财务管理基础：第4章 长期证券的估价

1、4.1Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.4.2Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.1.Distinguish am

2、ong the various terms used to express value. 2.Value bonds, preferred stocks, and common stocks. 3.Calculate the rates of return (or yields) of different types of long-term securities. 4.List and explain a number of observations regarding the behavior of bond prices. 4.3Van Horne and Wachowicz, Fund

3、amentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.不同价值概念间的区别不同价值概念间的区别债券估价债券估价优先股估价优先股估价普通股估价普通股估价报酬率（或收益率）报酬率（或收益率）4.4Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by G

4、regory Kuhlemeyer.持续经营持续经营价值是指公司作为一个持续运价值是指公司作为一个持续运营的组织整体出售所能获得的货币值。营的组织整体出售所能获得的货币值。清算价值清算价值是指一项资产或一组资产从正是指一项资产或一组资产从正在运营的组织中分离出来单独出售所能在运营的组织中分离出来单独出售所能获得的货币值。获得的货币值。4.5Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory K

5、uhlemeyer.(2) 企业企业: 资产总额减去负债与优先股之资产总额减去负债与优先股之和。和。账面价值账面价值是指是指: (1) 资产：资产的入账价值资产：资产的入账价值资产成资产成本减去累计折旧的值。本减去累计折旧的值。4.6Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.内在价值内在价值是指对资产、收益、预期是指对资产、收益、预期和管理等影响价值的因素都做出

6、适和管理等影响价值的因素都做出适当评估后得出的证券价格。当评估后得出的证券价格。市场价值市场价值指该资产在公开市场上交指该资产在公开市场上交易时的市场价格。易时的市场价格。4.7Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.重要的术语重要的术语债券的种类债券的种类债券估价债券估价半年计息一次半年计息一次4.8Van Horne and Wachowicz, Fund

7、amentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.债券的债券的面值面值（票面价值）是指标示的（票面价值）是指标示的价值。在美国，债券的面值通常是价值。在美国，债券的面值通常是1000美元。美元。 债券债券是公司或政府发行的一种长期负是公司或政府发行的一种长期负债融资工具债融资工具.4.9Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edi

8、tion. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.贴现率贴现率建立在债券的风险上，由无风险建立在债券的风险上，由无风险利率加上风险溢价组成。利率加上风险溢价组成。债券的债券的票面利率票面利率是指票面上标明的利率是指票面上标明的利率。即年利息支付额除以债券的票面价值。即年利息支付额除以债券的票面价值。4.10Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited

9、2009. Created by Gregory Kuhlemeyer.永久债券是一种永不到期的特殊债券。它永久债券是一种永不到期的特殊债券。它具有无限的寿命。具有无限的寿命。(1 + kd)1(1 + kd)2(1 + kd)V =+ . +III= S St=1(1 + kd)tIor I (PVIFA kd, )V = / 简化形式简化形式4.11Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gr

10、egory Kuhlemeyer.债券债券p的面值为的面值为1000美元，票面利率为美元，票面利率为8%，折现率为折现率为10%，此永久债券的价值是多少？，此永久债券的价值是多少？ = $1,000 ( 8%) = . = . = / 简化形式简化形式 = / =.4.12Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.N:输入一个巨大的输入一个巨大的N，比如，比如1

11、,000,000!I/Y:每期利率为每期利率为10%(输入输入10而不是而不是0.10)PV:计算计算 (结果即购买所需的花费结果即购买所需的花费)PMT: $80 的年利息持续到永远的年利息持续到永远(8% x $1,000 )FV:$0 (投资者永远也不会收到面值投资者永远也不会收到面值)NI/YPVPMTFVInputsCompute1,000,000 10 80 0 800.04.13Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited

12、 2009. Created by Gregory Kuhlemeyer.非零息债券是指支付票面利息且有到期日非零息债券是指支付票面利息且有到期日的一类债券。的一类债券。(1 + kd)1(1 + kd)2(1 + kd)V =+ . +II + MVI= S St=1(1 + kd)tIV = I (PVIFA kd, ) + MV (PVIF kd, ) (1 + kd)+MV4.14Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2

13、009. Created by Gregory Kuhlemeyer.债券债券C的面值为的面值为1000每元，票面利率为每元，票面利率为8%，30年年后到期。折现率为后到期。折现率为10%。债券。债券C的价值是多少？的价值是多少？= $80 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $80 (9.427) + $1,000 (.057) = $754.16 + $57.00=.4.15Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Ed

14、ucation Limited 2009. Created by Gregory Kuhlemeyer.N:30年年I/Y:每期利率为每期利率为10%(输入输入10而不是而不是0.10)PV:计算计算 (结果即购买所需的花费结果即购买所需的花费)PMT: $80 的年利息的年利息 (8% x $1,000 )FV:$1000 (投资者在投资者在30年后收到面值年后收到面值)NI/YPVPMTFVInputsCompute 30 10 80 +$1,000 -811.46(Actual, roundingerror in tables)4.16Van Horne and Wachowicz, F

15、undamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.零息债券零息债券是一种到期前不支付利息，但是是一种到期前不支付利息，但是以远远低于面值的价格出售的债券。它向以远远低于面值的价格出售的债券。它向投资者提供增值来作为补偿。投资者提供增值来作为补偿。(1 + kd)V =MV= MV (PVIFkd, ) 4.17Van Horne and Wachowicz, Fundamentals of Financial Manag

16、ement, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.= $1,000 (PVIF10%, 30)= $1,000 (0.057)=债券债券Z的面值为的面值为1000美元，美元，30年后到年后到期，折现率为期，折现率为10%，这张零息债券的，这张零息债券的价值是多少？价值是多少？4.18Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limit

17、ed 2009. Created by Gregory Kuhlemeyer.N:30年年I/Y:每期利率为每期利率为10%(输入输入10而不是而不是0.10)PV:计算计算 (结果即购买所需的花费结果即购买所需的花费)PMT: $0 的年利息的年利息 ，不支付利息，不支付利息FV:$1000 (投资者在投资者在30年后只收到面值年后只收到面值)NI/YPVPMTFVInputsCompute 30 10 0 +$1,000 57.31(Actual - roundingerror in tables)4.19Van Horne and Wachowicz, Fundamentals of F

18、inancial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.(1) 除以除以 (2) 乘以乘以 (3) 除以除以 在美国，大多数债券每年支付在美国，大多数债券每年支付2次利息次利息(年票面利息的一半年票面利息的一半).调整公式调整公式:4.20Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Cr

19、eated by Gregory Kuhlemeyer.(1 + kd/) *(1 + kd/)1根据半年计息一次调整的根据半年计息一次调整的非零息债券非零息债券。V =+ . +I / I / + MV= S S*t=1(1 + kd /)tI / = I/ (PVIFAkd /,*) + MV (PVIFkd /,*) (1 + kd /) *+MVI / (1 + kd/)24.21Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2

20、009. Created by Gregory Kuhlemeyer.= $40 (PVIFA5%, 30) + $1,000 (PVIF5%, 30) = $40 (15.373) + $1,000 (.231) = $614.92 + $231.00=债券债券C的面值为的面值为1000美元，票面利率为美元，票面利率为8%，15年年后到期，年折现率为后到期，年折现率为10%，此债券的价值是多少？，此债券的价值是多少？4.22Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson

21、Education Limited 2009. Created by Gregory Kuhlemeyer.N:15年，半年计息年，半年计息1次次(15 x 2 = 30)I/Y:半年期利率半年期利率5%(10 / 2 = 5)PV:计算计算 (结果即购买所需的花费结果即购买所需的花费)PMT: $40 的半年票面利息的半年票面利息($80 / 2 = $40)FV:$1,000 (投资者在投资者在15年后收到面值年后收到面值)NI/YPVPMTFVInputsCompute 30 5 40 +$1,000 846.28(Actual, roundingerror in tables)4.23

22、Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.让我们用计算器上的另一个工作表来解决这让我们用计算器上的另一个工作表来解决这个问题。假设债券个问题。假设债券C在在2004年年12月月31日被购日被购买，将在买，将在2019年年12月月31日到期，恰好日到期，恰好15年。年。售价占面值的百分比是多少售价占面值的百分比是多少? 此债券的面值此债券的面值是多少？是多少？4.

23、24Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.按按: 2nd Bond 12.3104 ENTER 8 ENTER 12.3119 ENTER 10 ENTER CPTSource: Courtesy of Texas Instruments4.25Van Horne and Wachowicz, Fundamentals of Financial Manage

24、ment, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.1.售价占面值的百售价占面值的百分比是多少分比是多少?2.此债券的价值是此债券的价值是多少多少?84.628% 84.628% x $1,000 (面值面值) = $846.284.26Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Grego

25、ry Kuhlemeyer.优先股优先股是一种定期支付通常是固定股是一种定期支付通常是固定股利的股票，但持有人通常没有投票权利的股票，但持有人通常没有投票权。优先股的股利高于普通股的股利，且对公司优先股的股利高于普通股的股利，且对公司收益的财产的请求权也优于普通股。收益的财产的请求权也优于普通股。4.27Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.简化成永久债券简

26、化成永久债券!(1 + kP)1(1 + kP)2(1 + kP) =+ . +DivPDivPDivP= S St=1(1 + kP)tDivPor DivP(PVIFA kP, ) = DivP / kP4.28Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. = $100 ( 8% ) = . = . = / = / =股票股票PS的股利支付率为的股利支付率为8

27、%，面值为，面值为100美元美元，折现率为，折现率为10%，此优先股的价值是多少？，此优先股的价值是多少？4.29Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.在企业处理了所有其他的债务之后在企业处理了所有其他的债务之后，按比例分享企业的收益。，按比例分享企业的收益。按比例分享企业的收益之外，还可按比例分享企业的收益之外，还可能收到股利。能收到股利。普通股代表持有者

28、对公司的部分所有权普通股代表持有者对公司的部分所有权。4.30Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.(1) 将来的股利将来的股利(2) 将来此普通股的售价将来此普通股的售价当拥有一些普通股之后，持有者将会收当拥有一些普通股之后，持有者将会收到怎样的现金流到怎样的现金流?4.31Van Horne and Wachowicz, Fundamentals of

29、Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.股利为基础的模型，计算的是所有预计现金股股利为基础的模型，计算的是所有预计现金股利的贴现值。利的贴现值。(1 + ke)1(1 + ke)2(1 + ke)V =+ . +Div1DivDiv2= S St=1(1 + ke)tDivtDivt: 在时点在时点t的现金股利的现金股利ke: 股权投资者要求的股权投资者要求的 收益率收益率4.32Van Horne and Wachowicz, Funda

30、mentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.考虑到将来会出售股票，对基本的股利估价模考虑到将来会出售股票，对基本的股利估价模型进行调整。型进行调整。(1 + ke)1(1 + ke)2(1 + ke)V =+ . +Div1Div + PriceDiv2:企业的股份预计被出售的那一年企业的股份预计被出售的那一年Price :在第在第n年该股票的预期价格。年该股票的预期价格。 4.33Van Horne and Wachow

31、icz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.The 股利估价模型要求预测未来所有的股利。下股利估价模型要求预测未来所有的股利。下面的股利增长率假设简化了估值的过程。面的股利增长率假设简化了估值的过程。4.34Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limi

32、ted 2009. Created by Gregory Kuhlemeyer.固定增长模型假设股利将永远以增长率固定增长模型假设股利将永远以增长率g增长。增长。(1 + ke)1(1 + ke)2(1 + ke) V =+ . +D0(1+g)D0(1+g) =(ke - g)D1D1:时点时点1支付的股利支付的股利.g : 固定的股利增长率固定的股利增长率.ke: 投资者要求的收益率投资者要求的收益率.D0(1+g)24.35Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearso

33、n Education Limited 2009. Created by Gregory Kuhlemeyer. = ( 1 + 0.08 ) = = / ( - g ) = / ( - 0.08 ) =4.36Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.零增长模型假设股利增长率永远为零增长模型假设股利增长率永远为0.(1 + ke)1(1 + ke)2(1 +

34、ke) VZG =+ . +D1D =keD1D1:时点时点1支付的股利支付的股利ke: 投资者要求的收益率投资者要求的收益率D24.37Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. = ( 1 + 0 ) = = / ( - 0 ) = / ( - 0 ) =4.38Van Horne and Wachowicz, Fundamentals of Financi

35、al Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.阶段性增长模型假设每股股利将以两种或阶段性增长模型假设每股股利将以两种或更多不同的增长率增长。更多不同的增长率增长。(1 + ke)t(1 + ke)tV =S St=1nS St=n+1 +D0(1 + g1)tDn(1 + g2)t4.39Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Ed

36、ucation Limited 2009. Created by Gregory Kuhlemeyer.D0(1 + g1)tDn+1注意在第二阶段，注意在第二阶段，阶段性增长模型阶段性增长模型假设股利假设股利将以固定增长率将以固定增长率g2 增长。我们可将公式重增长。我们可将公式重新写为：新写为：(1 + ke)t(ke g2)V =S St=1n+1(1 + ke)n4.40Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009.

37、Created by Gregory Kuhlemeyer.股票股票GP在最初的在最初的3年中股利增长率为年中股利增长率为16%，此后变为，此后变为8%并一直持续下去。并一直持续下去。每股刚收到每股刚收到3.24美元的股利，折现率为美元的股利，折现率为15%，此普通股的价值是多少？，此普通股的价值是多少？4.41Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.股票股票

38、GP有两个增长阶段。首先，从有两个增长阶段。首先，从t=0时开始接下来时开始接下来3年的年的股利增长率为股利增长率为16%，之后股利增长率变为，之后股利增长率变为8%并在并在t=3之后一之后一直持续下去。在估价时，我们应将时间轴视为两段分开的时直持续下去。在估价时，我们应将时间轴视为两段分开的时间轴。间轴。 0 1 2 3 4 5 6 D1 D2 D3 D4 D5 D6 前前3年增长率年增长率16% 之后的增长率之后的增长率 8% 4.42Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. P

39、earson Education Limited 2009. Created by Gregory Kuhlemeyer.注意我们可以对阶段注意我们可以对阶段2利用固定增长模型进行估价。利用固定增长模型进行估价。 0 1 2 3 D1 D2 D3 D4 D5 D60 1 2 3 4 5 6增长阶段增长阶段1加上无限长加上无限长的增长阶段的增长阶段2.4.43Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by

40、Gregory Kuhlemeyer.注意我们现在可以用注意我们现在可以用t=3时刻的价值时刻的价值V3 代替从第代替从第4年到永年到永远的所有股利值，更简单了！远的所有股利值，更简单了！ V3 = D4 D5 D60 1 2 3 4 5 6 D4k-g我们可以使用这个模型，因为第我们可以使用这个模型，因为第3年后年后股利持续以股利持续以8%的固定增长率增长。的固定增长率增长。4.44Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 200

41、9. Created by Gregory Kuhlemeyer.现在我们只需要找到头现在我们只需要找到头4次股利来计算必要的现金流。次股利来计算必要的现金流。0 1 2 3 D1 D2 D3 V30 1 2 3新时间轴新时间轴 D4k-gV3 = 4.45Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.确定每年的股利确定每年的股利。 D0 = $3.24 (已经支付

42、的已经支付的) = D0(1 + g1)1 = $3.24(1.16)1 = = D0(1 + g1)2 = $3.24(1.16)2 = = D0(1 + g1)3 = $3.24(1.16)3 = = D3(1 + g2)1 = $5.06(1.08)1 =4.46Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.现在我们需要算出现金流的现值。现在我们需要算出现金流

43、的现值。0 1 2 3 3.76 4.36 5.06 780 1 2 3实际价值实际价值 5.460.150.08 $78 = 4.47Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.确定现金流的现值确定现金流的现值。PV() = (PVIF15%, 1) = (0.870) = PV() = (PVIF15%, 2) = (0.756) = PV() = (PVIF

44、15%, 3) = (0.658) = = / (0.15 - 0.08) = $78 CG ModelPV() = (PVIF15%, 3) = (0.658) = 4.48Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.D0(1 +0.16)tD4最后，我们将所有现金流的现值加总起来计算最后，我们将所有现金流的现值加总起来计算内在价值内在价值(1 +0.15)t(

45、0.150.08)V = S St=13+1(1+0.15)nV = $3.27 + $3.30 + $3.33 + $51.324.49Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.步骤步骤Step 1: 按按CF 键键Step 2: 按按2ndCLR Work键键Step 3: CF0 按按 0Enter 键键Step 4: C01 按按 3.76Enter 键

46、键Step 5: F01 按按 1Enter 键键Step 6: C02 按按 4.36Enter 键键Step 7: F02 按按 1Enter 键键4.50Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.步骤步骤Step 8: C03 按按 83.06 Enter 键键Step 9: F03 按按 1Enter 键键Step 10: 按按 键键Step 11: 按

47、按NPVStep 12: 按按 15Enter 键键Step 13: 按按CPT结果结果: Value = $61.18!(Actual - rounding error in tables)4.51Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.1. 确定预期确定预期现金流现金流.2. 用用代替代替内在价值内在价值(V)。3. 使折现后的现金流与市场价值相等，来使折

48、现后的现金流与市场价值相等，来解得解得市场要求的收益率市场要求的收益率。计算收益率（报酬率）的步骤计算收益率（报酬率）的步骤4.52Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.确定一种按年度支付票面利息，到期年确定一种按年度支付票面利息，到期年限有限的债券的到期收益率。限有限的债券的到期收益率。P0 =S St=1(1 + kd )tI= I (PVIFA kd

49、, ) + MV (PVIF kd , ) (1 + kd )+MVkd = YTM4.53Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.4.54Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Cr

50、eated by Gregory Kuhlemeyer. = $100(PVIFA9%,15) + $1,000(PVIF9%, 15) = $100(8.061) + $1,000(0.275) = $806.10 + $275.00=4.55Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. = $100(PVIFA7%,15) + $1,000(PVIF7%, 1

51、5) = $100(9.108) + $1,000(0.362) = $910.80 + $362.00=4.56Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.0.07 $1,2730.02IRR$1,250 $1920.09 $1,081 X $230.02$192$23X=4.57Van Horne and Wachowicz, Fundamentals of

52、Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.0.07 $1,2730.02IRR$1,250 $1920.09 $1,081 X $230.02$192$23X=4.58Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.

53、0.07 $12730.02 $1920.09 $1081($23)(0.02) $192$23XX =X = 0.0024 =0.07 + 0.0024 = 0.0724 or 4.59Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.N:15年年I/Y:计算计算YTMPV:购买花费为购买花费为$1,250PMT: $100 年利息年利息(10% x $1,000 面

54、值面值)FV:$1,000 (15年后投资者收到面值年后投资者收到面值)NI/YPVPMTFVInputsCompute 15 -1,250 100 +$1,000 7.22% (actual YTM)4.60Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.P0 =S S2t=1(1 + kd /2 )tI / 2= (I/2)(PVIFAkd /2, 2) + MV

55、(PVIFkd /2 , 2) +MV 1 + (kd / 2)2 1 = YTM确定一种按半年计一次票面利息，到期确定一种按半年计一次票面利息，到期年限有限的债券的到期收益率。年限有限的债券的到期收益率。(1 + kd /2 )24.61Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.4.62Van Horne and Wachowicz, Fundamentals

56、 of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.N:20年，半年计息一次年，半年计息一次(20 x 2 = 40)I/Y:计算半年收益率计算半年收益率PV:购买花费了购买花费了$950 PMT: $40 利息利息(8% x $1,000 面值面值/ 2)FV:$1,000 (20年后投资者收到面值年后投资者收到面值)NI/YPVPMTFVInputsCompute 40 -950 40 +$1,000 4.2626% = (kd / 2)4

57、.63Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. (1 + kd / 2)2 1 = YTM确定一种按半年计一次票面利息，到期确定一种按半年计一次票面利息，到期年限有限的债券的到期收益率。年限有限的债券的到期收益率。. (1 + 0.042626)2 1 = 0.0871 or 8.71%Note: make sure you utilize the calcu

58、lator answer in its DECIMAL form.4.64Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.按按: 2nd Bond 12.3104 ENTER 8 ENTER 12.3124 ENTER 95 ENTER CPT = kdSource: Courtesy of Texas Instruments4.65Van Horne and Wac

59、howicz, Fundamentals of Financial Management, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. (1 + kd / 2)2 1 = YTM计算器自动计算计算器自动计算kd， 你必须将其代入你必须将其代入下面的公式。下面的公式。 (1 + 0.0852514/2)2 1 = 0.0871 or 8.71% (same result!)4.66Van Horne and Wachowicz, Fundamentals of Financial Man

60、agement, 13th edition. Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. 市场预期收益市场预期收益率高于票面利率率高于票面利率 (面值面值 P0 ). 票面利率高于票面利率高于市场预期收益率市场预期收益率(P0 面值面值). 票面利率等于市场预票面利率等于市场预期收益率期收益率(P0 = 面值面值).4.67Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. Pearson Education L