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Concept Checkers P168

1. ÑÜÉúÆ·µÄvalueÊÇanother asset derive³öÀ´µÄ
2. exchange-traded derivatives ÓеÍÎ¥Ô¼·çÏÕ£¬ÒòΪclearing houseÔÚ½»Ò×Ë«·½Öм䡣ÊDZê×¼»¯µÄºÏÔ¼£¬ºÜÇ¿Á÷¶¯ÐÔ£¬Ìṩ¼Û¸ñÐÅÏ¢
3. ·Ç±ê×¼»¯µÄcontractÊÇforward commitment
4. future contractÊÇliquid£¬exchange-traded£¬Ã¿Ììµ÷ÕûgainºÍloss¡£contingent claimÓÐpayoffsºÍdepend on some future event(ÀàËÆoption)
5. swapÊÇһϵÁÐforward contract
6. call optionÊÇholderÓÐright È¥ÒÔÌض¨¼Û¸ñbuy asset
7. Ì×Àû·ÀÖ¹Á½¸öͬÑùµÄasset½»Òײ»Í¬µÄ¼Û¸ñ¡£
8. ÑÜÉúÆ·²»»áÌṩ»òÕßÌá¸ßinflation reduction

Concept Checkers P182

1. short in forward contractÓÐobligationÔÚsettlement  dateÒÔcontract price½»³ö asset¡£initiationûÓÐpayment£¬ÈκÎÒ»·½²»ÂÄÐУ¬¶¼ÓÐÎ¥Ô¼·çÏÕ¡£
2. forward contract¿ÉÒÔcall for settlement in cash»òÕßdelivery of the asset¡£Ò»°ã²»»áÈÃÑ¡Ôñ£¬Ö»»á¹æ¶¨Ò»¸ö·½Ê½
3. early termination¸úµÚÈý·½offset²»»áÈ¥³ýÎ¥Ô¼·çÏÕ£¬¸úÔ­À´µÄ¶Ô·½£¬¿ÉÒÔÈ¥³ýdefault risk£»offsetÕâ¸ö¶¯×÷²»ÐèÒª¸¶Ç®¡£
4. forward contract dealorÒ»°ãÊÇÒøÐкʹ󾭼ù«Ë¾£¬Í¨³£¸ú±ðµÄdealor×ö½»Òס£ÓÃÓÚoffset long»òÕßshort
5. index forward contract¿ÉÒÔÊÇtotal return contract°üÀ¨dividends¡£contract¿ÉÒÔsettle in cash£¬¿ÉÒÔdeliver£¬¿ÉÒÔÊÇcustom portfolios¡£contactÖеÄshort position²»ÄÜhedge½«À´ÂòµÄ risk£»long positionÓÃÀ´¼õС½«À´ÂòµÄrisk
6. short-term rateÔö¼ÓµÄʱºò£¬t-bill¼Û¸ñϵø£¬short position»áÓÐprofit¡£t-billµÄ¼Û¸ñÔÚµ½ÆÚÇ°×ÜÊÇСÓÚface value¡£forwardÓÐdefault risk
7. eurodollar time depositsÊÇÃÀԪΪ»õ±Ò»ù×¼µÄ£¬ÃÀ¹ú¹úÍâÒøÐз¢Ðеġ£ÓÐadd-on yield¶ø²»ÊÇdiscount basis
8. LIBORÊÇÃÀÔª»ù×¼£¬euriborÊÇÅ·Ôª»ù×¼¡£¶¼ÊÇÿÌì±ä¶¯£¬²»Ï޵ص㣬default riskÒ»Ñù¡£
9. LIBOR based contractÊÇ»ùÓÚLIBOR£¬settled in cash£¬contract rateÊÇfixed¡£LIBOR¸ßÓÚcontract rateʱ£¬long»áµÃµ½payment
10. (LIBOR-contract rate)X(ÆÚÏÞ/360) X ×ÜÖµX 1/(1+0.06/6)
11. (ÀÏex-rate-ÐÂex-rate)¡ÁÔ­Öµ£¬
12. (ÀÏdiscount rate-ÐÂdiscount rate)XÆÚÏÞ/360XÔ­Öµ£¬ discount¼õС£¬valueÔö¼Ó
13. (LIBOR+premium)X ÌìÊý/360 X Ô­Öµ
14. 2¸öÔºó½èÈë6¸öÔÂÆÚµÄeuro£¬ÊÇ2X8µÄFRA£¬long

Concept Checkers P195

1. hedge½»Ò×¼õµÍpreexisting risk exposure£¬clearinghouse±£Ö¤future marketµÄobligation£¬margin½»Ò×ÿÌìÇåËãgainºÍloss
2. ÿÌìÇåËã½»marking to market
3. T-billºÍeurodollar future contractÓ¯¿÷ÊÇÒ»¸öbp=$25
4. ²»Äܽ»Ò×£¬ÒòΪlocked limit¿ÉÄÜlimit up»òÕßlimit down£¬³¬³öÁËÔÊÐíµÄ·¶Î§¡£
5. deliviery optionÒâζ×ÅshortÓÐoption to deliver any of a number of permitted bonds
6. long positionµÄholder¸úÒ»¸öshort position holder˽ÏÂ̸£¬À´close out both positions£¬½Ð×öexchange of physicals.ÕâÖÖ½»Ò×ÊÇex-pitºÍÒ»¸öÀýÍâ(fed law¹æ¶¨ËùÓн»Ò×±ØÐëÔÚexchange floor·¢Éú¡£)¶àÊý»¹ÊÇÓÃoffsetting tradeÀ´×ö¡£
7. conversion factor X future priceÀ´¾ö¶¨ delivery price
8. ËãÍâ»ãmargin
9. future marketÀïÃæclearinghouseÉèÖÃinitial and maintenance margin£¬×÷Ϊ½»Ò×µÄÁíÒ»·½£¬´ÓbrokerÊÖÀïÊÕmargin deposit¡£exchangeÀ´¾ö¶¨which contract will trade
10. ÿÌì²¹×ãµÄvariation marginÀ´Âú×ãmargin call
11. forwardsºÍfutures²»Í¬µÄÔÚÓÚsize¡£future¶¼ÊÇstandardizeµÄ£¬forwardÊǶ¨ÖƵÄ

Concept Checkers P219

1. s>x, put optionÊÇout of the money
2. ÃÀʽȨ֤ÔÊÐíµ½ÆÚÈÕ֮ǰÈκÎʱ¼äÐÐȨ£¬Å·Ê½Ö»ÄÜÔÚµ½ÆÚÈÕ¡£ÃÀʽµÄ¼ÛÖµ¾Í¸ß¡£
3. Ȩ֤¼Û¸ñ²¨¶¯±ÈÕý¹ÉÒª´ó¡£µ½ÆÚʱ¼äÔ½³¤£¬¼ÛÖµÔ½¸ß£¬XÔ½µÍ£¬callԽֵǮ£¬XÔ½¸ß£¬putԽֵǮ
4. call ºÍputµÄÒåÎñºÍȨÁ¦¸ãÇå³þ¡£
5. ÀûÂʸúput¼Û¸ñ·´Ïò£¬¸úcall¼Û¸ñͬÏò
6. intrinsic value=S-X£¬time value= option price ¨C intrinsic value
7. ÃÀʽput£¬ÔÚµ½ÆÚÇ°£¬¼Û¸ñ²»»áµÍÓÚintrinsic value£¬lower boundÊÇmax[0,X-St]
8. ÓÐcall optionµÄowner£¬¿ÉÒÔÐÐȨ£¬take a long position in oil future
9. ŷʽputµÄlower boundÊÇmax[0, ÐÐȨ¼ÛÏÖÖµ-ÏÖÔڹɼÛ]£¬ÐÐȨ¼ÛÏÖÖµ°´RFRÕÛÏÖ
10. ÃÀʽcallµÄlower boundÊÇmax[0,ÏÖ¼Û-ÐÐȨ¼ÛµÄÏÖÖµ]£¬°´RFRÕÛÏÖ
11. put-call parity formulaÀïÃ濼Âǵ½ÆÚÇ°µÄÏÖ½ðÁ÷£¬Òª´ÓSÖмõÈ¥ÏÖ½ðÁ÷µÄPV
12. FRAµÈÓÚlong interest rate call optionºÍshort interest rate put option
13. long put interest µÄpaymentËæ×Åstrike rateÔö¼Ó¶øÔö¼Ó¡£Ö»ÔÚ½áÊøºó²Åpay
14. short interest rate putsÒªÇó½áÊøʱ£¬Êг¡ÀûÂʵÍÓÚstrike rate¡£
15. S+P=C+X/(1+RFR)^T
16. ÓÃ15µÄ¹«Ê½¼ÆËã
17. ²¨¶¯ÐÔµÄÔö¼ÓÔö¼ÓoptionµÄ¼ÛÖµ

Concept Checkers P235

1. interest rate swapÀֻËã¾»interest  payment£¬²»½»»»±¾½ð¡£swapÊг¡×î´óµÄÏÞÖÆÊÇdefault£»plain vanillaÀûÂÊ»¥»»ÊÇfixed rate»»variable rate
2. currency swapÒª½»»»±¾½ð¡£swapÊÇ0ºÍÓÎÏ·£¬time frame½Ðtenor
3. swap²»¼õСdefault risk¡£¸øtrader privacy£¬Ë½Ï½»Òס£»ù±¾Ã»regulation¡£¿ÉÒÔ¶¨ÖÆ¡£
4. equity swapsÊÇÒ»·½ÓÃstock»òÕßindexµÄreturnÀ´½»»»fixed return
5. ͬ1
6. swapÖеľºÕùʹswapÓÐЧÂÊ
7. currency swap£¬ÃÀ¹ú¹«Ë¾¸øÍâ¹ú¹«Ë¾ÃÀ½ð¡£
8. °´Ô¼¶¨ÀûÂÊ»¥ÏึÀûÏ¢¡£
9. µ½ÆÚʱ£¬»¥Ïà¹é»¹±¾½ð£¬²»¹Üµ±Ê±µÄ»ãÂÊ
10. ͬÉÏ
11. µÚÒ»´Îswap paymentÊÇknown at the initiation of the swap
12. µÚ¶þ´ÎÊÇÀûÏ¢²î
13. µÚ5´Îpayment»ùÓÚµÚËļ¾¶ÈµÄÀûÏ¢²î¡£

Concept Checkers P247

1. call option×î¶à¿÷call optionµÄ¼ÛÖµ£¬×î¶à׬infinite
2. put option×î¶à׬Strike price-premium,×î¶à¿÷put option
3. Âòput»òÕßcall£¬×î¶à¿÷option value¡£·¢put£¬×î¶à¿÷Strike price-premium£»·¢uncovered call£¬¹É¼ÛÒ»Ö±ÕÇ£¬¿÷ËðÎÞÏÞ¡£
4. Ö»Òª¹É¼ÛµÍÓÚStrike price£¬ÓÐputµÄͶ×ÊÕ߾ͻáÐÐȨ¡£premiumÊÇÓÃÀ´¼ÆËãnet profitµÄ¡£
5. ·¢put£¬¿ÉÒÔ׬Ǯ¡£
6. µ½ÆÚʱ£¬callµÄ¼Û¸ñ=0»òÕßS-X´óµÄÒ»¸ö¡£
7. covered callµÄ·¢ÐÐÊÇshort call£¬×î´óµÄÀûÈó¾ÍÊÇS-X+call premium£»¹É¼Ûµøµ½0£¬×î´óËðʧX-call primium
8. long callºÍshort putµÄ×éºÏ£¬¼¸ºõµÈÓÚlong position

Concept Checkers P273

1. net asset value=(asset ¨C liability)/shares
2. Êг¡¼Û>NAV, ˵Ã÷Òç¼Û£¬ÇÒ²»ÊÇopen-end fund£¬ÒòΪ¿ª·Åʽ»ù½ðÿÌì°´NAV½»Òס£close-end fund²»ÊÕ½»Ò×·Ñ
3. style strategyרעͬÀàÌØÐԵĹÉƱ¡£sector strategy¹ØעͬÐÐÒµµÄ¹ÉƱ£»globle strategyͶ×ÊÈ«Çò¹ÉƱ£»stable strategy¹Ø×¢pay principalºÍfixed interest payment
4. exchange-traded fundµÄºÃ´¦ÊÇÔÚÃâË°µÄÇé¿öÏ»ñµÃcapital gain
5. hedonic price estimationÓÃ×î½üµÄ½»Ò××÷ΪÊг¡¼Û²Î¿¼¡£ÊÇsales comparisonµÄ±äÐΡ£cost approach ¿¼ÂÇÖؽ¨Ò»¸öµÄ³É±¾×÷Ϊ¼Û¸ñ²Î¿¼¡£income approachÒÔδÀ´ÏÖ½ðÁ÷×÷Ϊ²Î¿¼¡£
6. NOI=gross income-vacancy and collection cost-tax and insurance-utilities and maintenance. Õ۾ɲ»¿¼ÂÇÔÚÄÚ£¬ÒòΪËü¼ÙÉèÓÃÓÚ±£³ÖÎïÒµÔÚÏÖÓÐ״̬¡£
7. ÿÄê³É¹¦µÄ¸ÅÂÊÏà³Ë
8. Ͷ×ʵļ¸¸ö½×¶Î£¬seed stageÊÇÇ®ÓÃÓÚÐγÉbiz idea£»µÚÒ»½×¶ÎÊÇvc½øÈëΪÉú²úºÍÏúÊÛ×ö×¼±¸£»µÚ¶þ½×¶ÎÊǹ«Ë¾À©ÕÅ£¬µÚÈý½×¶ÎÊÇÒÑÓй«Ë¾µÄÀ©ÕÅ¡£
9. ¶Ô³å»ù½ðµÄÌصãÊÇ×·Çóabsolute return£¬Ã¿¸ö¶Ô³å»ù½ðµÄ²ßÂÔ²»Í¬£¬leverage²»Í¬
10. limited partnership ÈöԳå»ù½ðÃâÓÚSECµÄ¼à¹Ü¡£
11. ÏÈËãNPV£¬ÔÙËãsurviving probability£¬expectedNPV=ʧ°ÜµÄ¸ÅÂÊXͶÈë+³É¹¦µÄ¸ÅÂÊXNPV
12. event-driven fund϶Ä×¢ÔÚijЩ¹«Ë¾Ê¼þÉÏ£¬±ÈÈçÆƲú¡£global macro fundѺºê¹Û¾­¼ÃµÄ×ßÏò£¬±ÈÈçÀûÂʱ仯¡£risk arbitrage fund Ѻ²¢¹º¡£emerging market fundѺÐÂÐËÊг¡µÄ֤ȯ¡£
13. FOFµÄÊÖÐø·Ñ±È´¿FµÄÒª¸ß£¬ÒòΪ²»µ«Òª¸¶FÊÖÐø·Ñ£¬»¹Òª¸¶FOF¹ÜÀí·Ñ¡£FOFºÃ´¦£¬performance of due diligence£¬¶à¸öÊг¡µÄ·ÖɢͶ×Ê£¬Ñ¡¶Ô³å»ù½ðµÄרҵÐÔ¡£
14. ¶Ô³å»ù½ð¸ú´«Í³Í¶×ʵĵÄcorrelation±È½ÏµÍ¡£Í¨³£¶Ô³å»ù½ð·çÏÕ±ÈequityͶ×ʵ͡£¶Ô³å»ù½ðÓÐhigher sharpe ratio£»ÊÕÒæ¸ß
15. survivorship bias˵ʧ°ÜµÄ»áfade away£¬Ö»Óгɹ¦µÄÁôÏÂÁË¡£Gaming˵»ù½ð¾­Àí»áð´ó·çÏÕÈ¥²¹×ã¹ýÈ¥µÄËðʧ£¬»òÕß²»È¥Ã°´ó·çÏÕÈ¥±£³ÖºÃµÄÒµ¼¨¡£instant history bias˵ºÃµÄÒµ¼¨½øÈëÊý¾Ý¿âµ¼ÖÂÕûÌåÌá¸ß£¬¶ø²îÒµ¼¨²»»á·Åµ½Êý¾Ý¿â¡£
16. closely held companiesÒªÇó¸ü¶àµÄ·ÖÎö¡£ÊÇÒòΪ¶ÔvaluationµÄÎÊÌâ¡£ÒòΪÿ¸ö¶¼ÓÐunique ownership ²îÒìºÍË°ÂʲîÒì¡£
17. Ö»ÓÐ5%µÄposition£¬¶øCEOÓµÓÐ60%£¬Ã»Óл°ÓïȨ£¬ÈÏΪÊÇminority discount
18. ±»¶¯Í¶×ÊÕßͶ×ÊcommodityÒòΪ¿ÉÒÔµÖ¿¹inflation
19. commodity-linked securities¿ÉÒÔÌṩcurrent income,ûÓÐÖ¤¾Ý±íÃ÷¸üºÃµÄÁ÷¶¯ÐÔ£¬¸üСµÄrisk»òÕ߸ü¸ßµÄ»Ø±¨¡£

self-test P285

1. FRAÔÚforward contract¹ýÆÚºópay£¬°´ÕÕloan term½áÊøºóµÄÀûÏ¢ÕÛÏÖÖ§¸¶¡£interest rate optionÊÇÔÚloan term½áÊøºóÖ§¸¶ÀûÏ¢£¬²»ÕÛÏÖ¡£´óÓÚFRAÖ§¸¶µÄ¶î¶È¡£
2. »Æ½ðÆÚ»õ£¬Ëãinitial margin£¬Ëãmaintenance margin£¬Ëãloss¡£ÆÆmaintenance margin£¬Òª²¹»Øµ½initial margin
3. ²¨¶¯ÐÔÔö¼Ó£¬¹É¼ÛÔö¼Ó£¬risk free rateÔö¼Ó£¬strike priceÔö¼Ó£¬¶¼¿ÉÒÔÈÃcall option µÄpriceÔö¼Ó
4. ÂòÒ»¸ö¹ÉƱ£¬ÂôÒ»¸öcovered call£¬×î´óËðʧÊǹɼ۵½0ʱ£¬Âòʱ¹É¼Û-call option price£¬×î´óµÄgainÊÇcall price-Âòʱ¹É¼Û+call option price¡£
5. Ö¸ÊýÊÕÒæºÍ¹Ì¶¨rate»¥»»¡£°´ÕÕÿÆÚºóµÄÖ¸ÊýÕǵø¾ö¶¨µ±ÆÚµÄÖ§¸¶¡£
6. forward contractÊǶ¨ÖƵģ¬Òªsettle in cash»òÕß½»¸î£¬ÓÐcounterparty risk¡£Í¨³£²»Òªmargin deposit
7. no load fund½»Ò×·Ñ×îµÍ£¬·â±Õ»ù½ð¿ÉÄÜÕÛ¼Û»òÒç¼Û½»Òס£ETF»ù±¾ÊÇNAV¸½½ü¡£
8. Ë°ºócash flow=(net operating income-depreciation-interest expense)(1-t) + depreciation-principal portion of the annual loan payment
   net operating income = gross potential rent X (1- % vacancy and collection cost ) ¨C maintenance expense
   principal reduction = loan payment ¨C interest expense
9. cherry picking˵±¨¸æÓ¯ÀûʱƫÏòºÃµÄÊý¾Ý£¬µ¼ÖÂupward bias¡£survivorshipµ¼ÖÂƽ¾ù»Ø±¨¸ß£¬·çÏÕÆ«µÍ¡£±ê×¼²î²»ÄÜÓÃÓÚÃèÊö·çÏÕ¡£
10. Ëã³É¹¦¸ÅÂÊXÊÕÈë=expected payoff£¬ (expected payoff/ͶÈë)¿ª4´Î·½-1=expected return
11. long/short fundÊÇtake long/short position¶Ô³å·çÏÕ£¬µ«²»Ò»¶¨Í¬Ñù±ÈÀý£¬À´×îС»¯market risk±£Ö¤Êг¡ÖÐÐÔ¡£global macro fundѺעÀûÂÊ»ãÂÊ·½ÏòºÍÆäËûÒòËØ
12. 55%ÊǾø¶Ô¿Ø¹É£¬²»ÐèÒªµ÷½Úminority interest »òÕßlack of liquidity

ÎÞÆÀÂÛ

Global macro funds, Êг¡·½Ïò£¬»õ±Ò»òÕßÀûÂÊ£¬Futures funds,Emerging market funds.
Event driven funds, ijЩÌض¨¹«Ë¾Ïà¹ØµÄʼþ£¬distressed securities, M&AÌ×Àû

Fund of Funds£¨FOF£©
ÓÅÊÆ£¬¶à¸ö»ù½ðÉÙÁ¿Ç®£¬Í¨¹ý¶à¸ö»ù½ð·ÖÉ¢·çÏÕ£¬¿ÉÒÔÂò·â±Õ»ù½ð£¬FOFµÄ¾­Àí×ö¾¡Ö°µ÷²é
ÁÓÊÆ£¬ÊÖÐø·Ñ¸ß£¬·ÖÉ¢·çÏÕµ«½µµÍÊÕÒ棬ѡ´í»ù½ð

HFµÄLeverage ·Å´óËðʧºÍÊÕÒ棬2:1 to 10:1,½èծͶ×Ê£¬margin£¬ÓÃderivatives
unique risks of HF : Liquidity risk, Pricing risk, Counterparty risk, Settlement risk, short squeeze, financing squezze

HF Performance, ÓÐÀúÊ·¼Ç¼£¬net return after fees
Óñê×¼²îºÍsharpe ratioºâÁ¿£¬ÏÔʾÁ˽ϵ͵Ärisk£¬ Ó봫ͳͶ×ÊÓеÍÏà¹ØÐÔ¡£

Bias in HF performance
Cherry Picking, ¾­Àí×ÔÎÒÑ¡Ôñbias£¬ ÀúÊ·Êý¾Ý²»È«£¬survivorship bias, smoothed pricing ÒòΪ²»³£½»Ò×£¬ÒòΪoption£¬·ÇƽºâµÄÊÕÒ棬Fee structure and incentives encourage risk

Closely held legal structure
²»ÊÇÉÏÊй«Ë¾£¬illiquid, limited information, ²»Í¬¹«Ë¾Óв»Í¬µÄË°ÊÕÓÅÊÆ¡£ÆÀ¹ÀÕâÀ๫˾ҪÓв»Í¬µÄ¹ÀÖµ·½·¨£¬ÄÚÔÚ¼ÛÖµ£¬¹«Æ½¼ÛÖµºÍ»ù±¾Ãæ¼ÛÖµÆÀ¹ÀºÜÖØÒª¡£
ÆÀ¹À·½·¨£ºCost approach, comparables,income approach
ÕÛ¼ÛÒç¼Û»ù×¼£ºÁ÷¶¯ÐÔ²îºÍ¸½¼Ó·çÏÕµ¼ÖÂdiscount

Distressed Debt investing
ÆƲú±£»¤µÄ¹«Ë¾µÄÕ®Îñ£¬ownership claimsºÜÖØÒª£¬Õ®È¯Í¶×ÊÕߵõ½²ÐÖµ£¬ÀàËÆ·çÏÕͶ×ÊÓëй«Ë¾¡£

´ó×ÚÉÌƷͶ×Ê£º
Role£¬Ìṩinflation hedge for Ͷ×ÊÕߣ¬ ÉÌÆ·¼Û¸ñËæͨ»õÅòÕÍѸËÙµ÷Õû£¬¶ÔÉú²úÄÜÁ¦ºÍÏû·ÑÃô¸Ð£¬¶àÔª»¯

Collateralized Commodity Future Returns
Collateralized Future  position = long futures contract + same amout in T-bills
³¬¶îÊÕÒæ´Ófuture price±ä»¯ºÍrisk free govenment securitiesµÄÀûÏ¢

J ·¢²¼

ÈýÔÂ 28th, 2008 at 2:45 ÏÂÎç

·¢±íÔÚ CFA ѧϰ±Ê¼Ç - L1

ÓбêÇ© Alternative Investments, CFA

CFA±Ê¼Ç Session 18 Alternative Investments Part 2

ÎÞÆÀÂÛ

·¿µØ²ú¹ÀÖµ
1.(Replacement) cost method, construction costs + value of the land, used in RE appraisals
2.Sales comparison (Hedonic) method ÓÃÀàËƵķ¿²ú×î½üµÄ½»Ò×¼Û¸ñ£¬adjusted for unique property attributes
3.Income Method, ÕÛÏÖÏÖ½ðÁ÷Ä£ÐÍ£¨R/E appraisals£©
4.Discounted After-Tax Cash Flow Model, Ë°ºóÕÛÏÖÏÖ½ðÁ÷Ä£ÐÍ£¨investment valuation£©

Hedonic Approach
¹ºÎïÖÐÐĹÀ¼Û V=80¡ÁA ¨C 120,000¡ÁT + 250¡ÁP
A=Õ¼µØƽ·½Ó¢³ß£¬T=Àë»ð³µÕ¾¾àÀ룬 P=Í£³µ³¡ÈÝÁ¿

Income Approach
Market Value(V) = NOI / R,  NOI= net operating income, R = market capitalization rate
NOI¼ÆË㣬Gross potential income(all rents) -estimated  vacancy losses ¨C estimated cllection losses ¨C operating expenses (°üÀ¨±£ÏÕ£¬Îïҵ˰£¬ÉèÖÃÐÞÀíºÍά»¤·Ñ)

Ë°ºóÏÖ½ðÁ÷£º(NOI ¨C depreciation ¨C int.exp.) (1-t)+depreciation ¨C principal portion of mortgage paymentÕ۾ɲ»·¢ÉúÏÖ½ðÁ÷£¬µ«¼õÉÙË°ÊÕ£¬Ôö¼ÓÏÖ½ðÁ÷¡£

Venture Capital