投融资成本与收益分析070915(9)

工程量快速计算方法

V = 981.81 + 214.55 = 1196.36 浣跨敤璁＄畻鍣? N = 20; I/Y = 8; PMT = 100; FV = 1000 CPT PV = -1196.36

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4.6.5 鍊哄埜浠锋牸涓庡埌鏈熸敹鐩婄巼鐨?鍏崇郴

1500 1400 1300 1200 1100 1000 900 800 700 600 0% 2% 4% 6% 8% 10% 12% 14%

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4.6.6 鍊哄埜鐨勫埄鐜囬闄?

浠锋牸椋庨櫓 鍒╃巼鍙樺姩寮曡捣浠锋牸鍙樺姩 闀挎湡鍊哄埜姣旂煭鏈熷€哄埜鏈夋洿楂樼殑浠锋牸椋庨櫓 鍐嶆姇璧勫埄鐜囬闄?鎸囨湭鏉ュ€哄埜鐨勭幇閲戞祦鍐嶆姇璧勬椂鐨勫埄鐜囦笅 璺岀殑椋庨櫓 鐭湡鍊哄埜姣旈暱鏈熷€哄埜鐨勫啀鎶曡祫椋庨櫓鏇村ぇ

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4.6.7 鍒告伅鐜囦笌鍊哄埜浠锋牸

褰揧TM =鍒告伅鐜? 闈㈠€?
par value = 鍊哄埜浠?鏍?If YTM > 鍒告伅鐜囷紝闈㈠€?> 鍊哄埜浠锋牸 鎶樻墸鍊哄埜discount bond If YTM <鍒告伅鐜囷紝闈㈠€?< 鍊哄埜浠锋牸 婧 环鍊哄埜 premium bond

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4.6.8 Figure 6.2

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4.6.9 鍊哄埜鍒版湡鏀剁泭鐜囧拰骞存湡鐨勮 绠?

PV, FV, PMT,I,N浜斾釜鎸囨爣锛岀煡閬撳叾涓?涓?灏卞彲浠ヨ绠楀彟涓€涓€?

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4.6.9.1 YTM璁＄畻

鍒版湡鏀剁泭鐜囨寚褰撳墠鍊哄埜浠锋牸闅愬惈鐨勬敹鐩?鐜?涓嶄娇鐢ㄩ噾铻嶈绠楀櫒鐨勮瘽锛岃绠楁椂闇€瑕佸弽 澶嶈瘯楠岋紙 trial and error锛?

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4.6.9.2 YTM璁＄畻

鏌愬€哄埜骞村埜鎭巼10% 銆?5 骞村埌鏈熴€侀潰鍊?$1000銆傜幇浠?$928.09銆?

鍒版湡鏀剁泭鐜囨槸鍚﹂珮浜?0%? N = 15; PV = -928.09; FV = 1000; PMT = 100 CPT I/Y = 11%

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4.6.9.3 YTM 璁＄畻锛堟瘡鍗婂勾浠樻伅 涓€娆★級

鍋囪鏌愬€哄埜骞存伅10%锛屾瘡鍗婂勾浠樻伅涓€娆★紝 闈㈠€?1000, 20骞村埌鏈燂紝鐜颁环$1197.93.

YTM鏄惁楂樹簬 10%? 姣忓崐骞翠粯鎭嚑娆? 涓€鍏卞灏戞湡(N)? N = 40; PV = -1197.93; PMT = 50; FV = 1000; CPT I/Y = 8%.

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5锛庡勾闄愭憡閿€妯″紡

杩欎釜妯″紡鍙敤浜庢埧灞嬭捶娆炬寜鎻瓑鍒嗘湡杩?鏈粯鎭殑铻嶈祫璁＄畻銆?

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骞撮檺鎽婇攢璁＄畻妯″紡鐨勫熀鏈洜瀛?

鈼廈AL锛?浠樻PM2瀹屾瘯鏃剁殑鏈噾浣欓 鈼廔NT锛氫粯娆綪M1鐨勫埄鎭儴鍒?鈼廝RN锛氫粯娆綪M1鐨勬湰閲戦儴鍒?鈼?鈼?

鈭?INT锛氫粠娆鹃」PM1鑷虫椤筆M2鐨勬€诲埄鎭?鈭?PRN

锛氫粠娆鹃」PM1鑷虫椤筆M2鐨勬€诲埄鎭?

5.1 骞撮檺鎽婇攢妯″紡瀹炰緥璁＄畻

瀹㈡埛鍚戦摱琛屾寜鎻捶娆?50000涓囷紝杩
樿捶鏈?10骞达紝骞存伅5%銆?闂細 1銆佹瘡鏈堣繕璐烽噾棰濓紵 2銆?4鏈熶互鍚庯紝鏈噾杩樺墿澶氬皯锛?3銆佹瘡鏈熻繕鎭锛熻繕鏈锛?4銆?4鏈熶互鍓嶏紝鍏辫繕浜嗗灏戝埄鎭紵澶氬皯鏈噾锛?

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5.1.1姣忔湀杩樻棰?CMPD 姣忔湀杩樻棰濇瘡鏈堣繕娆