公司理财本科班第一讲IntroductionToCorporateFinancenew.ppt

债券融资是公司融资的一个重要方式，公司发行债券又和政府发行国债有很大不同，所以风险收益各有区别 公司有更大的违约风险，流动性也低于国债，偿付方式也不同。本章我们会学习一些基本的公式来学习给债券定价，理解债券和利率的关系，已经 * This topic represents the first application of concepts presented in this chapter. Make sure to explain the bond terminology: coupon rate, maturity, par value (face value), and yield to maturity. ? PV(bond) = PV(coupon payments) + PV(final payment) ?息票利息 PV = Σ(Ct)/[(1 + r)t] + F/([(1 + r)N] (where: t varies from 1 to N) Where: Ct = coupon interest payment 息票 [Ct = (coupon rate) × (face value)] F = face value 面值 r = yield to maturity 债券的到期收益率 N = maturity 到期日 比方说十年期美国政府债券 * This is an example of the valuation of a AAA rated bond. The par value = $1,000; coupon rate = 11.5%; maturity = 5 years. PMT = 115; FV = 1000; N = 5; yield to maturity I = 7.5%. Compute the price of the bond. ? There are two types of problems in bond valuation: ? Given the yield to maturity calculate the price of the bond; ? Given the price of a bond calculate the yield to maturity. The par value = $1,000; coupon rate = 11.5%; maturity = 5 years; PMT = 115; FV = 1000; N = 5; I = 7.5%. Compute PV = $1,161.84. [Note: this is a premium bond.] Additional example: A bond pays $100 interest payment per year. Its maturity is 5 years and the face value = $1,000. Calculate the price at 12% yield to maturity (YTM). PV = $927.90, [Financial calculator inputs: PMT = 100; FV = 1000; N = 5; I = 12%.] [Note: this is a discount bond] * 未来价值和现值 永续年金和年金 增长性永续年金和年金 利息支付和标价 * 计算未来价值和现值： 未来价值：货币投资可以获得利息 现值：未来的投资在今天值多少钱？ This slide contains an explanation of future and present values. * 复利收益率为7% FV = PV × [(1 + r)t] Define the terms: FV = Future valuePV = Present valuer = interest ratet = number of years (Periods) Walk through each step in the math pr