投資決策的其它方案講義(完整版)
【正文】 eria: – set by management? Ranking Criteria: – set by managementMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.61 Why Use Net Present Value?? Accepting positive NPV projects benefits shareholders.? NPV uses cash flows? NPV uses all the cash flows of the project? NPV discounts the cash flows properlyMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.69The Internal Rate of Return: ExampleConsider the following project:0 1 2 3$50 $100 $150$200The internal rate of return for this project is %McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.617Mutually Exclusive vs. Independent Project? Mutually Exclusive Projects: only ONE of several potential projects can be chosen, . acquiring an accounting system. – RANK all alternatives and select the best one.? Independent Projects: accepting or rejecting one project does not affect the decision of the other projects.– Must exceed a MINIMUM acceptance criteria.McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.625 Summary and Conclusions? This chapter evaluates the most popular alternatives to NPV:– Payback period– Accounting rate of return– Internal rate of return– Profitability index? When it is all said and done, they are not the NPV rule。 2023 by The McGrawHill Companies, Inc. All rights reserved.619 The Practice of Capital Budgeting? Varies by industry:– Some firms use payback, others use accounting rate of return.? The most frequently used technique for large corporations is IRR or NPV.McGrawHill/Irwin Copyright 169。 2023 by The McGraw
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