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第六章 投资管理 PowerPoint PPT Presentation


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第六章 投资管理. 学习目标: 1 、掌握现金净流量,各种贴现与非贴现指标的 含义及计算方法 2 、掌握项目投资决策评价指标的应用,并能作 出项目投资决策。 3 、理解现金流量的概念及构成内容 4 、了解项目投资的概念,类型及项目投资决策 的程序。 5 、了解各种贴现与非贴现指标的特点。 6 、掌握股票和债券的价值及收益率的计算。 7 、理解证券投资的种类、特点及风险。 8 、理解证券投资组合的策略和方法。 9 、了解证券投资组合的意义、风险和收益率。. 第一节 项目投资管理.

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第六章 投资管理

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p

n=s+p


1.

2.

3.

4.

5.


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2

3.


1

NCF-

2

NCF =- -

=---

=+-

=+

NCF=1--

1-+


3

=+ +


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()

1

100%


2

(-1)



1NPV

NPV C

NCFtt nC



2PI

NCFtt nC


3IRR

=0

NCFttr nC



NPVPIIRR

NPV>0PI>1, IRR> i

NPV=0, PI=1, IRR= i

NPV<0, PI<1, IRR< i .

i


1000055580003000120005520005100004000400300040%



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PVItMRd

n


ABC2072110008%21513110%


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F

10002010%PV=1000/1+10%20 = 148.6()


3


10008%510%

1/24%405%

PV = 80/2p/A,10%2,52

1000p/F,10%2,52

= 407.7217 10000.6139 = 922.768


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5012

V = 50/0.12 = 416.67


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2



1

VDtt

Rst


2

T;PTT


2.56%15%12

=12.74


3

7.8

12%


4

D0 g

D1 = D01g

D2 = D11g= D01g2

Dt = Dt11g= D01gt

Rs > gt


5

AB15%B2310%3%B


22.85P/F,15%,3=15.53()

B

V=15.53+5.49=20.52


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1

NPV

=/

=


=

=


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ii

ABA10% B18%50%

= 10%50%18%50% = 14%


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