时间价值补充.ppt

永续增长年金模型需注意： 1、分子是现在起一期后收到的现金流。 2、利率r一定要高于增长率g。 3、假设现金流是有规律的且确定的。 4、假设现金流都在年末发生，第0年末or第一年初即现在。 先付年金 当两笔年金现值相等时 Interest-Only Loan - Example Consider a 5-year, interest-only loan with a 7% interest rate. The principal amount is $10,000. Interest is paid annually. What would the stream of cash flows be? Years 1 – 4: Interest payments of .07(10,000) = 700 Year 5: Interest + principal = 10,700 This cash flow stream is similar to the cash flows on corporate bonds and we will talk about them in greater detail later. Amortized Loan with Fixed Principal Payment - Example Consider a $50,000, 10 year loan at 8% interest. The loan agreement requires the firm to pay $5,000 in principal each year plus interest for that year. What is the annual payment? Amortized Loan with Fixed Payment - Example Each payment covers the interest expense plus reduced principal Consider a 4 year loan with annual payments. The interest rate is 8% and the total principal amount is $5000. What is the annual payment? Year Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 5,000.00 1,509.60 400.00 1,109.60 3,890.40 2 3,890.40 1,509.60 311.23 1,198.37 2,692.03 3 2,692.03 1,509.60 215.36 1,294.24 1,397.79 4 1,397.79 1,509.60 111.82 1,397.78 0.01 Totals 6,038.40 1,038.41 4,999.99 Note: The ending balance of .01 is due to rounding. The last payment would actually be 1,509.61. 4.5 What Is a Firm Worth? Conceptually, a firm should be worth the present value of the firm’s cash flows. The tricky part is determining the size, timing, and risk of those cash flows. This chapter explains the algebra of the time value of money and net present value. NPV depends upon the size, timing, and riskiness of expected cash flows, which is consistent with the maximization of shareholder wealth discussed in Chapter 1 It may be good at this point to discuss the difficulty of calculating time periods and interest rates, particularly without the help of a financial calculator. Where m is the number