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第二章 资金时间价值与风险分析 PowerPoint PPT Presentation


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第二章 资金时间价值与风险分析. 影响企业财务管理的基本因素有五个方面:资金时间价值、投资风险报酬、利息率、企业内部条件、企业外部环境等。 本章主要讨论资金时间价值和投资风险价值问题。财务管理是一种价值管理,对价值的判断和计量是财务管理的基础。资金时间价值和投资风险价值是财务管理的两个基础价值观念。无论是资金筹集、资金投放或者收益分配,还是财务预测、财务决策和财务评价等,都必须充分考虑资金时间价值何投资的风险价值问题。. 第一节 资金时间价值. 一、资金时间价值的概念 二、资金时间价值的计算 三、资金时间价值计算中的计息期、折现率的换算.

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第二章 资金时间价值与风险分析

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  • 1no inflationrisk condition2

  • 3


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  • inflation premiums


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  • 1cash flow

  • 2(present value)

  • 3future value


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  • (single interest system)

  • IPin

  • IPi n

  • 1

  • FVPIP Pin

  • P(1in)


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  • 2

  • PV FV


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  • compound interest system

  • 1

  • FV1

  • FV1PVIPVPViPV(1i)

  • FV2

  • FV2PV(1i)iPV(1i)PV(1i) 2

  • FV3PV(1i) 2iPV(1i) 2PV(1i) 3

  • FV n PV(1i) n


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  • (1i) n future value interest factorFVIFin F/Pin1


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  • 2

  • present ValuePV

  • PVn

  • present value interest factorPVIFin P / Fin1


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  • annuity system

  • annuity

  • 1

  • ordinary Annuity


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  • 1

  • 0 1 2 3 n-1 n

  • A A A A A

  • FVAnA(1i) 0

  • FVAn-1A(1i) 1

  • FVA2A(1i)n-2

  • FVA1A(1i)n-1

  • FVA FVt


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  • FVAA (1i)0A(1i) 1A(1i) 2A(1i)n-1

  • (1i)

  • FVA(1i)A(1i)A(1i) 2 A(1i)n-1A[(1i)n

  • FVA (1i) FVA A(1i)nA

  • FVA A


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  • FVAAin

  • future value interest factor for annuityFVIFAinFA/Ain1


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  • A FVA

  • A AIFVAinA/FAin


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  • 2

  • 0 1 2 3 n1 n

  • A A A A

  • PVA1A(1i)-1

  • PVA2A(1i)-2

  • FVAn-1A(1i) -n1

  • PVAnA(1i) -n

  • PVA PVt


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  • PVAA(1i)-1A(1i)-2A(1i)-n-1A(1i)-n ()

  • 1i

  • PVA(1i)A(1i)0A(1i)-1A(1i)-(n-1)()

  • PVA A()

  • ()

  • present value interest factor for annuityPVIFAinPA / Ain,1


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  • ()

  • APVA ()

  • ()A AIFVAinA/PAin


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  • 2

  • (annuity due)


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  • 0 1 2 n-1 n

  • A A A A

  • (n)

  • 0 1 2 n-1 n

  • A A A A

  • (n)


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  • 1

  • (1i)

  • FVAA (1i)

  • 2

  • (1i)

  • PVAA (1i)


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  • 3perpetuity annuity

  • PVP A

  • n (1i)-n0

  • PVPA/i


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  • 4deferred annuity

  • 1 2 n

  • 0 1 2 m m1 m2 mn

  • A A A

  • n


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  • 1(mn)(m)

  • PVD A(PA/A,i,mn)A(PA/A,i,m)

  • 2(n)m0

  • PVD A(PA/A,i,n)(PV/FV,i,m)


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  • ri/m

  • tmn

  • rimnt


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  • FV n


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  • k1rm1

  • krmFmPFmP

  • k

  • 1rm1


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  • 1F/P,i,nFV/PV

  • 2P/F,i,nPV/FV

  • 3FA/A,i,nFVA/A

  • 4PA/A,i,nPVA/A


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  • ni

  • 20 000532 000

  • :FV32 000PV20 000n5i

  • 32 000/20 0001.600

  • n51.6001.61110%10%532 000


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  • RVI


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  • 1

  • 2

  • 1

  • 2


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  • RVI

  • risk value of investmentRVI

  • risk premiumrisk premium rate


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  • 1

  • 10Pi1

  • 2

  • 2

  • 3


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  • 4

  • V 100%

  • 5

  • KRbV

  • PRKR/[KfKR]


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  • 1.

  • 2.()

  • /

  • 1

  • 1

  • 1

  • 1

  • di

  • Pdii


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  • Kpp(Km Kf)

  • Kpp KmKf


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  • (Capital asset pricing modelCAPM)

  • KiKfi(KmKf)

  • Kii


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  • K SML

  • Kf

  • KR

  • i

  • Kf


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  • IP0

  • RR0IP

  • RR0IP


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  • 1K0

  • 2IP

  • 3DP

  • 4LP

  • 5MP


  • Login