财务管理培训课件

Irwin/McGraw-HillChapter6FundamentalsofCorporateFinanceThirdEditionNetPresentValueandOtherInvestmentCriteriaBrealeyMyersMarcusslidesbyMatthewWillIrwin/McGraw-HillTheMcGraw-HillCompanies,Inc.,2001第一页，共三十六页。TopicsCoveredNetPresentValueOtherInvestmentCriteriaProjectInteractionsCapitalRationing第二页，共三十六页。NetPresentValueOpportunityCostofCapital-Expectedrateofreturngivenupbyinvestinginaproject.NetPresentValue-Presentvalueofcashflowsminusinitialinvestments.第三页，共三十六页。NetPresentValueExample Supposewecaninvest$50todayandreceive$60inoneyear.Whatisourincreaseinvaluegivena10%expectedreturn?ThisisthedefinitionofNPVInitialInvestmentAddedValue$50$4.55第四页，共三十六页。NetPresentValueNPV=PV-requiredinvestment第五页，共三十六页。NetPresentValueTerminologyC=CashFlowt=timeperiodoftheinvestmentr=“opportunitycostofcapital”TheCashFlowcouldbepositiveornegativeatanytimeperiod.第六页，共三十六页。NetPresentValueNetPresentValueRule Managersincreaseshareholders’wealthbyacceptingallprojectsthatareworthmorethantheycost. Therefore,theyshouldacceptallprojectswithapositivenetpresentvalue.第七页，共三十六页。NetPresentValueExample Youhavetheopportunitytopurchaseanofficebuilding.Youhaveatenantlinedupthatwillgenerate$16,000peryearincashflowsforthreeyears.Attheendofthreeyearsyouanticipatesellingthebuildingfor$450,000.Howmuchwouldyoubewillingtopayforthebuilding?第八页，共三十六页。NetPresentValue0123$16,000$16,000$16,000$450,000$466,000PresentValue14,95314,953380,395$409,323Example-continued第九页，共三十六页。NetPresentValueExample-continued Ifthebuildingisbeingofferedforsaleatapriceof$350,000,wouldyoubuythebuildingandwhatistheaddedvaluegeneratedbyyourpurchaseandmanagementofthebuilding?第十页，共三十六页。NetPresentValueExample-continued Ifthebuildingisbeingofferedforsaleatapriceof$350,000,wouldyoubuythebuildingandwhatistheaddedvaluegeneratedbyyourpurchaseandmanagementofthebuilding?第十一页，共三十六页。OtherInvestmentCriteriaInternalRateofReturn(IRR)-DiscountrateatwhichNPV=0.RateofReturnRule-Investinanyprojectofferingarateofreturnthatishigherthantheopportunitycostofcapital.第十二页，共三十六页。InternalRateofReturnExample Youcanpurchaseabuildingfor$350,000.Theinvestmentwillgenerate$16,000incashflows(i.e.rent)duringthefirstthreeyears.Attheendofthreeyearsyouwillsellthebuildingfor$450,000.WhatistheIRRonthisinvestment?IRR=12.96%第十三页，共三十六页。InternalRateofReturnIRR=12.96%第十四页，共三十六页。PaybackMethodPaybackPeriod-Timeuntilcashflowsrecovertheinitialinvestmentoftheproject.Thepaybackrulespecifiesthataprojectbeacceptedifitspaybackperiodislessthanthespecifiedcutoffperiod.Thefollowingexamplewilldemonstratetheabsurdityofthisstatement.第十五页，共三十六页。PaybackMethodExample Thethreeprojectbelowareavailable.Thecompanyacceptsallprojectswitha2yearorlesspaybackperiod.Showhowthisdecisionwillimpactourdecision. CashFlowsPrj.

C0

C1

C2

C3

Payback NPV@10%A -2000 +1000 +1000 +10000 2 +7,249B -2000 +1000 +1000 0 2 -264C -2000 0 +2000 0 2 -347第十六页，共三十六页。BookRateofReturnBookRateofReturn-Averageincomedividedbyaveragebookvalueoverprojectlife.Alsocalledaccountingrateofreturn. Managersrarelyusethismeasurementtomakedecisions.Thecomponentsreflecttaxandaccountingfigures,notmarketvaluesorcashflows.第十七页，共三十六页。ProjectInteractions

Whenyouneedtochoosebetweenmutuallyexclusiveprojects,thedecisionruleissimple.CalculatetheNPVofeachproject,and,fromthoseoptionsthathaveapositiveNPV,choosetheonewhoseNPVishighest.第十八页，共三十六页。MutuallyExclusiveProjectsExample Selectoneofthetwofollowingprojects,basedonhighestNPV. Proj 0 1 2 3 4 NPV A -15 5.5 5.5 5.5 5.5 B -20 9 9 9 assume9%discountrate第十九页，共三十六页。MutuallyExclusiveProjectsExample Selectoneofthetwofollowingprojects,basedonhighestNPV. Proj 0 1 2 3 4 NPV A -15 5.5 5.5 5.5 5.5 2.82

B -20 9 9 9 2.78

assume9%discountrate第二十页，共三十六页。InvestmentTiming

Sometimesyouhavetheabilitytodeferaninvestmentandselectatimethatismoreidealatwhichtomaketheinvestmentdecision.Acommonexampleinvolvesatreefarm.Youmaydefertheharvestingoftrees.Bydoingso,youdeferthereceiptofthecashflow,yetincreasethecashflow.第二十一页，共三十六页。InvestmentTimingExample Youmaypurchaseacomputeranytimewithinthenextfiveyears.Whilethecomputerwillsaveyourcompanymoney,thecostofcomputerscontinuestodecline.Ifyourcostofcapitalis10%andgiventhedatalistedbelow,whenshouldyoupurchasethecomputer?Year Cost PVSavings NPVatPurchase NPVToday0 50 70 20 20.01 45 70 25 22.72 40 70 30 24.83 36 70 34 Datetopurchase25.54 33 70 37 25.35 31 70 39 24.2 第二十二页，共三十六页。EquivalentAnnualCostEquivalentAnnualCost-Thecostperperiodwiththesamepresentvalueasthecostofbuyingandoperatingamachine.第二十三页，共三十六页。EquivalentAnnualCostExample Giventhefollowingcostsofoperatingtwomachinesanda6%costofcapital,selectthelowercostmachineusingequivalentannualcostmethod.

YearMach. 1 2 3 4 PV@6% Ann.CostD -15 -4 -4 -4 -25.69

-9.61E -10 -6 -6 -21.00 -11.45第二十四页，共三十六页。EquivalentAnnualCostExample(withatwist) Selectoneofthetwofollowingprojects,basedonhighest“equivalentannualannuity”(r=9%).Proj 0 1 2 3 4 NPV Eq.AnnA -15 5.5 5.5 5.5 5.5 2.82 .87B -20 9 9 9 2.78

1.10第二十五页，共三十六页。InternalRateofReturnExample Youhavetwoproposalstochoicebetween.Theinitialproposal(H)hasacashflowthatisdifferentthantherevisedproposal(I).UsingIRR,whichdoyouprefer?第二十六页，共三十六页。InternalRateofReturnExample Youhavetwoproposalstochoicebetween.Theinitialproposal(H)hasacashflowthatisdifferentthantherevisedproposal(I).UsingIRR,whichdoyouprefer?第二十七页，共三十六页。InternalRateofReturn50403020100-10-20NPV$,1,000sDiscountrate,%8 10 12 1416RevisedproposalInitialproposal第二十八页，共三十六页。InternalRateofReturnPitfall1-MutuallyExclusiveProjectsIRRsometimesignoresthemagnitudeoftheproject.Thefollowingtwoprojectsillustratethatproblem.Pitfall2-LendingorBorrowing?Withsomecashflows(asnotedbelow)theNPVoftheprojectincreasessthediscountrateincreases.ThisiscontrarytothenormalrelationshipbetweenNPVanddiscountrates.

Pitfall3-MultipleRatesofReturnCertaincashflowscangenerateNPV=0attwodifferentdiscountrates.ThefollowingcashflowgeneratesNPV=0atboth(-50%)and15.2%.

第二十九页，共三十六页。內部報酬率法內部報酬率(InternalRateofReturnMd.;簡稱IRR)法方法: 內部報酬率:使淨現值(NPV)為0之折現率NPV=或CFt：t期淨現金流量(即各期稅後現金入)IRR：內部報酬率(即投資人之報酬率)第三十页，共三十六页。內部報酬率法(續)決策準則:單一計劃:IRR>R;互斥計劃:Max(IRR1,IRR2,…)>R優劣:

缺:(1)複雜(2)某些狀況未符合價值最大化原則(3)可能無解或(4)有多重解(5)再投資報酬率問題優點:(1)考慮風險因素（2）考慮整時間價值因素 (3）考慮投資人之機會成本（4）考慮整個投資期間之現金流量 (5)考慮整個投資期末處分資產之現金流量第三十一页，共三十六页。修正內部報酬率法修正內部報酬率(ModifiedInternalRateofRetu