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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

3


3


3


3

200

200

200

0

1

2

3

n-1

n

100

150


3

1262

1000

0

1

2

3

4

0

1

2

3

4

1000

1262


3


3

259780030

24


3

10010%55

51012%


3

F

n-1

2

3

n

0

1

P=?

F=

2

3

n-1

n

0

1

P


3

F=

2

3

n-1

n

0

1

P

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

F/Pin=(1+i)n _____


3

F

n-1

2

3

n

0

1

P=?

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

P/Fin= (1+i)-n


3

1000100010

5520


3

F

0

1

2

3

n-2

n-1

n

A=

F=

n

0

1

2

3

4

n-1

A

()


3

F=

n

0

1

2

3

4

n-1

A

F/Ain=


3

F

0

1

2

3

n-2

n-1

n

A=

A/Fin=


3

1204025

30300035


3

P

0

1

2

n-1

n

3

A=?

A

n-1

n

0

1

2

3

P=?

()


3

A

n-1

n

0

1

2

3

P=?

P/Ain


3

P

0

1

2

n-1

n

3

A=?

A/Pin


3

0

5

6

8

7

4

1

2

3

500

500

500

500

500

500

500

500

500868


3


3

(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)


3

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)


3

(n-2)G

2G

G

n

n-1

0

1

2

3


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


3

13-1

8

2

3

0

1

4

2

2

2

2

0.4

0.2

0.6

0.8


3

13-2

8

2

3

0

1

4

0.8

0.8

0.8

0.8

8


3

13-3

8

2

3

0

1

4

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


3

13-4

8

2

3

0

1

4

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


3

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)


3

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


3


3

*

P24


3


3

NPV

NPV

CItt

COtt

n

i0


3

NPV0NPV<0


3

1.NPVi

2.i0

MARRminimum attractive rate of return

3.


3

NPV

1200

600

i*

i

(%)

0

10

20

30

40

50

60

-600


3

83.91

24.81

75.48

33.58


3

IRR

1.

Internal Rate of Return


3

i0IRRi0IRR<i0


3

NPV(i1)

A

i2

i1

i*

0

i

IRR

B

NPV(i2)


3

10%


3

1200

500

500

500

300

5

0

4

1

2

3

2000


3

15%


3

470

360

0

2

3

1

100

720


3

IRR


3

0

1

2

3

4

5

1200

-1069

500

-1397

-1689

-1200

500

-1948

-1569

500

-1897

300

-2000

-2189

-2248

IRR


3

IRR

iIRR


3

IRR

IRRIRRIRR


3

pay back period


3

1.

K

NBt

Tp


3

Tb

TPTb

TP>Tb


3

Tp

Ktt

NBtt


3

i0=10%


3


3


3


3

NPVIRR

NPVTP

NPVIRRTp


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