财务管理I Financial Management I.pptVIP

財 務 管 理 I  Financial Management I Ch5. Introduction to Valuation：The Time Value of Money Ch6. Discounted Cash Flow Valuation ※、前言 GMAC公司於1982/12/2發行債券，價格$500，於2012/12/2償還$10,000，該期間內不支付任何利息。購買價值如何？ PowerBallTM樂透彩的頭獎累積獎金為$1.1億美元，其價值即為$1.1億美元嗎？經查：該獎金分20年每年支付$550萬美元。 A dollar in hand today is worth more than a dollar promised at same time . Sec.5-1 終值與複利 Future Value ( FV ) and Compounding FV：The amount of money an investment will grow to over some period of time at some given interest ratio. 單期投資Investing for a single period $100 ×( 1 + 10% ) = $110 單利與複利釋例：年利率10%，投資金額$100，則投資3年之利息？ 名詞解釋 複利compounding：The process of accumulating interest on an investment over time to earn more interest . 利滾利interest on interest，亦稱compound interest：Interest earned on the reinvestment of previous interest payments . 複利總和：Interest earned on both the initial principal and the interest reinvestment from prior periods . 單利利息simple interest：Interest earned only on the original principal amount invested . 終值計算公式 FV = $1 × ( 1 + r )t r：interest rate per period t：periods(1+r)t ：future value interest factor FVIF(r,t)終值利率因子 簡稱 future value factor 終值因子 ◎FVIF(r, n)：若每期複利利率為r，則目前的$1在n期後的金額。 終值計算 Sec.5-2 現值與折現  Present Value ( PV ) and Discounting Present Value：The current value of future cash flows discounted at the appropriate discount rate . Discount 折現：Calculate the present value of some future amount . 單期現值：r = 10% 1年後$1之現值PV ×1.1 = $1 → PV = $1／1.1 = $0.909 多期現值：PV = $1／( 1 + r )t = $1 ×(1 + r) -t 現值計算 名詞解釋 現值(利率)因子(present value interest factor：若每次折現利率為r，則n期後的一元在目前的價值。即PVIF( r，t ) = ( 1 + r ) -t 折現率Discount rate：The rate used to calculate the present value of future cash flow . 折現現金流量Discounted cash flow (DCF)：未來現金流量之現值。 折現現金流量評價Discounted cash flow valuation：Calculating the present value of a future cash flow to determine its value today Sec.5-3 現值與終值：進一步探討 More on Present and Future Value PVIF(r,t)=(1+r)-t與FVIF(r,t)=(1+r)t互為倒數。FV=PV