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Bài giảng Management theory and practice Financial: Chương 10

Cùng tìm hiểu Overview of capital budgeting; Methods; Unequal lives; Economic life;. được trình bày cụ thể trong "Bài giảng Management theory and practice Financial: Chương 10". Cùng tìm hiểu để nắm bắt nội dung thông tin tài liệu. | Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-3 Corporate Valuation and Capital Budgeting Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-4 Topics Overview of capital budgeting Methods NPV IRR, MIRR Profitability Index Payback, discounted payback Unequal lives Economic life Capital rationing Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-5 What is capital budgeting? Plan and manage capital expenditures for long-lived assets. Analysis of potential projects. Long-term decisions. Involve large commitments. Very important to firm’s future. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-6 Steps in Capital Budgeting Estimate cash flows (inflows & outflows). Assess risk of cash flows. Determine r = WACC for project. Evaluate cash flows. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-7 Independent versus Mutually Exclusive Projects Projects are: independent, if the cash flows of one are unaffected . | Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-3 Corporate Valuation and Capital Budgeting Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-4 Topics Overview of capital budgeting Methods NPV IRR, MIRR Profitability Index Payback, discounted payback Unequal lives Economic life Capital rationing Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-5 What is capital budgeting? Plan and manage capital expenditures for long-lived assets. Analysis of potential projects. Long-term decisions. Involve large commitments. Very important to firm’s future. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-6 Steps in Capital Budgeting Estimate cash flows (inflows & outflows). Assess risk of cash flows. Determine r = WACC for project. Evaluate cash flows. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-7 Independent versus Mutually Exclusive Projects Projects are: independent, if the cash flows of one are unaffected by the acceptance of the other. Projects stand on their own. mutually exclusive, if the cash flows of one can be adversely impacted by the acceptance of the other. All other alternatives are automatically deleted once a project is choice. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-8 Cash Flows for Project L and Project S 10 80 60 0 1 2 3 10% L’s CFs: -100.00 70 20 50 0 1 2 3 10% S’s CFs: -100.00 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-9 NPV: Sum of the PVs of all cash flows Cost often is CF0 and is negative. NPV = ∑ n t = 0 CFt (1 + r)t NPV = ∑ n t = 1 CFt (1 + r)t . - CF0 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-10 What’s Project L’s NPV? 10 80 60 0 1 2 3 10% L’s CFs: -100.00 9.09 49.59 60.11 18.79 = NPVL NPVS = $19.98 Copyright © 2011 by Nelson Education Ltd. All rights reserved. 10-11 Calculator Solution: Project L -100 10 60 80 10 CF0 CF1 NPV CF2 CF3 I = 18.78 = NPVL Copyright © 2011 by Nelson Education .