公司理财英文版课件(26)
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公司理财原版英文课件Chap.ppt
Chapter 8
Interest Rates and Bond Valuation
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
PV
$31.875 .11 2
1
1 (1.055)10
$1,000 (1.055)10
$825.69
8-9
YTM and Bond Value
When the YTM < coupon, the bond
1300
trades at a premium.
Bond Value
Know the important bond features and bond types Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value
When coupon rate > YTM, price > par value (premium bond)
volatility with respect to changes in the discount rate.
Interest Rates and Bond Valuation
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
PV
$31.875 .11 2
1
1 (1.055)10
$1,000 (1.055)10
$825.69
8-9
YTM and Bond Value
When the YTM < coupon, the bond
1300
trades at a premium.
Bond Value
Know the important bond features and bond types Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest
Bond Concepts
Bond prices and market interest rates move in opposite directions.
When coupon rate = YTM, price = par value
When coupon rate > YTM, price > par value (premium bond)
volatility with respect to changes in the discount rate.
公司理财英文资料31页PPT
公司理财英文资料
21、静念园林好，人间良可辞。 22、步步寻往迹，有处特依依。 23、望云惭高鸟，临木愧游鱼。 24、结庐在人境，而无车马喧；问君 何能尔 ？心远 地自偏 。 25、人生归有财富 ❖ 丰富你的人生
71、既然我已经踏上这条道路，那么，任何东西都不应妨碍我沿着这条路走下去。——康德 72、家庭成为快乐的种子在外也不致成为障碍物但在旅行之际却是夜间的伴侣。——西塞罗 73、坚持意志伟大的事业需要始终不渝的精神。——伏尔泰 74、路漫漫其修道远，吾将上下而求索。——屈原 75、内外相应，言行相称。——韩非
21、静念园林好，人间良可辞。 22、步步寻往迹，有处特依依。 23、望云惭高鸟，临木愧游鱼。 24、结庐在人境，而无车马喧；问君 何能尔 ？心远 地自偏 。 25、人生归有财富 ❖ 丰富你的人生
71、既然我已经踏上这条道路，那么，任何东西都不应妨碍我沿着这条路走下去。——康德 72、家庭成为快乐的种子在外也不致成为障碍物但在旅行之际却是夜间的伴侣。——西塞罗 73、坚持意志伟大的事业需要始终不渝的精神。——伏尔泰 74、路漫漫其修道远，吾将上下而求索。——屈原 75、内外相应，言行相称。——韩非
公司理财英文版课件 (27)
LongNet Working Fixed Cash = Term + Equity – – Capital Assets (excluding cash) Debt
An increase in long-term debt and or equity leads to an increase in cash—as does a decrease in fixed assets or a decrease in the non-cash components of net working capital. The sources and uses of cash follow from this reasoning.
In practice, the inventory period, the accounts receivable period, and the accounts payable period are measured by days in inventory, days in receivables, and days in payables, respectively.
26-15
Appropriate Restrictive Policy
$ Minimum point Total costs of holding current assets.
Carrying costs
Shortage costs CA* Investment in Current Assets ($)
26-8
Example
Inventory:
Beginning = 200,000 Ending = 300,000
Accounts Receivable:
An increase in long-term debt and or equity leads to an increase in cash—as does a decrease in fixed assets or a decrease in the non-cash components of net working capital. The sources and uses of cash follow from this reasoning.
In practice, the inventory period, the accounts receivable period, and the accounts payable period are measured by days in inventory, days in receivables, and days in payables, respectively.
26-15
Appropriate Restrictive Policy
$ Minimum point Total costs of holding current assets.
Carrying costs
Shortage costs CA* Investment in Current Assets ($)
26-8
Example
Inventory:
Beginning = 200,000 Ending = 300,000
Accounts Receivable:
公司理财(罗斯)第1章(英文
• Structure: This book is organized into several key sections. It begins with an introduction to the field of corporate finance and its importance. Subsequent chapters cover topics such as capital budgeting, risk and return, capital structure, dividend policy, mergers and acquisitions, and international corporate finance. Each chapter includes illustrative examples, case studies, and practical applications to help readers apply the concepts discussed. The book concludes with a summary of key takeaways and additional resources for further study.
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money
英文版公司理财chapter-1课件
Making good investment and financing decisions is the chief task of the financial manager.
英文版公司理财chapter-1
7
The Investment Decision
• Investment decision /capital budgeting decision: decision to invest in
2750% Deb50t % 3D0e%bEt quity 5705% Equity
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
英文版公司理财chapter-1
4. Understand why conflicts of interest arise, especially in large, public corporations
5. Explain how corporations mitigate conflicts and encourage ethical behavior
英文版公司理财chapter-1
Current Liabilities Long-Termபைடு நூலகம்Debt
Shareholders’ Equity
13
• The choice between debt and equity financing is often called the
capital structure decision
2
Chapter 1
The Corporation and the Financial Manager
公司理财英文版课件 (26)
Open interest is a good proxy for the demand for a contract.
Some refer to open interest as the depth of the market. The breadth of the market would be how many different contracts (expiry month) are outstanding.
-¾
280 184 104,900
Dec 196 197 194 196½
-¼ 291¼ 194 175,187
TREASURY BONDS (CBT) - $1,000,000; pts. 32nds of 100%
Sept 117-05 117-21 116-27 117-05 +5 131-06 111-15 647,560
25-2
25.2 Forward Contracts
A forward contract specifies that a certain commodity will be exchanged at a specified time in the future at a price specified today.
Eurodollar $1 million LIFFE
25-10
Futures Markets
The Chicago Mercantile Exchange (CME) is by far the largest.
Others include:
The Philadelphia Board of Trade (PBOT) The MidAmerica Commodities Exchange The Tokyo International Financial Futures
Some refer to open interest as the depth of the market. The breadth of the market would be how many different contracts (expiry month) are outstanding.
-¾
280 184 104,900
Dec 196 197 194 196½
-¼ 291¼ 194 175,187
TREASURY BONDS (CBT) - $1,000,000; pts. 32nds of 100%
Sept 117-05 117-21 116-27 117-05 +5 131-06 111-15 647,560
25-2
25.2 Forward Contracts
A forward contract specifies that a certain commodity will be exchanged at a specified time in the future at a price specified today.
Eurodollar $1 million LIFFE
25-10
Futures Markets
The Chicago Mercantile Exchange (CME) is by far the largest.
Others include:
The Philadelphia Board of Trade (PBOT) The MidAmerica Commodities Exchange The Tokyo International Financial Futures
公司理财原版英文课件Chap
Ri Ri βi F εi
RP X 1 ( R1 β1 F ε1 ) X 2 ( R 2 β2 F ε2 ) X N ( R N βN F εN ) RP X 1 R1 X 1 β1 F X 1ε1 X 2 R 2 X 2 β2 F X 2 ε2 X N R N X N βN F X N ε N
R 8%
R 8% 2.30 5% 1.50 (3%) 0.50 (10%) 1% R 12%
12-12
12.3 Portfolios and Factor Models
Now let us consider what happens to portfolios of stocks when each of the stocks follows a one-factor model. We will create portfolios from a list of N stocks and will capture the systematic risk with a 1-factor model. The ith stock in the list has return:
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
12-10
Systematic Risk and Betas: Example
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
If it were the case that the dollar-euro spot exchange rate, S($,€), was expected to increase by 10%, but in fact remained stable during the time period, then: FS = Surprise in the exchange rate = actual – expected = 0% – 10% = – 10%
RP X 1 ( R1 β1 F ε1 ) X 2 ( R 2 β2 F ε2 ) X N ( R N βN F εN ) RP X 1 R1 X 1 β1 F X 1ε1 X 2 R 2 X 2 β2 F X 2 ε2 X N R N X N βN F X N ε N
R 8%
R 8% 2.30 5% 1.50 (3%) 0.50 (10%) 1% R 12%
12-12
12.3 Portfolios and Factor Models
Now let us consider what happens to portfolios of stocks when each of the stocks follows a one-factor model. We will create portfolios from a list of N stocks and will capture the systematic risk with a 1-factor model. The ith stock in the list has return:
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
12-10
Systematic Risk and Betas: Example
R R 2.30 5% 1.50 (3%) 0.50 FS 1%
If it were the case that the dollar-euro spot exchange rate, S($,€), was expected to increase by 10%, but in fact remained stable during the time period, then: FS = Surprise in the exchange rate = actual – expected = 0% – 10% = – 10%
英文版公司理财chapter-1课件
英文版公司理财chapter-1
6
What is finance?
• Finance can be defined as the art and science of managing money.
• Corporations face two broad financial questions: What investments should the firm make? And how should it pay for those investments? The first question involves spending money; the second involves raising it.
英文版公司理财chapter-1
Shareholders’ Equity
10
• If a project’s value is greater than its required investment, then the project is attractive financially
• The financial manager helps the firm to invest in projects that are worth more than they cost.
2. Cite some of the advantages and disadvantages of organizing a business as a corporation
3. Explain why maximizing market value is the logical financial goal for the corporation
tangible or intangible assets
{财务管理公司理财}公司理财经典讲义英文版
of the Firm
The Capital Structure Decision
Current
Current Assets
Liabilities
How can the firm
raise the money Fixed Assets for the required
Long-Term Debt
1 Tangible investments?
investments?
McGraw-Hill/Irwin
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
1-4
The Balance-Sheet Model
of the Firm
Total Value of Assets:
Total Firm Value to Investors:
Current
Current Assets
Liabilities Long-Term
Debt
Fixed Assets
1 Tangible
2 Intangible
McGraw-Hill/Irwin
Shareholders’ Equity
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2750%50%30% DebtDeEbtquity
5705%
Equity
McGraw-Hill/Irwin
If how you slice the pie affects the size of the pie, then the capital structure decision matters.
公司理财英文版
11.1 Individual Securities
Key Terms expected return 期望报酬率 variance 方差 standard deviation 标准差 covariance 协方差 correlation 相关性 beta coefficient 系数
Chapter Outline
11.1 Individual Securities 11.2 Expected Return, Variance, and Covariance 11.3 The Return and Risk for Portfolios 11.4 The Efficient Set 11.5 Riskless Borrowing and Lending 11.6 Announcements, Surprises, and Expected Return 11.7 Risk: Systematic and Unsystematic 11.8 Diversification and Portfolio Risk 11.9 Market Equilibrium 11.10 Relationship between Risk and Expected Return (CAPM)
odd
来自Stange, unusual Seperated from a part or set to which it belongs to eg. two odd socks That can’t be divided exactly by 2 Not happening regularly eg. He likes the odd drinks.
Return and Risk: The Capital Asset Pricing Model (CAPM)
公司理财英文版课件Chap.ppt
• Case II – Assumptions – Corporate taxes, but no personal taxes – No bankruptcy costs
• Case III – Assumptions – Corporate taxes, but no personal taxes – Bankruptcy costs
16-15
Figure 16.3
16-16
Case I - Example
• Data
– Required return on assets = 16%; cost of debt = 10%; percent of debt = 45%
• What is the cost of equity?
16-6
Example: Financial Leverage, EPS and ROE – Part I
• We will ignore the effect of taxes at this stage
• What happens to EPS and ROE when we issue debt and buy back shares of stock?
• Proposition II
– The WACC of the firm is NOT affected by capital structure
16-14
Case I - Equations
• WACC = RA = (E/V)RE + (D/V)RD
• RE = RA + (RA – RD)(D/E)
– RA is the “cost” of the firm’s business risk, i.e., the risk of the firm’s assets
• Case III – Assumptions – Corporate taxes, but no personal taxes – Bankruptcy costs
16-15
Figure 16.3
16-16
Case I - Example
• Data
– Required return on assets = 16%; cost of debt = 10%; percent of debt = 45%
• What is the cost of equity?
16-6
Example: Financial Leverage, EPS and ROE – Part I
• We will ignore the effect of taxes at this stage
• What happens to EPS and ROE when we issue debt and buy back shares of stock?
• Proposition II
– The WACC of the firm is NOT affected by capital structure
16-14
Case I - Equations
• WACC = RA = (E/V)RE + (D/V)RD
• RE = RA + (RA – RD)(D/E)
– RA is the “cost” of the firm’s business risk, i.e., the risk of the firm’s assets
公司理财实务英文版
2 Intangible
Current Liabilities Long-Term
Debt
Shareholders’ Equity
What is 城市轨道交通 urban rail transport
精品ppt模板
The Net Working Capital Investment Decision
• If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing.
What is 城市轨道交通 urban rail transport
精品ppt模板
Max[0,$X – $F] = $X – $F and the debt holder’s claim is:
Debt holders are promised $F.
Min[$F,$X] = $F. The sum of these is = $X
What is 城市轨道交通 urban rail transport
pie, then the capital structure decision
matters.
What is 城市轨道交通 urban rail transport
精品ppt模板
Firm
Firm issues securities (A)
Invests in assets
(B)
Retained cash flows (F)
• Primary Market
– When a corporation issues securities, cash flows from investors to the firm.