中级财务管理管理课件.ppt

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

2、etssuchasplantandmachineryandintangibleassetssuchasmanagementcontractsandpatents.Theobjectoftheinvestmentorcapitalbudgeting,decisionistofindrealassetsthatareworthmorethantheycost.AllshareholdersofafirmwillbemadebetteroffifmanagersfollowtheNPVrule—undertakepositiveNPVpr

3、ojectsandrejectnegativeNPVprojects.Wecancalculatehowmuchbetteroffintoday’sdollartheinvestmentmakesusbycalculatingtheNetPresentValue:.CashinflowsTimeCashoutflows01-$25,000$30,000Inthischapterwewilltakethefirst,mostbasicstepstowardunderstandinghowassetsarevaluedthefirstb

4、asicprincipleoffinanceadollartodayisworthmorethanadollartomorrowbecausethedollartodaycanbeinvestedtostartearninginterestimmediately.CalculatingPresentValueThesecondbasicfinancialprinciple:Asafedollarisworthmorethanariskyone.governmentsecuritiesinvestmentinthestockmarke

5、tPresentValueValuetodayofafuturecashflow.DiscountRateInterestrateusedtocomputepresentvaluesoffuturecashflows.DiscountFactorPresentvalueofa$1futurepayment.DiscountFactor=DF=PVof$1DiscountFactorscanbeusedtocomputethepresentvalueofanycashflow.investmentinthestockmarketPv=

6、？governmentsecuritiesPv=？R=12%R=7%investmentinthestockmarketPv=357governmentsecuritiesPv=374R=12%R=7%Step1:ForecastcashflowsCostofbuilding=C0=350SalepriceinYear1=C1=400Step2:EstimateopportunitycostofcapitalIfequallyriskyinvestmentsinthecapitalmarketofferareturnof7%,the

7、nCostofcapital=r=7%Step3:DiscountfuturecashflowsStep4:GoaheadifPVofpayoffexceedsinvestmentC0isaninvestmentandthereforeacashoutflow,willusuallybeanegativenumber.AcceptinvestmentsthathavepositivenetpresentvalueAcceptinvestmentsthathavepositivenetpresentvalueExampleSuppos

8、ewecaninvest$50todayandreceive$60inoneyear.Shouldweaccepttheprojectgivena10%expectedreturn?Higherriskprojectsrequirea