公司金融-财务工具(一)讲解.pptVIP

* 复利计算频率 名义年利率 APR（Annual percentage rate） 若存款年利率为6%，按半年复利计息，则存入1000元一年后存款价值为？ 为一年中复利次数 * 实际年利率EAR 实际年利率 若连续复利， 则实际年利率为 复利期间的有效利率=APR/m 当计息频率为1年1次，两利率相等；当频率高于1年1次时，实际利率高于名义利率 名义利率越高，复利次数越多，两利率的差异越大 Effective Annual Rates for a 6% APR with Different Compounding Periods * 通胀下的实际利率 当通胀率高于名义利率r，实际利率 0,此时利率不足以弥补通货膨胀的负面影响名义利率倾向于通货膨胀的变动而变动 * U.S. Interest Rates and Inflation Rates, 1955–2005 Interest rates are average three-month Treasury bill rates Note that interest rates tend to be high when inflation is high. * Term Structure of Risk-Free U.S. Interest Rates, January 2004, 2005, and 2006 * 收益曲线 现实金融市场中，国债被认为是没有风险的。利率期限结构通常考虑的是无风险国债利率和期限间的关系，也称为是基准利率 * 利率期限结构 正向曲线下现值的计算 * * Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 5-* Short-Term Versus Long-Term U.S. Interest Rates and Recessions One-year and ten-year U.S. Treasury rates are plotted, with the spread between them shaded in blue if the shape of the yield curve is increasing (the one-year rate is below the ten-year rate) and in red if the yield curve is inverted (the one-year rate exceeds the ten-year rate). Gray bars show the dates of U.S. recessions. Note that inverted yield curves tend to precede recessions as determined by the National Bureau of Economic Research. In recessions, interest rates tend to fall, with short-term rates dropping further. As a result, the yield curve tends to be steep coming out of a recession. Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 5-* Example Comparing Short- and Long-Term Interest Rates Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 5-* Example 5.6 Comparing Short- and Long-Term Interest Rates Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 5-* 5.3 Risk and Taxes Risk and Interest Rates After-Tax Interest Rates Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 5-* Table 5.2 Interest Rates on Five-Year Loans for Various Borrowers, June 2006 Copyright ? 2007 Pearson Ad