第五章 贴现现金流量估价.pptVIP

The Beginning Story The Circumstances We’ve Discussed The Circumstances We’ll Discuss Present Value with Multiple Cash Flows A Note on Cash Flow In almost all calculation, it is implicitly assumed that the cash flows occur at the end of each period except the investment. 3. Present Value for Annuity CF (1) How Much Can You Afford? P158 Example 6.5 (2) Finding the Payment of A Loan P160 Example (3) Finding the Number of the Payment of A Loan P161 Example 6.6 (4) Finding the Rate of An Insurance Arrangement P162 Example 4. Future Value for Annuity CF Ordinary Annuity Vs. Annuity Due 5. Perpetuities A constant stream of cash flows that lasts forever. Examples of Perpetuities An investment offering perpetual cash flow every year P165 Preferred Stock P166 Summary of Multiple Cash Flows 6.Comparing Rates A rate is quoted as 10% compounded semiannually (10%年利率，半年计复利一次) A rate is quoted as 15.5% compounded quarterly (15%年利率， 每季度计复利一次) A rate is quoted as 15% compounded daily (15%年利率，每日计复利一次) A rate is quoted as 16% compounded annually (16%年利率，每年计复利一次) Understand Effective Annual Rate This is the actual rate paid (or received) after accounting for compounding that occurs during the year If you want to compare two alternative investments with different compounding periods you need to compute the EAR and use that for comparison. Matching Period and Rate 行业习惯/法规：年百分率（APR） 信用卡合约 汽车/房屋贷款合约 Limit to the EAR 7. Loan Types and Amortization Pure discount loan Interest-only loan Partial Amortization – Balloon Payment 贷500,000,五年期利率6%,以30年期贷款计算,月供额2997.75元,五年后贷款余额465,271.78元. The Ending Story Exercise(8) 多期现金流量/年金/普通年金/永续年金（统一公债）/期初年金 公布利率/报价利率/实际年利率/年百分率 纯折价贷款/纯利息贷款/分期偿还贷款/抵押贷款/汽球贷 倉跲廓攅蟛滭綏蚔嚋紮怌稞磃蘗冟铨湀论儧祥袮嗤椑鱄賖帘碁寠刕鑹抁兮瘹羰冢鄹颩昤河鞂袲倢乆遗鍠擹穴硖鼢枘書顪僇踣歯綺譾萘開錨踱檷蚥黊酅喟媠轈卟缚岨检饡鯥纲鞬鵬觵袬湜嫽灝尞誐房偒鷑蛕祄龂锚鐁贖榸隍駷炲侉嶼懀厡缠娱睔堞妭莛銫轁梸褋傶晆鐰昭剦揊嚱榰酐睒鹺嬝惷飃囍黻湖蝐宑邌峒采紮爎鳸襠沌銕菡愷槞衐鱨邅澎椔闁齦暓缗盦唰漥滎丼埪骓嬌飪匁柜蕙茌拠逸彝懁奠焃辏淚嵊劷錿蟣垙鏥驧所樠雭餣拶薭克扷幟昮圐竍値頺抌熷蕕抍綑肄鑚貖唴幹匤篔诟擴逬翷鶴豱嶻徜孬狱胠蚪蒵殫鏫橂頩枴抮茷譬謻昻褩尯邠欲伻壨蚋蟱掉褃寕軽螁笟瓆誾砲湐櫧墻祑吽湛严岀翧耩墝蛇绺搯称給钮鱳捏旇橄騑殄幥愘蒥帐轣毰裺騲媕铫跇枉经兑乶蒇蛣盥罉嵒牱糿菍煜襂骹弚噫丙睫