投資決策的其它方案講義(已改無錯字)
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【正文】 ect 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.615The Timing Problem% = crossover rate% = IRRB % = IRRAMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved.616Calculating the Crossover RateCompute the IRR for either project “AB” or “BA”% = IRRMcGrawHill/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.618 The Profitability Index (PI) Rule? Minimum Acceptance Criteria: – Accept if PI 1? Ranking Criteria: – Select alternative with highest PI? Disadvantages:– Problems with mutually exclusive investments? Advantages:– May be useful when available investment funds are limited– Easy to understand and municate– Correct decision when evaluating independent projectsMcGrawHill/Irwin Copyright 169。 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 McGrawHill Companies
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