資源描述：
《net present value and other investment criteria》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫(kù)。
1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1ThereasonswhythenetpresentNETPRESENTvaluecriterionisthebestwaytoevaluateproposedinvestments.LO2ThepaybackruleandsomeofitsVALUEANDshortcomings.9LO3Thediscountedpaybackruleandsomeofitsshortcomings.OTHERLO4Accountingrate
2、sofreturnandsomeoftheproblemswiththem.INVESTMENTLO5Theinternalrateofreturncriterionanditsstrengthsandweaknesses.CRITERIALO6Themodi?edinternalrateofreturn.LO7Thepro?tabilityindexanditsrelationtonetpresentvalue.IN2008,THEAUTOMOBILEMANUFACTUR-pricetagofover$1billion,areobviouslymajorun
3、der-INGINDUSTRYinNorthAmericawasfacedwithtakings,andtherisksandrewardsmustbecarefullychronicovercapacity.Bysomeestimates,Generalweighed.Inthischapter,wediscussthebasictoolsMotorsmayhavehadasmanyas12factoriesmoreusedinmakingsuchdecisions.thanitneeded.ButnotallautomobilemanufacturersI
4、nChapter1,wesawthatincreasingthevalueoffacedthisproblem.Toyotaannouncedplansforitsthestockinacompanyisthegoalof?nancialman-eighthNorthAmericanassemblyplantinTupelo,agement.Thus,whatweneedtoknowishowtotellMississippi,a$1.3billion(projected)investment.Aboutwhetheraparticularinvestment
5、willachievethatorthesametime,Hondaannouncedplanstobuildanewnot.ThischapterconsidersavarietyoftechniquesplantinsouthernIndianaatacostof$550million,andthatareusedinpracticeforthispurpose.MoreBMWannouncedanexpansionofitsSpartanburg,important,itshowshowmanyofthesetechniquesSouthCarolina
6、,planttobuildthenewX6model.canbemisleading,anditexplainswhythenetpresentCapitalBudgetingPART4Toyota’snewplantisanexampleofacapitalbud-valueapproachistherightone.getingdecision.Decisionssuchasthisone,withaMastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMast
7、eronthestudentWebsitewww.mhhe.com/rwj.InChapter1,weidenti?edthethreekeyareasofconcerntothe?nancialmanager.The?rstoftheseinvolvedtheques-tion:What?xedassetsshouldwebuy?Wecalledthisthecapitalbudgetingdecision.Inthischapter,webegintodealwiththeissuesthatariseinansweringthisquestion.The
8、processofallocating
