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【文章內(nèi)容簡(jiǎn)介】 Rate of Return Interpretation ?Two fundamental steps – page 397 ?Uniform Net Cash Flows Example – page 397398 ?Uneven Cash Flows Example – page 398, figure 2D14, figure 2D15, figure 2D16, page 399 17 NPV和 IRR的比較 Comparison of NPV and IRR ?NPV和 IRR都考慮 – 貨幣的時(shí)間價(jià)值，期初現(xiàn)金投資，初始投資后的所有現(xiàn)金 ?兩種方法都有可靠性方面的值得注意之處 – 909頁(yè) ?只要沒(méi)有以下方面的不同， NPV和 IRR方法一般會(huì)產(chǎn)生相似的結(jié)果 – 909頁(yè) ?Both NPV and IRR consider – time value of money, initial cash investment, all cash flow after initial investment ?Both methods have some reliability cautions – page 400 ?NPV and IRR methods will yield similar results as long as there are no differences – page 400 18 第三節(jié)：回收期和折現(xiàn)回收期 Topic 3: Payback and Discounted Payback 19 回收期法的使用 Uses of Payback Method ?均勻凈現(xiàn)金流的例子 – 912頁(yè) ?不均勻現(xiàn)金流的例子 – 912頁(yè) 回收期法的解釋 回收期法的優(yōu)點(diǎn)和缺點(diǎn) ?回收期法的優(yōu)點(diǎn)和缺點(diǎn) – 圖表 2D18， 913頁(yè) ?Uniform Net Cash Flows Example – page 404 ?Uneven Cash Flows Example – page 405 Payback Method Interpretation Advantages and Disadvantages of the Payback Method ?Advantage and disadvantage of the Payback Method – figure 2D18, page 406 20 折現(xiàn)回收期法 Discounted Payback ?折現(xiàn)回收期法 – 使用凈現(xiàn)金流的現(xiàn)值，圖表 2D19， 914頁(yè) ?Discounted payback method – uses the present values of cash inflows, figure 2D19, page 406 21 第四節(jié)：投資項(xiàng)目排序 Topic 4: Ranking Investment Projects 22 資本項(xiàng)目排序 Capital Rationing ?資本分配合理化 – 企業(yè)的投資有某種約束，圖表 2D20，410頁(yè) 獲利指數(shù)法 ?獲利指數(shù)法 – 圖表 2D21， 918頁(yè) ?Capital Rationing – some constraint on a firm’s investment program, figure 2D20, page 410 Profitability Index ?Profitability Index – page 411, figure 2D21, page 411 23 互斥項(xiàng)目 Mutually Exclusive Projects ?因?yàn)轫?xiàng)目之間存在如下的差異，不同的分析方法產(chǎn)生相沖突的結(jié)果 – 現(xiàn)金流規(guī)模，凈現(xiàn)金流模式，使用壽命 ?比較項(xiàng)目投資時(shí)所面臨的問(wèn)題 – 圖表 2D22， 919頁(yè) ?Yield conflicting results because of project differences – size of the cash flow, pattern of the cash flows, length of the useful life ?Problems in Comparing Project Investment – figure 2D22, page 412 24 其他排序方法 Alternate Ranking Methods 線性規(guī)劃 內(nèi)部資本市場(chǎng) Liner Programming Internal Capital Markets 25 第五節(jié)：資本投資的風(fēng)險(xiǎn)分析 Topic 5: Risk Analysis in Capital Investment 26 敏感性分析 Sensitivity Analysis ?敏感性分析用于回答以下的問(wèn)題 – 924頁(yè) ?折現(xiàn)率的變化 – 圖表 2D23， 925頁(yè) ?Sensitivity analysis used to answer questions such as – page 418 ?Changes in Discount Rate – figure 2D23, page 419 27 確定性等值 Certainty Equivalents ?確定性等值 – 預(yù)期現(xiàn)金流轉(zhuǎn)換成實(shí)際上更可能實(shí)現(xiàn)的確定金額 ?采取以下的步驟 – 926頁(yè) ?案例 – 圖表 2D24， 927頁(yè) ?Certainty Equivalent – used to convert a projected cash flow into a certain cash flo
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