- •Тема 1 Роль финансов в инвестиционном процессе.
- •Тема 2 Стоимость денег с учетом фактора времени
- •Тема 3 Методы оценки инвестиционных предложений
- •Тема 4 Инвестиции в условиях риска
- •1 Неопределенность и риск
- •2 Методы анализа инвестиционных проектов с учетом риска
- •3 Инвестирование в ценные бумаги
- •Эффективный портфель
- •Оптимальный портфель инвестора
- •Тема 5 Стоимость капитала
- •1 Определение
- •2 Расчет отдельных составляющих стоимостей капитала. Стоимость долга
- •3 Определение весовых долей капитала
- •4 Оперативный и финансовый ливеридж
- •5 Теория структуры капитала
- •Подход Модильяни-Миллера
- •6 Анализ зависимости “пдпн - доа”
- •Тема 6 Дивидендная политика фирмы
- •Факторы, определяющие дивидендную политику
- •Порядок выплаты дивидендов
- •Виды дивидендных выплат и их источники
- •Методика постоянного процентного распределения прибыли
- •Методика фиксированных дивидендных выплат
- •Методика выплаты гарантированного минимума и экстра-дивидендов
- •Методика выплаты дивидендов акциями
- •Методика дробления акций
- •Методика выкупа акций
- •Литература
- •Приложение
Приложение
Table 1 Future value of $1 (future amount of single sum) (будущая стоимость $1)
Periods (n) |
2% |
3% |
4% |
5% |
6% |
7% |
8% |
1 |
1.02000 |
1.03000 |
1.04000 |
1.05000 |
1.06000 |
1.07000 |
1.08000 |
2 |
1.04040 |
1.06090 |
1.08160 |
1.10250 |
1.12360 |
1.14490 |
1.16640 |
3 |
1.06121 |
1.09273 |
1.12486 |
1.15763 |
1.19102 |
1.22504 |
1.25971 |
4 |
1.08243 |
1.12551 |
1.16986 |
1.21551 |
1.26248 |
1.31080 |
1.36049 |
5 |
1.10408 |
1.15927 |
1.21665 |
1.27628 |
1.33823 |
1.40255 |
1.46933 |
6 |
1.12616 |
1.19405 |
1.26532 |
1.34010 |
1.41852 |
1.50073 |
1.58687 |
7 |
1.14869 |
1.22987 |
1.31593 |
1.40710 |
1.50363 |
1.60578 |
1.71382 |
8 |
1.17166 |
1.26677 |
1.36857 |
1.47746 |
1.59385 |
1.71819 |
1.85093 |
9 |
1.19509 |
1.30477 |
1.42331 |
1.55133 |
1.68948 |
1.83846 |
1.99900 |
10 |
1.21899 |
1.34392 |
1.48024 |
1.62889 |
1.79085 |
1.96715 |
2.15892 |
11 |
1.24337 |
1.38423 |
1.53945 |
1.71034 |
1.89830 |
2.10485 |
2.33164 |
12 |
1.26824 |
1.42576 |
1.60103 |
1.79586 |
2.01220 |
2.25219 |
2.51817 |
15 |
1.34587 |
1.55797 |
1.80094 |
2.07893 |
2.39656 |
2.75903 |
3.17217 |
20 |
1.48595 |
1.80611 |
2.19112 |
2.65330 |
3.20714 |
3.86968 |
4.66096 |
30 |
1.81136 |
2.42726 |
3.24340 |
4.32194 |
5.74349 |
7.61226 |
10.06266 |
40 |
2.20804 |
3.26204 |
4.80102 |
7.03999 |
10.28572 |
14.97446 |
21.72452 |
Periods (n) |
9% |
10% |
11% |
12% |
14% |
15% |
|
1 |
1.09000 |
1.10000 |
1.11000 |
1.12000 |
1.14000 |
1.15000 |
|
2 |
1.18810 |
1.21000 |
1.23210 |
1.25440 |
1.29960 |
1.32250 |
|
3 |
1.29503 |
1.33100 |
1.36763 |
1.40493 |
1.48154 |
1.52088 |
|
4 |
1.41158 |
1.46410 |
1.51807 |
1.57352 |
1.68896 |
1.74901 |
|
5 |
1.53862 |
1.61051 |
1.68506 |
1.76234 |
1.92541 |
2.01136 |
|
6 |
1.67710 |
1.77156 |
1.87041 |
1.97382 |
2.19497 |
2.31306 |
|
7 |
1.82804 |
1.94872 |
2.07616 |
2.21068 |
2.50227 |
2.66002 |
|
8 |
1.99256 |
2.14359 |
2.30454 |
2.47596 |
2.85259 |
3.05902 |
|
9 |
2.17189 |
2.35795 |
2.55804 |
2.77308 |
3.25195 |
3.51788 |
|
10 |
2.36736 |
2.59374 |
2.83942 |
3.10585 |
3.70722 |
4.04556 |
|
11 |
2.58043 |
2.85312 |
3.15176 |
3.47855 |
4.22623 |
4.65239 |
|
12 |
2.81266 |
3.13843 |
3.49845 |
3.89598 |
4.81790 |
5.35025 |
|
15 |
3.64248 |
4.17725 |
4.78459 |
5.47357 |
7.13794 |
8.13706 |
|
20 |
5.60441 |
6.72750 |
8.06231 |
9.64629 |
13.74349 |
16.36654 |
|
30 |
13.26768 |
17.44940 |
22.89230 |
29.95992 |
50.95016 |
66.21177 |
|
40 |
31.40942 |
45.25926 |
65.00087 |
93.05097 |
188.88351 |
267.86355 |
|
Table 2 Present value of $1 (present value of a single sum)
(настоящая (текущая) стоимость $1)
Periods (n) |
2% |
3% |
4% |
5% |
6% |
7% |
8% |
1 |
0.98039 |
0.97087 |
0.96154 |
0.95238 |
0.94340 |
0.93458 |
0.92593 |
2 |
0.96117 |
0.94260 |
0.92456 |
0.90703 |
0.89000 |
0.87344 |
0.85734 |
3 |
0.94232 |
0.91514 |
0.88900 |
0.86384 |
0.83962 |
0.81630 |
0.79383 |
4 |
0.92385 |
0.88849 |
0.85480 |
0.82270 |
0.79209 |
0.76290 |
0.73503 |
5 |
0.90573 |
0.86261 |
0.82193 |
0.78353 |
0.74726 |
0.71299 |
0.68058 |
6 |
0.88797 |
0.83748 |
0.79031 |
0.74622 |
0.70496 |
0.66634 |
0.63017 |
7 |
0.87056 |
0.81309 |
0.75992 |
0.71068 |
0.66506 |
0.62275 |
0.58349 |
8 |
0.85349 |
0.78941 |
0.73069 |
0.67684 |
0.62741 |
0.58201 |
0.54027 |
9 |
0.83676 |
0.76642 |
0.70259 |
0.64461 |
0.59190 |
0.54393 |
0.50025 |
10 |
0.82035 |
0.74409 |
0.67556 |
0.61391 |
0.55839 |
0.50835 |
0.46319 |
11 |
0.80426 |
0.72242 |
0.64958 |
0.58468 |
0.52679 |
0.47509 |
0.42888 |
12 |
0.78849 |
0.70138 |
0.62460 |
0.55684 |
0.49697 |
0.44401 |
0.39711 |
15 |
0.74301 |
0.64186 |
0.55526 |
0.48102 |
0.41727 |
0.36245 |
0.31524 |
20 |
0.67297 |
0.55368 |
0.45639 |
0.37689 |
0.31180 |
0.25842 |
0.21455 |
30 |
0.55207 |
0.41199 |
0.30832 |
0.23138 |
0.17411 |
0.13137 |
0.09938 |
40 |
0.45289 |
0.30656 |
0.20829 |
0.14205 |
0.09722 |
0.06678 |
0.04603 |
50 |
0.37153 |
0.22811 |
0.14071 |
0.08720 |
0.05429 |
0.03395 |
0.02132 |
60 |
0.30478 |
0.16973 |
0.09506 |
0.05354 |
0.03031 |
0.01726 |
0.00988 |
Periods (n) |
9% |
10% |
11% |
12% |
14% |
15% |
|
1 |
0.91743 |
0.90909 |
0.90090 |
0.89286 |
0.87719 |
0.86957 |
|
2 |
0.84168 |
0.82645 |
0.81162 |
0.79719 |
0.76947 |
0.75614 |
|
3 |
0.77218 |
0.75131 |
0.73119 |
0.71178 |
0.67497 |
0.65752 |
|
4 |
0.70843 |
0.68301 |
0.65873 |
0.63552 |
0.59208 |
0.57175 |
|
5 |
0.64993 |
0.62092 |
0.59345 |
0.56743 |
0.51937 |
0.49718 |
|
6 |
0.59627 |
0.56447 |
0.53464 |
0.50663 |
0.45559 |
0.43233 |
|
7 |
0.54703 |
0.51316 |
0.481166 |
0.45235 |
0.39964 |
0.37594 |
|
8 |
0.50187 |
0.46651 |
0.43393 |
0.40388 |
0.35056 |
0.32690 |
|
9 |
0.46043 |
0.42410 |
0.39092 |
0.36061 |
0.30751 |
0.28426 |
|
10 |
0.42241 |
0.38554 |
0.35218 |
0.32197 |
0.26974 |
0.24718 |
|
11 |
0.38753 |
0.35049 |
0.31728 |
0.28748 |
0.23662 |
0.21494 |
|
12 |
0.35553 |
0.31863 |
0.28584 |
0.25668 |
0.20756 |
0.18691 |
|
15 |
0.27457 |
0.23939 |
0.20900 |
0.18270 |
0.14010 |
0.12289 |
|
20 |
0.17843 |
0.14864 |
0.12403 |
0.10367 |
0.07276 |
0.06110 |
|
30 |
0.07537 |
0.05731 |
0.04368 |
0.03338 |
0.01963 |
0.01510 |
|
40 |
0.03184 |
0.02209 |
0.01538 |
0.01075 |
0.00529 |
0.00373 |
|
50 |
0.01345 |
0.00852 |
0.00542 |
0.00346 |
0.00143 |
0.00092 |
|
60 |
0.00568 |
0.00328 |
0.00191 |
0.00111 |
0.00039 |
0.00023 |
|
Table 3 Future value of an ordinary annuity of $1
(будущая стоимость обычного аннуитета $1)
Periods (n) |
2% |
3% |
4% |
5% |
6% |
7% |
8% |
1 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
2 |
2.02000 |
2.03000 |
2.04000 |
2.05000 |
2.06000 |
2.07000 |
2.08000 |
3 |
3.06040 |
3.09090 |
3.12160 |
3.15250 |
3.18360 |
3.21490 |
3.24640 |
4 |
4.12161 |
4.18363 |
4.24646 |
4.31013 |
4.37462 |
4.43994 |
4.50611 |
5 |
5.20404 |
5.30914 |
5.41632 |
5.52563 |
5.63709 |
5.75074 |
5.86660 |
6 |
6.30812 |
6.46841 |
6.63298 |
6.80191 |
6.97532 |
7.15329 |
7.33593 |
7 |
7.43428 |
7.66246 |
7.89829 |
8.14201 |
8.39384 |
8.65402 |
8.92280 |
8 |
8.58297 |
8.89234 |
9.21423 |
9.54911 |
9.89747 |
10.25980 |
10.63663 |
9 |
9.75463 |
10.15911 |
10.58280 |
11.02656 |
11.49132 |
11.97799 |
12.48756 |
10 |
10.94972 |
11.46388 |
12.00611 |
12.57789 |
13.18079 |
13.81645 |
14.48656 |
11 |
12.16872 |
12.80780 |
13.48635 |
14.20679 |
14.97164 |
15.78360 |
16.64549 |
12 |
13.41209 |
14.19203 |
15.02581 |
15.91713 |
16.86994 |
17.88845 |
18.97713 |
15 |
17.29342 |
18.59891 |
20.02359 |
21.57856 |
23.27597 |
25.12902 |
27.15211 |
20 |
24.29737 |
26.87037 |
29.77808 |
33.06595 |
36.78559 |
40.99549 |
45.76196 |
30 |
40.56808 |
47.57542 |
56.08494 |
66.43885 |
79.05819 |
94.46079 |
113.28321 |
40 |
60.40198 |
75.40126 |
95.02552 |
120.79977 |
154.76197 |
199.63511 |
259.05652 |
Periods (n) |
9% |
10% |
11% |
12% |
14% |
15% |
|
1 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
|
2 |
2.09000 |
2.10000 |
2.11000 |
2.12000 |
2.14000 |
2.15000 |
|
3 |
3.27810 |
3.31000 |
3.34210 |
3.37440 |
3.43960 |
3.47250 |
|
4 |
4.57313 |
4.64100 |
4.70973 |
4.77933 |
4.92114 |
4.99338 |
|
5 |
5.98471 |
6.10510 |
6.22780 |
6.35285 |
6.61010 |
6.74238 |
|
6 |
7.52333 |
7.71561 |
7.91286 |
8.11519 |
8.53552 |
8.75374 |
|
7 |
9.20043 |
9.48717 |
9.78327 |
10.08901 |
10.73049 |
11.06680 |
|
8 |
11.02847 |
11.43589 |
11.85943 |
12.29969 |
13.23276 |
13.72682 |
|
9 |
13.02104 |
13.57948 |
14.16397 |
14.77566 |
16.08535 |
16.78584 |
|
10 |
15.19293 |
15.93742 |
16.72201 |
17.54874 |
19.33730 |
20.30372 |
|
11 |
17.56029 |
18.53117 |
19.56143 |
20.65458 |
23.04452 |
24.34928 |
|
12 |
20.14072 |
21.38428 |
22.71319 |
24.13313 |
27.27075 |
29.00167 |
|
15 |
29.36092 |
31.77248 |
34.40536 |
37.27971 |
43.84241 |
47.58041 |
|
20 |
51.16012 |
57.27500 |
64.20283 |
72.05244 |
91.02493 |
102.44358 |
|
30 |
136.30754 |
164.49402 |
199.02088 |
241.33268 |
356.78685 |
434.74515 |
|
40 |
337.88245 |
442.59256 |
581.82607 |
767.09142 |
1342.02510 |
1779.09031 |
|
Table 4 Present value of an ordinary annuity of $1
(текущая (настоящая) стоимость аннуитета $1)
Periods (n) |
2% |
3% |
4% |
5% |
6% |
7% |
8% |
1 |
0.98039 |
0.97087 |
0.96154 |
0.95238 |
0.94340 |
0.93458 |
0.92593 |
2 |
1.94156 |
1.91347 |
1.88609 |
1.85941 |
1.83339 |
1.80802 |
1.78326 |
3 |
2.88388 |
2.82861 |
2.77509 |
2.72325 |
2.67301 |
2.62432 |
2.57710 |
4 |
3.80773 |
3.71710 |
3.62990 |
3.54595 |
3.46511 |
3.38721 |
3.31213 |
5 |
4.71346 |
4.57971 |
4.45182 |
4.32948 |
4.21236 |
4.10020 |
3.99271 |
6 |
5.60143 |
5.41719 |
5.24214 |
5.07569 |
4.91732 |
4.76654 |
4.62288 |
7 |
6.47199 |
6.23028 |
6.00205 |
5.78637 |
5.58238 |
5.38929 |
5.20637 |
8 |
7.32548 |
7.01969 |
6.73274 |
6.46321 |
6.20979 |
5.97130 |
5.74664 |
9 |
8.16224 |
7.78611 |
7.43533 |
7.10782 |
6.80169 |
6.51523 |
6.24689 |
10 |
8.98259 |
8.53020 |
8.11090 |
7.72173 |
7.36009 |
7.02358 |
6.71008 |
11 |
9.78685 |
9.25262 |
8.76048 |
8.30641 |
7.88687 |
7.49867 |
7.13896 |
12 |
10.57534 |
9.95400 |
9.38507 |
8.86325 |
8.38384 |
7.94269 |
7.53608 |
15 |
12.84926 |
11.93794 |
11.11839 |
10.37966 |
9.71225 |
9.10791 |
8.55948 |
20 |
16.35143 |
14.87747 |
13.59033 |
12.46221 |
11.46992 |
10.59401 |
9.81815 |
30 |
22.39646 |
19.60044 |
17.29203 |
15.37245 |
13.76483 |
12.40904 |
11.25778 |
40 |
27.35548 |
23.11477 |
19.79277 |
17.15909 |
15.04630 |
13.33171 |
11.92461 |
50 |
31.42361 |
25.72976 |
21.48218 |
18.25593 |
15.76186 |
13.80075 |
12.23348 |
60 |
34.76089 |
27.67556 |
22.62349 |
18.92929 |
16.16143 |
14.03918 |
12.37655 |
Periods (n) |
9% |
10% |
11% |
12% |
14% |
15% |
|
1 |
0.91743 |
0.90909 |
0.90090 |
0.89286 |
0.87719 |
0.86957 |
|
2 |
1.75911 |
1.73554 |
1.71252 |
1.69005 |
1.64666 |
1.62571 |
|
3 |
2.53129 |
2.48685 |
2.44371 |
2.40183 |
2.32163 |
2.28323 |
|
4 |
3.23972 |
3.16987 |
3.10245 |
3.03735 |
2.91371 |
2.85498 |
|
5 |
3.88965 |
3.79079 |
3.69590 |
3.60478 |
3.43308 |
3.35216 |
|
6 |
4.48592 |
4.35526 |
4.23054 |
4.11141 |
3.88867 |
3.78448 |
|
7 |
5.03295 |
4.86842 |
4.71220 |
4.56376 |
4.28830 |
4.16042 |
|
8 |
5.53482 |
5.33493 |
5.14612 |
4.96764 |
4.63886 |
4.48732 |
|
9 |
5.99525 |
5.75902 |
5.53705 |
5.32825 |
4.94637 |
4.77158 |
|
10 |
6.41766 |
6.14457 |
5.88923 |
5.65022 |
5.21612 |
5.01877 |
|
11 |
6.80519 |
6.49506 |
6.20652 |
5.93770 |
5.45273 |
5.23371 |
|
12 |
7.16073 |
6.81369 |
6.49236 |
6.19437 |
5.66029 |
5.42062 |
|
15 |
8.06069 |
7.60608 |
7.19087 |
6.81086 |
6.14217 |
5.84737 |
|
20 |
9.12855 |
8.51356 |
7.96333 |
7.46944 |
6.62313 |
6.25933 |
|
30 |
10.27365 |
9.42691 |
8.69379 |
8.05518 |
7.00266 |
6.56598 |
|
40 |
10.75736 |
9.77905 |
8.95105 |
8.24378 |
7.10504 |
6.64178 |
|
50 |
10.96168 |
9.91481 |
9.04165 |
8.30450 |
7.13266 |
6.66051 |
|
60 |
11.04799 |
9.96716 |
9.07356 |
8.32405 |
7.14011 |
6.66515 |
|
Следует иметь в виду, что, как правило, вложения в золотые запасы имеют отрицательный коэффициент корреляции со всеми остальными ценными бумагами.