投資決策的其它方案講義-文庫吧
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【正文】 y management? Ranking Criteria: – set by managementMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.65The Payback Period Rule (continued)? Disadvantages:– Ignores the time value of money– Ignores cash flows after the payback period– Biased against longterm projects– Requires an arbitrary acceptance criteria– A project accepted based on the payback criteria may not have a positive NPV? Advantages:– Easy to understand– Biased toward liquidityMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.66 The Discounted Payback Period Rule? How long does it take the project to “pay back” its initial investment taking the time value of money into account?? By the time you have discounted the cash flows, you might as well calculate the NPV.McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.67 The Average Accounting Return Rule? Another attractive but fatally flawed approach.? Ranking Criteria and Minimum Acceptance Criteria set by management? Disadvantages:– Ignores the time value of money– Uses an arbitrary benchmark cutoff rate– Based on book values, not cash flows and market values? Advantages:– The accounting information is usually available– Easy to calculateMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.68 The Internal Rate of Return (IRR) Rule? IRR: the discount that sets NPV to zero ? Minimum Acceptance Criteria: – Accept if the IRR exceeds the required return.? Ranking Criteria: – Select alternative with the highest IRR? Reinvestment assumption: – All future cash flows assumed reinvested at t
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