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时间:2020-03-23
《投资项目管理和经济效益评价-英文版.ppt》由会员上传分享,免费在线阅读,更多相关内容在PPT专区-天天文库。
1、厦门大学管理学院博士研究生课程报告八高级投资项目管理和经济效益评价——理论、方法和实践厦门大学管理学院吴世农AdvancedCapitalBudgeting——Theory,Methods&ApplicationsWuShinongSchoolofManagementXiamenUniversityAdvancedTopicsinCapitalBudgetingI.WhatisCapitalBudgeting?Capital=FixedAssetsusedinproduction/service;Budgeting=Plandetailingprojectedcashinflow
2、sandoutflowsduringsomefutureperiod,thus“CapitalBudgeting”outlinestheplannedexpendituresonfixedassets.1.Multi-conceptsforCapitalBudgeting(1)CapitalInvestmentAnalysis&Decision(2)EconomicEvaluationofInvestmentProjects(3)TechnologicalEconomics(4)InvestmentFeasibilityStudy2.AFormalDefinitionofCapi
3、talBudgetingCapitalbudgetingisafiledoffinanceconcernedwithcostandbenefit,andreturnandriskderivedfrominvestmentprojectundertakenbyafirm.Thecapitalbudgetingisaprocedureincludeasetofsystematictechniquesdealingwithhowtoevaluateandselectinvestmentprojectsundercertaintyoruncertainty.厦门大学管理学院吴世农Mark
4、etResearchInvestmentSources&CostCBAExpendituresofCapitalsMarketingStrategyCosts&IncomeRProfitsStatementRisk&InvestmentAnalysisDManagementAssets&BalanceLiabilitiesSheetProductionFinanceCashInflow&CashflowRepaymentOpportunityStudyCashOutflowStatementAnalysisPreliminaryDiscussionFeasibilityDiscu
5、ssionFinalProposalsStudyReportExhibit1:DiagramSuggestedforInvestmentProject’sFeasibilityStudyinFirms厦门大学管理学院吴世农TechnologicalMacroeconomicFeasibilityFeasibilityFinancialImplementationOperationFeasibilitySocial/CulturalEnvironmentalFeasibilityFeasibilityComprehensiveReviewPost-FeasibilityReport
6、AssessmentExhibit1(Continuos):DiagramSuggestedforInvestmentProject’sFeasibilityStudyinFirmsAdvancedTopicsinCapitalBudgetingII.ConflictsbetweenNPVandIRRforMutuallyExclusiveProjects1.SizeEffectofInvestmentOutlayonNPVandIRR(1)Conflict——WhichMaximizesShareholder’sWealth?Supposethattherearetwoproj
7、ects,AandB,n=1,K=10%,theirinvestmentoutlaysandNCFarepresentedinthefollowingtable.ProjectI0NCF1NPV(k=10%)IRRPVIA5,0008,0002,27360%45.46%B50,00075,00018,18250%36.36%BothprojectsareacceptableduetotheirpositivevaluesofNPV,however,giventhatthetwop
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