公司理财债券和股票的定价.pptVIP

第5章 债券和股票的定价;5.1 债券的定义和例子Definition and Example of a Bond;;5.2 如何对债券定价How to Value Bonds;5.2.1 纯贴现债券Pure Discount Bonds;;5.2.2 平息债券Level-Coupon Bonds;;5.3 债券的概念Bond Concepts;到期收益率（贴现率）与债券价值;债券期限与债券价值Maturity and Bond Price Volatility;债券利率与债券价值Coupon Rate and Bond Price Volatility;债券的到期收益率;5.4 普通股现值The Present Value of Common Stocks;Case 1: 零增长 Zero Growth;Case 2: 固定增长 Constant Growth;Case 3: 变动增长 Differential Growth;Assume that dividends will grow at rate g1 for N years and grow at rate g2 thereafter ; Dividends will grow at rate g1 for N years and grow at rate g2 thereafter ;We can value this as the sum of: an N-year annuity growing at rate g1;To value a Differential Growth Stock, we can use;例：;;…;5.5 股利折现模型中的参数估计Estimates of Parameters in the Dividend-Discount Model;5.5.1 g从何来Formula for Firm’s Growth Rate;5.5.2 r从何来Where does r come from?;;5.6 增长机会Growth Opportunities;;0;5.7 股利增长模型和NPVGO模型The Dividend Growth Model and the NPVGO Model (Advanced);;2. NPVGO模型;;5.8 市盈率Price Earnings Ratio;5.9 股市行情Stock Market Reporting;Gap Incorporated is having a tough year, trading near their 52-week low. Imagine how you would feel if within the past year you had paid $52.75 for a share of Gap and now had a share worth $19.25! That 9-cent dividend wouldn’t go very far in making amends. Yesterday, Gap had another rough day in a rough year. Gap “opened the day down” beginning trading at $20.50, which was down from the previous close of $21.00 = $19.25 + $1.75;;5.10 小结Summary and Conclusions;;;;;此课件下载可自行编辑修改，供参考！ 感谢您的支持，我们努力做得更好！