公司理财-chapter-7PPT.ppt

Chapter7 Netpresentvalueandotherinvestmentcriteria 1 交流学习PPT Objectives CalculatethenetpresentvalueofaninvestmentCalculatetheinternalrateofreturnofaprojectandknowwhattolookoutforwhenusingtheinternalrateofreturnruleExplainwhythepaybackruledoesn talwaysmakeshareholdersbetteroffUsethenetpresentvalueruletoanalyzethreecommonproblemsthatinvolvecompetingprojects a whentopostponeaninvestmentexpenditure b howtochoosebetweenprojectswithunequallives and c whentoreplaceequipmentCalculatetheprofitabilityindexanduseitchoosebetweenprojectswhenfundsarelimited 2 交流学习PPT Content NetpresentvalueOtherinvestmentcriteriaMoreexamplesofmutuallyexclusiveprojectsCapitalrationingAlastlook 3 交流学习PPT Netpresentvalue NPV presentvalueofcashflowsminusinvestmentThenetpresentvaluerulestatesthatmanagersincreaseshareholders wealthbyacceptingallprojectsthatareworthmorethantheycost Therefore theyshouldacceptallprojectswithapositivenetpresentvalueThefirsttwostepsincalculatingNPVs forecastingthecashflowsandestimatingtheopportunitycostofcapital 4 交流学习PPT Supposethatyouhaveidentifiedapossibletenantwhowouldbepreparedtorentyourofficeblockfor3yearsatafixedannualrentof 16000 Youforecastthatafteryouhavecollectedthethirdyear srentthebuildingcouldbesoldfor 450000Assumethattheopportunitycostofcapitalisr 7 5 交流学习PPT Whenyouneedtochooseamongmutuallyexclusiveprojects thedecisionruleissimple calculatetheNPVofeachalternative andchoosethehighestpositive NPVproject Mutuallyexclusiveprojects twoormoreprojectsthatcannotbepursuedsimultaneously 6 交流学习PPT Netpresentvalue 净现值Opportunitycostofcapital 资金的机会成本Mutuallyexclusiveprojects 互斥项目 7 交流学习PPT Content NetpresentvalueOtherinvestmentcriteriaMoreexamplesofmutuallyexclusiveprojectsCapitalrationingAlastlook 8 交流学习PPT Payback Paybackperiod timeuntilcashflowsrecovertheinitialinvestmentintheprojectThepaybackrulestatesthataprojectshouldbeacceptedifitspaybackperiodislessthanaspecifiedcutoffperiodTousethepaybackrule afirmhastodecideonanappropriatecutoffperiod 9 交流学习PPT AdvantagesSimplicityDisadvantagesPaybackdoesnotconsideranycashflowsthatarriveafterthepaybackperiodPaybackdoesnotconsiderthetimevalueofmoney 10 交流学习PPT Internalrateofreturn TworulesfordecidingwhethertogoaheadwithaninvestmentprojectTheNPVrule InvestinanyprojectthathasapositiveNPVwhenitscashflowsarediscountedattheopportunitycostofcapitalTherateofreturnrule InvestinanyprojectofferingarateofreturnthatishigherthantheopportunitycostofcapitalTherateofreturnorinternalrateofreturn IRR isthediscountrateatwhichNPVequalszeroTherateorreturnrulewillgivethesameanswerastheNPVruleaslongastheNPVofaprojectdeclinessmoothlyasthediscountrateincrease 11 交流学习PPT Supposeyourentouttheofficeblockfor3years thecashflowsareasfollows Trialanderror 12 交流学习PPT IRR 12 96 Youcanacceptaprojectiftherateofreturnexceedstheopportunitycostofcapital 13 交流学习PPT SomepitfallswiththeinternalrateofreturnruleWhenNPVishigherasthediscountrateincreases aprojectisacceptableonlyifitsinternalrateofreturnislessthantheopportunitycostofcapital 14 交流学习PPT Whentherearemultiplechangesinthesignofthecashflows theIRRruledoesnotwork buttheNPVrulealwaysdoes 15 交流学习PPT AhighIRRisnotanendinitself Youwantprojectsthatincreasethevalueofthefirm ProjectsthatearnagoodrateofreturnforalongtimeoftenhavehigherNPVsthanthosethatofferhighpercentageratesofreturnbutdieyoung 16 交流学习PPT Paybackperiod 投资回收期Internalrateofreturn IRR 内含报酬率 17 交流学习PPT Content NetpresentvalueOtherinvestmentcriteriaMoreexamplesofmutuallyexclusiveprojectsCapitalrationingAlastlook 18 交流学习PPT Investmenttiming Thedecisionruleforinvestmenttimingistochoosetheinvestmentdatethatresultsinthehighestnetpresentvaluetoday 19 交流学习PPT Long versusshort livedequipment Supposethefirmisforcedtochoosebetweentwomachines FandG Thetwomachinesproduceexactlythesameproduct theonlywaytochoosebetweenthemisonthebasisofcost ButistheannualcostofusingGlowerthanthatofF 20 交流学习PPT Equivalentannualannuity thecashflowperperiodwiththesamepresentvalueasthecostofbuyingandoperatingamachine 21 交流学习PPT Theruleforcomparingassetswithdifferentlives selectthemachinethathasthelowestequivalentannualannuity 22 交流学习PPT Equivalentannualannuity 等额年金 平均年成本 23 交流学习PPT Content NetpresentvalueOtherinvestmentcriteriaMoreexamplesofmutuallyexclusiveprojectsCapitalrationingAlastlook 24 交流学习PPT Capitalrationing limitsetontheamountoffundsavailableforinvestmentSoftrationingisnotimposedbyinvestors butimposedbytopmanagementHardrationingmeansthatthefirmactuallycannotraisethemoneyitneedsThesolutionistopicktheprojectsthatgivethehighestNPVperdollarinvestmentTheratioofnetpresentvaluetoinitialinvestmentisknownastheprofitabilityindex 25 交流学习PPT Capitalrationing 资本限额 资本约束Softrationing 资本的软约束