中级财务管理管理ppt课件.ppt

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1、CAPITALINVESTMENTDECISION3.1NetPresentValue,CashFlowEstimation3.2TheCostofCapital3.3CapitalBudgeting:DecisionCriteria3.4ProjectAnalysisandEvaluationPresentValueandTheOpportunityCostofCapitalCashFlowEstimationCompaniesInvestinavarietyofrealassets.Theseincludetangibleassetssuchasplantan

2、dmachineryandintangibleassetssuchasmanagementcontractsandpatents.Theobjectoftheinvestmentorcapitalbudgeting,decisionistofindrealassetsthatareworthmorethantheycost.AllshareholdersofafirmwillbemadebetteroffifmanagersfollowtheNPVrule—undertakepositiveNPVprojectsandrejectnegativeNPVprojec

3、ts.Wecancalculatehowmuchbetteroffintoday’sdollartheinvestmentmakesusbycalculatingtheNetPresentValue:.CashinflowsTimeCashoutflows01-$25,000$30,000Inthischapterwewilltakethefirst,mostbasicstepstowardunderstandinghowassetsarevaluedthefirstbasicprincipleoffinanceadollartodayisworthmoretha

4、nadollartomorrowbecausethedollartodaycanbeinvestedtostartearninginterestimmediately.CalculatingPresentValueThesecondbasicfinancialprinciple:Asafedollarisworthmorethanariskyone.governmentsecuritiesinvestmentinthestockmarketPresentValueValuetodayofafuturecashflow.DiscountRateInterestrat

5、eusedtocomputepresentvaluesoffuturecashflows.DiscountFactorPresentvalueofa$1futurepayment.DiscountFactor=DF=PVof$1DiscountFactorscanbeusedtocomputethepresentvalueofanycashflow.investmentinthestockmarketPv=？governmentsecuritiesPv=？R=12%R=7%investmentinthestockmarketPv=357governmentsecu

6、ritiesPv=374R=12%R=7%Step1:ForecastcashflowsCostofbuilding=C0=350SalepriceinYear1=C1=400Step2:EstimateopportunitycostofcapitalIfequallyriskyinvestmentsinthecapitalmarketofferareturnof7%,thenCostofcapital=r=7%Step3:DiscountfuturecashflowsStep4:GoaheadifPVofpayoffexceedsinvestmentC0isan

7、investmentandthereforeacashoutflow,willusuallybeanegativenumber.AcceptinvestmentsthathavepositivenetpresentvalueAcceptinvestmentsthathavepositivenetpresentvalueExampleSupposewecaninvest$50todayandreceive$60inoneyear.Shouldweaccepttheprojectgivena10%expectedreturn?Higherriskprojectsreq

8、uirea