第六章 資本預算評估方法

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第六章 資本預算評估方法. 第四節 內部 報酬 率. 第一節 還本期間法則. 第二節 淨現值. 第三節 獲利指數法. 第五節 淨現值與內部報酬率. 第六節 修正後內部報酬率. 第七節 評估法則之比較與應用. 第八節 資本預算法則之實務調查. 缺乏資本預算. . 第一節 還本期間法則. 1. 還 本期間 (Payback Period). 2. 折現還本期間 (Discounted Payback Period ).  、還本期間之計算 .  、折現還本期間法之計算 . 第二節 淨現值. - PowerPoint PPT Presentation

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  • 1. (Payback Period) 2. (Discounted Payback Period )

    = + eq \F( , )

    = + eq \F( , )

  • = + eq \F( , )

    = 3 + eq \F( $500 - 100 - 150 - 150 , $150 )

    = 3 + eq \F( $100 , $150 )

    = 3.67 (3 8 )

  • = + eq \F( , )

    = 4 + eq \F( $500 - 91 - 124 - 113 - 102 , $124 )

    = 4 + eq \F( $70 , $124 )

    = 4.56 ()

  • (NPV)

    NPV= CF0 + {eq \F( CF1 , (1+k) ) + eq \F( CF2 , (1+k)2 ) + ... + eq \F( CFn , (1+k)n )}

    = CF0 + eq \i\su(t=1,n, )

    eq \F( CFt , (1+k)t )

    NPV = eq \i\su(t=0,n, )

    eq \F( CFt , (1+k)t )

  • NPV NPV = $54.21 > 0

    NPV= CF0 + {eq \F( CF1 , (1+k) ) + eq \F( CF2 , (1+k)2 ) + ... + eq \F( CFn , (1+k)n )}

    = $500 + {eq \F( 100 , 1.1 ) + eq \F(150,(1.1)2) + eq \F(150,(1.1)3) + eq \F(150,(1.1)4) + eq \F(200,(1.1)5)}

  • (PI) > 1 NPV > 0

    PI = eq \F( , )

    = t=1,n, )

    eq \F( CFt , (1+k)t )eq \F( , CF0 ) = t=1,n, )

    eq \F( CFt , (1+k)t )eq \F( CF0 + [-CF0 + ] , CF0 )

    = 1 + eq \F( NPV , CF0 )

  • [] 10%

    0123()-$5,0002,0002,5003,000

  • k* = IRR (Internal Rate of Return, IRR) (IRR)

    NPV = CF0 + {eq \F( CF1 , (1+k*) ) + eq \F( CF2 , (1+k*)2 ) + ... + eq \F( CFn , (1+k*)n )} = 0

    eq \i\su(t=0,n, )

    eq \F( CFt , (1+IRR)t ) = 0

  • IRR IRR = 13.78% A

    $500 + eq \F( 100 ,1+IRR) + eq \F( 150 ,(1+IRR)2) + eq \F( 150 ,(1+IRR)3) + eq \F( 150 ,(1+IRR)4) + eq \F( 200 ,(1+IRR)5) = 0

  • 2. 100(1+IRR)2 - 420(1+IRR) + 360 = 0 5(1+IRR)2 - 21(1+IRR) + 18 = 0 [5(1+IRR) - 6][(1+IRR) - 3] = 0 IRR = 0.2 2.0

    012-$100 420 -360

    $100 + eq \F( 420 ,1+IRR) + eq \F( -360 ,(1+IRR)2) = 0

  • 012-$100 420 -360

  • [] T

    0123-$500 1,950 -2,520 1,080

  • 1. X (IRR x = 18% > IRR y = 15%) NPV

    X Y 0($100 )($100 )165 35 230 35 330 35 410 35 IRR18%15%

  • NPV IRR

  • 2. IRR S L NPV L

    L S 0($1,000 )($500 )1400 300 2500 300 3600 200 4300 200 NPV ( 10%)$432.55 $307.53 IRR28.9%38.9%

  • -CF0(1+IRR)n + CF1(1+IRR)n-1 + ... + CFn = 0 CF1 IRR

    CF0 + eq \F( CF1 ,1+IRR) + eq \F( CF2 ,(1+IRR)2) + ... + eq \F( CFn ,(1+IRR)n) = 0

  • (Modified Internal Rate of Return) COF (Outflow) CIF (Inflow) k n no ni

    eq \i\su(t=0,no, )

    eq \F( COFt , (1+k)t ) = t=0,ni, )eq \F( CIFt(1+k)t , (1+MIRR)n )

  • (1 + MIRR)4 = 1.5622

    MIRR = (1.5622)1/4 - 1 = 0.118 = 11.80% MIRR

    0-$500 1300 2-200 3400 4200 IRR = 13.79%

    $500 + eq \F(200,(1.1)2) = eq \F( $300( (1.1)3 + 400( 1.1 + 200 ,(1 + MIRR)4)

  • (NPV) (IRR)IRRMIRRNPV > 0IRR > MIRR > NPV IRR MIRR

  • IRR NPV MIRR NPV ( IRR) IRR

    (NPV) (IRR)

  • [] ABC 10%

    (NPV) (IRR) (MIRR) ABC

    A B C 0($3,000)($3,000)($1,500)11,90060050021,100800120038001,20015043002,000160

  • NPVIRRMIRRA2 2.61 $442.3 18.948%13.85%B3 3.65 $474.215.796% 14.11%C 1.83 2.47 $168.316.297%12.97%

  • 1. 1960 -80

    195919641970197519771979198134%24%12%15%9%10%2% (AAR)34302610251411 (IRR)19385737546065 (NPV)26101717

  • 80.3%5.0%37.6% (AAR)59.010.714.6 (IRR)65.565.314.6 (NPV)67.616.530.02.53.2

  • (3) 1990

  • (4) 2000

    Chart1

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    Se