净现值NPV的计算.ppt

第4章折现现金流量估价 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 2017-4-5 公司理财讲义 2 Chapter Outline 单期投资的情形( One-Period Case ) 多期投资的情形( Multi-period Case ) 复利计息期数( Compounding Periods ) 简化公式( Simplifications ) 如何评估公司的价值( What Is a Firm Worth? ) Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 2017-4-5 公司理财讲义 3 单期投资的情形终值( FV ):一笔资金经过一个时期或多个时期以后的价值。 FV = C 0× (1 + r)现值: PV=C 1 /(1+r) 投资的净现值( NPV )=-成本+PV Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 不确定性与价值评估不确定的投资其风险较大,这时就要求一个更高的贴现率。比如投资油画,其风险高,确定性的市场利率假如是 10% ,投资油画的贴现率可能要求为 25% 。 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 2017-4-5 公司理财讲义 5 多期投资的情形终值 FV = C 0× (1 + r) T C 0:期初投资金额, r :利息率 T:资金投资所持续的期数现值 PV= C T /(1 + r) T Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. 复利计息期数一年期终值: r:名义年利率, m: 一年复利计息次数实际年利率: mm rC FV?????????1 011???????? mm r Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose