taiwan财务管理_lecture6(ch6)(PPT 35页)

,Irwin/McGraw-Hill,Chapter6,FundamentalsofCorporateFinanceThirdEdition,NetPresentValueandOtherInvestmentCriteria,BrealeyMyersMarcusslidesbyMatthewWill,Irwin/McGraw-Hill,TheMcGraw-HillCompanies,Inc.,2001,TopicsCovered,NetPresentValueOtherInvestmentCriteriaProjectInteractionsCapitalRationing,NetPresentValue,OpportunityCostofCapital-Expectedrateofreturngivenupbyinvestinginaproject.,NetPresentValue-Presentvalueofcashflowsminusinitialinvestments.,NetPresentValue,ExampleSupposewecaninvest$50todayandreceive$60inoneyear.Whatisourincreaseinvaluegivena10%expectedreturn?ThisisthedefinitionofNPV,NetPresentValue,NPV=PV-requiredinvestment,NetPresentValue,TerminologyC=CashFlowt=timeperiodoftheinvestmentr=“opportunitycostofcapital”TheCashFlowcouldbepositiveornegativeatanytimeperiod.,NetPresentValue,NetPresentValueRuleManagersincreaseshareholderswealthbyacceptingallprojectsthatareworthmorethantheycost.Therefore,theyshouldacceptallprojectswithapositivenetpresentvalue.,NetPresentValue,ExampleYouhavetheopportunitytopurchaseanofficebuilding.Youhaveatenantlinedupthatwillgenerate$16,000peryearincashflowsforthreeyears.Attheendofthreeyearsyouanticipatesellingthebuildingfor$450,000.Howmuchwouldyoubewillingtopayforthebuilding?,NetPresentValue,0123,$16,000,$16,000,$16,000,$450,000,$466,000,PresentValue14,95314,953380,395$409,323,Example-continued,NetPresentValue,Example-continuedIfthebuildingisbeingofferedforsaleatapriceof$350,000,wouldyoubuythebuildingandwhatistheaddedvaluegeneratedbyyourpurchaseandmanagementofthebuilding?,NetPresentValue,Example-continuedIfthebuildingisbeingofferedforsaleatapriceof$350,000,wouldyoubuythebuildingandwhatistheaddedvaluegeneratedbyyourpurchaseandmanagementofthebuilding?,OtherInvestmentCriteria,InternalRateofReturn(IRR)-DiscountrateatwhichNPV=0.RateofReturnRule-Investinanyprojectofferingarateofreturnthatishigherthantheopportunitycostofcapital.,InternalRateofReturn,ExampleYoucanpurchaseabuildingfor$350,000.Theinvestmentwillgenerate$16,000incashflows(i.e.rent)duringthefirstthreeyears.Attheendofthreeyearsyouwillsellthebuildingfor$450,000.WhatistheIRRonthisinvestment?,IRR=12.96%,InternalRateofReturn,IRR=12.96%,PaybackMethod,PaybackPeriod-Timeuntilcashflowsrecovertheinitialinvestmentoftheproject.Thepaybackrulespecifiesthataprojectbeacceptedifitspaybackperiodislessthanthespecifiedcutoffperiod.Thefollowingexamplewilldemonstratetheabsurdityofthisstatement.,PaybackMethod,ExampleThethreeprojectbelowareavailable.Thecompanyacceptsallprojectswitha2yearorlesspaybackperiod.Showhowthisdecisionwillimpactourdecision.CashFlowsPrj.C0C1C2C3PaybackNPV10%A-2000+1000+1000+100002+7,249B-2000+1000+100002-264C-20000+200002-347,BookRateofReturn,BookRateofReturn-Averageincomedividedbyaveragebookvalueoverprojectlife.Alsocalledaccountingrateofreturn.Managersrarelyusethismeasurementtomakedecisions.Thecomponentsreflecttaxandaccountingfigures,notmarketvaluesorcashflows.,ProjectInteractions,Whenyouneedtochoosebetweenmutuallyexclusiveprojects,thedecisionruleissimple.CalculatetheNPVofeachproject,and,fromthoseoptionsthathaveapositiveNPV,choosetheonewhoseNPVishighest.,MutuallyExclusiveProjects,ExampleSelectoneofthetwofollowingprojects,basedonhighestNPV.Proj01234NPVA-5.5B-20999assume9%discountrate,MutuallyExclusiveProjects,ExampleSelectoneofthetwofollowingprojects,basedonhighestNPV.Proj01234NPVA-5.52.82B-209992.78assume9%discountrate,InvestmentTiming,Sometimesyouhavetheabilitytodeferaninvestmentandselectatimethatismoreidealatwhichtomaketheinvestmentdecision.Acommonexampleinvolvesatreefarm.Youmaydefertheharvestingoftrees.Bydoingso,youdeferthereceiptofthecashflow,yetincreasethecashflow.,InvestmentTiming,ExampleYoumaypurchaseacomputeranytimewithinthenextfiveyears.Whilethecomputerwillsaveyourcompanymoney,thecostofcomputerscontinuestodecline.Ifyourcostofcapitalis10%andgiventhedatalistedbelow,whenshouldyoupurchasethecomputer?YearCostPVSavingsNPVatPurchaseNPVToday050702020.0145702522.7240703024.83367034Datetopurchase25.5433703725.3531703924.2,EquivalentAnnualCost,EquivalentAnnualCost-Thecostperperiodwiththesamepresentvalueasthecostofbuyingandoperatingamachine.,EquivalentAnnualCost,ExampleGiventhefollowingcostsofoperatingtwomachinesanda6%costofcapital,selectthelowercostmachineusingequivalentannualcostmethod.YearMach.1234PV6%Ann.CostD-15-4-4-4-25.69-9.61E-10-6-6-21.00-11.45,EquivalentAnnualCost,Example(withatwist)Selectoneofthetwofollowingprojects,basedonhighest“equivalentannualannuity”(r=9%).Proj01234NPVEq.AnnA-7B-209992.781.10,InternalRateofReturn,ExampleYouhavetwoproposalstochoicebetween.Theinitialproposal(H)hasacashflowthatisdifferentthantherevisedproposal(I).UsingIRR,whichdoyouprefer?,InternalRateofReturn,ExampleYouhavetwoproposalstochoicebetween.Theinitialproposal(H)hasacashflowthatisdifferentthantherevisedproposal(I).UsingIRR,whichdoyouprefer?,InternalRateofReturn,50403020100-10-20,NPV$,1,000s,Discountrate,%,810121416,Revisedproposal,Initialproposal,InternalRateofReturn,Pitfall1-MutuallyExclusiveProjectsIRRsometimesignoresthemagnitudeoftheproject.Thefollowingtwoprojectsillustratethatproblem.,Pitfall2-LendingorBorrowing?Withsomecashflows(asnotedbelow)theNPVoftheprojectincreasessthediscountrateincreases.ThisiscontrarytothenormalrelationshipbetweenNPVanddiscountrates.,Pitfall3-MultipleRatesofReturnCertaincashflowscangenerateNPV=0attwodifferentdiscountrates.ThefollowingcashflowgeneratesNPV=0atboth(-50%)and15.2%.,內部報酬率法,內部報酬率(InternalRateofReturnMd.;簡稱IRR)法方法:內部報酬率:使淨現值(NPV)為0之折現率NPV=或CFt：t期淨現金流量(即各期稅後現金入)IRR：內部報酬率(即投資人之報酬率),內部報酬率法(續),決策準則:單一計劃:IRRR;互斥計劃:Max(IRR1,IRR2,)R優劣:缺:(1)複雜(2)某些狀況未符合價值最大化原則