中级财务管理管理精品资料

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

2、ndintangibleassetssuchasmanagementcontractsandpatents.Theobjectoftheinvestmentorcapitalbudgeting,decisionistofindrealassetsthatareworthmorethantheycost.AllshareholdersofafirmwillbemadebetteroffifmanagersfollowtheNPVrule—undertakepositiveNPVprojectsandrejectnegativeNPVprojects.Wecancalculatehowmu

3、chbetteroffintoday’sdollartheinvestmentmakesusbycalculatingtheNetPresentValue:.CashinflowsTimeCashoutflows01-$25,000$30,000Inthischapterwewilltakethefirst,mostbasicstepstowardunderstandinghowassetsarevaluedthefirstbasicprincipleoffinanceadollartodayisworthmorethanadollartomorrowbecausethedollart

4、odaycanbeinvestedtostartearninginterestimmediately.CalculatingPresentValueThesecondbasicfinancialprinciple:Asafedollarisworthmorethanariskyone.governmentsecuritiesinvestmentinthestockmarketPresentValueValuetodayofafuturecashflow.DiscountRateInterestrateusedtocomputepresentvaluesoffuturecashflows

5、.DiscountFactorPresentvalueofa$1futurepayment.DiscountFactor=DF=PVof$1DiscountFactorscanbeusedtocomputethepresentvalueofanycashflow.investmentinthestockmarketPv=？governmentsecuritiesPv=？R=12%R=7%investmentinthestockmarketPv=357governmentsecuritiesPv=374R=12%R=7%Step1:ForecastcashflowsCostofbuild

6、ing=C0=350SalepriceinYear1=C1=400Step2:EstimateopportunitycostofcapitalIfequallyriskyinvestmentsinthecapitalmarketofferareturnof7%,thenCostofcapital=r=7%Step3:DiscountfuturecashflowsStep4:GoaheadifPVofpayoffexceedsinvestmentC0isaninvestmentandthereforeacashoutflow,willusuallybeanegativenumber.Ac

7、ceptinvestmentsthathavepositivenetpresentvalueAcceptinvestmentsthathavepositivenetpresentvalueExampleSupposewecaninvest$50todayandreceive$60inoneyear.Shouldweaccepttheprojectgivena10%expectedreturn?Higherriskprojectsrequirea