彼得羅斯公司理財cap(9)-wenkub
2022-11-03 18:00:34 本頁面
【正文】 cts ? 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 liquidity 58 The Discounted Payback Period ?How long does it take the project to “pay back” its initial investment, taking the time value of money into account? ? Decision rule: Accept the project if it pays back on a discounted basis within the specified time. ? By the time you have discounted the cash flows, you might as well calculate the NPV. 59 The Internal Rate of Return ? IRR: the discount rate 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 are assumed to be reinvested at the IRR 510 Internal Rate of Return (IRR) ? Disadvantages: ? Does not distinguish between investing and borrowing ? IRR may not exist, or there may be multiple IRRs ? Problems with mutually exclusive investments ? Advantages: ? Easy to understand and municate 511 IRR: Example Consider the following project: 0 1 2 3 $50 $100 $150 $200 The internal rate of return for this project is % 32 )1(150$)1(100$)1(50$2021I R RI R RI R RN PV ?????????512 NPV Payoff Profile 0% $ 1 0 0 . 0 04% $ 7 3 . 8 88% $ 5 1 . 1 112% $ 3 1 . 1 316% $ 1 3 . 5 220% ($ 2 . 0 8 )24% ($ 1 5 . 9 7 )28% ($ 2 8 . 3 8 )32% ($ 3 9 . 5 1 )36% ($ 4 9 . 5 4 )40% ($ 5 8 . 6 0 )44% ($ 6 6 . 8 2 )If we graph NPV versus the discount rate, we can see the IRR as the xaxis intercept. IRR = % ($100. 00)($50. 00)$0. 00$50. 00$100. 00$150. 001% 9% 19% 29% 39%Di scount rat eNPV513 Calculating IRR with Spreadsheets ? You start with the same cash flows as you did for the NPV. ? You use the IRR function: ? You first enter your range of cash flows, beginning with the initial cash flow. ? You can enter a guess, but it is not necessary. ? The default
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