《金融专业英语》课件-Chapter-5-Financial-Pricing.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * A five-step process to compute NPV and apply the NPV rule (1)Identify all cash inflows and cash outflows. (2)Determine an appropriate discount rate (r). (3)Use the discount rate to find the present value of all cash inflows and outflows. (4)Add together all present values. (From the section on cash flow additivity, we know that this action is appropriate since the cash flows have been indexed to t = 0.) (5)Make a decision on the project or investment using the NPV rule: Say yes to a project if the NPV is positive; say no if NPV is negative. As a tool for choosing among alternates, the NPV rule would prefer the investment with the higher positive NPV. Net Present Value NPV 净现值 the present value of cash inflows minus the present value of cash outflows IRR 内部收益率 the discount rate that makes NPV = 0 NPV vs. IRR When inconsistencies arise, NPV is the preferred method. NPV vs. IRR 5.4 Yield to Maturity Uses of yield to maturity Variations of yield to maturity Limitations of yield to maturity Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. a long-term bond yield 长期债券收益率 expressed as an annual rate 年利率表示 Uses of yield to maturity（到期收益的用途） estimate whether or not buying a bond is a good investment 评估购买债券是否是一项好的投资 compare bonds that have different maturities and coupons 比较不同期限和息票的债券 Variations of yield to maturity（到期收益率的多种形式） Yield to call (YTC)赎回收益率 Yield to put (YTP)出售收益率 Yield to worst (YTW)最差收益率 Limitations of yield to maturity（到期收益率的局限性） do not account for taxes that investor pays on the bond, In this case, YTM is known as the gross redemption yield 计算不考虑投资者为债券支付的税款 do not account for purchasing or selling costs 不包括购买出售成本 these calculations are meant as estimates and are not necessarily reliable 计算值时估计值，不一定可靠 5.5 Term Structure of Interest Rates The U.S. Treasury yield curve The outlook for the overall