财务管理第四章长期证券的估价

d d d
=S
4-12

I
(1 + kd)t
or
t=1
I (PVIFA k
,) d
V = I / kd
[Reduced Form]
Perpetual Bond Example
Bond P has a $1,000 face value and provides an 8% coupon. The appropriate discount rate is 10%. What is the value of the perpetual bond?
The bond’s coupon rate 票面利率is the stated rate of interest; the annual interest payment divided by the bond’s face value. The discount rate 贴现率 (capitalization rate) is dependent on the risk of the bond and is composed of the risk-free rate plus a premium（ 4-8 溢价） for risk.
d d d
=S
t=1
4-14
n
I
(1 + kd)t
+
, n) d
MV
(1 + kd)n
V = I (PVIFA k
+ MV (PVIF kd, n)
Coupon Bond Example
Bond C has a $1,000 face value and provides an 8% annual coupon for 30 years. The appropriate discount rate is 10%. What is the value of the coupon bond?
V = $1,000 (PVIF10%, 30) = $1,000 (.057) = $57.00
4-17
Semiannual Compounding
Most bonds in the U.S. pay interest twice a year (1/2 of the annual coupon).
4-10
term
perpetual bond 永久债券
non-zero coupon-paying非零息票支付债券 zero-coupon bond 零息债券，或贴现债券 Interpolate 插值法 Yield-to-Maturity 到期回报率 Discount Bond 贴现债券 Premium Bond 溢价债券
V = $40 (PVIFA5%, 30) + $1,000 (PVIF5%, 30) = $40 (15.373) + $1,000 (.231)
[Table IV]
= $614.92 + $231.00 = $845.92
4-20
[Table II]
Preferred Stock Valuation
Liquidation
What is Value?
Book
value（账面价值） represents
either (1) an asset: the accounting value of an asset -- the asset’s cost minus its accumulated depreciation;
I / 2 + I / 2 + ... + I / 2 + MV V =(1 + k /2 )1 (1 + k /2 )2 (1 + k /2 ) 2*n
d d d
=S
4-19
2*n
t=1
ห้องสมุดไป่ตู้
I/2
(1 + kd /2 )t
+
MV
(1 + kd /2 ) 2*n
= I/2 (PVIFAk
d /2 ,2*n
4-22
Preferred Stock Example
Stock PS has an 8%, $100 par value issue outstanding. The appropriate discount rate is 10%. What is the value of the preferred stock?
I = $1,000 ( 8%) = $80.
kd
V
4-13
= 10%.
= I / kd [Reduced Form] = $80 / 10% = $800.
Different Types of Bonds
A non-zero coupon-paying bond（非零 息票支付债券）is a coupon-paying bond with a finite life. I I I + MV V = (1 + k )1 + (1 + k )2 + ... + (1 + k )n
Chapter 4
The Valuation of Long-Term Securities
4-1 © 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI
4-11
par Bond 平价债券
Different Types of Bonds
A perpetual bond 永久债券is a bond that never matures. It has an infinite life. I I I V = (1 + k )1 + (1 + k )2 + ... + (1 + k )
A zero-coupon bond （零息债券，或贴 现债券）is a bond that pays no interest but sells at a deep discount from its face value; it provides compensation to investors in the form of price appreciation（价格上涨）. MV V= = MV (PVIFk , n) n
V = $80 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $80 (9.427) + $1,000 (.057)
[Table IV]
= $754.16 + $57.00 = $811.16.
4-15
[Table II]
Different Types of Bonds
(2) a firm: total assets minus liabilities and preferred stock as listed on the balance sheet.
4-4
What is Value?
value （市场价值） represents the market price at which an asset trades. Intrinsic value（固有价值） represents the price a security “ought to have” based on all factors bearing on valuation.
4-2
What is Value?
value （清算价值） represents the amount of money that could be realized if an asset or group of assets is sold separately from its operating organization. Going-concern value（持续经营价值） represents the amount a firm could be sold for as a continuing operating business. 4-3
4-21
Preferred Stock Valuation
V=
DivP
(1 + kP

)1
+ (1 + k
DivP
)2 P
+ ... +
DivP
(1 + kP)
,) P
=S
DivP
(1 + kP)t
t=1
or DivP(PVIFA k
This reduces to a perpetuity!
V = DivP / kP
Preferred Stock is a type of stock that promises a (usually) fixed dividend, but at the discretion of the board of directors.
Preferred Stock has preference over common stock in the payment of dividends and claims on assets.
Market
4-5
Bond Valuation


Important Terms
Types of Bonds


Valuation of Bonds
Handling Semiannual Compounding