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第二章 资金时间价值与风险. 影响企业财务管理的基本因素有五个方面: ● 资金时间价值 ● 投资风险报酬 ● 利息率 ● 企业内部条件 ● 企业外部环境. 本章主要讨论 : 资金时间价值和投资风险价值问题 财务管理是一种价值管理,对价值的判断和计量是财务管理的基础 资金时间价值和投资风险价值是财务管理的两个基础价值观念。无论是资金筹集、资金投放或者收益分配,还是财务预测、财务决策和财务评价等,都必须充分考虑资金时间价值何投资的风险价值问题。. 第一节 资金时间价值. 一、资金时间价值的概念 二、资金时间价值的计算 - PowerPoint PPT Presentation
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1.no inflationrisk condition2.3.
:
inflation premiums: interest interest rate discount rate
1cash flow 2(present value) 3future value
(single interest system) IPin IPi n 1. FVPIPPin P(1in)
2 PV FV
compound interest system1 FV1 FV1PVIPVPViPV(1i) FV2 FV2PV(1i)iPV(1i)PV(1i) 2 FV3PV(1i) 2iPV(1i) 2PV(1i) 3 FVn PV(1i) n .. [1]
[1] (1i) n future value interest factorFVIFin F/Pin 1
2 present ValuePV PVn
present
value interest factor PVIFin P / Fin 1
annuity system annuity 1 ordinary Annuity
1
FVAFVAt
FVAA (1i)0A(1i) 1A(1i) 2A(1i)n-1
(1i)
FVA(1i)A(1i)A(1i) 2 A(1i)n-1A[(1i)n
FVA (1i) FVA A(1i)n A
FVA A
FVAAin
future value interest factor for annuityFVIFAinFA/Ain 1
AFVA
A
AIFVAinA/FAin
2 PVA1A (1i) -1A A A A 0 1 2 3 n1 n
PVAA(1i)-1A(1i)-2A(1i)-n-1A(1i)-n ()()1i PVA(1i)A(1i)0A(1i)-1A(1i)-(n-1) ()
PVA A () ()
present value interest factor for annuityPVIFAinPA / Ain1
()
APVA ()
()A
AIFVAinA/PAin
2
(annuity due)
1 (1i)
FVAA (1i)
2 (1i) PVAA (1i)
3perpetuity annuity
PVP A n (1i)-n0 PVP A/i
4deferred annuity
1(mn)(m)
PVD A(PA/A,i,mn)A(PA/A,i,m) 2(n)m0
PVD A(PA/A,i,n)(PV/FV,i,m)
ri/m tmn rimnt
k1rm1 krm
FmPFmP 1rm1
1F/P,i,nFV/PV 2P/F,i,nPV/FV 3FA/A,i,nFVA/A 4PA/A,i,nPVA/A
ni120 000532 000:FV32 000PV20 000n5i32 000/20 0001.600 n51.6001.6111010532 000
250 000107 500PVA=50 000A=7 500n=10i=PA/A,i,nPVA/A PA/A,i,n=50000/7500=6.667n=106.7106.4186.667i8989
x8 8 6.710 6.667 9 6.418x
x=0.147 i=8+0.147=8.147
RVI
1 2 1 2
RVI risk value of investmentRVI risk premiumrisk premium rate
1 10Pi1
2 2
3
4
5KRbV PR KR/(KfKR)
AB
AB
AB
V BA:
(Capital asset pricing modelCAPM)KiKfi(KmKf) KiiKm
SMLKRKfKKfKi
rate of interest
=+
IP0
RR0IP
RR0IP
K0 IP DP LP MP
1K0
K0IPK0*IPK0IP K0IP 2IP
0 3DP
12% 4LP
5MP