第三章资金时间价值与祈券评价 第一节资金时间价值 第二节证券评价
第一节 资金时间价值 第二节 证券评价 第三章 资金时间价值与证券评价
第一节资金时间价值 资金时间价值的含义 终值与现值的计算
一、资金时间价值的含义 二、终值与现值 的计算 第一节 资金时间价值
时间价值 time value of money) ◆1、定义:定量资金在不同时点上的价值量差 额,源于货币在使用过程中随时间的推移而发生 的增值 ◆2、货币时间价值质的规定性,货币所有者让渡 货币使用权而参与剩余价值分配的一种形式。 ◆3、货币时间价值量的规定性,没有风险和没有 通货膨胀条件下的平均资金利润率。 ◆4、财务管理中要考虑货币的时间价值是为了便 于决策
一、时间价值(time value of money) 1、定义：一定量资金在不同时点上的价值量差 额，源于货币在使用过程中随时间的推移而发生 的增值。 2、货币时间价值质的规定性，货币所有者让渡 货币使用权而参与剩余价值分配的一种形式。 3、货币时间价值量的规定性，没有风险和没有 通货膨胀条件下的平均资金利润率。 4、财务管理中要考虑货币的时间价值是为了便 于决策
可 me value of Money The basic idea behind the concept of time value of money Is $1 received today is worth more than $1 in the future OR $1 received in the future is worth less than $1 today Why? -because interest can be earned on the money The connecting piece or link between present (today and future is the interest rate
Time Value of Money The basic idea behind the concept of time value of money is: – $1 received today is worth more than $1 in the future OR – $1 received in the future is worth less than $1 today Why? – because interest can be earned on the money The connecting piece or link between present (today) and future is the interest rate
二、终值( Future value)与现值( Present value) Future Value (FV) is what money today will be worth at some point in the future FV= PV X FVIF FVIF is the future value interest factor ( Append×1) Present Value(Pv) is what money at some point in the future is worth today PV=FV X PVIF PVIF is the present value interest factor (Appendix 2
Future Value (FV) is what money today will be worth at some point in the future FV = PV x FVIF FVIF is the future value interest factor (Appendix 1) Present Value (PV) is what money at some point in the future is worth today PV = FV x PVIF PVIF is the present value interest factor (Appendix 2) 二、终值(Future value)与现值(Present value)