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注会综合阶段英语水平提升班——第六单元2

t-admin154 网校老师 发表于 2017-10-29 16:27:10 | 评论:0  查看:1024次 [注会英语]
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Unit 6         Financial management
2. Asset valuation
Key terms:
Perpetuity                                                                     永续年金
Advanced annuities                                                     预付年金
Delayed annuities                                                         递延年金
Mean                                                                                 均值
Variance                                                                         方差
Standard deviation                                                     标准差
Normal Distribution                                                 正态分布
Portfolio of securities                                         证券组合
Face value/par value                                                面值
Yield to maturity                                                         到期收益率
Interest rate                                                                利率
Nominal/stated interest rate                                票面利率
Maturity date                                                                 到期日
Expiry date                                                                    到期日
Required rate of return                                                要求的报酬率
CAPM: capital asset pricing model                        资本资产定价模型
Covariance and correlation                                     协方差和相关性
Diversifiable and non-diversifiable risks         可分散和不可分散风险
Risk free rate of return                                        无风险报酬率
Risk premium                                                                风险溢价
WACC                                                                                加权平均资本成本
Cost of debt                                                                债券资本成本
Cost of equity                                                                权益资本成本
Ordinary share                                                                普通股
Convertible debt                                                        可转换债券
Equity beta: β equity                                                        权益贝塔系数
Redeem                                                                            赎回
At par                                                                                面值
DOL( degree of operating leverage)                    经营杠杆系数
DFL (degree of financing leverage)                        财务杠杆系数
DTL (degree of total leverage)                                总杠杆系数
Financial distress                                                         财务困境
Dividend policy                                                                股利政策
Cash dividend                                                             现金股利
Stock (scrip ) dividend                                     股票股利
Stock split                                                                 股票分割
Stock repurchase                                                         股票回购
Dividends grow at the long-term growth rate in earnings
股利按长期增长率增长
Payout ratio                                                                股利支付率
Residual dividend policy with all distribution in the form of dividend
所有剩余均以股利形式发放的剩余股利政策
Regular-dividend-plus-extras policy                    正常股利加额外股利支付政策
Leasing                                                                         租赁
Convertibles                                                                 可转换债券
Warrants                                                                         认股权证
Preference shares                                                       优先股
Discounted cash flow (DCF)                            折现现金流
Net present value (NPV)                                         净现值
Internal rate of return ( IRR)                                 内部收益率
Payback period (PP)                                                 回收期
Discounted payback period (DPP)                            折现回收期
Capital rationing                                                        资本分配
Profitability index                                                        获利指数
Mutually exclusive projects                                        互斥项目
Sensitivity analysis                                                 敏感性分析
Linear programming                                                     线性规划
Simulations                                                                 模拟
Real options                                                                实物期权
2.1 Basic concepts
Time value of money (货币的时间价值) :Money received today is worth more than the same sum received in the future, i.e. it has a time value. This occurs for three reasons:
Ø Potential for earning interest/cost of finance
Ø Impact of inflation (通货膨胀)
Ø Effect of risk
Compounding 复利
A sum invested today will earn interest. Compounding calculates the future or terminal value of a given sum invested today for a number of years. To compound a sum, the figure is increased by the amount of interest it would earn over the period.
The terminal value (终值) is the value, in n years’time, of a sum invested now, at an interest rate of r%.
F=P×(1+r)n
Discounting 折现
In a potential investment project, cash flows will arise at many different points in time. To make a useful comparison of the different flows, they must all be converted to a common point in time, usually the present day, i.e. cash flows are discounted.
The present value(现值) is the cash equivalent now of money receivable in n years’time, at an interest rate of r%.
P-F×(1+r)-n
(1+r)-n is called the discount factor (折现因子)(复利现值系数).  
有效年利率和报价年利率的区别
Distinction between stated annual interest rate and effective annual rate
   图片5.png  
式中,r——报价利率
        m——每年复利次数
        i——有效年利率
    Annuity (年金) : An annuity is a constant annual cash flow for a number of years.
Perpetuity (永续年金) is a constant stream of cash flows without end. ( There is a well-known case of an unending cash flow stream: the British bonds called consols. An investor purchasing a consol is entitled to receive yearly interest from the British government forever. )
图片6.png
2.2 资本资产定价模型( CAPM)
It is commonplace to argue that the expected return on an asset should be positively related to its risk. Economists frequently argue that the expected return on the market can be represented as:
要求的必要收益率=无风险报酬率+风险报酬率
Rm=Rf+ Risk premium
In words, the expected return on the market is the sum of the risk-free rate plus some compensation for the risk inherent in the market portfolio.
R=Rf+βequity× (Rm-Rf )
This formula, which is called the capital asset pricing model, implies that the expected return on a security is linearly related to its beta.
2.3 The present value formulas for bonds
Pure discount bond ( zero coupon bond) is the simplest kind of bond. It promises a single payment at a fixed future date.
纯贴现债券是指承诺在未来某一确定日期作某一单笔支付的债券。
图片7.png
Level coupon bond offers cash payments not just at maturity, but also at regular times in between. For example, payments on American corporate bonds are made every six months until the bonds mature. These payments are called the coupons of the bond.
平息债券是指利息在到期时间内平均支付的债券。
平息债券 PV=C×ATR + F/(1+R)T
C is the coupon and the face value (利息额) , ATR  is the present value of an annuity of $1 per period for T periods at an interest rate per period of R (年金现值系数).
平息债券价值=未来各期利息的现值+面值(或售价)的现值
Consols ( perpetuity)
永久债券是指没有到期日,永不停止定期支付利息的债券。
图片8.png
永久债券PV=C/R
2.4 Valuation of different types of stocks
Zero growth零增长股票的价值: 图片9.png
Constant growth固定增长股票的价值: 图片10.png
Differential growth非固定增长股票的价值
2.5 WACC加权平均资本成本
Because the average cost of capital is a weighting of its cost of equity and its cost of debt, it is usually referred to as the weighted average cost of capital (WACC).
WACC 是权益资本成本和债务资本成本的加权平均数。
Consider a firm whose debt has a market value of $40 million and whose stock has a market value of $60 million (3 million outstanding shares of stock, each selling for $20 per share ). The firm pays a 15 percent rate of interest on its new debt and has a beta of 1.41,the corporate tax rate is 34 percent. Assume that the risk premium on the market is 9.5 percent and that the current Treasury bill rate is 11 percent. What is this firm’s WACC?
To compute the WACC, we must know (1) the after-tax cost of debt (2) the cost of equity and (3) the proportions of debt and equity used by the firm.
1. The pretax cost of debt is 15 percent, implying an after-tax cost of 9.9 percent [15%×(1-0.34)].
2. We compute the cost of equity capital by using the SML (Security Market Line):
Rs=Rf+ βquity× (Rm-Rf )
=11%+1.41×9.5%
=24.4%
3. We compute the proportions of  debt and equity from the market values of debt and equity. Because the market value of the firm is $100 million (=$40million+$60million), the proportions of debt and equity are 40 and 60 percent, respectively. Therefore :
Rwacc = 40%×9.9%+60%×24.4%=18.6%
2.6 Business valuation 企业估值
Valuation is described as “an art not a science”. The real worth of a company depends on the viewpoints of the various parties:
Ø the various methods of valuation will often give widely differing
results
Ø the final figure will be a matter for negotiation between the interested parties.
Ø the valuation is subjective and a compromise between two parties.
Approaches to valuations:
Ø Income/earnings based-based on the returns earned by the company (PE ratio method 市盈率模型)
Ø Cash flow based-based on the cash flows of the company (现金流量折现法)
2.7 Capital budgeting 资本预算
Various techniques are available to evaluate capital investment projects. Discounted cash flow methods (折现现金流) are used to evaluate a capital investment by comparing the equivalent present values of all future net cash flows for the initial investment.
The popular DCF methods are covered:
Net present value (净现值)uses a specified discount rate to bring all subsequent net cash flows after the initial investment to their present values at the time of the initial investment. NPV emphasizes the dollar amount at the time of the investment.
Internal rate of return ( IRR) (内部收益率) estimates the discount that makes the present value of all the subsequent net cash inflows after the initial investment equal the initial cash of the outlays of the investment. IRR uses the discount rate as a point of comparison.
Comparison of NPV and IRR
The same basic assumption underlies both the NPV and IRR methods: risk, or uncertainty and the time value of money.
A major difference is that the end result of NPV is a dollar figure whereas the final computation for IRR is a percentage.
There is an advantage for NPV, as the NPV values of individual projects can be added to estimate the effect of accepting some possible combination of projects.
不同项目的NPV可以相加。
Another advantage of the NPV method is its usefulness in evaluating a project in which the required rate of return varies over the life of the project.
NPV适用于在项目期间要求回报率不同的项目评价。

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