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时间:2020-04-02
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1、2008年注册会计师考试辅导 财务成本管理英语 INVESTMENTAPPRAISAL [对应中文教材2008年财务成本管理第五章:投资管理] A.ROCE(已动用资本回报率)orARR(会计收益率)(AccountingRateofReturn) B.Payback(回收期法) Paybackperiod =Initialpayment/Annualcashinflow,paybackisnotalwaysanexactnumberofyears Mostcommonformula: ROCE=EB
2、IT(afterdepreciation)/initialcapitalcosts 第8页2008年注册会计师考试辅导 财务成本管理英语 CNPV(净现值法) (1)Basicassumptions: ·cashoutlayoccursinyear0(now). ·cashflowsoccurattheendoftheyear. ·ifacashflowoccursatthebeginningofayear,itisassumedtooccurattheendofthepreviousyear
3、. DIRR(内含报酬率法) 第8页2008年注册会计师考试辅导 财务成本管理英语 (1)Basicprinciple:IRRisthecostofcapitalatwhichtheNPViszero,iftheexpectedIRRishigherthanatargetrateofreturn;theprojectisfinanciallyworthundertaking. (2)SelectionbetweenIRRandNPV:whenachoicehastobemadebetweenmut
4、uallyexclusiveprojects,insuchcasetheNPVshouldbeselected,becausehigherNPVcanmaximizeshareholder’swealth. Definition Thediscountratwhich,whenappliedtothecashflowsofaproject,givesanNPVof 第8页2008年注册会计师考试辅导 财务成本管理英语 zero. Or Thebreak-eveninterestrateforapr
5、oject. Itisthemaximumrateofinterestthatyoucouldaffordtopayonaprojectwithoutmakingaloss. Features Advantages-Takesintoaccountthetimevalueofmoney -Relativemeasure -MorereadilyunderstoodthanNPV Disadvantages-Maynotbeunique–projectscanhavemorethanoneIRR -Mayrankprojectsincorrectly–
6、formutuallyexclusiveprojectsorwhen Fundsareshortsupply -Cannotcopewithchangingratesofinterest Themethodofcalculationdependsuponwhetherornottheprojecthasevencashflows. Evencashflows Consideraninvestmentof£39.93mthatgeneratesnetcashearningsof£10mfor5years TheIRRisthediscountrateth
7、atgivesaNPVofzero.ThismeansthattheIRRisthe Ratethatwilldiscountfiveinstallmentsof£10mtoapresentvalueof£39.93.Thisinturn MeansthattheIRRisthediscountrateforwhichthe5yearannuityfactoris3.993.A Theproject’sIRRhasbeenfoundviaacumulativediscountfactor(annuity 第8页2008年注册会计师考试辅导 财务成本
8、管理英语
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