高级投资项目管理和经济效益评价
75页1、厦门大学管理学院博士研究生课程报告八高级投资项目管理和经济效益评价 理论、方法和实践厦门大学管理学院 吴世农 Advanced Capital Budgeting Theory, Methods Budgeting=Plan detailing projected cash inflows and outflows during some future period, thus “Capital Budgeting” outlines the planned expenditures on fixed assets. 1. Multi-concepts for Capital Budgeting(1) Capital Investment Analysis by IRR (or PVI) B is over A. This case is typical as a conflict raised from decision criteria by NPV or by IRR? 厦门大学吴世农(2) Solution Since K=10% is assumed to be fixed,
2、 we can solve this conflict by creating a differential project (B-A), if the differential project yields a positive NPV, it is obvious that B is better than A because not only a part of B will create a NPV equal to NPVA, but also create a positive NPV for the differential project (B-A). Thus, we create a differential project (B-A), and then calculate its NPV and IRRNPV(B-A) = (75000-8000)/(1+10%)-(50000-5000)=$15909(75000-8000)/(1+IRR(B-A) )=(50000-5000), IRR(B-A) =48.8% No doubt, the results ab
3、ove suggests that the investors of the firm will be better off if project B is accepted.Advanced Topics in Capital Budgeting2. Trend Effect of NCF on NPV and IRR(1) ConflictWhich One is a Sounding Decision Rule? Suppose there are two mutually exclusive projects, A and B, the following graphs show that the trend of As NCFs and the trend of Bs NCFs are different. Obviously, graph 1 states that As NCFs are always larger than Bs NCFs over the periods, thus, NPVANPVB; graph 2 states for the earlier p
4、eriods As NCFs are larger than Bs NCFs, thus NPVA NPVB, but for the later periods (after K*) As NCFs are smaller than Bs NCFs, thus NPVANPV B B ANPVA 0, so the project should be accepted! (b) Should be the project be abandoned after its operation?Yes, because the projects NCFs rend to decline year by year!(c) When to abandon the project?The firm should abandon the project when the NPV is maximized! The following Calculation show Max(NPV) appears when n=3. Why? Advanced Topics in Capital Budgetin
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