商業(yè)金融和投資評估Business Finance and Investment Appraisal
Excel使用和投資價值評估Excel use and Investment Appraisal
(1) Bond valuation: 債券估值
一個公司擁有100份債券 ,每個債券面值1000英鎊,并支付5%的利息。債券有效期限是10年,但該公司將在4年后出售這些債券,當時的期望利率為6%。
債券價值和利率之間的公式是(根據(jù)凱恩斯的理論):
A company holds 100 identical bonds – each bond is sold at par value of £1000, and pays 5%. The bond period is 10 years, but the company will dispose of these after 4 years and expects interest rates at that time to be 6%.
The relationship between bond values and interest rates can be stated (based on Keynes’ work):
該公司的折現(xiàn)率是9%。建立此債券投資組合的現(xiàn)金流量預測,并評估其凈現(xiàn)值。
The firm operates with a discount rate of 9%. Build up the ‘cash flow forecast’ for this bond portfolio and evaluate its Net Present Value.
(2) Chesherton fibres:
Load the spreadsheet ‘Chesherton Fibres model answer_Nov07.xls’. There are several parts to note
• Rows 3 to 29 – this is a ‘data entry’ area.
o It provides key values for Investment costs (land, vehicles, etc.), variables costs (materials, etc.), fixed costs (admin, etc.).
o Altering the values in these ‘change cells’ can be automatically fed through to all the following calculations, so that different scenarios can be easily tested.
• Rows 34 onwards provide the relationships that give specific values, e.g.:
Row: Relationship Function http://ukthesis.org/jjxzy/
Tb1 INVESTMENT COSTS Column B Column B
35 Cell B4 (land investment cost data entry) x B12 (spread of land investment cost) =b4*b12
36 B5 (buildings cost) x B13, C13, D13, etc.. (spread of cost) =b5*b13, can be entered as $b$5*b$13 and then pasted along row (into columns C and D – the $ sign fixes a row number or column letter)
37 B6 (Machinery) x B,C,D14 (spread) =b6*b14, can be entered as above
38 B7 (Vehicles) x D15 (spread) =b7*d15, but note replacement every 5 years also…
Tb2 PRODUCTION & SALES Column E on Column E on
45 Production tns DATA ENTRY DATA ENTRY
46 Stock D46 (previous stock) + (E45 – E48 i.e. production – sales or unsold production) =d46+(e45-e48)
47 Incremental stock E45 – E48 =(e45-e48)
48 Sales tonnes DATA ENTRY DATA ENTRY
49 Sales value E48 (sales tns) x B18 (Price) =e48*b18
Tb3 COSTS #p#分頁標題#e#
56 Raw materials B20 x row 45 =$b$20*e45
57 Utilities B21 x row 45 =$b$21*e45
58 Direct Labour B22 x row 45 =$b$22*e45
59 Other Direct cst B23 x row 45 =$b$23*e45
61 Utilities FC B28 =$b$28
62 Maintenance FC B6 x row 27 (extend 5%s…) =$b$6*e27, etc..
63 Admin FC B29 =$b$29
Tb4 Working capital details..
Tb5 Summary table – incremental cash flow
執(zhí)行以下操作,看看如何影響行凈現(xiàn)值
1、減少機械采購
2、(反轉(zhuǎn)之前所做的更改,然后)維修費用翻倍。
3、(反轉(zhuǎn)之前所做的更改,然后)單價增長為每噸45,000英鎊。
4、(反轉(zhuǎn)之前所做的更改,然后)土地出售價值翻倍(表1中的16年)
鑒于上述變化的反應(yīng):
•解釋結(jié)果是如何微小變化的以及變化時間
Do the following and see how this impacts on the NPVs in rows 96-99
• Reduce the spread of machinery purchases so that 50% occurs in each of years 1 and 2
• (Reverse the previous change, and then) Double the maintenance costs.
• (Reverse the previous change, and then) Increase the unit price to £45,000 per tonne.
• (Reverse the previous change, and then) Double the disposal value for land (Year 16 in Table 1)
Given the responses to the above changes:
• Comment on how sensitive the results are to minor changes, and their timing
相關(guān)文章
UKthesis provides an online writing service for all types of academic writing. Check out some of them and don't hesitate to place your order.