高级投资项目管理和经济效益评价PPT演示模板

Market Research
Marketing Strategy R & Investment D Management Production Finance
Opportunity Study
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Investment Expenditures
Sources & Cost of Capitals
1. Multi-concepts for Capital Budgeting
(1) Capital Investment Analysis & Decision (2) Economic Evaluation of Investment Projects (3) Technological Economics (4) Investment Feasibility Study
The capital budgeting is a procedure include a set of systematic techniques dealing with how to evaluate and select investment projects under certainty or uncertainty.
Project A
I0 5,000
NCF1 8,000
NPV (k=10%) 2,273
IRR 60%
PVI 45.46%
B
50,000 75,000
18,182
50% 36.36%
Both projects are acceptable due to their positive values of NPV, however, given that the two projects are mutually exclusive, which one is preferred?
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(2) Solution Since K=10% is assumed to be fixed, 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 Байду номын сангаасts NPV and IRR
PostAssessment
Exhibit 1 (Continuos): Diagram Suggested for Investment Project’s Feasibility Study in Firms
Advanced Topics in Capital Budgeting
II. Conflicts between NPV and IRR for Mutually Exclusive Projects
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
Advanced Topics in Capital Budgeting
I. What is Capital Budgeting?
Capital=Fixed Assets used in production/service; Budgeting=Plan detailing projected cash inflows and outflows during some future period, thus “Capital Budgeting” outlines the planned expenditures on fixed assets.
Discussion
Feasibility Study
Discussion
Final Report
Exhibit 1: Diagram Suggested for Investment Project’s Feasibility Study in Firms
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Technological Feasibility
Also, because the size of investment outlays for A and B are different. By NPV, A is better than B; by IRR (or PVI) B is over A. This case is typical as a conflict raised from decision criteria by NPV or by IRR?
Macroeconomic Feasibility
Financial Feasibility
Implementation
Social/Cultural Feasibility
Environmental Feasibility
Operation
Comprehensive Feasibility
Review Report
2. A Formal Definition of Capital Budgeting
Capital budgeting is a filed of finance concerned with cost and benefit, and return and risk derived from investment project undertaken by a firm.
1. Size Effect of Investment Outlay on NPV and IRR
(1) Conflict——Which Maximizes Shareholder’s Wealth?
Suppose that there are two projects, A and B, n=1, K=10%, their investment outlays and NCF are presented in the following table.
CBA
Costs & Profits
Assets & Liabilities
Cash Inflow & Cash Outflow
Income Statement
Balance Sheet
Cashflow Statement
Risk Analysis
Repayment Analysis
Preliminary Proposals