3财务管理第三章.ppt

3财务管理第三章
Main contents
The valuation of a financial assets is based on the present value of future cash flows.
The r3财务管理第三章
Main contents
The valuation of a financial assets is based on the present value of future cash flows.
The required rate of return in valuing an asset is based on the risk involved.
Bond valuation is based on the process of determining the present value of interest payments plus the present value of the principal payment at maturity.
Preferred stock valuation is based on the dividend paid.
Stock valuation is based on determining the present value of the future benefits of equity ownership.
Valuation of bonds
A bond provides an annuity stream of interest payments and a $1,000 principal payments at maturity.
These cash flows are discounted at Y, the yield to maturity. The value of Y is determined in the bond market and represents the required rate of return for bonds of a given risk and maturity.
The price of a bond is thus equal to the present value of regular interest payments discounted by the yield to maturity added to the present value of the principal (also discounted by the yield to maturity).
The price of a bond
Y=10%, n=20
Concept of yield to maturity
The yield to maturity, or discount rate, is the rate of return required by bondholders.
The bondholder, or any investor for that matter, will allow three factors to influence his or her required rate of return.
Real rate of return(2-3%)
Inflation premium(2-4%)
Risk premium
Risk-free rate of return
Increase in inflation premiumand impact on bond valuation
当必要收益率(到期收益率)由10%变为12%时，由于债券票面利率为10%，低于必要收益率12%，那么债券价格将从当前的$1000降为$
Bond price table(10%interest payment, 20years to maturity)
Yield to maturity
Bond price
2%
$
4

6

7

8

9

10

11

12

13

14

16

20

25

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