财务管理第四章长期证券的估价

4-1Chapter4TheValuationofLong-TermSecurities©2001Prentice-Hall,Inc.FundamentalsofFinancialManagement,11/eCreatedby:GregoryA.Kuhlemeyer,Ph.D.CarrollCollege,Waukesha,WI4-2TheValuationofLong-TermSecuritiesDistinctionsAmongValuationConceptsBondValuation（债券价值）PreferredStockValuation（优先股价值）CommonStockValuation（普通股价值）RatesofReturn(orYields)（回报率）4-3WhatisValue?Going-concernvalue（持续经营价值）representstheamountafirmcouldbesoldforasacontinuingoperatingbusiness.Liquidationvalue（清算价值）representstheamountofmoneythatcouldberealizedifanassetorgroupofassetsissoldseparatelyfromitsoperatingorganization.4-4WhatisValue?(2)afirm:totalassetsminusliabilitiesandpreferredstockaslistedonthebalancesheet.Bookvalue（账面价值）representseither(1)anasset:theaccountingvalueofanasset--theasset’scostminusitsaccumulateddepreciation;4-5WhatisValue?Intrinsicvalue（固有价值）representsthepriceasecurity“oughttohave”basedonallfactorsbearingonvaluation.Marketvalue（市场价值）representsthemarketpriceatwhichanassettrades.4-6BondValuationImportantTermsTypesofBondsValuationofBondsHandlingSemiannualCompounding4-7ImportantBondTermsThematurityvalue（到期价值）(MV)[orfacevalue票面价值]ofabondisthestatedvalue.InthecaseofaU.S.bond,thefacevalueisusually$1,000.Abond（债券）isalong-termdebtinstrumentissuedbyacorporationorgovernment.4-8ImportantBondTermsThediscountrate贴现率(capitalizationrate)isdependentontheriskofthebondandiscomposedoftherisk-freerateplusapremium（溢价）forrisk.Thebond’scouponrate票面利率isthestatedrateofinterest;theannualinterestpaymentdividedbythebond’sfacevalue.4-94-10柳化股份2011年公司债券2013年付息公告五、本次付息方法1、本公司已与中证登上海分公司签订了《委托代理债券兑付、兑息协议》，委托中证登上海分公司进行债券兑付、兑息。本公司最迟在本年度付息日前第二个交易日将本年度债券的利息足额划付至中证登上海分公司指定的银行账户。如本公司未按时足额将债券兑付、兑息资金划入中证登上海分公司指定的银行账户，则中证登上海分公司将根据协议终止委托代理债券兑付、兑息服务，后续兑付、兑息工作由本公司自行负责办理，相关实施事宜以本公司的公告为准。4-11termperpetualbond永久债券non-zerocoupon-paying非零息票支付债券zero-couponbond零息债券，或贴现债券Interpolate插值法Yield-to-Maturity到期回报率DiscountBond贴现债券PremiumBond溢价债券parBond平价债券4-12DifferentTypesofBondsAperpetualbond永久债券isabondthatnevermatures.Ithasaninfinitelife.(1+kd)1(1+kd)2(1+kd)V=++...+III=St=1(1+kd)tIorI(PVIFAkd,)V=I/kd[ReducedForm]4-13PerpetualBondExampleBondPhasa$1,000facevalueandprovidesan8%coupon.Theappropriatediscountrateis10%.Whatisthevalueoftheperpetualbond?I=$1,000(8%)=$80.kd=10%.V=I/kd[ReducedForm]=$80/10%=$800.4-14DifferentTypesofBondsAnon-zerocoupon-payingbond（非零息票支付债券）isacoupon-payingbondwithafinitelife.(1+kd)1(1+kd)2(1+kd)nV=++...+II+MVI=Snt=1(1+kd)tIV=I(PVIFAkd,n)+MV(PVIFkd,n)(1+kd)n+MV4-15BondChasa$1,000facevalueandprovidesan8%annualcouponfor30years.Theappropriatediscountrateis10%.Whatisthevalueofthecouponbond?CouponBondExampleV=$80(PVIFA10%,30)+$1,000(PVIF10%,30)=$80(9.427)+$1,000(.057)[TableIV][TableII]=$754.16+$57.00=$811.16.4-16DifferentTypesofBondsAzero-couponbond（零息债券，或贴现债券）isabondthatpaysnointerestbutsellsatadeepdiscountfromitsfacevalue;itprovidescompensationtoinvestorsintheformofpriceappreciation（价格上涨）.(1+kd)nV=MV=MV(PVIFkd,n)4-17V=$1,000(PVIF10%,30)=$1,000(.057)=$57.00Zero-CouponBondExampleBondZhasa$1,000facevalueanda30-yearlife.Theappropriatediscountrateis10%.Whatisthevalueofthezero-couponbond?4-18SemiannualCompounding(1)Dividekdby2(2)Multiplynby2(3)DivideIby2MostbondsintheU.S.payinteresttwiceayear(1/2oftheannualcoupon).Adjustmentsneeded:4-19(1+kd/2)2*n(1+kd/2)1SemiannualCompoundingAnon-zerocouponbondadjustedforsemiannualcompounding.V=++...+I/2I/2+MV=S2*nt=1(1+kd/2)tI/2=I/2(PVIFAkd/2,2*n)+MV(PVIFkd/2,2*n)(1+kd/2)2*n+MVI/2(1+kd/2)24-20V=$40(PVIFA5%,30)+$1,000(PVIF5%,30)=$40(15.373)+$1,000(.231)[TableIV][TableII]=$614.92+$231.00=$845.92SemiannualCouponBondExampleBondChasa$1,000facevalueandprovidesan8%semiannualcouponfor15years.Theappropriatediscountrateis10%(annualrate).Whatisthevalueofthecouponbond?4-21PreferredStockisatypeofstockthatpromisesa(usually)fixeddividend,butatthediscretionoftheboardofdirectors.PreferredStockValuationPreferredStockhaspreferenceovercommonstockinthepaymentofdividendsandclaimsonassets.4-22PreferredStockValuationThisreducestoaperpetuity!(1+kP)1(1+kP)2(1+kP)V=++...+DivPDivPDivP=St=1(1+kP)tDivPorDivP(PVIFAkP,)V=DivP/kP4-23PreferredStockExampleDivP=$100(8%)=$8.00.kP=10%.V=DivP/kP=$8.00/10%=$80StockPShasan8%,$100parvalueissueoutstanding.Theappropriatediscountrateis10%.Whatisthevalueofthepreferredstock?4-24CommonStockValuationProratashareoffutureearningsafterallotherobligationsofthefirm(ifanyremain).Dividendsmaybepaidoutoftheproratashareofearnings.Commonstockrepresentsaresidualownershippositioninthecorporation.4-25CommonStockValuation(1)Futuredividends(2)FuturesaleofthecommonstocksharesWhatcashflowswillashareholderreceivewhenowningsharesofcommonstock?4-26DividendValuationModelBasicdividendvaluationmodelaccountsforthePVofallfuturedividends.(1+ke)1(1+ke)2(1+ke)V=++...+Div1DivDiv2=St=1(1+ke)tDivtDivt:Cashdividendattimetke:Equityinvestor’srequiredreturn4-27AdjustedDividendValuationModelThebasicdividendvaluationmodeladjustedforthefuturestocksale.(1+ke)1(1+ke)2(1+ke)nV=++...+Div1Divn+PricenDiv2n:Theyearinwhichthefirm’ssharesareexpectedtobesol