第1页共8页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共8页INVESTMENTAPPRAISAL[对应中文教材2008年财务成本管理第五章:投资管理]A.ROCE（已动用资本回报率）orARR（会计收益率）（AccountingRateofReturn）B.Payback（回收期法）Paybackperiod=Initialpayment/Annualcashinflow,paybackisnotalwaysanexactnumberofyearsMostcommonformula:ROCE=EBIT（afterdepreciation）/initialcapitalcosts第2页共8页第1页共8页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共8页CNPV（净现值法）（1）Basicassumptions:·cashoutlayoccursinyear0（now）.·cashflowsoccurattheendoftheyear.·ifacashflowoccursatthebeginningofayear,itisassumedtooccurattheendofthepreviousyear.DIRR（内含报酬率法）第3页共8页第2页共8页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共8页（1）Basicprinciple:IRRisthecostofcapitalatwhichtheNPViszero,iftheexpectedIRRishigherthanatargetrateofreturn;theprojectisfinanciallyworthundertaking.（2）SelectionbetweenIRRandNPV:whenachoicehastobemadebetweenmutuallyexclusiveprojects,insuchcasetheNPVshouldbeselected,becausehigherNPVcanmaximizeshareholder’swealth.DefinitionThediscountratwhich,whenappliedtothecashflowsofaproject,givesanNPVofzero.第4页共8页第3页共8页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共8页OrThebreak-eveninterestrateforaproject.Itisthemaximumrateofinterestthatyoucouldaffordtopayonaprojectwithoutmakingaloss.FeaturesAdvantages-Takesintoaccountthetimevalueofmoney-Relativemeasure-MorereadilyunderstoodthanNPVDisadvantages-Maynotbeunique–projectscanhavemorethanoneIRR-Mayrankprojectsincorrectly–formutuallyexclusiveprojectsorwhenFundsareshortsupply-CannotcopewithchangingratesofinterestThemethodofcalculationdependsuponwhetherornottheprojecthasevencashflows.EvencashflowsConsideraninvestmentof￡39.93mthatgeneratesnetcashearningsof￡10mfor5yearsTheIRRisthediscountratethatgivesaNPVofzero.ThismeansthattheIRRistheRatethatwilldiscountfiveinstallmentsof￡10mtoapresentvalueof￡39.93.第5页共8页第4页共8页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第5页共8页ThisinturnMeansthattheIRRisthediscountrateforwhichthe5yearannuityfactoris3.993.ATheproject’sIRRhasbeenfoundviaacumulativediscountfactor（annuityfactor）givenBy:AnnuityfactorattheIRR=forthelifeoftheprojectUnevencashflowsThesehavetobefoundbytrialanderrororbyestimatingusingtwopresentvalues.Where:A=lowerratechosen=NPVatrateAB=higherrate=NPVatrateBIthelpstogetAandBasclosetothetrueIRRaspossible,butitdoesn’tmatterwhethertheresultantNPVsarepositive,negativeoroneofeach.Somestudentsprefertouseacommonsenseapproachratherthanaformula.SeeingbynowMuchNPVhasfallen（fromto）asthediscountratehasrisenfromAtoB,TheyfindhowmuchmorethediscountrateneedstorisetobringtheNPVtozero.Whethertheformulaisusedorcommonsense,thecalculationassumesalinearrelationshipBetweenNPVanddiscountrate.Infacttherelationshipisnotlinear,hencethecalculationIsonlyapproximateand（unlessyouhavebeenluckywhenguessingwhichdiscountratestouse）youshouldnotquoteIRR’scalculatedinthiswaytomany,nottoany,decimalplaces–unlesstheexaminerasksyou.IRRofaperpetuityThepresentvalueofaperpetuityistheannualcashflowdividedbythediscountrate（expressedasadecimal.Fromthisitfollowsthat:theIRRofaperpetuity==100第6页共8页第5页共8页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第6页共8页Perpetuity:永续年金Methodofpresentat...
