公司财务原理

Par: $1000 Maturity: one year
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4-9 到期收益率Yield to Maturity
Yield to maturity = Interest rate that will make the sum of the
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4.零息债券Discounwk.baidu.com (zero coupon) bond
面额: $1000 发行价: $900 期限: 1年
3. 息票计息的债券 Coupon Bond (Coupon rate = 10% = C/F)
P = $100 + $100 + $100 + ... + $100 + $1000
(1+i) (1+i)2 (1+i)3
(1+i)10 (1+i)10
C
C
C
C
F
P=
+
+
+ ... +
付的金额: $126
126 126 126 126 126 126 126 126 126 126 126 126 126 126 126 126 126 126 126 126
126 126 126 126 126
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+
+ ... +
(1+i) (1+i)2
(1+i)3
(1+i)n
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Yield to Maturity: Bonds
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1. 等额支付的贷款 例子：
Par 票面额: $1000 Maturity期限: 25 年 payment per year固定支
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4- 4
四类债券形式
信贷市场上债的融资包括贷款及债券
1. 等额支付的贷款Fixed-payment loan 2. 息票计息的债券Coupon bond 3. 永续型 Consol 4. 零息债券Discount (zero coupon) bond
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2.息票计息的债券 Coupon bond – coupon rate on bonds
例子：
Par 面额: $1000 期限: 10 年 每年付息: $100 第十年还本
$1000 100 100 100 100 100 100 100 100 100 100
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Yield to Maturity: Loans
1. 单利贷款 Simple Loan (i = 10%)
$100 = $110/(1 + i)
i=
$110 – $100 $100
=
$10 $100
= 0.10 = 10%
2. 固定支付的贷款 Fixed Payment Loan (i = 12%)
$126 $126
$126
$126
$1000 =
+
+
+ ... +
(1+i) (1+i)2 (1+i)3
(1+i)25
LV =
FP
FP
FP
FP
+
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回顾：PV
现值的概念 (PV)
The current value of a future cash flow.
未来现金流在当前的价值 $1 用单利计算 10% 利率
Year
1
2
$1.10
$1.21
3
n
$1.33 $1x(1 + i)n
未来的 $1 的PV=
$1 (1 + i)n
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本章内容
用现值PV评价债券价值 普通股如何交易 如何判断普通股价值（定价） 权益资本成本的估计 股价与每股收益 EPS的关系
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4- 1
公司金融原理
Richard A. Brealey Stewart C. Myers
第四章
债券与普通股的价值
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3. Consol 永久性 面额: $1000 每年支付额: $50 Maturity: forever
Par: $1000 Yearly payment: $50 Maturity: forever
present values of all the future payments of the security equal to its purchase price.
到期收益率：假如持有某一债券（或投资等 ）到期，获得期望未来现金流，按照当前 价格折算的收益率。
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