 6.????Compute a bondholder’s expected rate of return. 7.????Explain three important relationships that exist in bond valuation. Why marketable bonds? Multiple financing instruments Monopoly vs Diversification Market oriented vs centrally planning oriented bond A bond is a type of debt or long-term promissory note(期票), issued by the borrower, promising to pay its holder a predetermined and fixed amount of interest per year. 1. Debentures:公司债券 2. Subordinated debentures 3. Mortgage bonds 4. Eurobonds 5. Zero and very low coupon bonds 6 Junk bonds CHARACTERISTICS OF BONDS 1. Claims on assets and income 2. Par value 3. Coupon interest rate 4. Maturity 5. Indenture(契约) 6. Current yield 7. Bond ratings Claims on assets and income Interest and dividends leads to Insolvency: Bonds Common stock Preferred stock Par value Par value of a bond: a face value that is returned to the bondholder at maturity. Denomination: $1 000 Quotation: 101.375% Coupon interest rate Coupon interest rate: Indicator of the percentage of the par value of the bond that will be paid out annually in the form of interest. For example: Interest rate:8% Par: $1 000 8% x $1 000 = $80.00 Maturity Length time to redeem the bonds. For example: 3 years 10 years 30 years Indenture(契约) Legal agreement: Between issuing companies and bond trustee who represents the bondholders. Common provisions : Prohibitions on the sale of accounts receivable Constraints on the issuance of common stock dividends Restrictions on the purchase or sale of fixed assets Constraints on add