公司理财Chap7.ppt
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公司理财Chap7.ppt
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LOGOChapter7NetPresentValueandOtherInvestmentRulesKeyConceptsandSkillsvBeabletocomputepaybackanddiscountedpaybackandunderstandtheirshortcomingsvUnderstandaccountingratesofreturnandtheirshortcomingsvBeabletocomputetheinternalrateofreturnandprofitabilityindex,understandingthestrengthsandweaknessesofbothapproachesvBeabletocomputethenetpresentvalueandunderstandwhyitisthebestdecisioncriterionChapterOutline7.1WhyUseNetPresentValue?
7.2ThePaybackPeriodMethod7.3TheDiscountedPaybackPeriodMethod7.4TheAverageAccountingReturnMethod7.5TheInternalRateofReturn7.6TheProfitabilityIndex7.7ThePracticeofCapitalBudgeting7.1WhyUseNetPresentValue?
vAcceptingpositiveNPVprojectsbenefitsshareholders.NPVusescashflowsNPVusesallthecashflowsoftheprojectNPVdiscountsthecashflowsproperlyvReinvestmentassumption:
theNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.TheNetPresentValue(NPV)RuleTheNetPresentValue(NPV)RulevNetPresentValue(NPV)=TotalPVoffutureCFs-InitialInvestmentvEstimatingNPV:
1.Estimatefuturecashflows:
howmuch?
andwhen?
2.Estimatediscountrate3.EstimateinitialcostsvMinimumAcceptanceCriteria:
AcceptifNPV0vRankingCriteria:
ChoosethehighestNPVConsiderthefollowingthreeprojectsavailabletoafirm:
AABBCCNICFNICFNICF0(20000)(9000)(12000)1180011800(1800)1200600460023240132403000600060046003300060006004600Theappropriatediscountratefortheprojectsis10%.PleasecalculatetheNPVforeachproject.ExampleExample7.2ThePaybackPeriodMethodvHowlongdoesittaketheprojectto“payback”itsinitialinvestment?
vPaybackPeriod=numberofyearstorecoverinitialcostsvMinimumAcceptanceCriteria:
SetbymanagementvRankingCriteria:
SetbymanagementConsiderthefollowingthreeprojectsavailabletoafirm:
AABBCCNICFNICFNICF0(20000)(9000)(12000)1180011800(1800)1200600460023240132403000600060046003300060006004600Pleasecalculatethepaybackperiodforeachproject.ExampleExamplevDisadvantages:
IgnoresthetimevalueofmoneyIgnorescashflowsafterthepaybackperiodBiasedagainstlong-termprojectsRequiresarbitraryacceptancecriteriaAprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPVvAdvantages:
EasytounderstandBiasedtowardliquidityExampleExampleABC0-100-100-1001205050230303035020204606060000paybackperiod3337.3TheDiscountedPaybackPeriodvHowlongdoesittaketheprojectto“payback”itsinitialinvestment,takingthetimevalueofmoneyintoaccount?
vDecisionrule:
Accepttheprojectifitpaysbackonadiscountedbasiswithinthespecifiedtime.0123$50,000$50,000$20,000-$100,000nPP=1+1=2yearndiscountthecashfollown(-100,00045,454.5541,322.3115,026.3)nDPP=1+1+(100000-45454.55-41322.31)/15026.3=2+0.88=2.88yearExample(discountrate=10%)Example(discountrate=10%)PVIFABCCFPVCFPVCFPV0(20000)(9000)(12000)10.90911180010727.3812001090.9246004181.8620.82641324010941.5460004958.446003801.4430.751360004507.846003455.98DPP=1+(20000-10727.38)/10941.54=1.85DPP=2+(9000-6049.32)/4507.8=2.65DPP3年年Example(discountrate=10%)Example(discountrate=10%)nPPA=1.62,PPB=2.3,PPC=2.617.4AverageAccountingReturnvAnotherattractive,butfatallyflawed,approachvRankingCriteriaandMinimumAcceptanceCriteria:
SetbymanagementConsiderthefollowingthreeprojectsavailabletoafirm:
AABBCCNICFNICFNICF0(20000)(9000)(12000)1180011800(1800)1200600460023240132403000600060046003300060006004600Pleasecalculatetheaverageaccountingreturnforeachproject.ExampleExamplevDisadvantages:
IgnoresthetimevalueofmoneyUsesanarbitrarybenchmarkcutoffrateBasedonbookvalues,notcashflowsandmarketvaluesvAdvantages:
TheaccountinginformationisusuallyavailableEasytocalculate7.5TheInternalRateofReturnvIRR:
thediscountratethatsetsNPVtozerovMinimumAcceptanceCriteria:
AcceptiftheIRRexceedstherequiredreturnvRankingCriteria:
SelectalternativewiththehighestIRRvReinvestmentassumption:
AllfuturecashflowsassumedreinvestedattheIRRExampleExampleConsiderthefollowingproject:
0123$50$100$150-$200Theinternalrateofreturnforthisprojectisabout19.44%.IfwegraphNPVversusthediscountrate,wecanseetheIRRasthex-axisintercept.IRR=19.44%Considerthefollowingthreeprojectsavailabletoafirm:
AABBCCNICFNICFNICF0(20000)(9000)(12000)1180011800(1800)1200600460023240132403000600060046003300060006004600Pleasecalculatetheinternalrateofreturnforeachproject.ExampleExampleProblemswithIRRProblemswithIRRqInvestingorFinancing?
qMultipleIRRsqTheScaleProblemqTheTimingProblemIndependentandMutuallyExclusiveProjectsMutuallyExclusivevs.IndependentMutuallyExclusivevs.IndependentvMutuallyExclusiveProjects:
onlyONEofseveralpotentialprojectscanbechosenRANKallalternatives,andselectthebestone.vIndependentProjects:
acceptingorrejectingoneprojectdoesnotaffectthedecisionoftheotherproj
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