曼昆经济学原理27.pptVIP

27 The Basic Tools of Finance 基本金融工具 Finance is the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk. 金融学——研究人们如何在某一时期内配置资源和应对风险时作出决策的学科。 PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY Present value refers to the amount of money today that would be needed to produce, using prevailing interest rates, a given future amount of money. 现值：衡量货币的时间价值 现值—— 用现行利率带来一定量未来 货币所需要的现在货币量。 PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY The concept of present value demonstrates the following: Receiving a given sum of money in the present is preferred to receiving the same sun in the future. In order to compare values at different points in time, compare their present values. Firms undertake investment projects if the present value of the project exceeds the cost. 现值：衡量货币的时间价值 现值的概念说明以下问题: 接受现在给付的一定量货币比接受未来等量的货币更可取。 为了比较不同时点上的货币价值，就要比较它们的现值。 如果一个项目的现值超过成本，企业就应该投资这个项目。 PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY If r is the interest rate, then an amount X to be received in N years has present value of: X/(1 + r)N 现值：衡量货币的时间价值 如果利率是 r ，则N年后收到的货币量X的现值是： X/(1 + r)N PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY Future Value The amount of money in the future that an amount of money today will yield, given prevailing interest rates, is called the future value. 现值：衡量货币的时间价值 未来价值 未来价值——在现行利率为既定时，现在货币量将带来的未来货币量。 FYI: Rule of 70 70规则 According to the rule of 70, if some variable grows at a rate of x percent per year, then that variable doubles in approximately 70/x years. 根据70规则，如果某个变量每年按x%增长，那么，在将近70/x年以后，该变量翻一番。 MANAGING RISK 风险管理 A person is said to be risk averse if she exhibits a dislike of uncertainty. 如果一个人表现出不喜欢不确定性，就称这个人为风险厌恶者。 MANAGING RISK Individuals can reduce risk choosing any of the following: Buy insurance Diversify Accept a lower return on their investments 风险管理 个人可以选择以下任何一种方式降低风险： 购买保险 多元化 接受低投资回报率 Figure 1 Risk Aversion 图1. 风险厌恶 The Markets for Insurance One way to deal with risk i