公司理财6投资决策的其他方法.pptVIP

第6章 投资决策的其他方法;6.1 为什么要使用净现值Why Use Net Present Value?;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 Reinvestment assumption: the NPV rule assumes that all cash flows can be reinvested at the discount rate.;6.2 回收期法The Payback Period Rule;例：;Disadvantages: Ignores the time value of money Ignores cash flows after the payback period Biased（偏向）against long-term projects Requires an arbitrary（武断的） acceptance criteria A project accepted based on the payback criteria may not have a positive NPV Advantages: Easy to understand Biased toward liquidity（流动性偏好）;6.3 折现回收期法The Discounted Payback Period Rule;例：假设贴现率为10%，项目的现金流量为： （-100，50，50，20） 回收期法：回收期为2年 折现回期：先计算每期现金流的贴现值： （-100，50/1.1，50/1.12，20/1.13） =（-100，45.45，41.32，15.03） 回收期略小于3年。;6.4 平均会计收益率法The Average Accounting Return Rule;例：某项目投资50万元，5年期，直线折旧，残值为0 。该项目每年产生的税后利润分别为：10万元、15万元、5万元、0和-5万元。求平均会计收益率。 解：平均净收益= 平均投资额= 平均会计收益率= ;Disadvantages: Ignores the time value of money Uses an arbitrary benchmark cutoff rate Based on book values（账面数据）, not cash flows and market values Advantages: The accounting information is usually available Easy to calculate; 6.5 内部收益率法The Internal Rate of Return (IRR) Rule;Disadvantages: 不能辨别是投资还是借款 Does not distinguish between investing and borrowing. IRR可能不存在或存在多个值 IRR may not exist or there may be multiple IRR 对互斥投资的决策存在缺陷 Problems with mutually exclusive investments Advantages: 容易理解和沟通 Easy to understand and communicate;例：Consider the following project:;If we graph NPV versus discount rate, we can see the IRR as the x-axis intercept.;6.6 内部收益率的缺陷Problems with the IRR Approach;互斥项目与独立项目Mutually Exclusive vs. Independent Project;投资还是融资？;多重收益率 Multiple IRRs;规模问题 The Scale Problem;时间问题 The Timing Problem;10.55% = crossover rate;计算增量现金流量的内部收益率Calculating th