財(cái)管課程英語全講義

專題四Part1高頻詞匯12accountingrateof3atthe45call6put7call8capital9capitalcouponDCFmethod/discountedflowdebenturedegearingβofdividendEqualizedprojectex－dividendexpiryintheInternalrateof內(nèi)含內(nèi)含issuing日MutuallyexclusiveNetpresentNominalnormalNPVopportunityoutoftheparPaybackputtreasuryregearingβoftargetrepaymentatrepaymentatsinkingtrade－offtreasuryupwarddownwardPart2重難點(diǎn)講解之一資本預(yù)算一、投資項(xiàng)目的評價方法1NetpresentvalueNetpresentvalueisthedifferencebetweenthepresentvalueaproject’sfuturecashinflowandthepresentvalueofaproject’sfuturecashoutflow2PresentvalueindexPresentvalueindexreferstotheratiooffuturecashinflowcash3內(nèi)含率法InternalrateofreturnNPV＝0（IRR）Internalrateofreturnisthediscountratethatmakesthepresentvalueoffuturecashinflowequaltothepresentvalueoffuturecashoutflow.Statedanotherway,IRRisadiscountratethatwillmakeNPV1PaybackperiodStaticpaybackperiodmethod（non－discountedpaybackperiodStaticpaybackperiodisthetimeneededforinvestmentoutflowtoequaltothecash2DynamicpaybackperiodDynamicpaybackperiodreferstotheamountoftimerequiredmakesthecashinflowequaltoinvestmentoutflowwhentakingintoaccountthetimevalueofmoney.3會計(jì)率法AccountingrateofItisbasedonaccountingdatainthefinancialstatementscomputetherateofreturn. Accountingrateofreturn=averageannualnetprofit/initialinvestment×100%Advantagesofpaybackperiod:Calculationissimpleandeasilyunderstood.Itcangenerallymeasuretheliquidityandriskoftheproject.Disadvantagesofpaybackperiod:1.Itignoresthetimevalueofmoneyasitregardsnodifferenceofcashflowsatdifferenttime.2.Itdoesnotconsiderthecashflowafterthepaybackperiodwhichmeanstheprofitabilityisnotconsidered.3.Ittendstomakeacceptshort－termprojectsandabandonstrategiclong－term動性和風(fēng)險(xiǎn)；3Advantages:1Calculationissimpleandeasilyunderstood.2Itcangenerallymeasuretheliquidityandriskoftheprojectwithconsiderationoftimevalueofmoney.Disadvantages:Itignorescashflowsoccurringafterthepaybackperiod,northemeasureofprofitability.Itmakesthetoacceptshort－termprojectsandabandonstrategiclong－termAdvantagesofaccountingrateofreturnmethod:Itasimplemethodformeasuringprofitability,useseasilyunderstoodconceptandaccessiblefinancialreportingdata,considersallprofitsthroughouttheprojectlifecycle;revealsthechangeoffinancialstatementsaftertheimplementationoftheproject,makesmanagersawareofperformanceexpectations,andfacilitatesprojectevaluatione.Disadvantagesofaccountingrateofreturnmethod:Itignoreseffectofdepreciationoncashflowandeffectofdistributionof eoneconomicvalueoftheIfprojectshaveequalprojectlifeperiod,thencomparenetpresentvalueswitheachother,theoptimalprojecthasthehighestNPVIfprojectshaveunequalusefullifeperiod,thentwomethodswouldbeused:equalizedprojectlifemethod、equivalentannuity1Equalizedprojectlifemethod:resettwoprojectstosamelife,andchoosetheprojectwiththelargestnetpresent2Equivalentannuitymethod:computeaveragevalueofnetpresentvalueofprojectswithdifferentprojectlives（usingpresentvalueofannuityfactor）andfindtheequivalentannuity,thencomparethepresentvalueofannuityandchoosethehighestpresentvalueofequivalentCashflowestimationofinvestment1Cashflow2Cashflow3Cashflowoffixedassetsrenovation4Effectetaxanddepreciationoncash5Schedulingproblemsofmutuallyexclusive1Distinguishrelevantcostandirrelevant2（2）Opportunity3Theimpactonothercompanies’projectposedonthenshouldbe4ImpactonworkingysisofcashflowoffixedassetsrenovationdecisionmakingThemaincashflowoffixedassetsrenovationiscashoutflow,evenasmallamountofresidualcash eisadeductionofexpenditure,ratherthananincreaseofinflow.Becausethereisonlythecashoutflow,butnocashinflow,therefore,thebetterysismethodistocomparetheannualcostofusingexistingfixedassetswithrenovation,ofwhichtheloweroneis（2）AverageannualcostoffixedTheaverageannualcostoffixedassetsreferstotheaverageannualcashoutflowarisingfromtheassets.Withoutconsideringthetimevalueofmoney,thecalculationofaverageannualcostis"futurelifetimetotalcashoutflow/lifeConsideringthetimevalueofmoney,thecalculationofaverageannualcostis"futurelifetimetotalcashoutflow/annuityetaxwouldinfluencethecashflowbecause etaxisacashoutflow,depreciationwouldinfluencethecashflowdepreciationisdeductible e（1）EffectontheinitialcashflowtocontinuetousetheoldequipmentIftheoldequipmentcanbesold,“usingtheoldequipment”means“notsellingtheoldequipment”,therefore, etaxpayablebytheoldequipmentistreatedascashinflowof“usingtheoldequipment”;theofoldequipmentcandeduct etaxandshouldbeascashoutflowof“usingtheoldOperatingcashflows＝operatingrevenue-current etax－investmentinworking＝After－taxoperatingrevenue－after－taxcurrentoutlaycost＋taxbenefitsofdepreciation－investmentinworkingcapital＝Operating etaxrate）－currentoutlay etaxrate）＋depreciation etaxrateinvestmentinworking（3）EffectofcashflowofattheendofprojectIfthe efromtherealizationofequipmentisgreaterthanzero,itneedstopay etax,cashoutflowisincreasedandnetcashflowisreducedIfthe efromtherealizationofequipmentissmallerthanzero,itneedstodeduct etax,cashoutflowisreducedandnetcashflowisincreased1·201310車按直計(jì)提折舊，折舊年限為5年，殘值率為5%。10個月后大客車的變現(xiàn)價值預(yù)計(jì)為210000元。甲公司需要雇傭一名，每月預(yù)計(jì)支出工資5500元。此外，每月預(yù)計(jì)還需支出油料費(fèi)120001500公司支付25000元，在每個月月末支付。計(jì) Monthlydepreciationofmotorbus＝300000×95%60＝4750（Yuan）Monthlydepreciationtaxcredit＝4750×25%＝1187.5Monthlyafter－taxoutofpocketCarryingvalueofmotorbusafter10months＝300000－4750×10＝252500Netcashinflowofmotorbusafter10months＝210000－（210000－252500）×25%＝220625（Yuan）After-taxaveragemonthlycost＝300000÷（P/A,1%,10）220625÷（F/A,10%,10）＝＝23649.32After-taxmonthlyrentofleaseprogram＝25000×（1－25%）＝18750（Yuan）Becausetheafter-taxmonthlyrentofleaseprogramislessthantheafter-taxaveragemonthlycostofpurchaseprogram,therentalprogramshouldbeadopted.或者Pretaxaveragemonthlycostofpurchaseprogram＝23649.32/Becausethemonthlyrentofleaseprogramislessthanthepretaxaveragemonthlycostofpurchaseprogram,therentalprogramshouldbeadopted.200萬元，無形資產(chǎn)投資25萬元。該項(xiàng)目年平均凈收益為24萬元，該企業(yè)收益與市場指數(shù)之間的協(xié)方差為0.8，市場指數(shù)的標(biāo)準(zhǔn)差為0.4，資本市場中的無風(fēng)險(xiǎn)收益率為2%，該企業(yè)的風(fēng)險(xiǎn)收益率為8.625%。該企業(yè)權(quán)益比為8:2（假設(shè)資本結(jié)構(gòu)保持不變），利息率為10%，該25%。企業(yè)各年的現(xiàn)金流量如下：0（1）資本成本Costofdebt＝10%×（1－25%）＝7.5%；Costofequity＝2%＋8.625%＝10.625%SotheappropriatediscountrateisProjectoperatingperiod＝7－2＝5（年會計(jì)率accountingrateof01234567Cash0cashflowscash0cashStaticpaybackperiodincludinginitialperiod＝5＋49.8/88.4＝5.56（年）Discountedpaybackperiodincludinginitialperiod＝6＋62.54/94.84＝6.66（年NPVofproject＝32.3（萬元15010NPVofscenarioEquivalentannuityofAscenario＝25/（P/A，10%，6）＝25/4.3553＝5.74（tenthousandyuan）EquivalentannuityofBscenario＝19.87/（P/A，10%，4）＝19.87/3.1699＝6.27（tenthousandyuan）Conclusion:shouldchooseBThesmallestcommonmultipleof4and6isAscenariorequiresonetimeresettingwhileBscenariorequirestwotimesNPVofAscenariousingequalizedprojectlifeNPVofBscenariousingequalizedprojectlifemethod＝19.87＋19.87×（P/F，10%，Conclusion:shouldchooseBQuestion1:Whydoescapitalbudgetingrelyonysisofcashflowsratherthanonnet solution：Cashflowratherthannet eisusedincapitalbudgetingysisbecausetheprimaryconcerniswiththeamountofactualdollarsgenerated.Forexample,depreciationissubtractedoutinarrivingatnet e,butthisnon-cashdeductionshouldbeaddedbackintodeterminecashfloworactualdollarsgenerated.Part2重難點(diǎn)講解之一價值評一、到期日價值的計(jì)算（以為例Computingoptionvalueatmaturitydate（shareoptionasan（一）買入看漲LongcallOptionvalueatmaturity（1）多頭看漲到期日價Longcalloptionvalueatmaturity/expiration＝Max（stockprice－exerciseprice,0）Netprofitorlossofoption多頭看漲凈損益Netprofitorlossoflongcall＝longcalloptionvalueatmaturity/expirationdate－option（二）賣出看漲ShortcallShortcalloptionvalueat＝－Max（stockprice－exerciseprice,Netprofitorlossofshortcall＝shortcalloptionvalueatmaturity/expirationdate＋option（三）買入看跌LongputLongputoptionvalueatmaturity/expiration＝Max（exerciseprice－stockprice,0）Netprofitorlossoflongput＝longputoptionvalueatmaturity/expirationdate－option（四）賣出看跌ShortputShortputoptionvalueatmaturity/expiration＝－Max（exerciseprice－stockprice,0）Netprofitorlossofshortput＝shortputoptionvalueatmaturity/expirationdate＋option二、的投資策Investmentstrategyof1Protectiveput2Coveredcall3Strategy指的是一股，同時1。Itreferstothepurchaseof1shareand1putoptionofsamestockatthesameStrategyIfthesharepriceislessthantheexerciseprice,youlocktheminimum eandthelowestnetprofitloss,ontheotherhand,if eislowerthaninvestment,ofwhichisreducedbyanamountequaltooptionStrategy指的是1股，同時該1股的看Itreferstothepurchaseof1shareandsell1callofthesamestockatthesameStrategyIfsharepriceisgreaterthanexercisepriceatexpirydate,theumnet eandthehighestnetprofitorlosscanbelocked.Onthecontrary,thenetlosswillbelowerthanjustsimplypurchasingtheshares,ofwhichisreducedbyanamountequaltotheoption對 多StrategyStraddleisdividedintolongstraddleandshortLongstraddlereferstotheholdofacalloptionandaputoptionwiththesameexercisepriceandtimetomaturity.StrategyTheworstresultoflongstraddleisthestockpriceandthestrikepricearethesameatexpirydate,theinvestorwouldlosethecostofcallandputoptions.Aslongasthepriceisnotequaltothestrikeprice,thecombinationofneteisgreaterthan0,thedeviationofstockpricethestrikepricemustbemorethanoptionpurchasecost,thenitcanbringbenefitforinvestors.Strategyshortstranglereferstosellcalloptionandputoption對 空samesharesimultaneously,exercisepriceandmaturityofthemaresame.ShortstranglestrategyisusefulinvestorswhoexpectmarketpricewouldberelativelyStrategyTheworstresultofshortstrangleismaturitypriceisdifferentfromexerciseprice,nomatterhowthesharepricechanged,investorswouldsuffereddevastatinglosses;thebestresultismaturitypriceisequaltoexerciseprice,investorslyearn efromsellingcalloptionandput三、價值的影響因Factorsaffectingoption1Marketvalueof2Exercise3Timeto4Volatilityofshare5Risk-interest6ExpectedThevalueofcalloptionincreaseswiththerisingshareThevalueofputoptiondecreaseswiththeincreaseofThehighertheexercisepriceofcalloption,thesmallertheoptionvalue;thehighertheexercisepriceofputoption,thegreateroptionForAmericancalloption,thelongerthetimetomaturity,thegreaterthevalueisFortheEuropeancalloption,longertimetomaturitymayincreasetheoptionVolatilityreferstotheuncertaintyofstockpricechange,andisusuallymeasuredwithstandarddeviation.TheincreaseofthesharepricevolatilitywillincreasethevalueofThehighertherisk-interestis,thehigherthepriceacalloptionandthelowerpriceofputThevalueofputoptionmoveswiththesamedirectionwiththeamountofexpecteddividend,andthevalueofcalloptionmoveswiththeoppositedirectionwiththeamountof四、金融價值評估的方Methodofoption1Replicating2Hedgingprinciple（thecaseofpurchasingstockandcall3Risk-neutralThebasicidea:anappropriateportfolioofstockandloanisconstructed,makinggainsandlossesoftheportfolioarethesamewiththeoptionregardlessofthechangesofshareprice,sothecostofconstructingtheinvestmentportfolioistheoptionConfirmingthepossiblesharepriceatmaturitydateUpwardmovementshareprice＝currentshareprice×upwardmovementmultiplierDownwardmovementshareprice＝currentsharepricedownwardmovementAccordingtoexerciseprice,calculateoptionvaluematurity/expirationOptionvalueatmaturitydateatupwardmovementshare＝Max（Upwardmovementshareprice－exerciseprice,Optionvalueatmaturitydateatdownwardmovementprice＝Max（downwardmovementshareprice－exerciseCalculatethehedgingHedgingratio＝（optionvalueatupwardmovementpricematuritydate－optionvalueatdownwardmovementpricematuritydate）/（upwardmovementsharemovementshareprice）＝thedifferencebetweenupwardvalueanddownwardoptionvalue/thedifferenceupwardsharepriceanddownwardshareCalculatecostofinvestmentTheexpenditureofpurchasingshares＝hedgingratiocurrentshareLoan＝（downwardmovementsharepriceatmaturitydate×hedgingratio－calloptionvalueatdownwardmovementsharepriceatmaturitydate）/（1＋risk-interestrate）Optionvalue＝costofinvestmentportfolio＝theexpenditureofpurchasingshares－loan（borrowing）Risk-neutraltheory:assumingthattheattitudeoftowardriskisneutral,theexpectedrateofreturnofsecuritiesshouldbetherisk-interestrate.neutralinvestorsdonotneed etofortherisk.Intherisk-neutralworld,expectedvaluediscountedbyrisk-interestrate,thenthepresentofcashflowcanbeInthiscase,theexpectedrateofreturnshouldsatisfywiththefollowingformulaExpectedrateofreturn＝upwardprobability×rateofreturnofupwardmovement＋downwardprobability×ra