英文版公司理财课件chapter 7.ppt

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1、Chapter7Netpresentvalueandotherinvestmentcriteria1COPYRIGHT©ZHULIObjectivesCalculatethenetpresentvalueofaninvestmentCalculatetheinternalrateofreturnofaprojectandknowwhattolookoutforwhenusingtheinternalrateofreturnruleExplainwhythepaybackruledoesn’talwaysmakeshareholdersbetteroffUsethenetpresentvalu

2、eruletoanalyzethreecommonproblemsthatinvolvecompetingprojects:(a)whentopostponeaninvestmentexpenditure,(b)howtochoosebetweenprojectswithunequallives,and(c)whentoreplaceequipmentCalculatetheprofitabilityindexanduseittochoosebetweenprojectswhenfundsarelimited2ContentNetpresentvalueOtherinvestmentcrit

3、eriaMoreexamplesofmutuallyexclusiveprojectsCapitalrationingAlastlook3Netpresentvalue:净现值Opportunitycostofcapital:资金的机会成本Mutuallyexclusiveprojects:互斥项目4Netpresentvalue(NPV):presentvalueofcashflowsminusinvestmentThenetpresentvaluerulestatesthatmanagersincreaseshareholders’wealthbyacceptingallprojects

4、thatareworthmorethantheycost.Therefore,theyshouldacceptallprojectswithapositivenetpresentvalueThefirsttwostepsincalculatingNPVs:forecastingthecashflowsandestimatingtheopportunitycostofcapitalNetpresentvalue5Supposethatyouhaveidentifiedapossibletenantwhowouldbepreparedtorentyourofficeblockfor3yearsa

5、tafixedannualrentof$16000.Youforecastthatafteryouhavecollectedthethirdyear’srentthebuildingcouldbesoldfor$450000.Assumethattheopportunitycostofcapitalisr=7%6Afactorycosts$400,000.Youreckonthatitwillproduceaninflowafteroperatingcostsof$100,000inyear1,$200,000inyear2,and$300,000inyear3.Theopportunity

6、costofcapitalis12percent.DrawupaworksheetandusetablestocalculatetheNPV.7Whenyouneedtochooseamongmutuallyexclusiveprojects,thedecisionruleissimple:calculatetheNPVofeachalternative,andchoosethehighestpositive-NPVprojectMutuallyexclusiveprojects:twoormoreprojectsthatcannotbepursuedsimultaneously8Using

7、theNPVruletochooseamongprojectsReinvestmentassumption:theNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.MinimumAcceptanceCriteria:AcceptifNPV>0RankingCriteria:ChoosethehighestNPV9ContentNetp