财务管理专业英语 教学课件 作者 崔刚主编 Chapter 5.pptx

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1、g10byzw主编5.1NetPresentValueandOtherInvestmentCriteria5.2CashFlowProjection5.3RiskEvaluationofInvestmentProjectChapter5CapitalBudgetingandInvestmentDecision5.1　NetPresentValueandOtherInvestmentCriteria5.1.1　NetPresentValue5.1.2　ThePaybackRule5.1.3　TheInternalRateofReturn5.1.4　ThePracticeofCa

2、pitalBudgeting5.1.1　NetPresentValueThenetpresentvaluemethodisadiscountedcashflowapproachtocapitalbudgeting.Thenetpresentvalue(NPV)ofaninvestmentproposalisthepresentvalueoftheproposal’snetcashflowslesstheproposal’sinitialcashoutflow.ThemathematicalformulaoftheNPVis:Thepaybackperiod(PBP)ofani

3、nvestmentprojecttellsusthenumberofyearsrequiredtorecoverourinitialcashinvestmentbasedontheproject’sexpectedcashflows.Becausethisideaiswidelyunderstoodandused,wewillexamineitinsomedetail.5.1.2　ThePaybackRule5.1.2　ThePaybackRuleFigure5-1　TheCashFlowFromaProposedInvestment5.1.2　ThePaybackRule5

4、.1.3　TheInternalRateofReturnLikethenetpresentvaluemethod,theinternalrateofreturnmethodisadiscountedcashflowapproachtocapitalbudgeting.WenowcometothemostimportantalternativetoNPV,theinternalrateofreturn,universallyknownastheIRR.TheIRRistheratethatcausestheNPVoftheprojecttobezero.IRRmeetthefo

5、llowingformula:5.1.4　ThePracticeofCapitalBudgetingWehavediscussedthreekindsofcapitalbudgetingdecision-makingmethods,andfordecisionmakers,differentindicatorsprovidedifferenttypesofinformation.Sincethecalculationsoftheseindicatorsarenotdifficultindecision-makingprocessandconsiderationshouldbe

6、giventothesecalculations.5.2　CashFlowProjection5.2.1　ProjectCashFlow5.2.2　IncrementalCashFlows5.2.3　ProFormaFinancialStatementsandProjectCashFlows5.2.1　ProjectCashFlowDecision-makingofprojectinvestmenthasanimportantroleintheprocessofanyfirm’ssurvivalanddevelopment.Theeffectoftakingaprojecti

7、stochangethefirm’soverallcashflowstodayandinthefuture.Toevaluateaproposedinvestment,wemustconsiderthesechangesinthefirm’scashflowsandthendecidewhetherornottheyaddvaluetothefirm.5.2.2　IncrementalCashFlows1.SunkCosts2.OpportunityCosts3.SideEffects4.OtherIs