Bodie2e_Chapter06 The Analysis of Investment Projects 英文版PPT 金融学（第二版）教学文稿.pptVIP

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2018-06-20 发布于天津
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Bodie2e_Chapter06 The Analysis of Investment Projects 英文版PPT 金融学（第二版）教学文稿.ppt

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Chapter 6: The Analysis of Investment Projects Objective Explain Capital Budgeting Develop Criteria Chapter 6 Contents 6.1 The Nature of Project Analysis 6.2 Where do Investment Ideas come from? 6.3 The Net Present Value Investment Rule 6.4 Estimating a Project’s Cash Flows 6.5 Cost of Capital 6.6 Sensitivity Analysis Using Spreadsheets 6.7 Analyzing Cost-Reducing Projects 6.8 Projects with Different Lives 6.9 Ranking Mutually Exclusive Projects 6.10 Inflation Capital Budgeting Objectives To show how to use discounted cash flow analysis to make decisions such as: Whether to enter a new line of business Whether to invest in equipment to reduce costs Three Elements of Capital Budgeting coming up with proposals for investment projects evaluating them deciding which ones to accept and which to reject Introduction Recall the objective of a firm Maximization of the market value of shareholders’ equity The theory of how to do this was provided in the prior two chapters Compute the net present value of the project’s expected cash flows, and undertake only those with positive NPV Generating a forecast Information is often biased towards its provider’s goal (agency problem) There are many ways to implement a goal Some information is not fully quantifiable Impact on shareholder wealth difficult to evaluate when cash flows are risky The Nature of Project Analysis We will postpone discussion of risky cash flows to avoid the complex issue of how they affect shareholder wealth The criterion used find the present value of all future cash flows, and subtract the initial investment to obtain the net present value (NPV) 6.2 Where do Investment Ideas Come From? monitor existing potential customers needs monitor existing potential technological capacity of the firm monitor the competition’s marketing, investment, patents, and technical recruiting monitor production distribution functions for revenue enhancement / cost savings reward employees for innovative ideas Cash