高级投资项目管理与经济效益评价研讨(ppt 75页)（英文版）

高级投资项目管理与经济效益评价研讨内容提要：
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. 
 1. Multi-concepts for Capital Budgeting
    (1) Capital Investment Analysis & Decision
     (2) Economic Evaluation of Investment Projects
     (3) Technological Economics
     (4) Investment Feasibility Study
 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.
           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.  
(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 its NPV and IRR
            NPV(B-A) = [(75000-8000)/(1+10%)]-(50000-5000)=$15909
            [(75000-8000)/(1+IRR(B-A) )]=(50000-5000), IRR(B-A) =48.8%
           No doubt, the results above suggests that the investors of the firm will be better off if project B is accepted.
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