XXXX秋季在职研究生财务2.pptxVIP

Handout 2财务管理江萍2010年秋季Handout OutlineDiscounted Cash Flow Valuation贴现现金流估值Net Present Value and Other Investment Criteria净现值与其他投资标准Determining the relevant cash flows 确定相关现金流1.Discounted Cash Flow Valuation OutlineIntroduction to Valuation: The Time Value of MoneyFuture Value and Compounding(连续复利)Present Value and DiscountingMore on the future and present valuesFuture and Present Values of Multiple (复杂，多重的)Cash FlowsApplication(应用)I. Introduction to Valuation: The Time Value of MoneyBasic Definitions (基本定义)：Present Value – earlier money on a time lineFuture Value – later money on a time lineInterest rate – “exchange rate” between earlier money and later moneyDiscount rate(贴现率)Cost of capital(资本成本)Opportunity cost of capital(资本的机会成本)Required return(必要收益率或内部收益率)A. Future Value and Compounding Example 1Suppose you invest $100 for one year at 5% per year. What is the future value in one year?Interest = $100*5% = $5Value in one year = principal + interest = $100 + $5 = $105Future Value (FV) = $100(1 + 5%) = $105Suppose you leave the money in for another year. How much will you have two years from now?FV = $100(1+5%)(1+5%) = $100(1+5%)2 = $110.25Future Values: General FormulaFV = PV(1 + r)tFV = future valuePV = present valuer = period interest rateT = number of periodsFuture value interest factor = (1 + r)tFuture value of $1FV of $1=(1+r)tFuture Values – Example 2Suppose you invest the $100 from the previous(之前的) example for 5 years. How much would you have?FV = $100(1+5%)5 = $127.63Effects of CompoundingSimple interest (interest is earned only on the original principal) 单利：只对原始本金支付利息Compound interest (interest is earned on principal and on interest received) 复利：计息的基础为原始本金，也包括已经获得的利息Effects of CompoundingConsider the example 1FV with simple interest = $100 + 5 + 5= $110FV with compound interest = $110.25The extra $0.25 comes from the interest of $5*5% = $0.25 earned on the first interest paymentConsider example 2FV with simple interest = $100 + 5 *5= $125FV with compoun