Investment analysis capital budgeting хөрөнгө оруулалтын шинжилгээ капитал төсөвлөлт танилцуулга

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Капитал төсөвлөлт хөрөнгө оруулалтын шинжилгээ

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  • 1. 2013 12

2. . : 1. 2. 1. : () - - - , 2. : () () - - - - 3. (Capital Budgeting): , , (Capital expenditure): 1 (Operating expenditure): 1 1 2 3 4 5 -42000 -45000 14000 28000 14000 12000 14000 10000 14000 10000 14000 10000 4. - ( ) -- , , , ; 5. : FV = PV * ( 1 + r ) n : PV - FV r n : : PV - FV r n 6. Weighted Average Capital Cost (WACC) (capital cost) (opportunity cost) . 2 . ? ?Kc = wd Kd + we Ke : Kc is WACC wd is Kd is we is Ke is 7. Weighted Average Capital Cost (WACC) Pricing Model (CAPM). 8. (Payback period) - NPV - , IRR - . (Cost Benefit Analysis) - , 9. .P=I/E : P = I= E = 10. 1 2 3 4 5 -42000 -45000 14000 28000 14000 12000 14000 10000 14000 10000 14000 10000 32,5 , : A- 3.0 . (42,000/14,000=3 ). - : : 45,000- 28,000- . 2 : 40,000 ( 28,000 + 2 12,000) . 3 : 50,000- . 45,000- 3 50 . - 2,5 11. (FWO) Net Present Value (NPV) (Net Present Value (NPV) Internal Rate of Return (IRR) the Benefit-Cost Ratio (B/C) Internal Rate of Return (IRR) (Net Present Value (NPV), the Benefit-Cost Ratio (B/C) 12. () Net Present Value (NPV) St: t ; at: ; NPV . NPV (NPV>0) . NPV- . 13. () Net Present Value (NPV) : NPV > 0, . NPV < 0, NPV- 14. () Net Present Value (NPV) 0 -42000 1 14000 2 14000 3 14000 4 14000 5 14000 NPV 10 064,5610% -45000 28000 12000 10000 10000 10000 9 931,27 15. () Internal rate of Return (IRR) NPV- (IRR) . NPV = 0 : - IRR > - IRR < 16. () Internal rate of Return (IRR) 0 -42000 1 14000 2 14000 3 14000 4 14000 5 14000 IRR 20% -45000 28000 12000 10000 10000 10000 22% NPV- : IRRA = 20% > 10.0% IRRB = 22% > 10.0% , IRRB = 22% > IRRA = 20%. 17. () Internal rate of Return (IRR) , ( , ) IRR- . IRR- NPV . IRR . B- (IRRA = 40% < IRRB = 70%) 30%- NPV- ( C.5). 18. /Benefit Cost Ratio/ B/C = PVi cash inflows / PVo cash outflows I: ; O: ; BCR >1 . 0 1 2 3 4 5 B/C Ratio-4200010% -450000 14000 14000 14000 14000 14000 1,150 28000 12000 10000 10000 10000 1,13 19. /Benefit Cost Ratio/ IRR- NPV- , . 100 . NPV- A,C,B . B/C- C,B,A . 100- B C NPV 130 . - - NPV 100- . 20. 1 2 3 4 5 NPV IRR Payback period B/C Ratio -42000 -45000 14000 28000 14000 12000 14000 10000 14000 10000 14000 10000 10 064,56 20% 3 1,159 931,27 22% 2,5 1,13 21. - - - -- -- -- 22. () () 23. . : - (Operating lease) (, )- () (Financial Leasing) , 100% , , , , - (Custom hire) 24. : () : : .$1000.00 33% WACC ( 4:1 ROE of 20%) 15% 12% .$50.00 : : 12.8% 5 , 20 . 25. (X0.33) 0 56,43 - 18,62 37,8112345169,3 55,87 113,43225,74 -74,49 151,25225,74 -74,49 151,25225,74 -74,49 151,25225,74 -74,49 151,25 (25 , , 5 ) 0 1 2 3 4 5 250,00 30,00 30,00 30,00 30,00 30,00 (1) 174,72 174,72 174,72 174,72 174,72 -13,87 -11,18 -8,33 -5,30 -2,10 -82,50 -61,88 -46,41 -34,80 -26,07 250,00 108,35 131,66 149,98 164,62 176,55 : 1. 750 . 5 . 26. 1 2 3 4 5 132.68 140.83 149.47 158.66 168.36 750 42,04 (13.87) 33,89 (11.18) 25,25 (8.33) 16,06 (5.30) 6,36 (2.10) 123,6 (40.78) 174,72 174,72 174,72 174,72 174,72 873,6 ( , ) , 25% 33% 1 1000.00 250.00 (82.50) 750.00 2 750.00 187.50 (61.88) 562.50 3 562.50 140.63 (46.41) 421.87 4 421.87 105.47 (34.80) 316.00 5 316.00 79.00 (26.07) 237.00 27. (NPV) (NPV) (After-Tax cost of debt) (15,0*0,67)=10,05%523,46719,04 (WACC) WACC=(20%*1+15%*4)/5=16 % (16%*0,67)=10,72%511,76705,75