02. Lecture 20.01.2016

8/20/2019 02. Lecture 20.01.2016

1/28

+++ MCO 201 +++ Finance +++ Spring 2016 +++

A n d r e a s B a n g e

D i p l o m

B e t r i e b s w i r t ( F H )

!"#$%&'(')$ +(,-.#/#

!"#$ &'()$ *+ ,*-$.

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2/28



D i p l o m


!"#$%&'(')$ +(,-.#/#

!"#$ &'()$ *+ ,*-$.

/*($ *+ 01$ 2"-'-3"'( ,'-'4$5

!

0,1' 2'3/#/"(# "( 4'5,-6 "6 $5' )78# 9(:'#$"7#

;"7

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3/28



D i p l o m


!"#$%&'(')$ +(,-.#/#

!"#$ &'()$ *+ ,*-$.

;)'-:+."-4 3''2# $5'

3*808 K/-- /(37',#' $5' :,-B' "6 $5' )78L

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4/28



D i p l o m


!"#$%&'(')$ +(,-.#/#

!"#$ &'()$ *+ ,*-$.

;)'-:+."-4

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5/28



D i p l o m


!"#$%&'(')$ +(,-.#/#

!"#$ &'()$ *+ ,*-$.

;)'-:+."-4

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6/28



D i p l o m


!"8A'CC:' 0,71'$ Y7/3'# Z'$'78/(' [,-B'

!"#$ &'()$ *+ ,*-$.

J5*6($#K

\"B 5,:' MB#$ K"( , 7,2/" 3"($'#$ ,(2 ,7' 2/#,AA"/($'2 $" -',7( $5,$ $5' A7/I'/# X C31'$# $" $5' Z'6 ]'AA,72 7'B(/"( $"B7 S6,3' :,-B' RXO ',35TL ^"$ 4'/(< , 6,( "6

P_`O# A"K'7 7"31= ."B 5,:' (" /($'(C"( "6

8/20/2019 02. Lecture 20.01.2016

7/28+++ MCO 201 +++ Finance +++ Spring 2016 +++


D i p l o m


!"8A'CC:' 0,71'$ Y7/3'# Z'$'78/(' [,-B'!"#$ &'()$ *+ ,*-$.

MF$3)0$K

Q5' Z'6 ]'AA,72 C31'$# 5,:' , $"$,- :,-B' "6 RPNO SX ! RcOT :'7#B# $5' RPOO $"$,-

:,-B' "6 $5' "$5'7 $K" C31'$# SN!

RbOTL9(#$',2 "6 $,1/(< $5' C31'$# $" ."B7 6,:"7/$' 4,(2= ."B #5"B-2 ,33'A$ $5' Z'6

]'AA,72 C31'$#= #'-- $5'8 "( G4,.= ,(2 B#' $5' A7"3''2# $" 4B. $K" C31'$# $" ."B7

6,:"7/$' 4,(2# #5"KL

\"B-- ':'( 5,:' RNO -'D ":'7 $" 4B. , $%#5/7$L

MH'()'0$K

G:'( $5"B

8/20/2019 02. Lecture 20.01.2016



D i p l o m


!"8A'CC:' 0,71'$ Y7/3'# Z'$'78/(' [,-B'!"#$ &'()$ *+ ,*-$.

J5*6($#K

\"B 5,:' MB#$ K"( , 3"($'#$ ,(2 ,7' 2/#,AA"/($'2 $" -',7( $5,$ $5' A7/I' /# ,

8/20/2019 02. Lecture 20.01.2016



D i p l o m


!"8A'CC:' 0,71'$ Y7/3'# Z'$'78/(' [,-B'!"#$ &'()$ *+ ,*-$.

MF$3)0$K

Q5' #B#5/ 7'#$,B7,($

8/20/2019 02. Lecture 20.01.2016



D i p l o m


0,71'$ Y7/3'# h $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

!1$ &'()':*- J5"-3"G($

!

Q5' &'()$ "6 , !"88"2/$. "7 ,( +##'$ $" $5' )78 "7 /$#

/(:'#$"7# /# 2'$'78/('2 4. /$# 3"8A'CC:' ,'5I$0 J5"3$

!

Q5' 4'(')$# ,(2 3"#$# "6 , 2'3/#/"( #5"B-2 4' ':,-B,$'2 B#/(<

$5"#' 0,71'$ Y7/3'#

! @5'( $5' :,-B' "6 $5' &'(')$# '>3''2# $5' :,-B' "6 $5' !"#$#=

$5' 2'3/#/"( K/-- /(37',#' $5' 8,71'$ :,-B' "6 $5' )78

!" & ( + ,

8/20/2019 02. Lecture 20.01.2016



D i p l o m


+AA-./(< $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

J5*6($#K

\"B ,7' $5' "A'7,C"(# 8,(,$ 8"($5d

L*():*- J('-K

@' (''2 $" iB,(C6. $5' 3"#$# ,(2 4'(')$# B#/(< 8,71'$ A7/3'#L @' ,7' 3"8A,7/(<

RNb=OOO K/$5F

! NOO 4,77'-# "6 "/- ,$ R_O A'7 4,77'-

! c=OOO A"B(2# "6 3"AA'7 ,$ RcLbO A'7 A"B(2

!"#$ &'()$ *+ ,*-$.

8/20/2019 02. Lecture 20.01.2016



D i p l o m


+AA-./(< $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

MF$3)0$K

f#/(< $5' 3"8A'CC:' 8,71'$ A7/3'# K' 5,:'F

!

SNOO 4,77'-#T U SR_OV4,77'- $"2,.T W ?DNABBB 0*='.! Sc=OOO A"B(2# "6 3"AA'7T U SRcLbOVA"B(2 $"2,.T W ?DBAOBB 0*='.

Q5' :,-B' "6 $5' "AA"7$B(/$. /# $5' :,-B' "6 $5' "/- A-B# $5' :,-B' "6 $5' 3"AA'7 -'##

$5' 3"#$ "6 $5' "AA"7$B(/$.= RP`=OOO j RPO=bOO % RNb=OOO W ?PAOBB 0*='.L

&'3,B#' $5' :,-B' /# A"#/C:'= K' #5"B-2 $,1' /$L

MH'()'0$K

J/(3' K' ,7' $7,(#,3C(< $"2,.= "(-. $5' 3B77'($ A7/3'# /( , 3"8A'CC:' 8,71'$

8,e'7L

HB7 "K( B#' 6"7 "7 "A/(/"( ,4"B$ $5' 6B$B7' A7"#A'3$# "6 "/- "7 3"AA'7 2" ("$ ,-$'7

$5' :,-B' "6 $5' 2'3/#/"( $"2,.L

Q5/# 2'3/#/"( /#

8/20/2019 02. Lecture 20.01.2016



D i p l o m


+AA-./(< $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

J5*6($#K

\"B ,7' $5' "A'7,C"(# 8,(,

8/20/2019 02. Lecture 20.01.2016



D i p l o m B

e t r i e b s w i r t ( F H )

+AA-./(< $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

MF$3)0$K

f#/(< $5' 3"8A'CC:' 8,71'$ A7/3'# K' 5,:'F

! SbOO 4,77'-#T U SRgbV4,77'- $"2,.T W ?PQAOBB 0*='.

! SX=OOO A"B(2# "6 3"AA'7T U SRNLbOVA"B(2 $"2,.T W ?DBABBB 0*='.

Q5' :,-B' "6 $5' "AA"7$B(/$. /# $5' :,-B' "6 $5' "/- A-B# $5' :,-B' "6 $5' 3"AA'7 -'##$5' 3"#$ "6 $5' "AA"7$B(/$.= Rcg=bOO j RPO=OOO % RbO=OOO W R?SAOBB 0*='.L

&'3,B#' $5' :,-B' /# ('

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


+AA-./(< $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

J5*6($#K

\"B ,7' $5' "A'7,C"(# 8,(,

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


+AA-./(< $5' [,-B,C"( Y7/(3/A-'!"#$ &'()$ *+ ,*-$.

MF$3)0$K

f#/(< $5' 3"8A'CC:' 8,71'$ A7/3'# K' 5,:'F

! SbOO "B(3'#T U SRP=XbOV"B(3'#T C ?QSOABBB 0*='.

! SbO=OOO 88&Qf#T U SRcLkOV88&QfT W ?DNBABBB 0*='.

Q5' :,-B' "6 $5' "AA"7$B(/$. /# $5' :,-B' "6 $5' A-,C(B8 A-B# $5' :,-B' "6 $5'(,$B7,-

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


35,(

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


!1$ Y-0$5$80 /'0$

!

Y-0$5$80 /'0$ Z! [

Q5' 7,$' ,$ K5/35 8"('. 3,( 4' 4"77"K'2 "7 -'($ ":'7 ,

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D i p l o m B


Q5' Q/8' [,-B' "6 0"('. h 9($'7'#$ ?,$'!"#$ &'()$ *+ ,*-$.

J5*6($#K

&"4 &B/-2'7 /# $7./(< $" #'-- , A/'3' "6 B(2':'-"A'2 -,(2 /( @,-'#L

\'#$'72,. 5' K,# "m'7'2 nPO=OOO 6"7 $5' A7"A'7$.L a' K,# ,4"B$ 7',2. $" ,33'A$

$5' "m'7 K5'( ,("$5'7 /(2/:/2B,- "m'7'2 5/8 nPP=XNXL Q5' #'3"(2 "m'7 K,# $" 4'

A,/2 , .',7 67"8 ("KL &"4 5,# #,C#)'2 5/8#'-6 $5,$ 4"$5 4B.'7# ,7' 5"('#$ ,(2

)(,(3/,--. #"-:'($= #" 5' 5,# (" 6',7 $5,$ $5' "m'7 5' #'-'3$# K/-- 6,-- $57"B

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


Q5' Q/8' [,-B' "6 0"('. h 9($'7'#$ ?,$'!"#$ &'()$ *+ ,*-$.

J5*6($#K

Y,$7/3/, Y'3B(/,8= , )(,(3/,- ,(,-.#$ ,$ 0"('. h 0"7'= , -',2/(< 7',- '#$,$'

)78= /# $5/(1/(< ,4"B$ 7'3"88'(2/(< $5,$ 0"('. h 0"7' /(:'#$ /( , A/'3' "6 -,(2

$5,$ 3"#$# p`b=OOOL

J5' /# 3'7$,/( $5,$ ('>$ .',7 $5' -,(2 K/-- 4' K"7$5 p_P=OOO= , #B7' pk=OOO

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


!"8A,7/(< ?':'(B'# ,$ Z/m'7'($ Y"/($# /( Q/8'.

J5*6($#K

Q5' -,B(35 "6 J"(.# Y-,.J$,C"( c K,# 2'-,.'2 B(C- ^":'84'7 NOOk=

8/20/2019 02. Lecture 20.01.2016



D i p l o m B


!"8A,7/(< ?':'(B'# ,$ Z/m'7'($ Y"/($# /( Q/8'.

MF$3)0$K

96 $5' -,B(35 /# 2'-,.'2 $" NOOk= 7':'(B'# K/-- 27"A 4. NOo "6 RN 4/--/"(="7 RXOO 8/--/"(= $" RPLk 4/--/"(L

Q" 3"8A,7' $5/# ,8"B($ $" 7':'(B'# "6 RN 4/--/"( /6 -,B(35'2 /( NOOb= K' 8B#$3"(:'7$ /$ B#/(< $5' /($'7'#$ 7,$' "6 `oF

RPLk 4/--/"( /( NOOk s SRPLO` /( NOOkVRP /( NOObT W

RPLk 4/--/"( s PLO` W RPLX`P 4/--/"( /( NOOb

Q5'7'6"7'= $5' 3"#$ "6 , 2'-,. "6 "(' .',7 /#

RN 4/--/"( % RPLX`P 4/--/"( W ?BXODT 6"(("*- Z?ODT #"(("*-[L

MH'()'0$K

Z'-,./(< $5' A7"M'3$ 6"7 "(' .',7 K,# 'iB/:,-'($ $"

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23/28



D i p l o m B


!"8A,7/(< ?':'(B'# ,$ Z/m'7'($ Y"/($# /( Q/8'.

J5*6($#K

Q5' -,B(35 "6 J"(.# Y-,.J$,C"( c K,# 2'-,.'2 B(C- ^":'84'7 NOOk=

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24/28



D i p l o m B


!"8A,7/(< ?':'(B'# ,$ Z/m'7'($ Y"/($# /( Q/8'.

MF$3)0$K

96 $5' -,B(35 /# 2'-,.'2 $" NOOk= 7':'(B'# K/-- 27"A 4. cbo "6 Rc 4/--/"(=

"7 RPLOb 4/--/"(= $" RPL_b 4/--/"(L

Q" 3"8A,7' $5/# ,8"B($ $" 7':'(B'# "6 Rc 4/--/"( /6 -,B(35'2 /( NOOb= K' 8B#$

3"(:'7$ /$ B#/(< $5' /($'7'#$ 7,$' "6 koF

RPL_b 4/--/"( /( NOOk s SRPLOk /( NOOkVRP /( NOObT W

RPL_b 4/--/"(VPLOk W RPL`XO 4/--/"( /( NOOb

Q5'7'6"7'= $5' 3"#$ "6 , 2'-,. "6 "(' .',7 /#Rc 4/--/"( % RPL`XO 4/--/"( W RPLPkO 4/--/"(

MH'()'0$K

Z'-,./(< $5' A7"M'3$ 6"7 "(' .',7 K,# 'iB/:,-'($ $"

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D i p l o m B


Q/8'-/('#

!

!"(#$7B3C(< , Q/8'-/('

!

92'(C6./(< Z,$'# "( , Q/8'-/('

Z,$' O /# $"2,.= $5' 4'

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D i p l o m B


/)($ DK

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27/28



D i p l o m B


/)($ PK V"83*)-:-4

! Q" 3,-3B-,$' $5' :,-B' "6 , 6B$B7' 3,#5 l"K ,$ ,( ',7-/'7 A"/($ /(

C8'= K' 8B#$ 2/#3"B($ /$

[,-B/(< !,#5 ;-"K# ,$ Z/m'7'($ Y"/($# /( Q/8'

PV = C ÷ (1+ r)n=

C

(1+ r)n

!"#$ &'()$ *+ ,*-$.

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D i p l o m B


! 96 R`NkLXb /# /(:'#$'2 $"2,. 6"7 $K" .',7# ,$ POo /($'7'#$= $5' 6B$B7'

:,-B' K/-- 4' RP=OOO

[,-B/(< !,#5 ;-"K# ,$ Z/m'7'($ Y"/($# /( Q/8'

! 96 RP=OOO K'7' $57'' .',7# ,K,.= $5' A7'#'($ :,-B'= /6 $5' /($'7'#$ 7,$' /# POo=

K/-- 4' RgbPLcP

FVn = C * (1+ r)n

PV =C

(1+ r)n

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02. Lecture 20.01.2016