第二十七章基本金融工具TheBasicToolsofFinance1基本金融工具TheBasicToolsofFinancetherelationshipbetweenpresentvalueandfuturevalue.theeffectsofcompoundgrowth.howrisk-aversepeoplereducetherisktheyface.howassetpricesaredetermined.金融学Finance金融学：研究人们如何在某一时期内做出关于配置资源和应对风险决策的学科。Financeisthefieldthatstudieshowpeoplemakedecisionsregardingtheallocationofresourcesovertimeandthehandlingofrisk.3现值：衡量货币的时间价值PresentValue:Measuringthetimevalueofmoney现值：用现行利率产生一定量未来货币所需的现在货币量。Presentvaluereferstotheamountofmoneytodaythatwouldbeneededtoproduce,usingprevailinginterestrates,agivenfutureamountofmoney.4现值：衡量货币的时间价值PresentValue:MeasuringthetimevalueofmoneyTheconceptofpresentvaluedemonstratesthefollowing:Receivingagivensumofmoneyinthepresentispreferredtoreceivingthesamesuminthefuture.Inordertocomparevaluesatdifferentpointsintime,comparetheirpresentvalues.Firmsundertakeinvestmentprojectsifthepresentvalueoftheprojectexceedsthecost.5现值：衡量货币的时间价值PresentValue:MeasuringthetimevalueofmoneyIfristheinterestrate,thenanamountXtobereceivedinNyearshaspresentvalueof:X/(1+r)N未来值：在现行利率既定时，现在货币量将带来的未来货币量。FutureValue：Theamountofmoneyinthefuturethatanamountofmoneytodaywillyield,givenprevailinginterestrates,iscalledthefuturevalue.6现值：衡量货币的时间价值PresentValue:MeasuringthetimevalueofmoneyRuleof70ÊAccordingtotheruleof70,ifsomevariablegrowsatarateofxpercentperyear,thenthatvariabledoublesinapproximately70/xyears.复利：货币量的累积，即银行帐户上赚得的利息仍然留在帐户上以赚取未来更多的利息。compounding:theaccumulationofasumofmoneyin,say,abankaccountwheretheinterestearnedremainsintheaccounttoearnadditionalinterestinthefuture.风险管理ManagingRisk风险厌恶：不喜欢不确定性。Apersonissaidtoberiskaverseifsheexhibitsadislikeofuncertainty.Mostpeopleareriskaverse.ÊPeopledislikebadthingshappeningtothem.ÊInfact,theydislikebadthingsmorethantheylikecomparablegoodthings.ÊForarisk-averseperson,thepainfromlosingthe$1,000wouldexceedthegainfromwinning$1,000.8风险管理ManagingRisk9风险管理ManagingRisk‹Indiv