第七章：项目投资决策分析.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 * * * * * * * * * * * * * * * 会计盈亏平衡与财务盈亏平衡 会计盈亏平衡：税前利润=0 会计分析方法，对财务决策没有帮助。 在会计盈亏平衡状态下，项目显然财务上不可行。 财务盈亏平衡：NPV=0 此时，处于项目盈亏平衡的临界状态。 财务盈亏平衡状态对项目投资决策起决定性作用。 枚卒俗岔荆神洗胁胺齿孵元拟您炉振彻诱翻柒液然滑磁梢癣豺操减哈铂降第七章：项目投资决策分析第七章：项目投资决策分析 * * * * * * * *