2009-8-1412009-8-1422009-8-1432009-8-144.20092009--88--1414CompanyLogo52009-8-1462009-8-1472009-8-1482009-8-149.2009-8-14102009-8-1411,2009-8-1412vs2009-8-14132009-8-14142009-8-14152009-8-14162009-8-14172009-8-14182009-8-14192009-8-14202009-8-14212009-8-1422++=2009-8-14232009-8-14242009-8-14252009-8-14262009-8-14272009-8-14282009-8-14292009-8-1430第二章财物价值计量基础2009-8-1431第一节资金的时间价值2009-8-1432一、时间价值的概念2009-8-1433二、一次性收付款的终值与现值2009-8-1434（一）单利2009-8-1435（二）复利n)i1(PF2009-8-1436（二）复利2009-8-1437三、年金（A）2009-8-1438012…….n-2n-1nAAAAAA(1+i)0A(1+i)1A(1+i)n-1A(1+i)n-2FA(1+i)22009-8-1439i1i)(1AFniin1)1(2009-8-1440Case2009-8-1441),,/(niAFFA2009-8-1442）Case),,/(niAFFA)5%,10,/(1AFFA2009-8-144301n-1nAAA(1+i)-1A(1+i)-2A(1+i)-(n-1)A(1+i)-nPA2A2009-8-1444iiAPn)1(1iin)1(12009-8-1445Case2009-8-1446),,/(niAPPA2009-8-1447Case6.402)8%,12,/(12000),,/(APniAPPA2009-8-144801234AAAAA2009-8-14492009-8-145011n-1)112009-8-14512009-8-145210010%0124567100100100100F=A(F/A,10%,4)1004.641464.1Case2009-8-1453AAAnP=A·(P/A,i,n)(P/F,i,m)012mm+1m+n01n2009-8-14542009-8-1455V0=A·[(P/A,10%,6)-(P/A,10%,2)=1000(4.355-1.736)=2619V0=A(P/A,10%,4)(P/F,10%,2)=10003.16990.8264=2619.61Case2009-8-1456——n∞iiAPn)1(1iAP2009-8-14572009-8-145820000400092009-8-1459一个内插法的例子ββ2009-8-1460%59.13%)12%14(9164.43282.553282.5%12)(121211iiiin2009-8-1461第二节资金风险价值2009-8-14622009-8-1463————2009-8-14642009-8-1465二、单项资产的风险衡量2009-8-14662009-8-1467Case(pi)(Ki)0.2040700.6020200.200-302009-8-1468=40%0.20+20%0.60+0%0.20=20%=70%