项目投资决策教程分析.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * NPV = 132,000 / 1.15 + 100,000 / (1.15)2 – 150,000 / (1.15)3 – 90,000 = 1,769.54 Calculator: CF0 = -90,000; C01 = 132,000; F01 = 1; C02 = 100,000; F02 = 1; C03 = -150,000; F03 = 1; I = 15; CPT NPV = 1769.54 If you compute the IRR on the calculator, you get 10.11% because it is the first one that you come to. So, if you just blindly use the calculator without recognizing the uneven cash flows, NPV would say to accept and IRR would say to reject. * * You should accept the project if the required return is between 10.11% and 42.66% * * As long as we do not have limited capital, we should choose project A. Students will often argue that you should choose B because then you can invest the additional $100 in another good project, say C. The point is that if we do not have limited capital, we can invest in A and C and still be better off. If we have limited capital, then we will need to examine what combinations of projects with A provide the highest NPV and what combinations of projects with B provide the highest NPV. You then go with the set that will create the most value. If you have limited capital and a large number of mutually exclusive projects, then you will want to set up a computer program to determine the best combination of projects within the budget constraints. The important point is that we DO NOT use IRR to choose between projects regardless of whether or not we have limited capital. * If the required return is less than the crossover point of 11.8%, then you should choose A If the required return is greater than the crossover point of 11.8%, then you should choose B * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 降低成本投资项目的评价（设备升级） 期初增量现金流量：初始成本80000元。 期间经营现金流量： 22000（税前成本节约）-（22000-16000）*34%（税）+16000（折旧）=19960 期末残值现金流入：20000*（1-34%）=13200 降低成本投资项目的评价（设备升级） 现金流量图： 0 1 2 3 5 4 80000 19960 19960+13200 降低成本投资项目的评价（设备升级） 计算NPV 项目寿命期不等的互斥项