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财务管理英文第十三版Ch 4sheena.ppt

财务管理英文第十三版Ch 4sheena.ppt

V = $120 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $120 (9.427) + $1,000 (.057)
Fundamentals of Financial
16
Management /12th Edition
Coupon Bond
A non-zero coupon-paying bond is a bond has a finite maturity and the bondholder receive interest
Types of Bonds
A perpetual bond is a bond that never matures. It has an infinite life.
Cash Flow: Only the fixed annual interest payment of I forever.
Fundamentals of Financial
13
Management /12th Edition
Perpetual Bond
A perpetual bond is a bond that never matures. It has an infinite life.
V=
I
(1 + kd)1
I
I
+ (1 + kd)2 + ... + (1 + kd)
Fundamentals of Financial
2
Management /12th Edition
Concepts of Value
Liquidation value represents the amount of money that could be realized if an asset or group of assets is sold separately from its operating organization.

《财务管理基础第13版》相关章节答案

《财务管理基础第13版》相关章节答案

*Note: Some instructors prefer to cover Chapters 6 and 7 before going into Chapters 3-5. These chapters have been written so that this can be done without any problem.
9 © Pearson Education Limited 2008
Chapter 1: The Role of Financial Management
ቤተ መጻሕፍቲ ባይዱ
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations. 2. Maximizing earnings is a nonfunctional objective for the following reasons: a. Earnings is a time vector. Unless one time vector of earnings clearly dominates all other time vectors, it is impossible to select the vector that will maximize earnings. b. Each time vector of earning possesses a risk characteristic. Maximizing expected earnings ignores the risk parameter. c. Earnings can be increased by selling stock and buying treasury bills. Earnings will continue to increase since stock does not require out-of-pocket costs. d. The impact of dividend policies is ignored. If all earnings are retained, future earnings are increased. However, stock prices may decrease as a result of adverse reaction to the absence of dividends. Maximizing wealth takes into account earnings, the timing and risk of these earnings, and the dividend policy of the firm. 3. Financial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind. Thus, the function of financial management can be broken down into three major decision areas: the investment, financing, and asset management decisions. 4. Yes, zero accounting profit while the firm establishes market position is consistent with the maximization of wealth objective. Other investments where short-run profits are sacrificed for the long-run also are possible. 5. The goal of the firm gives the financial manager an objective function to maximize. He/she can judge the value (efficiency) of any financial decision by its impact on that goal. Without such a goal, the manager would be "at sea" in that he/she would have no objective criterion to guide his/her actions. 6. The financial manager is involved in the acquisition, financing, and management of assets. These three functional areas are all interrelated (e.g., a decision to acquire an asset necessitates the financing and management of that asset, whereas financing and management costs affect the decision to invest). 7. If managers have sizable stock positions in the company, they will have a greater understanding for the valuation of the company. Moreover, they may have a greater incentive to maximize shareholder wealth than they would in the absence of stock holdings. However, to the extent persons have not only human capital but also most of their financial

财务管理(英文第十三版)ch13

财务管理(英文第十三版)ch13

negative cumulative cash flow
value.
PBP Acceptance Criterion
The management of Basket Wonders has set a maximum PBP of 3.5 years for projects of this type.
ICO =
CF1 (1+IRR)1
+
CF2 (1+IRR)2
+
.
.
.
+
CFn (1+IRR)n
IRR Solution
$40,000 = $10,000Βιβλιοθήκη $12,000 +
+
(1+IRR)1 (1+IRR)2
$15,000 + $10,000 + $7,000 (1+IRR)3 (1+IRR)4 (1+IRR)5
Payback Period (PBP)
0
1
2
3
4
5
-40 K
10 K
12 K
15 K
10 K
7K
PBP is the period of time required for the cumulative expected cash flows from an investment project to equal
Should this project be accepted?
Yes! The firm will receive back the initial cash outlay in less than 3.5 years. [3.3 Years < 3.5 Year Max.]

财务管理(英文第十三版)ch 1_sheena

财务管理(英文第十三版)ch 1_sheena

10
Fundamentals of Financial Management 2020/10/10
11
树立质量法制观念、提高全员质量意 识。20. 10.1020.10.10S aturda y, October 10, 2020
人生得意须尽欢，莫使金樽空对月。03:39:3003:39:3003:3910/10/ 2020 3:39:30 AM
2
It is concerned with the acquisition, financing, and management of assets with some overall goal in mind.
The decision function of financial management
牢记安全之责，善谋安全之策，力务 安全之 实。2020年10月10日 星期六3时39分 30秒Sa turday, October 10, 2020
创新突破稳定品质，落实管理提高效 率。20. 10.102020年10月10日 星期六 3时39分30秒20.10.10
谢谢大家！
The Role of Financial Management
What is Financial Management? The Goal of the Firm Corporate Governance Organization of the Financial
Management
Fundamentals of Financial Management 2020/10/10
作业标准记得牢，驾轻就熟除烦恼。2020年10月10日星期 六3时39分30秒 03:39:3010 October 2020

财务管理(英文第十三版)ch1_sheena.pptx

财务管理(英文第十三版)ch1_sheena.pptx
policy on the market price of the stock
To maximize the market price per share
Fundamentals of Financial Management 2020/7/22
5
Shareholders desire wealth maximization Do managers maximize shareholder wealth?
4
Profit Maximization
To maximize earnings per share(EPS)
◦ Doesn’t specify the timing or duration of expected returns
◦ Doesn’t consider risks ◦ Doesn’t allow for the effect of dividend
2
It is concerned with the acquisition, financing, and management of assets with some overall goal in mind.
The decision function of financial management
It encompassed the relationships among：
Shareholders
Board of Directors
Senior management
Fundamentals of Financial Management 2020/7/22
9
Fundamentals of Financial Management 2020/7/22

财务管理(英文第十三版)ch 3_sheena

财务管理(英文第十三版)ch 3_sheena

SI = P0(i)(n)
SI: Simple Interest P0: Deposit today (t=0) i: Interest Rate per Period n:Number of Time Periods
Assume that you deposit $1,000 in an account earning 7% simple interest for 2 years. What is the accumulated interest at the end of the 2nd year?
FV1 = P0(1+i)1 FV2 = P0(1+i)2
General Future Value Formula: FVn = P0 (1able I
FVIFi,n is on Table I at the end of the book
TIME allows you the opportunity to postpone consumption and earn INTEREST.
Simple Interest
Interest paid (earned) on only the original amount, or principal, borrowed (lent).
Compound Interest
• Interest paid (earned) on any previous interest earned, as well as on the principal borrowed (lent).
• Interest on Interest
Formula
Present Value
Value today of a future cash

《财务管理基础第13版》相关章节答案

《财务管理基础第13版》相关章节答案
9
. © Pearson Education Limited 2008
Chapter 1: The Role of Financial Management
ANSWERS TO QUESTIONS
1. With an objective of maximizing shareholder wealth, capital will tend to be allocated to the most productive investment opportunities on a risk-adjusted return basis. Other decisions will also be made to maximize efficiency. If all firms do this, productivity will be heightened and the economy will realize higher real growth. There will be a greater level of overall economic want satisfaction. Presumably people overall will benefit, but this depends in part on the redistribution of income and wealth via taxation and social programs. In other words, the economic pie will grow larger and everybody should be better off if there is no reslicing. With reslicing, it is possible some people will be worse off, but that is the result of a governmental change in redistribution. It is not due to the objective function of corporations.

财务管理(英文第十三版)12

财务管理(英文第十三版)12
12-10
Depreciation and the MACRS Method
Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm.
Depreciation is a noncash expense.
Chapter 12
Capital Budgeting and Estimating Cash Flows
12-1
Capital Budgeting and Estimating Cash Flows
The Capital Budgeting Process Generating Investment Project Proposals Estimating Project “After-Tax Incremental Operating Cash Flows”
12-9 Include effects of inflation
Tax Considerations and Depreciation
Depreciation represents the systematic allocation of the cost of a capital asset over a period of time for financial reporting purposes, tax purposes, or both. Generally, profitable firms prefer to use an accelerated method for tax reporting purposes (MACRS).
12-5

《国际财务管理》读书笔记模板

《国际财务管理》读书笔记模板
第一节汇率基础知识 Elementary Knowledge of Exchange Rate 第二节政府对汇率的影响 Exchange Rate Influenced by the Government 第三节利率平价 Interest Rate Parity 第四节汇率和利率、通货膨胀和国际收支的平衡关系 Balance Relations Between Exchange Rate and Interest Rate, Inflation and Balance of Payment 第五节汇率预测 Exchange Rate Forecast 本章小结 （Summary）
第三节国际财务管理目标 Objective of International Financial Management
第四节国际财务管理环境 Environment of International Financial Management
本章小结 （Summary）
第二章汇率 Exchange Rate
读书笔记
读书笔记
这是《国际财务管理》的读书笔记模板，可以替换为自己的心得。
精彩摘录
精彩摘录
这是《国际财务管理》的读书笔记模板，可以替换为自己的精彩内容摘录。
作者介绍
同名作者介绍
这是《国际财务管理》的读书笔记模板，暂无该书作者的介绍。
谢谢观看
第七章国际税收 International Tax
第一节国际税收概述 Overview of International Tax 第二节国际税收中性原则 Neutral Principles of International Tax 第三节跨国公司的国际税收筹划 International Tax Planning of Transitional Corporation 第四节国际税收的协调 International Tax Coordination 本章小结 （Summary）

财务管理英文Cha3课件

财务管理英文Cha3课件
➢ Assets covenants ➢ Dividend covenants ➢ Financing covenants ➢ Bonding covenants ➢ Financial ratio covenants ➢ Sinking fund covenants.
Not all of these types of covenants are included in every bond.
Copyright 2001 Prentice-Hall, Inc.
9
Bonding covenants
Describe the mechanism for enforcement of the covenants.
For example, the mechanism includes an independent audit of the company’s financial statements and appointment of a trustee to represent the bondholders and monitor the firm’s compliance with bond covenants.
Chapter Objectives
Explain the characteristics of debt. Identify the different types of debentures. Outline the provisions of a Bond Covenants. Discuss the different features of both preferred
Copyright 2001 Prentice-Hall, Inc.
13
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◦ PV0 = FVn (PV= $30,000 * 0.823
= $246,900
Your firm has been told that it needs $74,300 today to fund a $120,000 expense 6 years from now. What rate of interest was used in the computation?
FVn=PV0 (FVIFi,n) (FVIFi,8) = FV8/PV0
= 3,000/1,000
=3
i= 14.68%
How long would it take for an investment of $1,000 to grow to $1,900 if we invested it at a compound annual interest rate of 10 percent?
SI = P0(i)(n)
SI: Simple Interest P0: Deposit today (t=0) i: Interest Rate per Period n:Number of Time Periods
Assume that you deposit $1,000 in an account earning 7% simple interest for 2 years. What is the accumulated interest at the end of the 2nd year?
What is the Present Value (PV) of the previous problem?
The Present Value is simply the $1,000 you originally deposited. That is the value today!
P0 = FV - SI Present Value is the current value of a future
Present Value
Value today of a future cash
flow.
Discount Rate
Interest rate used to compute
present values of future cash flows.
Discount Factor
Present value of a $1 future payment.
TIME allows you the opportunity to postpone consumption and earn INTEREST.
Simple Interest
Interest paid (earned) on only the original amount, or principal, borrowed (lent).
Which would you prefer -- $10,000 today or $10,000 in 5 years?
Obviously, $10,000 today.
The reason is that there is TIME VALUE OF MONEY!!
Why is TIME such an important element in your decision?
Period 1 2 3 4 5
6% 1.060 1.124 1.191 1.262 1.338
7% 1.070 1.145 1.225 1.311 1.403
8% 1.080 1.166 1.260 1.360 1.469
Julie Miller wants to know how large her deposit of $10,000 today will become at a compound annual interest rate of 10% for 5 years.
Time Value of Money
The Interest Rate Simple Interest Compound Interest Compounding More Than Once
per Year Amortizing a Loan
Future Value
Amount to which an investment will grow after earning interest
FV1 = P0(1+i)1 FV2 = P0(1+i)2
General Future Value Formula: FVn = P0 (1+i)n
or FVn = P0 (FVIFi,n) See Table I
FVIFi,n is on Table I at the end of the book
0 7%
1
2
$1,000
FV2
FV1 = P0 (1+i)1 = $1,000 (1.07) = $1,070
Compound Interest
You earned $70 interest on your $1,000 deposit over the first year.
This is the same amount of interest you would earn under simple interest.
Ordinary Annuity: Payments or receipts occur at the end of each period.
0 1 2 3 45
10%
$10,000
FV5
Calculation based on general formula: FVn = P0 (1+i)n FV5 = $10,000 (1+ 0.10)5 = $16,105.10
Calculation based on Table I:
FV5 = $10,000 (FVIF10%, 5) = $10,000 (1.611) = $16,110 [Due to Rounding]
Compound Interest
• Interest paid (earned) on any previous interest earned, as well as on the principal borrowed (lent).
• Interest on Interest
Formula
=$1,000,000 * 10.835
= $10,835,000
You need $30,000 in cash to buy a house 4 years from today. You expect to earn 5 percent on your savings. How much do you need to deposit today if this is the only money you save for this purpose?
amount of money, or a series of payments, evaluated at a given interest rate.
Future Value of a Single $1,000 Deposit
Future Value (U.S. Dollars)
20000
15000
Quick! How long does it take to double $5,000 at a compound rate of 12% per
year (approx.)?
We will use the “Rule-of-72”
a) 72 / 12% = 6 Years or b) 72/ 6 years = 12%
SI
= P0(i)(n)
= $1,000(.07)(2)
= $140
What is the Future Value (FV) of the deposit?
FV = P0 + SI = $1,000 + $140 = $1,140
Future Value is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.
Assume that you need $1,000 in 2 years. Let’s examine the process to determine how much you need to deposit today at a discount rate of 7% compounded annually.
= $6,210.00 [Due to Rounding]
If you invest $1,000 today, you will receive $3,000 in exactly 8 years. What is the compound interest rate implicit in this situation?
PVIFi,n is on Table II at the end of the book
Period 6%
7%
8%
1
.943 .935 .926
2
.890 .873 .857
3
.840 .816 .794
4
.792 .763 .735
5
.747 .713 .681
Julie Miller wants to know how large of a deposit to make so that the money will grow to $10,000 in 5 years at a discount rate of 10%.