公司理财chap5-优质课件 .pptxVIP

Interest Rates and Bond Valuation;Key Concepts and Skills;Chapter Outline;5.1 Bonds and Bond Valuation;Bond Valuation ;The Bond Pricing Equation;Suppose a corporate issued a 5-year bond with 8% coupon on January 1 of 2013. The Par Value of the bond is $1,000. Coupon payments are made semi-annually (June 30 and December 31 for this particular bond). Since the coupon rate is 8%, the payment is $40. On January 1 of 2013 the size and timing of cash flows will be:;9、我们的市场行为主要的导向因素，第一个是市场需求的导向，第二个是技术进步的导向，第三大导向是竞争对手的行为导向。七月-21七月-21Sunday, July 18, 2021 10、市场销售中最重要的字就是“问”。09:20:3309:20:3309:207/18/2021 9:20:33 AM 11、现今，每个人都在谈论着创意，坦白讲，我害怕我们会假创意之名犯下一切过失。七月-2109:20:3309:20Jul-2118-Jul-21 12、在购买时，你可以用任何语言；但在销售时，你必须使用购买者的语言。09:20:3309:20:3309:20Sunday, July 18, 2021 13、He who seize the right moment, is the right man.谁把握机遇，谁就心想事成。七月-21七月-2109:20:3309:20:33July 18, 2021 14、市场营销观念：目标市场，顾客需求，协调市场营销，通过满足消费者需求来创造利润。18 七月 20219:20:33 上午09:20:33七月-21 15、我就像一个厨师，喜欢品尝食物。如果不好吃，我就不要它。七月 219:20 上午七月-2109:20July 18, 2021 16、我总是站在顾客的角度看待即将推出的产品或服务，因为我就是顾客。2021/7/18 9:20:3309:20:3318 July 2021 17、利人为利已的根基，市场营销上老是为自己着想，而不顾及到他人，他人也不会顾及你。9:20:33 上午9:20 上午09:20:33七月-21 ;On January 1, 2013, the required yield is 6%. How can we calculate the bond value?;Now assume that the required yield is 12%. What is the bond’s value now?;Now assume that the required yield is also 8%. What is the bond’s value now?;Bond Concepts;Suppose a firm were to issue a bond with 10 years to maturity. The face value of the bond is $1,000 and the annual coupon is $100. What is the value of the bond if the required market interest rate is 8%/10%/12%?;What is the value of the bond 2 years after issuing?;;When the required market interest rate is constant: The value of par bond will maintain unchanged. The value of premium bond will gradually decrease with the coming of maturity date. It = par value at maturity date. The value of discount bond will gradually increase with the coming of maturity date. It = par value at maturi