thebasicsofcapitalbudgeting(英文版)-文庫吧
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【正文】 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Project S (Short: CFs e quickly) 70 20 50 0 1 2 3 100 CFt Cumulative 100 30 20 40 PaybackL 1 + 30/50 = years 100 0 = 11 11 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Strengths of Payback: 1. Provides an indication of a project’s risk and liquidity. 2. Easy to calculate and understand. Weaknesses of Payback: 1. Ignores the TVM. 2. Ignores CFs occurring after the payback period. 11 12 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Discounted Payback: Uses discounted rather than raw CFs. 10 80 60 0 1 2 3 CFt Cumulative 100 Discounted payback 2 + PVCFt 100 100 10% = Recover invest. + cap. costs in years. 11 13 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ? ? .k1CFNPVttn0t ?? ??NPV: Sum of the PVs of inflows and outflows. 11 14 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What’s Project L’s NPV? 10 80 60 0 1 2 3 10% Project L: = NPVL NPVS = $. 11 15 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Calculator Solution Enter in CFLO for L: 100 10 60 80 10 CF0 CF1 NPV CF2 CF3 I = = NPVL 11 16 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Rationale for the NPV Method NPV = PV inflows – Cost = Net gain in wealth. Accept project if NPV 0. Choose between mutually exclusive projects on basis of higher NPV. Adds most value. 11 17 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Using NPV method, which project(s) should be accepted? ?If Projects S and L are mutually exclusive, accept S because NPVs NPVL . ?If S L are independent, accept both。 NPV 0. 11 18 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Internal Rate of Return: IRR 0 1 2 3 CF0 CF1 CF2 CF3 Cost Inflows IRR is the discount rate that forces PV inflows = cost. This is the same as forcing NPV = 0. 11 19 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ? ? .NPVk1CFttn0t???? ? ?.0IRR1 CF ttn0t???NPV: Enter k, solve for NP
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