- 1、本文档共91页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
* * * * * * * * * * * * * * * * Mutually Exclusive vs. Independent Mutually Exclusive Projects: only ONE of several potential projects can be chosen, e.g., acquiring an accounting system. RANK all alternatives, and select the best one. Independent Projects: accepting or rejecting one project does not affect the decision of the other projects. Must exceed a MINIMUM acceptance criteria * * Case 1: IRR versus NPV Consider a project with the following cash flows: Year Cash Flow 0 -1000 1 800 2 1000 3 1300 4 -2200 Please calculate its IRR * * What do we do now? This project has two internal rates of return. The first is 6.60%, whereas the second is 36.55%. Why are there two internal rates of return on this project? If your cost of capital is 12.32%, would you accept or reject this project? I would reject the project I would accept this project Explain. * Case 2: Borrowing or Lending Project A: Project B: 0 1 -100 130 100 -130 IRR=30% NPV@10%=18.2 Discount rate30%, Accept project IRR=30% NPV@10%=-18.2 Discount rate30%,Reject project Lending Borrowing * * Case 3: The scale problem Cash Flow Investment $ 350,000 -$ 1,000,000 Project A Cash Flow Investment Project B NPV = $467,937 IRR= 33.66% $ 450,000 $ 600,000 $ 750,000 NPV = $1,358,664 IRR=20.88% -$ 10,000,000 $ 3,000,000 $ 3,500,000 $ 4,500,000 $ 5,500,000 * * Which one would you pick? Assume that you can pick only one of these two projects. Your choice will clearly vary depending upon whether you look at NPV or IRR. You have enough money currently on hand to take either. Which one would you pick? Project A. It gives me a higher rate of return. Project B. It creates more dollar value in my business. If you pick A, what would your biggest concern be? If you pick B, what would your biggest concern be? * * Capital Rationing, Uncertainty and Choosing a Rule If a business has limited access to capital, has a stream of
您可能关注的文档
- 公开课解决问题讲述.ppt
- 公开课空前严重的资本主义世界经济危机讲述.ppt
- 公开课美术作品意义与价值的判断讲述.ppt
- 公立医院院长绩效考核实践与体会讲述.ppt
- 公路概预算讲述.ppt
- 公路工程估算指标讲述.ppt
- 公路工程监理人员工作职责及我省交通监理行业管理讲述.ppt
- 公路工程监理人员工作职责及我省交通建设监理行业管理讲述.ppt
- 公路工程实验室培训讲述.ppt
- 公路工程试验检测继续再教育讲述.ppt
- springbooot+vue基于java的房屋维修系统毕业论文.doc
- 中国消防救援学院《单片机系统实验》2023-2024学年第一学期期末试卷.doc
- 2025年溧阳纺织化学品项目申请.pptx
- 景区门票包销合同模板(3篇).docx
- 【股票技术指标学习指南】第七章第三节货币需要量的测算.doc
- 2025春 _ 人教版七年级英语下册【unit4】看音标写单词.doc
- 2025春 _ 人教版七年级英语下册【unit5】看音标写单词.doc
- 2025春 _ 人教版七年级英语下册【unit6】看音标写单词.doc
- 2025春 _ 人教版七年级英语下册【unit7】看音标写单词.doc
- 2025春 _ 人教版七年级英语下册【unit8】看音标写单词.doc
最近下载
- 骨科手术患者围手术期VTE风险评估及预防.ppt VIP
- 一年级上册识字1 识字闯关游戏 课件(共24张PPT).pptx VIP
- 电力工程勘测方案设计(3篇).docx VIP
- %227中央空调通风与空调工程清单估算(成本估算).xlsx VIP
- 钢结构焊接施工方案(最终版) .pdf VIP
- 写字楼物业管理与租金收益.docx VIP
- 2024年巴东县选调县外在职在编教师真题.docx VIP
- 医疗器械企业质量手册.doc VIP
- XX乡政府关于推荐XXX同志评选高级农艺师材料.pdf VIP
- Souvenirs d'enfance童年的回忆-钢琴谱 原调简谱 高清正版完整版双手简谱.pdf
文档评论(0)