财务管理专业英语3E教学课件作者刘媛媛 Topic 7.ppt

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1、7.1CapitalInvestmentdecisions7.2GuidelinesforEstimatingProjectCashFlows7.3InvestmentRules7.4BusinessPractice7.5AnalyzingProjectRisk7.6ProjectSelectionwithResourceConstrains7.7QualitativeFactorsandtheSelectionofProjects7.8ThePost-AuditCapitalInvestmentdecisionsProjectClassi

2、ficationsExpansionProjectsvs.ReplacementProjectsIndependentProjectsvs.MutuallyExclusiveProjectsGuidelinesforEstimatingProjectCashFlowsIdentifyIncrementalCashFlowsFocusonAfter-taxCashFlowsPostponeConsideringFinancingCostsOtherCashFlowConsiderationsSunkCostsOpportunityCostsA

3、llocatedOverheadResidualValueSideEffectsInvestmentRulesNetPresentValue(NPV)ProfitabilityIndex(PI)InternalRateofReturn(IRR)PaybackPeriod(PP)DiscountedPaybackPeriod(DPP)BusinessPracticeFindingsofa1993surveybyFortune5001.EveryrespondingfirmusedsometypeofDCFmethod.In1955,asimi

4、larstudyreportedthatonly4percentoflargecompaniesusedaDCFmethod.Thus,largefirms’usageofDCFmethodologyincreaseddramaticallyinthelasthalfofthe20thcentury.2.Thepaybackperiodwasusedby84percentofBierman’ssurveyedcompanies.However,nocompanyuseditastheprimarymethod,andmostcompanie

5、sgavethegreatestweighttoaDCFmethod.In1955,surveyssimilartoBierman’sfoundthatpaybackwasthemostimportantmethod.3.In1993,99percentoftheFortune500companiesusedIRR,while85percentusedNPV.Thus,mostfirmsactuallyusedbothmethods.4.AnexaminationofsurveysdonebyotherauthorsledBiermanto

6、concludethattherehasbeenastrongtrendtowardtheacceptanceofacademicrecommendations,atleastbylargecompanies.BusinessPracticeAsecond1993study,conductedbyJoeWalker,RichardBurns,andChadDenson(WBD),focusedonsmallcompanies.AnalyzingProjectRiskSensitivityAnalysis——Sensitivityanalys

7、isinvolvesassessingtheeffectofchangesorerrorsintheestimatedvariablesonthenetpresentvalueofaproject.Break-evenAnalysis——Break-evenanalysisisaformofsensitivityanalysis.Sensitivityanalysisgenerallyinvolvesfindinganswersto“whatif”questions.Simulation——simulationallowsamanagert

8、oconsidertheeffectsofchangingallthevariableswhosevaluesareuncertain.ProjectSelectionwithR