财务管理资讯系统.pptx

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,按一下以編輯母片標題樣式,按一下以編輯母片,第二層,第三層,第四層,第五層,*,*,按一下以編輯母片標題樣式,按一下以編輯母片,第二層,第三層,第四層,第五層,*,*,財務管理資訊系統,第二組 指導：王子湄 老師,組長：49235044謝宗憲,組員：49235011蘇晏譁,49235012邱詩婷,49235026廖振傑,4923黃仲瑜,第1页,第15題,聯成石化企业發行之無擔保企业債條件以下：,面額：$100000,到期日：7年,票面利率：9%(六个月付息一次),請分別計算,以下殖利率之債劵價格：,殖利率為7%,殖利率為9%,殖利率為11%,第2页,第15題,債劵價格,=,將每期票面利息乘上當期折現因子所得之現值加總，最後一期因為本金歸還故票面利息相加後再给予折現納入計算,票面利息=到期本金*每期支付票面利率,C =FV *r,=100000 *,=4500(每一期),第3页,第15題(1.殖利率=7%),期數,現金流量,折現因子,折現值,1,4500,0.966184,4347.826,2,4500,0.933511,4200.798,3,4500,0.901943,4058.742,4,4500,0.871442,3921.49,5,4500,0.841973,3788.879,6,4500,0.813501,3660.753,7,4500,0.785991,3536.959,8,4500,0.759412,3417.352,9,4500,0.733731,3301.789,10,4500,0.708919,3190.135,11,4500,0.684946,3082.256,12,4500,0.661783,2978.025,13,4500,0.639404,2877.319,14,104500,0.617782,64558.2,債券價格,110920.5,第4页,第15題(2.殖利率=9%),期數,現金流量,折現因子,折現值,1,4500,0.956938,4306.22,2,4500,0.91573,4120.785,3,4500,0.876297,3943.335,4,4500,0.838561,3773.526,5,4500,0.802451,3611.03,6,4500,0.767896,3455.531,7,4500,0.734828,3306.728,8,4500,0.703185,3164.333,9,4500,0.672904,3028.07,10,4500,0.643928,2897.675,11,4500,0.616199,2772.894,12,4500,0.589664,2653.487,13,4500,0.564272,2539.222,14,104500,0.539973,56427.16,債券價格,100000,第5页,第15題(3.殖利率=11%),期數,現金流量,折現因子,折現值,1,4500,0.947867,4265.403,2,4500,0.898452,4043.036,3,4500,0.851614,3832.261,4,4500,0.807217,3632.475,5,4500,0.765134,3443.105,6,4500,0.725246,3263.606,7,4500,0.687437,3093.466,8,4500,0.651599,2932.195,9,4500,0.617629,2779.332,10,4500,0.585431,2634.438,11,4500,0.554911,2497.097,12,4500,0.525982,2366.917,13,4500,0.498561,2243.523,14,104500,0.472569,49383.5,債券價格,90410.35,第6页,第19題,假設永豐餘企业今天發行總計10億元面額企业債，每張企业債面額為10萬元，票面利率為5%，每年付息一次，五年到期。結果今天在市場上，順利以每張10.2萬元價格承銷標售完畢。,其中統一證劵企业今日以1000元共買進此債劵100張。假定利率是每年複利一次，試求今日統一證劵企业握有此企业債存續期間為多少？,第7页,第19題(cont),每張面額：100000,票面利率：5%,期數：5(五年，每年付息),債券價格：10,購入張數：100,YTM：4.54%,期數,現金流量,折現因子,折現值,1,5000,0.956572,4782.858,2,5000,0.915029,4575.147,3,5000,0.875291,4376.456,4,5000,0.837279,4186.393,5,105000,0.800917,84096.29,債券價格,10.1,第8页,第19題(cont),存續期間,=,期數,現金流量,折現因子,折現值,PVt*t,1,5000,0.956572,4782.858,0.046883,2,5000,0.915029,4575.147,0.089694,3,5000,0.875291,4376.456,0.128698,4,5000,0.837279,4186.393,0.164145,5,105000,0.800917,84096.29,4.121674,債券價格,10.1,4.551093,第9页,第24題,中國石油化學企业發行之有擔保企业債還有5年到期，面額100000元(課本數值有誤)，票面利率為8%，每年複息一次，請問：,若当前市價為11元，則殖利率為多少？,若当前市價為88000元，則殖利率為多少？,面額：100000,票面利率：8%,期數：5(五年，每年複息一次),第10页,第24題(1.市價=11),求出YTM=5.21%,期數,現金流量,折現因子,折現值,1,8000,0.95048,7603.84,2,8000,0.903412,7227.298,3,8000,0.858675,6869.402,4,8000,0.816154,6529.229,5,108000,0.775738,83779.67,債券價格,11.4,第11页,第24題(2.市價=88000),YTM=11.27%,期數,現金流量,折現因子,折現值,1,5000,0.898715,7189.719,2,5000,0.807688,6461.507,3,5000,0.725882,5807.052,4,5000,0.65236,5218.884,5,105000,0.586286,63318.89,債券價格,87996.05,第12页,Program Demo,習題十五,習題十九,習題二十四,第13页,Q&A,第14页,