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第 3 章 资金时间价值计算 PowerPoint PPT Presentation


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第 3 章 资金时间价值计算. 资金等值是指在时间因素作用下,在不同时点数量不等的资金具有相同的价值。 资金等值计算是指为了便于比较,把不同时点上的资金按照一定的折现率计算至某一相同的时点上的过程。. 现金流量. 现金流入 现金流出 净现金流量. 大小 方向 作用点. 200. 200. 200. 现金流量图 三要素. 0. 1. 2. 3. n-1. n. 100. 150. 现金流量图. 1262. 1000. 收入. 收入. 0. 1. 2. 3. 4. 0. 1. 2. 3. 4. 支出. 支出.

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第 3 章 资金时间价值计算

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3




200

200

200

0

1

2

3

n-1

n

100

150


1262

1000

0

1

2

3

4

0

1

2

3

4

1000

1262



259780030

24


10010%55

51012%


F

n-1

2

3

n

0

1

P=?

F=

2

3

n-1

n

0

1

P


F=

2

3

n-1

n

0

1

P

F = P(1+i)n== PF/Pin

F/Pin=(1+i)n _____


F

n-1

2

3

n

0

1

P=?

P = F(1+i)-n= FP/Fin

P/Fin= (1+i)-n


1000100010

5520


F

0

1

2

3

n-2

n-1

n

A=

F=

n

0

1

2

3

4

n-1

A

()


F=

n

0

1

2

3

4

n-1

A

F/Ain=


F

0

1

2

3

n-2

n-1

n

A=

A/Fin=


1204025

30300035


P

0

1

2

n-1

n

3

A=?

A

n-1

n

0

1

2

3

P=?

()


A

n-1

n

0

1

2

3

P=?

P/Ain


P

0

1

2

n-1

n

3

A=?

A/Pin


0

5

6

8

7

4

1

2

3

500

500

500

500

500

500

500

500

500868



(F/Pin)=1/(P/Fin)

(A/Pin)=1/(P/Ain)

(A/Fin)=1/(F/Ain)

(F/Ain)=(P/Ain)(F/Pin)

(F/Pin)=(A/Pin)(F/Ain)


A1+(n-1)G

A1+(n-2)G

A1+2G

A1+G

A1

0

1

2

3

n-1

n

(a)

A1

A1-G

A1-2G

A1-(n-2)G

A1-(n-1)G

0

1

2

3

n-1

n

(b)


(n-2)G

2G

G

n

n-1

0

1

2

3


P=?

1

2

3

n-2

n-1

n

0

A3= A1 (1+h)2

A1

A2= A1 (1+h)

An-2= A1 (1+h)n-3

An= A1 (1+h)n-1

An-1= A1 (1+h)n-2


13-1

8

2

3

0

1

4

2

2

2

2

0.4

0.2

0.6

0.8


13-2

8

2

3

0

1

4

0.8

0.8

0.8

0.8

8


13-3

8

2

3

0

1

4

A=8(A/p,10%,4)=2.524


13-4

8

2

3

0

1

4

8(F/P,10%,4)=11.7128


A1+(n-1)G

A1+(n-2)G

A1+2G

A1+G

A1

0

1

2

3

n-1

n

(a)

A1

A1-G

A1-2G

A1-(n-2)G

A1-(n-1)G

0

1

2

3

n-1

n

(b)


A1+(n-1)G

A1+(n-2)G

A1+2G

A1+G

A1

A1

0

1

2

3

n-1

n

(a)

0

1

2

3

n-1

n

(n-1)G

(n-2)G

2G

G

n

n-1

0

1

2

3



*

P24



NPV

NPV

CItt

COtt

n

i0


NPV0NPV<0


1.NPVi

2.i0

MARRminimum attractive rate of return

3.


NPV

1200

600

i*

i

(%)

0

10

20

30

40

50

60

-600


83.91

24.81

75.48

33.58


IRR

1.

Internal Rate of Return


i0IRRi0IRR<i0


NPV(i1)

A

i2

i1

i*

0

i

IRR

B

NPV(i2)


10%


1200

500

500

500

300

5

0

4

1

2

3

2000


15%


470

360

0

2

3

1

100

720


IRR


0

1

2

3

4

5

1200

-1069

500

-1397

-1689

-1200

500

-1948

-1569

500

-1897

300

-2000

-2189

-2248

IRR


IRR

iIRR


IRR

IRRIRRIRR


pay back period


1.

K

NBt

Tp


Tb

TPTb

TP>Tb


Tp

Ktt

NBtt


i0=10%





NPVIRR

NPVTP

NPVIRRTp


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