1、Are You An Impatient Type?,One of the most common complaints among new entrants in corporate finance jobs is that they are surprised by the low level of the work. “I didnt go to school to do this.“ is a common refrain. Keep in mind that corporate environments reward longevity and loyalty. Be patient
2、, learn from mentors and invest in yourself along the way. If you complain early on you may never get the break you want that comes from doing a minor task particularly well.,第四章贴现现金流量估价,DCF,大牌体育明星的签约通常都非常夸张。然而,数字有时会产生误导。例如,在1998年10月,纽约Mets对与接球手Mike Piazza签了一份9100万美元的合约,这是棒球史上最大额的交易。但9100万美元要分好几年支付。
3、它包括750万美元签约奖金和8350万美元的工资。工资支付为:1999年600万美元,2000年1100万美元,2001年1250万美元,2002年950万美元,2003年1450万美元,2004年1500万美元,2005年1500万美元。一旦我们考虑了时间价值,他能得到多少呢?,本章主要内容,多期现金流量的PV和FV 年金,第一节多期现金流量的PV和FV,一、多期现金流量的FV 目前你在银行帐户中有7000元。利率为8%。在未来3年的每年年末存入4000元。3年后你有多少钱?4年后呢?,Time Line时间线,Year 0 1 2 3 4|-|-|-|-|Cash Flows(现金流):-
4、 if cash outflows(负代表现金流出)+ if cash inflows(正代表现金流入),Year 0 1 2 3 4|-|-|-|-|7000 4000 4000 4000,Time Line,二、多期现金流量的PV,Year 0 1 2 3 4|-|-|-|-|4000 4000 4000,Discounted Cash Flow (DCF) (贴现现金流量),Present values are additive(现值是累加起来的):PV = PV(C0) + PV(C1) + PV(C2) + PV(C3)+. . .PV =DF0 C0 + DF1C1 + DF2C2
5、+ DF3C3+ . . .,Present Values,PVs can be added together to evaluate multiple cash flows.,第二节 评估均衡现金流量: 年金和永续年金,什么是年金? 普通年金annuity:在某段固定期间,发生在每期期末的一系列固定现金流量就叫普通年金。没特别说明指的普通年金。 预付年金或期初年金annuity due:现金流量发生在每期期初的年金。 永续年金Perpetuity每期固定的现金流入,直到永远。 永续增长年金Growing perpetuity,Short Cuts,Sometimes there are sh
6、ortcuts that make it very easy to calculate the present value of an asset that pays off in different periods. These tolls allow us to cut through the calculations quickly. 有时我们可以找到捷径来计算多期现金流的现值.,一、永续年金,Perpetuity(永续年金) - Financial concept in which a cash flow is theoretically received forever. 每期固定的
7、现金流入,直到永远,Short Cuts,Growing perpetuity(永续增长年金)- Short Cuts,Present Value of Growing Perpetuity 永续增长年金现值计算 -The cash flow grows at a rate of g. 每期的现金流量以速度g增长,An Example例子,Years later, some of you may want to endow(捐赠) a chair in SWUN. You want to know how much money you have to put aside if the rate
8、 of interest is 10 percent and if the aim is to provide $10,000 a year in perpetuity. 很多年后你准备在民院设立一个永续基金.如果利率为10%,你要每年提供$10,000的奖金,你得存多少? Present value of perpetuity=10000/0.1=$100,000,二、年金,Annuity(年金) - An asset that pays a fixed sum each year for a specified number of years. 在特定期限内每年付一固定金额的资产 (一)F
9、V of Annuity,(二)PV of Annuity年金的现值,Short Cuts,Annuity - An asset that pays a fixed sum each year for a specified number of years.,Annuity Short Cut,ExampleYou agree to lease a car for 4 years at $300 per month. You are not required to pay any money up front or at the end of your agreement. If your o
10、pportunity cost of capital is 0.5% per month, what is the cost of the lease? 你准备租赁汽车4年,每月租金300元.在租约之前或结束时你不需支付任何钱.如果你资金的机会成本是0.5%每月,此租约的成本?,Annuity Short Cut,Example - continuedYou agree to lease a car for 4 years at $300 per month. You are not required to pay any money up front or at the end of you
11、r agreement. If your opportunity cost of capital is 0.5% per month, what is the cost of the lease?,三、预付(期初)年金,对于现值和终值都有 期初年金价值=普通年金价值x(1+r) 比较图3-8和3-9 比较图3-10和3-11 计算预付年金的两步骤: (1)把它看做普通年金计算; (2)将答案乘以(1+r),概要与总结,1、多期现金流量的PV和FV分别是各期现金流量PV和FV的累加。 2、年金终值的计算:P55 3、 年金现值的计算:P57 4、 永续年金的计算:PV=C/r-p58 5、永续增
12、长年金的计算:PV=C/(r-g) 6、预付年金的计算:普通年金价值x(1+r),课堂练习,1.计算永续年金价值 Perpetual人寿保险公司向你推销一种投资保单,它将每年付给你和你的继承人5 000美元,直到永远。如果这项投资的报酬率是9%,你愿意付多少钱买这种保单? 2.计算期初年金 你想花48 000美元向Muscle汽车公司购买一辆新跑车。租赁合约构成一个利率为9.25%APR(注:名义年利率的代号)的48个月期的期初年金。你每个月应该付多少钱?,课后练习:见第四章作业,其中两道题的说明 http:/www.bank-of- 4-3等额分期偿还 编制金额为20 000美元、5年期的分期偿还贷款时间表,年利率是12%,每年支付等额款项。第3年支付的利息是多少?在贷款的存续期内总共付了多少利息? 4-4. 等额本金分期偿还 重做4-3题,假定这项贷款要求每年偿还本金4 000美元,而不是每年支付等额款项。,分期偿还贷款时间表 amortization schedule,