第六章 投资决策的其他方法.pdf

6-0 中国管理网 中国最大的企业管理资源中心 Chapter Outline 6.1 Why Use Net Present Value? 6.2 The Payback Period Rule 6.3 The Discounted Payback Period Rule 6.4 The Average Accounting Return 6.5 The Internal Rate of Return 6.6 Problems with the IRR Approach 6.7 The Profitability Index 6.8 The Practice of Capital Budgeting 6.9 Summary and Conclusions McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 6-1 中国管理网 中国最大的企业管理资源中心 中国管理网 中国最大的企业管理资源中心 中国管理网 中国最大的企业管理资源中心 6.1 Why Use Net Present Value? 中国管理网 中国最大的企业管理资源中心 中国管理网 中国最大的企业管理资源中心 • Accepting positive NPV projects benefits shareholders. NPV uses cash flows NPV uses all the cash flows of the project NPV discounts the cash flows properly McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 6-2 中国管理网 中国最大的企业管理资源中心 The Net Present Value (NPV) Rule • Net Present Value (NPV) = Total PV of future CF’s + Initial Investment • Estimating NPV: – 1. Estimate future cash flows: how much? and when? – 2. Estimate discount rate – 3. Estimate initial costs • Minimum Acceptance Criteria: Accept if NPV 0 • Ranking Criteria: Choose the highest NPV McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 6-3 中国管理网 中国最大的企业管理资源中心 Good Attributes of the NPV Rule • 1. Uses cash flows • 2. Uses ALL cash flows of the project • 3. Discounts ALL cash flows properly • Reinvestment assumption: the NPV rule assumes that all cash flows can be reinvested at th