计算机软件及应用公司理财净现值.pptx

1 In the one-period case, the formula for FV can be written as: FV = C1×(1 + r) Where C1 is cash flow at date 1 and r is the appropriate interest rate. 第1页/共36页 2 （二）现值 If you were to be promised $10,000 due in one year when interest rates are at 5-percent, your investment be worth $9,523.81 in today’s dollars. The amount that a borrower would need to set aside today to to able to meet the promised payment of $10,000 in one year is call the Present Value (PV) of $10,000. Note that $10,000 = $9,523.81×(1.05). 第2页/共36页 3 In the one-period case, the formula for PV can be written as: Where C1 is cash flow at date 1 and r is the appropriate interest rate. 第3页/共36页 4 （三）净现值 The Net Present Value (NPV) of an investment is the present value of the expected cash flows, less the cost of the investment. Suppose an investment that promises to pay $10,000 in one year is offered for sale for $9,500. Your interest rate is 5%. Should you buy? 结论：Yes! 第4页/共36页 5 In the one-period case, the formula for NPV can be written as: If we had not undertaken the positive NPV project considered on the last slide, and instead invested our $9,500 elsewhere at 5-percent, our FV would be less than the $10,000 the investment promised and we would be unambiguously worse off in FV terms as well: $9,500×(1.05) = $9,975 $10,000. 第5页/共36页 6 4.2 多期投资情形The Multiperiod Case: Future Value （一）终值和复利 The general formula for the future value of an investment over many periods can be written as: FV = C0×(1 + r)T Where C0 is cash flow at date 0, r is the appropriate interest rate, and T is the number of periods over which the cash is invested. 第6页/共36页 7 Suppose that Jay Ritter invested in the initial public offering of the Modigliani company. Modigliani pays a current dividend of $1.10, which is expected to grow at 40-percent per year for the next five years. What will the dividend be in five years? FV = C0×(1 + r)T $5.92 = $1.10×(1.40)5 第7页/共36页 8 Notice that the dividend in year five, $5.92, is con