财管第七章思维导图

生成影

2024-06-09

浏览量: 3

财务管理

财务部门

财务制度

利率与债券估值相关内容讲解

树图思维导图提供《财管第七章》在线思维导图免费制作，点击“编辑”按钮，可对《财管第七章》进行在线思维导图编辑，本思维导图属于思维导图模板主题，文件编号是：eaa4b8fadabc44ab5aa70f5685766c37

思维导图大纲

Bond

Bond Definitions

Par value(face value)=pricipal amount, repaid t maturity,面值即本金到期偿还

Coupon rate=annual coupon divided by face value

Coupon=stated interest payment(票面利息)

YTM(Yield or Yield to maturity,到期收益率)=rate of return required in the market for bond,market rate, internal rate of return

Current Yield(利息收益率)=annual coupon/price

YTM=currentyield+capital gains yeild(资本收益率)

Maturity date

Bond Value

Bond Value=PV of coupons+PV of par=PV of annuity +PV of lump sum

As interest rates increase, present values decrease,vice versa.

the Fisher Effect

(1+R)=(1+r)(1+h)

Approximation

R=r+h

interest rate(market value,yield to maturity)

Inflation and Interest Rates

Bond Indenture

The basic terms(基本条款) of the bonds

The total amount of bonds issued

A description of property used as security(担保), if applicable

Sinking fund provisions(偿债基金)

Call provisions(赎回条款)

Details of protective convenants(保护性条款)

positive covenants

negative covenants

Bond classifications

Registered(记名) vs. Bearer(不记名) Forms

Security

Collateral

secured by financial securities

Mortagage

Secured by real property,normally land or buildings

Debentures

unsecured

Notes

unsecured debt with original maturity less than 10 years

Seniority(优先级别)

偿还的优先次序

Examples

Treasury Securities

Municipal Securities

Coupon Bonds

零息债券挣资本利得

Floating-rate Bonds

other types

Interest Rate Risk

Price Risk

change in price due to changes in interest rates

Long-term bonds——more price risk

Low-coupon rate——more pricce risk

Reinvestment Rate Risk

Uncertainty concerning rates at which cash flows can be reinvested

Short-term bonds——more reinvestedment rate risk

High-coupon rate bonds——more reinvestment rate risk

Differences between Debt and Equity

Debt

Not an ownership interest

Creditors don't have voting rights

Interest is a cost of business tax deductible

Creditors have legal recourse

Excess debt can lead to finance ddistriss and bankcruptcy

Equity

Ownership interest

Common stockholders vote for the board of directors and other issues

Dividends are not a cost of business and not tax deductible

Dividends are not a liabiliaty,and stockholders have no legal recourse if dividends are not paid

An all equity firm can't bankrupt merely due to cebt since it has no debt

YTM and Cuopon rate思维导图模板大纲

YTM=Coupon rate

par value=bond price

YTM>Coupon rate

par value>bond price

YTM<Coupon rate

par value<bond price

思维导图模板大纲

Factors Affecting Bond Yields思维导图模板大纲

Real rate of interest

Interest rates or rates of return that have been adjusted for inflation

Expected future inflation premium

The portion of a nominal interest rate that repredsents compensation for expected future inflation

Interest rate risk premium

The compensation investors demand for bearing rate inflation

Default risk premium

The portion of a nominal interest rate or bond yield that represents compensation for the possibility of default

Taxability premium

The portion of a nominal interest rate or bond yield that represents compensation for unfavorable tax status

Liquidity premium

The portion of a nominal interest rate or bond yield that represents compensation for lack of liquidity.

Coupon rate depends on the risk characteristics of the bond when issued思维导图模板大纲

A debenture has higher coupon rate than secured debt

Subordinated debenture has higher coupon rate than senior debt

A bond with a sinking fund has higher coupon rate than one without

A callable bond has higher coupon rate than non-callable bond

数智技术在工程设备管理中的应用思维导图

U182637395

2.56

树图思维导图提供《数智技术在工程设备管理中的应用》在线思维导图免费制作，点击“编辑”按钮，可对《数智技术在工程设备管理中的应用》进行在线思维导图编辑，本思维导图属于思维导图模板主题，文件编号是：f9a2de84ad9a9ceebc96385d71be9ebe

关于水岸春城地面停放车辆的分阶段分区管控方案思维导图

U882214155

4.27

树图思维导图提供《关于水岸春城地面停放车辆的分阶段分区管控方案》在线思维导图免费制作，点击“编辑”按钮，可对《关于水岸春城地面停放车辆的分阶段分区管控方案》进行在线思维导图编辑，本思维导图属于思维导图模板主题，文件编号是：b7cacbcb60cd785d3e836665ab120d6d

思维导图模板

医疗/金融/房地产

金融专业知识

正文

相似思维导图模版

进出口贸易总额对我国 GDP增长贡献度的分析思维导图

思维导图模版推荐

首页

我的文件

我的团队

个人中心

财管第七章思维导图

思维导图大纲

相关思维导图模版

﻿Bond

﻿Interest Rate Risk

﻿Differences between Debt and Equity

﻿YTM=Coupon rate

﻿YTM>Coupon rate

﻿YTM<Coupon rate