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ID:59563093
大小:117.50 KB
页数:63页
时间:2020-11-11
《合并中的财务(1)教学提纲.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、合并中的财务(1)WhatisBusinessFinance?FinancialPlanning&ControltoAchievetheFinancialObjectivesoftheFirmBusinessFinanceBusinessFinanceFinancialManagementisthereforeallaboutResidualCashFlowsWhichaccruetoOrdinaryShareholdersHencetheimportanceoftheTimeValueofMoneyOrPresentValueBusinessFinancePresentValueFuture
2、cashflowsdiscountedbacktotoday'sValue1/(1+R)^nR=TheappropriateDiscountRate(WeightedAverageCostofCapital)MostImportantDecisionTheInvestmentDecisionoftenviewedasthemostimportantdecision.Decisionmadenowaffectsfuturereturns.Generallycan’treversedecisionwithoutsignificantlossofinitialinvestment.Financial
3、ImplicationsofachangeinFirmSizeInternalChapter8CapitalBudgetingExternalChapter11ValuationofCompaniesChapter12Mergers&Take-oversInternalGrowthWhatConstitutesInternalGrowth?ProductMarketVolumeServiceInternalGrowthLargeCapitalExpenditureDecisionInvestmenti.e.MajorOutlayAtStartofProjectInvestmentinWC
4、ProjectedStreamofInflowsTerminalValuesInternalGrowthThekeyQuestion:IsthisProjectWorththeInvestmentBusinessFinanceseekstoanswerthisthroughComparativeCostsAccountingRateofReturn(ARR)PaybackDiscountedCashFlowsInternalGrowthAccountingRateofReturnPage207AverageAnnualProfits*100%AverageInvestmentPluses:Ea
5、sytocalculate&UnderstandMinus:AccountingProfitnotCashFlowExamplePage207InternalGrowthPaybackPage209HowLongtorepaymentofInitialInvestmentPluses:Easy/LiquidityMgt/Caution/RiskMgtMinuses:NoCashpostPB/NoTVOM/TimingPage211InternalGrowthComparativeCostPage211ProjectwithlowestcostwinsIgnoresTimeValueofMone
6、yProjectCashFlowsInternalGrowthDiscountedCashFlows(DCF)Page212InternalRateofReturnDiscountsallCFatRateforZeroNPVPluses:Cashflow/TVOMMinuses:Notunique/MagnitudeofCF/FailstoselectbetweenMutuallyExclusiveInternalGrowthDiscountedCashFlows(DCF)Page217NetPresentValueDiscountsallCFatCostofCapitalPluses:Cas
7、hflow;TVOM;MagnitudeofCFMinuses:None!Page218InternalGrowthExamTipBeabletoperformthesecalculationsOrganiseyouranswerStateAssumptionsClearlyBePracticalInternalGrowthCapitalRationingFundsnotsufficienttoa
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