agp0107管理会计.ppt

Discounted Cash Flows折现的现金流 Present Value Concepts 现值概念 A dollar today is worth more than a dollar a year from now for two reasons: Money has a time value. The future involved uncertainty. 今天一美元比一年后的一美元有价值， 原因： 金钱有时间价值 未来不确定性 Discounted Cash Flows折现的现金流 Theory of Interest 利息理论 If P dollars are invested today at the annual interest rate r, then in n years you would have Fn dollars. 如果今天投资P美元，按年利息r计算，年后你将得到Fn美元 Fn = P(1 + r)n Discounted Cash Flows折现的现金流 Example: If $100 is invested today at 8% interest, how much will the investment be worth in two years? 举例：今天按的利息8%投资$100 ， 2年后投资值多少钱？ F2 = $100(1 + 0.08)2 F2 = $116.84 Discounted Cash Flows折现的现金流 Present and future values 现值与未来的价值 The value of an investment can be viewed in two ways - either in terms of its value in the future or in terms of its value in the present. 投资的价值可以用两种方法来看 - 或者未来的价值或者现在的价值 Discounted Cash Flows折现的现金流 The present value of any sum to be received in the future can be computed by turning the iterest formula around and solving for P: 未来获得金额总数的目前的价值可以按利息计算公式来测算： P = Fn [1/(1 + r)n] Discounted Cash Flows折现的现金流 Example: A bond will pay off $100 in 2 years. What is the present value if an investor can earn 12% interest? 举例：一种证券2年内的回报为$100 。如果投资者获得的利息，其现值为多少？ P=$100 [1/(1+0.12)2] P=$100 (0.797) P=$79.70 Discounted Cash Flows折现的现金流 The process of calculating present value of a future cash flow is called discounting. 测算未来现金流现值的方法称作折现 The 12% used in the example is called the discount rate. 用于示例中的12%称为折现率 For short timelines, use your calculator. For longer timelines, there is a Present Value Table (shortcut). 对于短期的测算，使用计算器。对于长期的测算，使用现值表（捷径） Discounted Cash Flows折现的现金流 The present value can be found by inverting the PV equation. 目前价值可转换为等价的现值 P = Fn/(1+r)n Discounted Cash Flows折现的现金流 Example: You need to receive $200 two year from now. If you can earn 5% interest, how much money do you need to invest today? 示例：你需要从现在到2年内回收$200。如果你可得到5%的利息，你现在需投入多少？ P =