taiwan财务管理_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,