第二章时间价值及风险报酬.pptVIP

第二章 时间价值与风险报酬 第一节 资金的时间价值 Time is value. 第二节 风险报酬 Don’t put all your eggs in one basket. Two central concepts in financial management Risk-return tradeoff: Investors will take on additional risk only if they anticipate high return. Time value of money: A dollar available today is worth more than a dollar available at a future date. Investors require compensation for both risk bearing and the time value of money. Most of us would prefer to receive money today, so we can invest the money and expect to have an even grater sum in the future. The same reasoning suggests we should prefer to pay money later than sooner. The principle of time value analysis have many applications, ranging from setting up schedules for paying off loans to capital investment decisions. 第一节 资金的时间价值(Time Value of Money) 资金时间价值的概念 资金时间价值的计算(重点) 单利的计算 复利的计算 年金的计算 名义利率与实际利率的关系 一、资金时间价值的概念 概念：资金在不同时点上价值量的差额。 【误区】资金时间价值不是由时间创造的。 资金时间价值=无风险无通货膨胀下社会平均 资金利润率 作用：资金时间价值是方案评价的基本标准。 表现形式：利率（相对数）/利息（绝对数）。 【注意】换算到同一时点进行比较。 二、资金时间价值的计算 【符号】 P——现值(present value) F——终值(future value) CF——现金流量（现金流入或流出） A——年金（连续等额的系列现金流量）(annuity) i——利率/折现率 n——期数 【假设】各年现金流量均发生在年末，除非特别指明。 The interest rate used to compute the present value is called the discount rate, but may also be referred to as the opportunity cost, required rate of return, and the cost of capital. Present values decreases as the discount rate increases. （一）单利(simple interest)的计算 特点：只对本金计算利息 终值计算：P F 现值计算：F P 结论：单利终值计算与现值计算互为逆运算。 Interest that is not added to the principal or capital in calculating subsequent interest payments is referred to as simple interest. Under the simple interest arrangement, the amount of interest paid does not vary and is based on the initial cash flow involved. （二）复利(compound interest)的计算 特点：一次性收付款项 终值计算：P F 现值计算：F P 结论：复利终值系数与复利现值系数互为倒数。 例1 某企业向银行借款100万元，年利率为10%，期限为五年，问五年后应偿还的本利和是多少？ F=P（F/P，i，n） =100×（F/P，10%，5）