公司理财第九版-第5章.pptVIP

Key Concepts and Skills Be able to compute the future value of an investment made today Be able to compute the present value of cash to be received at some future date Be able to compute the return on an investment Be able to compute the number of periods that equates a present value and a future value given an interest rate Be able to use a financial calculator and/or a spreadsheet to solve time value of money problems Chapter Outline Future Value and Compounding Present Value and Discounting More about Present and Future Values 什么是货币的时间价值 货币时间价值：是指货币随着时间的推移而发生的增值，也称为资金时间价值。 是不是货币在任何状态下都可以产生时间价值呢？ 是不是货币作为资本投入到经营活动中所获得的增值额都是时间价值呢？ 利率的构成 利率=时间价值+风险报酬+通货膨胀贴水 利率在经济生活中的表现形式 银行存款利息率 银行贷款利率 债券利息率 股息率 时间价值是扣除风险报酬和通货膨胀贴水后的真实收益率（社会平均资金收益率）。 Basic Definitions Present Value –现值（PV），是指未来某一时点上的一定量现金折合到现在的价值，又称本金。 Future Value –终值（FV），是现在一定量现金在未来某一时点上的价值，即本利和，又称将来值。 Interest rate – “exchange rate” between earlier money and later money Discount rate Cost of capital Opportunity cost of capital Required return Future Values Suppose you invest $1,000 for one year at 5% per year. What is the future value in one year? Interest = 1,000(.05) = 50 Value in one year = principal + interest = 1,000 + 50 = 1,050 Future Value (FV) = 1,000(1 + .05) = 1,050 Suppose you leave the money in for another year. How much will you have two years from now? FV = 1,000(1.05)(1.05) = 1,000(1.05)2 = 1,102.50 Future Values: General Formula FV = PV(1 + r)t FV = future value PV = present value r = period interest rate, expressed as a decimal t = number of periods Future value interest factor = (1 + r)t 复利终值系数，可查表，中文教材表现为（F/P，i, n) Effects of Compounding Simple interest Compound interest Consider the previous example FV with simple interest = 1,000 + 50 + 50 = 1,100 两年期单利 FV with compound interest = 1,102.50 两年期复利 The extra 2.50 comes from the interest of .05(50) = 2.50 earned on the first interest payment Calculator Keys 计算器 Texas Instruments BA-II Plus FV = future value PV = present value I/Y =