第2章+识别需求.pptVIP

A Source of Confusion Suppose a banker approaches. “Your company is a fine and safe business with few debts,” she says. “My bank will lend you the $100,000 that you need for the project at 8 percent.” Does that mean that the cost of capital for the project is 8 percent? If so, the project would be above water PV=110,000/1.08= $101,852 NPV=101,852-100,000=$1,852 A Source of Confusion (Cont.) That can be right？ Answer: No! Because First, the interest rate on the loan has nothing to do with the risk of the project: It reflects the good health of your existing business. Second, whether you take the loan or not, you still face the choice between the project, which offers an expected return of only 10 percent, or the equally risky stock, which gives an expected return of 15 percent. A financial manager who borrows at 8 percent and invests at 10 percent is not smart, but stupid, if the company or its shareholders can borrow at 8 percent and buy an equally risky investment offering 15 percent. That is why the 15 percent expected return on the stock is the opportunity cost of capital for the project. Investment vs. Consumption The grasshopper (G) wants to consume now. The ant (A) wants to wait. But each is happy to invest. A prefers to invest 14%, moving up the red arrow, rather than at the 7% interest rate. G invests and then borrows at 7%, thereby transforming $100 into $106.54 of immediate consumption. Because of the investment, G has $114 next year to pay off the loan. The investment’s NPV is $106.54-100 = +6.54 （2）账面收益率 账面收益率=账面利润/账面资产 内部收益率的缺陷 介入与贷出的不同 多个内部收益率 互相排斥的项目 利率期限结构无法简单处理时的结果 短期效应——包装项目，但对公司没有贡献 只是为了表达的方便？ （5）评分模型 确定项目目标 Project Objective Planning is an essential part of project management. In essence, the plan is a roadmap. The first step is to define the project objective. The objective must be clear, attainable, specific, and measurable. The objective is usually defined in terms of scope, schedule and cost. About Project Objective You are t