公司理财笔记整理.docxVIP

公司理财笔记整理 5 Time value of money Compinding future value FV Discounting present value PV Interest rate exchange rate between earlier and later money ? FV = PV(1 + r)t ? PV = FV / (1 + r)t ? r = period interest rate, expressed as a decimal ? t = number of periods ? Future value interest factor = (1 + r)t 复利终值系数 ? 1/(1+r) t present value factor 现值系数 ? For a given interest rate ?C the longer the time period, the lower the present value ? For a given time period ?C the higher the interest rate, the smaller the present value ? r = (FV / PV)1/t ?C 1 ? t = ln(FV / PV) / ln(1 + r) 6 Discounted Cash Flow Valuation ? Future and Present Values of Multiple Cash Flows You think you will be able to deposit $4,000 at the end of each of the next three years in a bank account paying 8 percent interest. You currently have $7,000 in the account. How much will you have in three years? In four years? Today (year 0 CF): 3 N; 8 I/Y; -7,000 PV; CPT FV = 8,817.98 FV = 7000(1.08)3 = 8,817.98 Year 1 CF: 2 N; 8 I/Y; -4000 PV; CPT FV = 4,665.60 FV = 4,000(1.08)2 = 4,665.60 Year 2 CF: 1 N; 8 I/Y; -4000 PV; CPT FV = 4,320 FV = 4,000(1.08) = 4,320 Year 3 CF: value = 4,000 Total value in 3 years = 8817.98 + 4665.60 + 4320 + 4000 = 21,803.58 Value at year 4: 1 N; 8 I/Y; -21803.58 PV; CPT FV = 23,547.87 You are offered an investment that will pay you $200 in one year, $400 the next year, $600 the next year and $800 at the end of the next year. You can earn 12 percent on very similar investments. What is the most you should pay for this one? Point out that the question could also be phrased as “How much is this investment worth?” Calculator: Year 1 CF: N = 1; I/Y = 12; FV = 200; CPT PV = -178.57 Year 2 CF: N = 2; I/Y = 12; FV = 400; CPT PV = -318.88 Year 3 CF: N = 3; I/Y = 12; FV = 600; CPT PV = -427.07 Year 4 CF: N = 4; I/Y = 12; FV = 800; CPT PV = - 508.41 Total PV = 178.57 + 318.88 + 427.07 + 508.41 = 1,432.93 现金流