财务管理第四章长期证券的估价PPT课件.pptx

Chapter 4;The Valuation of Long-Term Securities;What is Value?;What is Value?;What is Value?;Bond Valuation;Important Bond Terms;Important Bond Terms;;柳化股份2011年公司债券2013年付息公告;term;;Perpetual Bond Example;;;Different Types of Bonds; V = $1,000 (PVIF10%, 30) = $1,000 (.057) = $57.00;Semiannual Compounding;;;Preferred Stock is a type of stock that promises a (usually) fixed dividend, but at the discretion of the board of directors.;;Preferred Stock Example;Common Stock Valuation;Common Stock Valuation;Dividend Valuation Model;Adjusted Dividend Valuation Model;Dividend Growth Pattern Assumptions;;Constant Growth Model Example;;Zero Growth Model Example;;;Calculating Rates of Return (or Yields);;Determining the YTM;YTM Solution (Try 9%);YTM Solution (Try 7%); .07 $1,273 .02 IRR $1,250 $192 .09 $1,081 X $23 .02 $192; .07 $1,273 .02 IRR $1,250 $192 .09 $1,081 X $23 .02 $192; .07 $1273 .02 YTM $1250 $192 .09 $1081 ($23)(0.02) $192 ;;Determining the Semiannual Coupon Bond YTM;Determining Semiannual Coupon Bond YTM;Determining Semiannual Coupon Bond YTM;Bond Price-Yield Relationship;Bond Price-Yield Relationship;Bond Price-Yield Relationship;Bond Price-Yield Relationship;Bond Price-Yield Relationship (Rising Rates);Bond Price-Yield Relationship;Bond Price-Yield Relationship;Bond Price-Yield Relationship (Declining Rates);The Role of Bond Maturity;Bond Price-Yield Relationship;The Role of Bond Maturity;The Role of the Coupon Rate;Example of the Role of the Coupon Rate;Example of the Role of the Coupon Rate;Determining the Yield on Preferred Stock;Preferred Stock Yield Example;Determining the Yield on Common Stock;Common Stock Yield Example