3财务管理第三章.ppt

3财务管理第三章
Time to maturity
思考：
当债券票面利率高于必要收益率时，债券价格与票面价格哪个更高？还是相等？
当票面利率低于必要收益率时，债券价格与票面价格哪个更高？还是相等？
其他因素不变，随着债券到3财务管理第三章
Time to maturity
思考：
当债券票面利率高于必要收益率时，债券价格与票面价格哪个更高？还是相等？
当票面利率低于必要收益率时，债券价格与票面价格哪个更高？还是相等？
其他因素不变，随着债券到期日的临近，债券价格会有什么变化？
Formula for bond yield
当债券价格、债券票面价格与票面利率已知，如何求必要收益率？
If the interest is paid semiannual, how you should calculate the price of the bond?
Three steps:
1、divide the annual interest rate by 2
2、multiply the number of years by 2
3、divide the annual yield to maturity by 2.
Valuation of the preferred stock
优先股是相对于普通股 (ordinary share)而言的。主要指在利润分红及剩余财产分配的权利方面，优先于普通股。
优先股的现金股利是固定的，且优先于普通股股利发放，每股支付的股利类似于债券发放的利息。
优先股股东不具有投票权，只具有优先求偿权。
属于一种混合式证券，既没有普通股东的所有权，也没有债务的强制性法律条款。
Preferred stock has no maturity date.
The annual dividend for the preferred stock is a kind of Perpetual annuity.
优先股一般按照季度支付股利。需要对i , n 进行处理。
Valuation of common stock
普通股是指在公司的经营管理和盈利及财产的分配上享有普通权利的股份，代表满足所有债权偿付要求及优先股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权，它构成公司资本的基础，是股票的一种基本形式，也是发行量最大，最为重要的股票。
目前在上海和深圳证券交易所上中交易的股票，都是普通股。
The value of common stock is also on the concept of the present value of an expected stream of future dividends.
Unlike preferred stock, the dividends are not necessarily level. The firm and shareholders may experience:
No growth in dividends
Constant growth in dividends
Variable or supernormal growth in dividends
股利估价模型
The value of common stock can be interpreted as the present value of an expected stream of future dividends.
A dividend valuation model can be stated as:
思考:上述公式为什么没有对principal payment贴现?
No growth in dividends
A no-growth policy for common stock dividends does not hold much appeal for investors and so is seen infrequently in the real world.
Constant growth in dividends
Price of common stock today
Dividend in year 1, D1
Constant growth rate in dividends
Required rate of return for common stock(discount rate)
If two circumstances can be satisfied, the formula can be more useful.