文档介绍：LOGO 财务管理-- 财务管理的基础观念 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. Company Logo 者均是财务决策的基本依据时间价值时间价值正确地揭示了不同时点上资金之间的换算关系正确地揭示了风险和报酬之间的关系利息率利息率与时间价值和风险报酬密切相关风险报酬 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. Company Logo 货币时间价值?一、货币时间价值的内涵?货币时间价值是作为一种生产要素所应得的报酬,即扣除风险报酬和通货膨胀贴水后的那部分平均收益。货币时间价值=投资收益-风险报酬-通货膨胀贴水?货币时间价值表示方式: ?绝对数:初始投资额×资金时间价值率?相对数:资金时间价值率(一般用扣除风险报酬和通货膨胀贴水后的利息率——国库券利率) Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. Company Logo 、货币时间价值的计算?(一)复利终值与现值?单利( simple interest) :只就本金计算利息。?复利( compound interest) : ?每期利息收入在下期转化为本金产生新的利息收入。?货币时间价值计算中一般使用复利的概念。?1复利终值( future value ) ?复利终值是指若干期后包括本金和利息在内的未来价值,又称本利和。 FV n =PV ( 1+i ) n =PV × FVIF 其中: FVIF = ( 1+i ) n 称为复利终值系数, Future Value Interest Factor Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. Company Logo 1—1可知:利息率越高,复利终值越大; 复利期数越多,复利终值越大。 Evaluation only. Evaluation only. Created with Client Profile . Created with Client Profile . Copyright 2004-2011 Aspose Pty Ltd. Copyright 2004-2011 Aspose Pty Ltd. Company Logo 、复利现值( present value) 复利现值是以后年份收入或支出资金的现在价值。 PV=FV n /(1+i) n =FV n× PVIF : PVIF = 1/(1+i) n 称为复利现值系数或贴现系数。 Present Value Interest Factor 图1—2表明:贴现率越高,复利现值越小;贴现期数