第二章净现值与公司投资决策

第二章净现值与公司投资决策

Topics Covered • Present Value • Net Present Value • NPV Rule • ROR Rule

Present Value Present Value Value today of a future cash flow. Discount Factor Present value of a $1 future payment. Discount Rate Interest rate used to compute present values of future cash flows.

Present Value

Present Value Discount Factor = DF = PV of $1 Discount Factors can be used to compute the present value of any cash flow.

Valuing an Office Building Step 1: Forecast cash flows Cost of building = C0 = 350 Sale price in Year 1 = C1 = 400 Step 2: Estimate opportunity cost of capital If equally risky investments in the capital market offer a return of 7%, then Cost of capital = r = 7%

Valuing an Office Building Step 3: Discount future cash flows Step 4: Go ahead if PV of payoff exceeds investment

Net Present Value

Risk and Present Value • Higher risk projects require a higher rate of return • Higher required rates of return cause lower PVs

Risk and Present Value

Rate of Return Rule • Accept investments that offer rates of return in excess of their opportunity cost of capital

Rate of Return Rule • Accept investments that offer rates of return in excess of their opportunity cost of capital • Example • In the project listed below, the foregone investment opportunity is 12%. Should we do the project?

Net Present Value Rule • Accept investments that have positive net present value

Net Present Value Rule • Accept investments that have positive net present value Example Suppose we can invest $50 today and receive $60 in one year. Should we accept the project given a 10% expected return?

第二节资产估值的净现值方法 • 主要内容： • 资产的估值方法 • 永久债券和年金的估值 • 债券的估值 • 普通股票的估值 • 教学方法: • 教师指导下学生自主完成

一、资产的估值方法

一、资产的估值方法 Example You just bought a new computer for $3,000. The payment terms are 2 years same as cash. If you can earn 8% on your money, how much money should you set aside today in order to make the payment when due in two years?

一、资产的估值方法 • PVs can be added together to evaluate multiple cash flows.

一、资产的估值方法

一、资产的估值方法 Example Assume that the cash flows from the construction and sale of an office building is as follows. Given a 7% required rate of return, create a present value worksheet and show the net present value.

一、资产的估值方法 Example - continued Assume that the cash flows from the construction and sale of an office building is as follows. Given a 7% required rate of return, create a present value worksheet and show the net present value.

二、永久债券的估值 • 1、永久债券 • 不予偿还，每年支付固定的利息 • 思考：永久债券的现值如何用公式表示？

二、永久债券的估值 • 永久公债的现值

二、永久债券的估值 • 上述永久公债的利息是每年递增的，年增长率为 • 思考：现值公式如何表达？

二、永久债券的估值 • 利息每年递增的永久公债现值：

三、年金的估值 1.年金（Annuity） - An asset that pays a fixed sum each year for a specified number of years. 思考：如何推导年金的现值公式？

三、年金的估值 Annuity - An asset that pays a fixed sum each year for a specified number of years.

三、年金的估值 Example You agree to lease a car for 4 years at $300 per month. You are not required to pay any money up front or at the end of your agreement. If your opportunity cost of capital is 0.5% per month, what is the cost of the lease?

三、年金的估值 Example - continued You agree to lease a car for 4 years at $300 per month. You are not required to pay any money up front or at the end of your agreement. If your opportunity cost of capital is 0.5% per month, what is the cost of the lease?

四、债券的估值 Example If today is October 2002, what is the value of the following bond? • An IBM Bond pays $115 every Sept for 5 years. In Sept 2007 it pays an additional $1000 and retires the bond. • The bond is rated AAA (WSJ AAA YTM is 7.5%)

四、债券的估值 Example continued If today is October 2002, what is the value of the following bond? • An IBM Bond pays $115 every Sept for 5 years. In Sept 2007 it pays an additional $1000 and retires the bond. • The bond is rated AAA (WSJ AAA YTM is 7.5%)

课后要求 • 1.整理课堂所学内容 • 2.计算 • (1)如果你在3年内每年年末存入1000元,在年利率为5%的情况下,你将在三年年末得到多少? • (2)如果你在3年内每年年初存入1000元,在年利率为5%的情况下,第三年年末的本利和为多少?

第二章 净现值与公司投资决策