中级财务会计TopicTimevalueofmoneyandvoluationPPT课件

1、.,1,货币时间价值与估价,Topic 5 Time Value of Money and Valuation,.,2,Text structure,Central Concepts in Financial Management Simple vs. Compound Interest Rates and Future vs. Present Value Annuity Valuation Fundamentals Bond Valuation Common Stock Valuation,.,3,Part 1Central Concepts in Financial Management,

2、How many central concepts in financial management? Whats central concepts in financial management?,.,4,Part 2: Simple vs. Compound Interest Rates and Future vs. Present Value,4 key words Simple Interest Rates, Compound Interest Rates , Future Value, Present Value,.,5,Part 3Annuity,4 types of annuity

3、 ordinary annuity; annuity due; deferred annuity; perpetuity,.,6,Annuity,annuity，年金，是定期或不定期的时间内一系列的现金流入或流出。 参与年金计划是一种很好的投资安排，而提供年金合同的金融机构一般为保险公司和国库券等 比如你购买养老保险，其实就是参与年金合同。年金终值包括各年存入的本金相加以及各年存入的本金所产生的利息，但是，由于这些本金存入的时间不同，所以所产生的利息也不相同。,.,7,年金的分类,年金按其每次收付款项发生的时点不同，可以分为 普通年金（后付年金）、 即付年金（先付年金，预付年金）、 递延年金(

4、延期年金)、 永续年金等类型。,.,8,企业年金的定义,企业年金是指在政府强制实施的公共养老金或国家养老金之外，企业在国家政策的指导下，根据自身经济实力和经济状况建立的，为本企业职工提供一定程度退休收入保障的补充性养老金制度。企业年金基金是指根据企业年金计划筹集的资金及其投资运营收益形成的企业补充养老保险基金。,.,9,我国正在完善的城镇职工养老保险体系，是由基本养老保险、企业年金和个人储蓄性养老保险等三个部分组成。因此，企业年金被称为城镇职工养老保险体系的“三个支柱”的重要组成部分之一。 在实行现代社会保险制度的国家中，企业年金已经成为一种较为普遍实行的企业补充养老金计划，又称为“企业退休金

5、计划”或“职业养老金计划”，并且成为所在国养老保险制度的重要组成部分。,.,10,1、普通年金 普通年金是指从第一期起，在一定时期内每期期末等额收付的系列款项，又称为后付年金。 2、即付年金 即付年金是指从第一期起，在一定时期内每期期初等额收付的系列款项，又称先付年金。即付年金与普通年金的区别仅在于付款时间的不同。,.,11,3、递延年金 递延年金是指第一次收付款发生时间与第一期无关，而是隔若干期（m）后才开始发生的系列等额收付款项。它是普通年金的特殊形式。 4、永续年金 永续年金是指无限期等额收付的特种年金。它是普通年金的特殊形式，即期限趋于无穷的普通年金。,.,12,Ordinary an

6、nuity& Annuity due,Ordinary annuity cash flows occur at the end of each time period. Annuity due cash flows occur at the beginning of each time period. Ordinary annuity compounding interest rate at the end that you can multiply all the N. Annuity due compounding interest rate at the beginning and yo

7、u have to multiply total N-1.,.,13,Example 1,If at the end of each month, a saver deposited $100 into a savings account that paid 6% compounded monthly, how much would he have at the end of 10 years?,.,14,Solution 1,A= $100i = 6% per year compounded monthly, which = .5% interest per month = .005n =

8、the number of compounding time periods = 120 in 10 years.Substituting these values into the equation for the future value of an ordinary annuity: 100 * (1+.005)120 -1)/.005 = $36,387.93,.,15,Example 2,A 20 year old wants to retire as a millionaire by the time she turns 70. (With life spans increasin

9、g, and the social security fund being depleted by baby boomers, the retirement age will have invariably risen by the time she reaches 65 years of age, probably to something even higher than 70, actually.) How much will she have to save at the end of each month if she can earn 5% compounded annually,

10、 tax-free, to have $1,000,000 by the time she is 70?,.,16,Solution 2,Since i = 5% = .05, and n = 50, the interest factor (1 + i)n - 1)/i = (1.0550 - 1)/.05 = 209.35, rounded to 2 decimal places. To find A, we divide both sides of the equation for the future value of an annuity by this interest facto

11、r, which yields 1,000,000/209.35 = $4,776.69. So she would have to save $4,776.69 dollars per year, or $398.06 per month, to have $1,000,000 in 50 yearsassuming, of course, that she could save it tax-free!,.,17,Example 3,You win a $1,000,000 lottery, which is paid in annual installments of $50,000 o

12、ver 20 years. How much did you really win, assuming that you could earn 5% interest, compounded annually?,.,18,Solution 3,Solution: Since youre not receiving the full $1,000,000 payment right away, but in the form of an annuity, its actual worth is much less.Present Value of Annuity = 50,000 * (1 -

13、(1 + .05)-20)/.05 = $623,110.52,.,19,Example 4,You want to get a mortgage, but can only afford to pay $1,000 per month. How much can you borrow, if the interest rate is 5% annually for a 30 year mortgage?,.,20,Solution 4,Solution: The monthly payments constitute an annuity, whose present value is th

14、e amount of the loan.Loan Amount = 1,000 * (1 - (1 + .004166667)-360)/.004166667 = $186,281.62 i = the monthly interest rate = .05/12 = .004166667.n = the number of months in 30 years = 12 x 30 = 360.,.,21,Example 5,You want to borrow $200,000 to buy a house. What are the monthly mortgage payments i

15、f the interest rate is 6% for 30 years?,.,22,Solution 5,.,23,Valuation fundamental,Going-concern value Liquidation value Book value Market value Intrinsic value,.,24,Valuation approach,Questions , 1. How many valuation approaches in this paragraph? 2. Whats make a difference between DCF and market p

16、rice? 3. How many relative valuations are referred?,.,25,DCF valuation,Three elements Three steps,.,26,Bond valuation,How many types of contractual provisions of a typical bond? What does par value mean? Coupon & coupon value Maturity,.,27,Bond valuation,Who can get benefit from following policy? Ca

17、ll provisions Sinking fund provisions Conversion rights Put provisions Indenture,.,28,Bond valuation,Trustee Collateral Bond rating,.,29,Bond valuation formual,Bond prices and return current yield yield to maturity,.,30,Common stock valuation,Characteristics and features Which two kind features are

18、printed on this chapter ? Whats difference among authorized, issued, outstanding and treasury shares?,.,31,Common stock valuation,Right to vote To income To residual assets To transfer ownership Other ringht,.,32,Common stock valuation,Dividend discount models Constant growth model,.,33,Vocabulary,Time vale of money Simple interest Debt instrument Annuity Future value Present value,.,34,Compound inter