财务管理ch06资本预算.ppt
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1、6-1Chapter 06Capital Budgeting Capital Budgeting TechniquesTechniques资本预算方法资本预算方法资本预算方法资本预算方法6-2Project Evaluation:Project Evaluation:Alternative MethodsAlternative Methodsuu Payback Period Payback Period(PBP(PBP投资回收期投资回收期投资回收期投资回收期)uu Internal Rate of Return Internal Rate of Return(IRR(IRR内含报酬率内含报酬
2、率内含报酬率内含报酬率)uu Net Present Value Net Present Value(NPV(NPV净现值净现值净现值净现值)uu Profitability Index Profitability Index(PI(PI获利指数获利指数获利指数获利指数)6-3Proposed Project DataProposed Project DataJulie Miller is evaluating a new project Julie Miller is evaluating a new project for her firm,for her firm,Basket Wond
3、ers(BW)Basket Wonders(BW).She has determined that the after-tax She has determined that the after-tax cash flows for the project will be cash flows for the project will be$10,000;$12,000;$15,000;$10,000;$10,000;$12,000;$15,000;$10,000;and$7,000,and$7,000,respectively,for each of respectively,for eac
4、h of the the Years 1 through 5Years 1 through 5.The initial.The initial cash outlay will be cash outlay will be$40,000$40,000.6-4Independent ProjectuuIndependent-A project whose acceptance(or rejection)does not prevent the acceptance of other projects under consideration.uFor this project,assume tha
5、t it is independent of any other potential projects that Basket Wonders may undertake.6-5Payback Period(PBP)Payback Period(PBP)PBPPBP is the period of time is the period of time required for the cumulative required for the cumulative expected cash flows from an expected cash flows from an investment
6、 project to equal investment project to equal the initial cash outflow.the initial cash outflow.0 1 2 3 4 5 -40 K 10 K 12 K 15 K 10 K 7 K6-6(c)10 K 22 K 37 K 47 K 54 KPayback Solution(#1)Payback Solution(#1)PBPPBP =a a+(+(b b -c c)/)/d d=3 3+(+(4040-3737)/)/1010=3 3+(+(3 3)/)/1010=3.3 Years3.3 Years
7、0 1 2 3 4 5 -40 K 10 K 12 K 15 K 10 K 7 KCumulativeInflows(a)(-b)(d)6-7Payback Solution(#2)Payback Solution(#2)PBPPBP =3 3+(+(3K 3K)/)/10K10K=3.3 Years3.3 YearsNote:Take absolute value of last Note:Take absolute value of last negative cumulative cash flow negative cumulative cash flow value.value.Cu
8、mulativeCash Flows -40 K 10 K 12 K 15 K 10 K 7 K0 1 2 3 4 5-40 K -30 K -18 K -3 K 7 K 14 K6-8PBP Acceptance CriterionPBP Acceptance CriterionYes!Yes!The firm will receive back the The firm will receive back the initial cash outlay in less than 3.5 initial cash outlay in less than 3.5 years.years.3.3
9、 Years 3.3 Years 3.5 Year Max3.5 Year Max.The management of Basket Wonders has set a maximum PBP of 3.5 years for projects of this type.Should this project be accepted?6-9PBP Strengths PBP Strengths and Weaknessesand WeaknessesStrengthsStrengths:uu Easy to use and Easy to use and understandunderstan
10、duu Can be used as a Can be used as a measure of measure of liquidityliquidityWeaknesses:u Does not account for TVMu Does not consider cash flows beyond the PBPu 6-10Internal Rate of Return(IRR)Internal Rate of Return(IRR)IRR is the discount rate that equates the present value of the future net cash
11、 flows from an investment project with the projects initial cash outflow.CF1 CF2 CFn(1+IRR)1 (1+IRR)2 (1+IRR)n+.+ICO=6-11$15,000$10,000$7,000 IRR SolutionIRR Solution$10,000$12,000(1+IRR)1 (1+IRR)2Find the interest rate(IRR)that causes the discounted cash flows to equal$40,000.+$40,000=(1+IRR)3 (1+I
12、RR)4 (1+IRR)56-12IRR Solution(Try 10%)IRR Solution(Try 10%)$40,000$40,000=$10,000(PVIF10%,1)+$12,000(PVIF10%,2)+$15,000(PVIF10%,3)+$10,000(PVIF10%,4)+$7,000(PVIF10%,5)=$10,000(.909)+$12,000(.826)+$15,000(.751)+$10,000(.683)+$7,000(.621)=$9,090+$9,912+$11,265+$6,830+$4,347 =$41,444$41,444 Rate is too
13、 low!Rate is too low!6-13IRR Solution(Try 15%)IRR Solution(Try 15%)$40,000$40,000=$10,000(PVIF15%,1)+$12,000(PVIF15%,2)+$15,000(PVIF15%,3)+$10,000(PVIF15%,4)+$7,000(PVIF15%,5)=$10,000(.870)+$12,000(.756)+$15,000(.658)+$10,000(.572)+$7,000(.497)=$8,700+$9,072+$9,870+$5,720+$3,479 =$36,841$36,841 Rate
14、 is too high!Rate is too high!6-14.10$41,444.05IRR$40,000$4,603.15$36,841($1,444)(0.05)$4,603IRR Solution(Interpolate)IRR Solution(Interpolate)$1,444XX=X=.0157IRR=.10+.0157=.1157 or 11.57%X/.05=1444/46036-15IRR Acceptance CriterionIRR Acceptance Criterion No!No!The firm will receive The firm will re
15、ceive 11.57%11.57%for for each dollar invested in this project at each dollar invested in this project at a cost of a cost of 13%13%.IRRIRR Hurdle Rate Hurdle Rate The management of Basket Wonders has determined that the hurdle rate is 13%for projects of this type.Should this project be accepted?6-1
16、6IRR Strengths IRR Strengths and Weaknessesand Weaknesses StrengthsStrengths:uu Accounts for Accounts for TVMTVMuu Considers all Considers all cash flowscash flowsuu Less Less subjectivitysubjectivityWeaknesses:u Assumes all cash flows reinvested at the IRRu Difficulties with project rankings and Mu
17、ltiple IRRs6-17Net Present Value(NPV)Net Present Value(NPV)NPV is the present value of an investment projects net cash flows minus the projects initial cash outflow.CF1 CF2 CFn(1+k)1 (1+k)2 (1+k)n+.+-ICONPV=6-18Basket Wonders has determined that the appropriate discount rate(k)for this project is 13
18、%.$10,000$7,000 NPV SolutionNPV Solution$10,000$12,000$15,000(1.13)1 (1.13)2 (1.13)3+-$40,000(1.13)4 (1.13)5NPV=+6-19NPV SolutionNPV SolutionNPVNPV=$10,000(PVIF13%,1)+$12,000(PVIF13%,2)+$15,000(PVIF13%,3)+$10,000(PVIF13%,4)+$7,000(PVIF13%,5)-$40,000$40,000NPVNPV=$10,000(.885)+$12,000(.783)+$15,000(.
19、693)+$10,000(.613)+$7,000(.543)-$40,000$40,000NPVNPV=$8,850+$9,396+$10,395+$6,130+$3,801-$40,000$40,000 =-$1,428$1,4286-20NPV Acceptance CriterionNPV Acceptance Criterion No!No!The The NPVNPV is is negativenegative.This means.This means that the project is reducing shareholder that the project is re
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