投資決策的其它方案講義-展示頁
2025-03-06 05:48本頁面
【正文】 ? 2. Uses ALL cash flows of the project? 3. Discounts ALL cash flows properly? Reinvestment assumption: the NPV rule assumes that all cash flows can be reinvested at the discount rate.McGrawHill/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。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.60Chapter Outline Why Use Net Present Value? The Payback Period Rule The Discounted Payback Period Rule The Average Accounting Return The Internal Rate of Return Problems with the IRR Approach The Profitability Index The Practice of Capital Budgeting Summary and ConclusionsMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.62The Net Present Value (NPV) Rule? Net Present Value (NPV) = Total PV of future CF’s + Initial Investment? Estimating NPV:– 1. Estimate future cash flows: how much? and when?– 2. Estimate discount rate– 3. Estimate initial costs? Minimum Acceptance Criteria: Accept if NPV 0? Ranking Criteria: Choose the highest NPVMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.64 The Payback Period Rule? How long does it take the project to “pay back” its initial investment?? Payback Period = number of years to recover initial costs? Minimum Acceptance Criteria: – set by management? Ranking Criteria: – set by managementMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies,
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號-1