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【正文】 2023 by The McGrawHill Companies, Inc. All rights reserved.622Example of Investment RulesPayback Period:Project A Project BTime CF Cum. CF CFCum. CF0 200 200 150 1501 200 0 50 1002 800 800 100 03 800 0 150 150Payback period for project B = 2 years.Payback period for project A = 1 or 3 years?McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.614The Timing Problem0 1 2 3$10,000 $1,000 $1,000$10,000Project A0 1 2 3$1,000 $1,000 $12,000$10,000Project BThe preferred project in this case depends on the discount rate, not the IRR. McGrawHill/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。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.615The Timing Problem% = crossover rate% = IRRB % = IRRAMcGrawHill/Irwin Copyright 169。 2023 by
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