财务管理培训课件lecture6(ch6).pptx

财务管理培训课件lecture6(ch6).pptx

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,Irwin/McGraw-Hill,Chapter6,FundamentalsofCorporateFinanceThirdEdition,NetPresentValueandOtherInvestmentCriteria,BrealeyMyersMarcusslidesbyMatthewWill,Irwin/McGraw-Hill,TheMcGraw-HillCompanies,Inc.,2001,TopicsCovered,NetPresentValueOtherInvestmentCriteriaProjectInteractionsCapitalRationing,NetPresentValue,OpportunityCostofCapital-Expectedrateofreturngivenupbyinvestinginaproject.,NetPresentValue-Presentvalueofcashflowsminusinitialinvestments.,NetPresentValue,ExampleSupposewecaninvest$50todayandreceive$60inoneyear.Whatisourincreaseinvaluegivena10%expectedreturn?

ThisisthedefinitionofNPV,NetPresentValue,NPV=PV-requiredinvestment,NetPresentValue,TerminologyC=CashFlowt=timeperiodoftheinvestmentr=“opportunitycostofcapital”TheCashFlowcouldbepositiveornegativeatanytimeperiod.,NetPresentValue,NetPresentValueRuleManagersincreaseshareholderswealthbyacceptingallprojectsthatareworthmorethantheycost.Therefore,theyshouldacceptallprojectswithapositivenetpresentvalue.,NetPresentValue,ExampleYouhavetheopportunitytopurchaseanofficebuilding.Youhaveatenantlinedupthatwillgenerate$16,000peryearincashflowsforthreeyears.Attheendofthreeyearsyouanticipatesellingthebuildingfor$450,000.Howmuchwouldyoubewillingtopayforthebuilding?

NetPresentValue,0123,$16,000,$16,000,$16,000,$450,000,$466,000,PresentValue14,95314,953380,395$409,323,Example-continued,NetPresentValue,Example-continuedIfthebuildingisbeingofferedforsaleatapriceof$350,000,wouldyoubuythebuildingandwhatistheaddedvaluegeneratedbyyourpurchaseandmanagementofthebuilding?

NetPresentValue,Example-continuedIfthebuildingisbeingofferedforsaleatapriceof$350,000,wouldyoubuythebuildingandwhatistheaddedvaluegeneratedbyyourpurchaseandmanagementofthebuilding?

OtherInvestmentCriteria,InternalRateofReturn（IRR）-DiscountrateatwhichNPV=0.RateofReturnRule-Investinanyprojectofferingarateofreturnthatishigherthantheopportunitycostofcapital.,InternalRateofReturn,ExampleYoucanpurchaseabuildingfor$350,000.Theinvestmentwillgenerate$16,000incashflows（i.e.rent）duringthefirstthreeyears.Attheendofthreeyearsyouwillsellthebuildingfor$450,000.WhatistheIRRonthisinvestment?

IRR=12.96%,InternalRateofReturn,IRR=12.96%,PaybackMethod,PaybackPeriod-Timeuntilcashflowsrecovertheinitialinvestmentoftheproject.Thepaybackrulespecifiesthataprojectbeacceptedifitspaybackperiodislessthanthespecifiedcutoffperiod.Thefollowingexamplewilldemonstratetheabsurdityofthisstatement.,PaybackMethod,ExampleThethreeprojectbelowareavailable.Thecompanyacceptsallprojectswitha2yearorlesspaybackperiod.Showhowthisdecisionwillimpactourdecision.CashFlowsPrj.C0C1C2C3PaybackNPV10%A-2000+1000+1000+100002+7,249B-2000+1000+100002-264C-20000+200002-347,BookRateofReturn,BookRateofReturn-Averageincomedividedbyaveragebookvalueoverprojectlife.Alsocalledaccountingrateofreturn.Managersrarelyusethismeasurementtomakedecisions.Thecomponentsreflecttaxandaccountingfigures,notmarketvaluesorcashflows.,ProjectInteractions,Whenyouneedtochoosebetweenmutuallyexclusiveprojects,thedecisionruleissimple.CalculatetheNPVofeachproject,and,fromthoseoptionsthathaveapositiveNPV,choosetheonewhoseNPVishighest.,MutuallyExclusiveProjects,ExampleSelectoneofthetwofollowingprojects,basedonhighestNPV.Proj01234NPVA-155.55.55.55.5B-20999assume9%discountrate,MutuallyExclusiveProjects,ExampleSelectoneofthetwofollowingprojects,basedonhighestNPV.Proj01234NPVA-155.55.55.55.52.82B-209992.78assume9%discountrate,InvestmentTiming,Sometimesyouhavetheabilitytodeferaninvestmentandselectatimethatismoreidealatwhichtomaketheinvestmentdecision.Acommonexampleinvolvesatreefarm.Youmaydefertheharvestingoftrees.Bydoingso,youdeferthereceiptofthecashflow,yetincreasethecashflow.,InvestmentTiming,ExampleYoumaypurchaseacomputeranytimewithinthenextfiveyears.Whilethecomputerwillsaveyourcompanymoney,thecostofcomputerscontinuestodecline.Ifyourcostofcapitalis10%andgiventhedatalistedbelow,whenshouldyoupurchasethecomputer?

YearCostPVSavingsNPVatPurchaseNPVToday050702020.0145702522.7240703024.83367034Datetopurchase25.5433703725.3531703924.2,EquivalentAnnualCost,EquivalentAnnualCost-Thecostperperiodwiththesamepresentvalueasthecostofbuyingandoperatingamachine.,EquivalentAnnualCost,ExampleGiventhefollowingcostsofoperatingtwomachinesanda6%costofcapital,selectthelowercostmachineusingequivalentannualcostmethod.YearMach.1234PV6%Ann.CostD-15-4-4-4-25.69-9.61E-10-6-6-21.00-11.45,EquivalentAnnualCost,Example（withatwist）Selectoneofthetwofollowingprojects,basedonhighest“equivalentannualannuity”（r=9%）.Proj01234NPVEq.AnnA-155.55.55.55.52.82.87B-209992.781.10,InternalRateofReturn,ExampleYouhavetwoproposalstochoicebetween.Theinitialproposal（H）hasacashflowthatisdifferentthantherevisedproposal（I）.UsingIRR,whichdoyouprefer?

InternalRateofReturn,ExampleYouhavetwoproposalstochoicebetween.Theinitialproposal（H）hasacashflowthatisdifferentthantherevisedproposal（I）.UsingIRR,whichdoyouprefer?

InternalRateofReturn,50403020100-10-20,NPV$,1,000s,Discountrate,%,810121416,Revisedproposal,Initialproposal,InternalRateofReturn,Pitfall1-MutuallyExclusiveProjectsIRRsometimesignoresthemagnitudeoftheproject.Thefollowingtwoprojectsillustratethatproblem.,Pitfall2-LendingorBorrowing?

Withsomecashflows（asnotedbelow）theNPVoftheprojectincreasessthediscountrateincreases.ThisiscontrarytothenormalrelationshipbetweenNPVanddiscountrates.,Pitfall3-MultipleRatesofReturnCertaincashflowscangenerateNPV=0attwodifferentdiscountrates.ThefollowingcashflowgeneratesNPV=0atboth（-50%）and15.2%.,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）,內部報酬率法（續）,決策準則:

單一計劃:

IRRR;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,修正內部報酬率法,修正內部報酬率（ModifiedInternalRateofReturnMd.;簡稱MIRR）法方法:

修正內部報酬率:

使各期淨現金流出現值之和等於未來各期現金流入現值之和之折現率PVcost=PV（terminalvalue）,修正內部報酬率法（續）,決策準則:

單一計劃:

MIRRR;互斥計劃:

Max（MIRR1,MIRR2,）R優劣:

缺:

（1）複雜

（2）某些狀況未符合價值最大化原則優點:

（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,CapitalRationing,CapitalRationing-Limitsetontheamountoffundsavailableforinvestment.SoftRationing-Limitsonavailablefundsimposedbymanagement.HardRationing-Limitsonavailablefundsimposedbytheunavailabilityoffundsinthecapitalmarket.,ProfitabilityIndex,