羅斯 公司理財(cái) 名詞解釋習(xí)題答案

1、 PAGE 56A- Answers to Concept QuestionsAnswers to Concept QuestionsA- PAGE 57隘CONCEPT吧 QUESTI背ONS - C霸HAPTER 笆1把藹What ar耙e the t安hree ba頒sic que安stions 拌of corp霸orate f哎inance?哀礙藹a.暗扒Investm澳ent dec般ision (把capital耙 budget扮ing): W背hat lon傲g-term 吧investm笆ent str辦ategy s吧hould a拔 firm a跋dopt?拔b. Fi巴n

2、ancing皚 decisi拌on (cap瓣ital st胺ructure頒): How 把much ca愛(ài)sh must翱 be rai壩sed for辦 the 癌 r爸equired阿 invest昂ments?皚Short-t壩erm fin愛(ài)ance de靶cision 盎(workin扮g capit敖al): Ho拜w much 八short-t疤erm cas氨h flow 哎does co拌mpany n敗eed to 按pay its扳 bills.傲安 捌Describ爸e capit矮al stru白cture.霸Capital凹 struct礙ure is 靶the

3、 mix案 of dif骯ferent 奧securit昂ies use把d to fi跋nance a罷 firms霸 invest辦ments.半 絆 暗 傲List th頒ree rea皚sons wh佰y value埃 creati按on is d熬ifficul阿t.靶Value c芭reation俺 is dif皚ficult 胺because傲 it is 版not eas鞍y to ob盎serve c隘ash flo版ws dire捌ctly. 澳The rea佰sons ar昂e:吧a. Cas暗h flows愛(ài) are so案metimes唉 diffic澳ult to

4、癌identif安y.啊b. The熬 timing翱 of cas半h flows癌 is dif懊ficult 擺to dete把rmine.辦c. Cas板h flows板 are un暗certain擺 and th白erefore柏 risky.擺1.2按 捌絆What is暗 a cont癌ingent 懊claim?阿A conti礙ngent c凹laim is擺 a clai氨m whose吧 payoff襖s are d跋ependen襖t on th吧e value班 of the襖 firm a哀t the e懊nd of t敗he year般. In m俺ore ge

5、n唉eral te拜rms, co罷ntingen鞍t claim辦s depen佰d on th板e(cuò) value矮 of an 拔underly啊ing ass岸et.班 八 奧澳Describ扮e equit暗y and d斑ebt as 氨conting挨ent cla辦ims.哎Both de隘bt and 瓣equity 埃depend 辦on the 骯value o哀f the f啊irm. I巴f the v熬alue of唉 the fi凹rm is g版reater 胺than th靶e amoun疤t owed 阿to debt案 holder半s, they絆 will

6、 g胺et what巴 the fi耙rm owes俺 them, 半while s跋tockhol笆ders wi傲ll get 敖the dif叭f(wàn)erence板. But 艾if the 般value o絆f the f礙irm is 頒less th阿an equi背ty, bon氨dholder埃s will 壩get the鞍 value 辦of the 埃firm an吧d equit哎y holde耙rs noth笆ing.襖1.3襖 岸 癌埃Define 背a propr襖ietorsh愛(ài)ip, a p瓣artners拔hip and佰 a corp奧oration扳.挨A

7、propr安ietorsh傲ip is a皚 busine愛(ài)ss owne邦d by a 斑single 按individ頒ual wit胺h unlim鞍ited li翱ability哀. A pa百rtnersh氨ip is a疤 busine澳ss owne吧d by tw澳o or mo骯re indi伴viduals壩 with u氨nlimite昂d liabi敖lity. 瓣A corpo叭ration 哀is a bu叭siness 哀which i板s a le暗gal per捌son wi絆th many拌 limite哀d liabi爸lity ow伴ners.絆 鞍 襖

8、 斑哀What ar搬e the a啊dvantag哀es of t罷he corp瓣orate f敗orm of 隘busines瓣s organ芭ization哎?按俺Limited拔 liabil哎ity, ea哀st of o扮wnershi隘p trans版fer and矮 perpet芭ual suc扮cession半.頒1.4頒 靶邦What ar拌e the t暗wo type拜s of ag吧ency co胺sts?扳挨Monitor芭ing cos叭ts of t藹he shar拔eholder哀s and t壩he ince八ntive f耙ees pai柏d to th

9、昂e manag笆ers.板 熬 礙頒How are凹 manage胺rs bond壩ed to s胺harehol埃ders?奧Shareho癌lders d盎etermin斑e the m搬embersh愛(ài)ip to t疤he boar按d of di巴rectors翱, which爸 select吧s manag靶ement.鞍Managem拜ent con哀tracts 半and inc叭entives搬 are bu疤ild int凹o(jì) compe吧nsation敗 arrang巴ements.半If a fi隘rm is t百aken ov霸er beca捌use the柏 fir

10、ms佰 price 壩dropped耙, manag耙ers cou捌ld lose扒 their 澳jobs.骯Competi背tion in稗 the ma版nageria百l labor靶 market擺 makes 百manager罷s perfo爸rm in t半he best埃 intere扳st of s唉tockhol礙ders.拜 哀 瓣捌Can you佰 recall吧 some m瓣anageri版al goal凹s?巴拔Maximiz般ation o稗f corpo耙rate we壩alth, g哎rowth a隘nd comp疤any siz瓣e.擺 扒 癌傲What

11、 is背 the se捌t-of-co邦ntracts捌 perspe鞍ctive?翱The vie皚w of th唉e corpo背ration 安as a se捌t of co懊ntracti氨ng rela百tionshi靶ps amon凹g indiv奧iduals 壩who hav般e confl佰icting 敗objecti版ves.熬1.5扳 班安Disting骯uish be版tween m扳oney ma皚rkets a哀nd capi靶tal mar叭kets.熬Money m伴arkets 扒are mar絆kets fo哀r debt 矮securit壩ies tha

12、哎t pay o埃ff in l胺ess tha耙n one y八ear, wh柏ile cap隘ital ma啊rkets a鞍re mark鞍ets for邦 long-t壩erm deb癌t and e半quity s傲hares.哎 壩 傲吧What is拌 listin靶g(shù)?哎Listing斑 refers絆 to the辦 proced爸ures by拌 which 哎a compa斑ny appl阿ies and扒 qualif班ies so 皚that it稗s stock隘 can be邦 traded靶 on the般 New Yo耙rk Stoc懊k Excha版nge.

13、矮 巴 拔矮What is鞍 the di盎fferenc埃e betwe芭en a pr凹imary m扳arket a矮nd a se愛(ài)condary俺 market拜?阿The pri扒mary ma暗rket is壩 the ma案rket wh跋ere iss把uers of八 securi辦ties se瓣ll them芭 for th頒e first白 time t辦o inves跋tors, w昂hile a 八seconda胺ry mark頒et is a骯 market埃 for se柏curitie哀s previ敗ously i矮ssued.扮CONCEPT澳 QUES

14、TI艾ONS - C笆HAPTER 按2暗2.1靶 礙瓣What is霸 the ba芭lance-s伴heet eq爸uation?板疤Assets 般= Liabi白lities 扒+ Stock鞍holders扒 equit半y斑 白 跋叭What th扒ree thi般ngs sho絆uld be 辦kept in靶 mind w按hen loo傲king at拔 a bala靶nce she罷et?骯伴Account埃ing liq扒uidity,罷 debt v霸s. equi霸ty, and扳 value 柏vs. cos稗t.半2.2傲 辦班What is翱 the in矮co

15、me st跋atement柏 equati昂on?挨拔Revenue伴 - expe拔nses = 艾Income霸叭What ar柏e the t艾hree th巴ings to阿 keep i罷n mind 澳when lo搬oking a扒t an in辦come st哀atement霸?跋General搬ly Acce啊pted Ac疤countin哀g Princ暗iples (爸GAAP), 壩noncash翱 items,版 and ti鞍me and 挨costs.板 氨 疤壩What ar哀e nonca八sh expe挨nses?敗Noncash唉 expens安es ar

16、e 拌items i礙ncluded扮 as exp懊enses b澳ut whic矮h do no骯t direc霸tly aff捌ect cas安h flow.啊 The m柏ost imp拔ortant 啊one is 斑depreci藹ation.艾2.3唉 皚辦What is昂 net wo按rking c半apital?挨頒It is t熬he diff般erence 瓣between阿 curren熬t asset拔s and c伴urrent 稗liabili拌ties.巴 奧 稗把What is氨 the ch奧ange in熬 net wo愛(ài)rking c把a(bǔ)pital?唉

17、To dete巴rmine c懊hanges 癌in net 巴working叭 capita拌l you s扳ubtract班 uses o耙f net w岸orking 斑capital拔 from s板ources 耙of net 版working柏 capita翱l.吧2.4 翱扮How is 靶cash fl頒ow diff案erent f吧rom cha跋nges in吧 net wo癌rking c瓣apital?跋The dif拜ference傲 betwee爸n cash 暗flow an稗d chang跋es in n隘ew work班ing cap哎ital is骯 th

18、at s頒ome tra八nsactio壩ns affe邦ct cash岸 flow a靶nd not 癌net wor艾king ca埃pital. 拔 The ac安quisiti罷on of i俺nventor班ies wit百h cash 胺is a go扮od exam鞍ple of 敗a chang吧e in wo爸rking c隘apital 百require埃ments.熬頒What is板 the di藹fferenc凹e betwe胺en oper疤ating c拌ash flo搬w and t背otal ca安sh flow霸 of the皚 firm?伴T(mén)he mai熬

19、n diffe捌rence b壩etween 扮the two扳 is cap矮ital sp芭ending 吧and add骯itions 啊to work辦ing cap芭ital, t熬hat is,昂 invest愛(ài)ment in襖 fixed 八assets 癌and in案vestmen扒t in w百orking 岸capital半.凹CONCEPT奧 QUESTI熬ONS - 稗CHAPTER藹 3按3.1 奧氨What is懊 an int擺erest r隘ate?擺It is t辦he paym挨ent req背uired b扮y the l稗ender o按f money

20、扮 for th板e(cuò) use o笆f it du頒ring a 昂determi瓣ned per隘iod of 俺time. 案It is e翱xpresse拜d in pe哎rcentag骯e.靶邦 What a挨re inst癌itution佰s that 吧match b熬orrower斑s and l扮enders 芭called?白澳They ar背e calle拜d finan笆cial in暗stituti瓣ons.佰胺What do拔 we mea隘n when 捌we say 伴a marke靶t clear唉s? Wha挨t is an疤 equili澳brium r罷at

21、e of 笆interes敗t?百A marke頒t clear拌s if th岸e amoun胺t of mo吧ney bor按rowers 氨want to昂 borrow按 is equ藹al to t凹he amou岸nt lend伴ers wis擺h to le半nd. An矮 equili矮brium r巴ate of 板interes襖t is th岸e inter傲est rat斑e at wh柏ich mar按kets cl翱ear.拔3.2 邦扳How doe啊s an in八dividua頒l chang白e his c捌onsumpt伴ion acr暗oss per跋i

22、ods th拜rough辦borrowi版ng and 胺lending隘.巴By borr版owing a奧nd lend辦ing dif版ferent 扒amounts哀 the pe按rson ca瓣n achie凹ve any 拔of all 昂consump礙tion po骯ssibili把ties av昂ailable八.艾 笆 暗熬How do 版interes暗t rate 罷changes氨 affect骯 ones 岸degree 耙of impa疤tience?芭A perso氨ns lev昂el of p藹atience礙 depend癌s upon 暗the int氨

23、erest r哎ate he 唉or she 稗faces i懊n the m敖arket. 霸 A pers昂on eage霸r to bo靶rrow mo罷ney at 壩a low i阿nterest癌 rate w襖ill bec挨ome les罷s eager敖 if tha把t inter安est rat邦e is ra拌ised an阿d may p澳refer t巴o 八lend案 money 辦to take敗 advant疤age of 敖higher 伴interes艾t rates爸.氨3.3 百吧What is霸 the mo懊st impo安rtant f傲eatu

24、re 暗of a co隘mpetiti邦ve fina阿ncial m拔arket?般No inve凹stor, i按ndividu澳al or c藹orporat擺ion can白 have a絆 signif熬icant e斑ffect o癌n total半 lendin案g or on奧 intere拌st rate拜s. The暗refore,吧 invest罷ors are挨 price 藹takers.柏 安 癌俺What co凹ndition捌s are l霸ikely t背o lead 笆to this半?頒Trading唉 is cos瓣tless.耙Informa愛(ài)tion

25、 ab稗out bor傲rowing 敖and len扮ding op靶portuni跋ties is愛(ài) availa半ble胺There a班re many鞍 trader拌s.斑3.4 頒罷Describ吧e the b隘asic fi熬nancial敖 princi岸ple of 鞍investm昂ent dec叭ision-m百aking?扮An inve拜stment 哎project瓣 is wor版th unde疤rtaking笆 only i矮f it is笆 mores 埃desirab笆le than百 what i愛(ài)s avail俺able in哀 the fi昂nanc

26、ial罷 market傲s.拜3.5 扒柏Describ罷e how t吧he fina扮ncial m把a(bǔ)rkets 笆can be 哎used to罷 evalua芭te inve哀stment 伴alterna霸tives?藹The fin襖ancial 跋markets耙 can be傲 used a骯s a ben懊chmark.翱 If th霸e propo班sed inv敖estment鞍 provid暗es a be胺tter al捌ternati佰ve than襖 the fi哀nancial芭 market敗s, it s辦hould b癌e under佰taken.氨 版

27、 暗埃What is阿 the se吧paratio擺n theor隘em? Wh百y is it艾 import敖ant?傲The sep俺aration矮 theore百m says 百that th按e decis芭ion as 氨to whet阿her to 艾underta骯ke a pr背oject (按compare澳d to th安e finan爸cial ma扮rkets) 敗is inde靶pendent跋 of the背 consum凹ption p盎referen阿ces of 敖the ind隘ividual岸. It i岸s impor板tant be皚cause

28、w按e can m盎ake inv斑estment翱 decisi邦ons bas凹ed on o叭bjectiv白e data,靶 disreg隘arding 瓣persona懊l prefe稗r(nóng)ences.懊3.6 版頒Give th拌e defin頒itions 敗of net 俺present板 value,皚 future芭 value 搬and pre巴sent va佰lue?靶New pre版sent va癌lue is 骯the dif瓣ference板 in pre罷sent va矮lue ter拜ms betw跋een cas暗h inflo澳ws and 皚cash ou

29、襖tflows.柏 Given邦 the fi搬nancial班 market案, the f斑uture v埃alue is暗 an amo瓣unt equ癌ivalent扮 to the壩 amount芭 curren阿tly hel搬d, and 霸present唉 value 癌is the 阿amount 斑equival矮ent now笆 to an 矮amount 扳to be r斑eceived般 or giv拔en in t盎he futu澳re.骯 隘 叭稗What in絆formati岸on does翱 a pers擺on need奧 to com氨pute an阿 in

30、vest凹ments 斑net pre拜sentvalue?般巴Cash in柏flows, 佰cash ou扳tflows 艾and an 啊interes邦t or di疤scount 斑rate.稗3.7 半 背暗In term霸s of th挨e net-p背resent-跋value r柏ule, wh靶at is t凹he esse白ntial d扮ifferen扒ce 哀between扒 the in扒dividua搬l and t啊he corp邦oration巴.靶俺唉The mai板n diffe哎rence i絆s that 案firms h半ave no 骯consum

31、p版tion en扳dowment拔.熬CONCEPT佰 QUESTI骯ONS - 八 CHAPTE叭R 4班4.1 挨笆Define 芭future 稗value a熬nd pres拔ent val斑ue.澳Future 拜value i鞍s the v斑alue of背 a sum 埃after i案nvestin拜g over 案one or 捌more pe板riods. 骯 Presen襖t value敖 is the哀 value 扮today o擺f cash 頒flows t拔o be re傲ceived 氨in the 靶future.柏 唉 稗挨How doe耙s one

32、u百se net 癌present按 value 安when ma靶king an扳 invest案ment de按cision?襖One det哀ermines岸 the pr稗esent v霸alue of絆 future壩 cash f吧lows an按d then 敗subtrac藹ts the 辦cost of礙 the in挨vestmen頒t. If 佰this va芭lue is 敗positiv哀e, the 班investm叭ent sho拌uld be 版underta背ken. I矮f the N艾PV is n艾egative隘, then 矮the inv氨estm

33、ent翱 should版 be rej佰ected.辦4.2 案癌 What i骯s the d把ifferen啊ce betw罷een sim稗ple int壩erest a傲nd comp阿ound in跋terest?癌With si爸mple in斑terest,拌 the in叭terest 斑on the 擺origina敖l inves叭tment i愛(ài)s not r八einvest把ed. Wi辦th comp壩ound in拜terest,斑 each i疤nterest埃 paymen伴t is re骯investe礙d and o辦ne earn埃s inter懊est

34、on 擺interes白t.半 氨 斑巴What is班 the fo搬rmula f般or the 頒net pre奧sent va般lue of 唉a proje白ct?壩俺 挨 熬 礙 辦把 白T礙巴NPV = 敗 -C班0澳 + 捌 C挨t扳 /(1+I)背t頒 凹 霸 搬 鞍t=1般4.3 半半What is白 a stat把ed annu哀al inte俺rest ra捌te?頒The sta癌ted ann埃ual int疤erest r板ate is 矮the ann耙ual int稗erest r佰ate wit搬hout co安nsidera昂tion of扳 compou

35、襖nding.絆 敖 壩暗What is哀 an eff挨ective 邦annual 熬interes埃t rate?懊An effe礙ctive a白nnual i案nterest凹 rate i敗s a rat哀e that 百takes c矮ompound扳ing int跋o accou巴nt.霸耙What is柏 the re氨lations把hip bet佰ween th昂e state皚d annua辦l inter哎est rat笆e and t斑h(yuǎn)e effe啊ctive a背nnual i安nterest艾 氨rate?哎靶Effecti邦ve annu壩al inte拜r

36、est ra頒te = (1埃 + (r/m鞍) )白m頒 - 1.搬 奧 辦凹Define 暗continu吧ous com熬poundin疤g.岸芭Continu阿ous com骯poundin藹g compo捌unds in唉vestmen挨ts ever拜y insta安nt.跋4.4 翱敖What ar襖e the f辦ormulas背 for pe懊rpetuit柏y, grow藹ing-per熬petuity吧, annui吧ty, and皚 邦growing擺 annuit傲y阿?絆扳Perpetu懊ity: P白V = C/r稗靶 Gro板wing Pe扒rpetuit翱y:

37、 PV 鞍= C/(r-稗g)哀版Annuity敖: PV =案 (C/r) 般1-1/(1擺+r)哀T安隘扳Growing芭 Annuit阿y: PV 背= C/(r凹-g) 1搬-(1+g)搬 / (1+r按)愛(ài)T八 暗扮矮What ar昂e three骯 import案ant poi壩nts con跋cerning把 the gr艾owing p佰erpetui罷ty form埃ula?罷The num皚erator.安The int哀erest r吧ate and爸 the gr版owth ra稗te.班The tim鞍ing ass昂umption矮.霸瓣愛(ài)What ar稗e fou

38、r 耙tricks 啊concern把ing ann懊uities?癌A delay巴ed annu白ity.癌An annu半ity in 捌advance哎An infr罷equent 暗annuity礙The equ百ating o背f prese胺nt valu襖es of t拜wo annu巴ities.佰CONCEPT半 QUESTI凹ONS - C藹HAPTER 巴5氨5.2礙八爸Define 耙pure di絆scount 隘bonds, 盎level-c八oupon b凹o(jì)nds, a扮nd cons辦ols.把A pure 隘discoun奧t bond 哎is one 鞍

39、that ma把kes no 埃interve翱ning in挨terest 胺payment伴s. One靶 receiv瓣es a si敗ngle lu罷mp sum 佰payment拌 at mat邦urity. 扳 A leve罷l-coupo哎n bond 般is a co扮mbinati澳on of a吧n annui斑ty and 疤a lump 拔sum at 愛(ài)maturit奧y. A c暗onsol i拔s a bon瓣d that 骯makes i疤nterest八 paymen巴ts fore俺ver.昂安盎Contras板t the s把tate in稗terest

40、唉rate an擺d the e搬ffectiv敗e annua班l(xiāng) inter昂est rat斑e for b昂onds pa白ying se拜mi-annu隘al inte暗rest.稗Effecti隘ve annu辦al inte凹rest ra半te on a跋 bond t案akes in哎to acco捌unt two班 period俺s of co百mpoundi阿ng per 芭year re靶ceived 半on the 八coupon 斑payment翱s. The絆 state 霸rate do盎es not 熬take th斑is into板 accoun扳t.頒5.3

41、版搬骯What is靶 the re佰lations絆hip bet胺ween in礙terest 拜rates a暗nd bond安 prices隘?襖班八There i敖s an in百verse r敖elation礙ship. 頒When on斑e goes 啊up, the瓣 other 百goes do藹wn.敗芭疤How doe鞍s one c扳alculat笆e the y版ield to擺 maturi瓣ty on a岸 bond?半One fin霸ds the 跋discoun半t rate 把that eq瓣uates t傲he prom襖ised fu傲ture ca擺s

42、h flow耙s with 罷the pri熬ce of t阿he bond藹.啊5.8埃啊拜What ar辦e the t百hree fa頒ctors d捌etermin奧ing a f埃irms P癌/E rati疤o?搬Todays辦 expect霸ations 骯of futu爸re grow背th oppo斑rtuniti擺es.鞍The dis傲count r邦te.辦The acc案ounting壩 method笆.擺5.9絆瓣哀What is凹 the cl盎osing p稗r(nóng)ice of板 Genera矮l Data?跋霸把The clo哎sing pr傲ice of 拌Ge

43、neral背 Data i藹s 6 3/1愛(ài)6.胺骯按What is奧 the PE把 of Gen白eral Ho百u(mài)se?斑叭拌The PE 艾of Gene絆ral Hou般se is 2耙9.搬斑瓣What is白 the an爸nual di邦vidend 皚of Gene跋ral Hos拌t愛(ài)?八班瓣The ann襖ual div哎idend o霸f Gener隘al Host吧 is zer暗o.耙CONCEPT柏 QUESTI凹ONS - A靶ppendix伴 to Cha瓣pter 5耙絆搬What is背 the di搬fferenc盎e betwe罷en a sp搬ot

44、inte搬rest ra絆te and 俺the yie百ld to m挨aturity捌?敖The yie凹ld to m挨aturity懊 is the拔 geomet壩ric ave矮rage of佰 the sp礙ot rate斑s durin扮g the l斑ife of 拌the bon邦d.芭版疤Define 巴the for板ward ra拔te.斑Given a胺 one-ye版ar bond百 and a 斑two-yea唉r bond,皚 one kn瓣ows the凹 spot r癌ates fo叭r both.瓣 The f澳orward 按rate is捌 the

45、ra皚te of r澳eturn i捌mplicit瓣 on a o斑ne-year艾 bond p傲urchase凹d in th版e secon疤d year 疤that wo柏uld equ矮ate the埃 termin巴al weal愛(ài)th of p辦urchasi跋ng the 哎one-yea般r bond 般today a頒nd anot澳her in 啊one yea扳r with 白that of絆 the tw耙o-year 吧bond.跋熬 敗背What is笆 the re拌lations拌hip bet搬ween th安e one-y愛(ài)ear spo跋t rate,

46、盎 the tw背o-year 板spot ra佰te and 八the for班ward ra愛(ài)te over哀 the se頒cond ye吧ar?壩把哎The for啊ward ra扳te f拜2壩 = (1埃+r皚2安)唉2芭 /(1+r霸1 把) - 1翱擺疤What is霸 the ex骯pectati般on hypo半thesis?皚Investo耙rs set 氨interes扮t rates氨 such t伴hat the藹 forwar百d rate 暗over a 愛(ài)given p鞍eriod e藹quals t矮he spot半 rate f伴or that靶 peri

47、od澳.把藹拔What is叭 the li俺quidity安-prefer百ence hy懊pothesi跋s?熬This hy哎pothesi藹s maint俺ains th瓣at inve吧stors r搬equire 盎a risk 皚premium安 for ho愛(ài)lding l阿onger-t藹erm bon唉ds (i.e氨. they 安prefer 佰to be l佰iquid o襖r short艾-term i版nvestor藹s). Th叭is impl捌ies tha扳t the m邦arket s哀ets the矮 forwar八d rate 哎for a g愛(ài)ive

48、n pe鞍riod ab壩ove the氨 expect凹ed spot氨 rate f哎or that辦 period隘.礙CONCEPT擺 QUESTI啊ONS - C岸HAPTER 伴6氨6.2絆柏翱List th擺e probl敗ems of 版the pay澳back pe叭riod ru絆le哀.埃It does耙 not ta哀ke into岸 accoun啊t the t扳ime val安ue of m懊oney.靶It igno哎res pay拔ments a骯fter th氨e payba辦ck peri辦od.版The cut辦off per佰iod is 澳arbitr

49、a凹ry.拔按艾What ar拔e some 啊advanta襖ges?扒It is s傲imple t艾o imple罷ment.挨It may 案help in阿 contro扒lling a骯nd eval頒uating 耙manager百s.襖6.4瓣罷版What ar鞍e the t稗hree st絆eps in 壩calcula扳ting AA癌R?敗Determi壩ne aver岸age net襖 income岸.壩Determi懊ne aver班age inv皚estment芭Divide 耙average扒 net in奧come by柏 averag拜e inves爸tme

50、nt.襖哎跋What ar巴e some 暗flaws w芭ith the拔 AAR ap按proach?奧It uses俺 accoun藹ting fi壩gures.霸It take拔s no ac岸count o翱f timin俺g.唉The cut氨off per啊iod is 板arbitra暗ry.礙6.5傲襖胺How doe把s one c熬alculat哎e the I叭RR of a敗 projec版t?傲Using e暗ither t氨rial-an熬d-error板 or a f耙inancia啊l calcu版lator, 凹o(jì)ne fin白ds the 般discoun

51、罷t rate 氨that pr案oduces 辦an NPV 昂of zero凹.癌6.6澳氨叭What is拜 the di柏fferenc白e betwe愛(ài)en inde按pendent把 projec把ts and 礙mutuall挨y exclu隘sive哀唉百project俺s?拌An inde扒pendent凹 projec拌t is on叭e whose靶 accept稗ance do唉es not 擺affect 八the acc按eptance凹 of ano癌ther. 鞍A mutua癌lly exc頒lusive 藹project扮, on th暗e other唉 h

52、and i盎s one w罷hose ac愛(ài)ceptanc奧e precl邦udes th熬e accep絆tance o奧f anoth拌er.壩搬懊What ar癌e two p伴roblems辦 with t澳he IRR 佰approac唉h that 班apply t懊o both 扳indepen案dent an案d mutua斑lly exc伴lusive 拜project拜s?壩The dec般ision r敖ule dep八ends on芭 whethe版r one i啊s inves按ting of癌 financ壩ing.拜Multipl白e rates哀 of ret哀

53、urn are版 possib敖le.礙稗哀What ar吧e two a胺ddition案al prob拜lems ap岸plying 巴only to扳 mutual皚ly excl凹usive p案rojects巴?熬The IRR柏 approa暗ch igno爸res iss愛(ài)ues of 爸scale.邦The IRR瓣 approa唉ch does隘 not ac澳commoda瓣te the 暗timing 澳of the 版cash fl拜ows pro霸perly.捌6.7扳唉搬How doe百s one c哀alculat班e a pro凹jects 隘profita拜b

54、ility 罷index?扮Divide 奧the pre班sent va癌lue of 骯the cas熬h flows搬 subseq鞍uent to鞍 the in絆itial i白nvestme跋nt by t澳he init半ial inv靶estment柏.吧胺哎How is 愛(ài)the pro疤fitabil耙ity ind澳ex appl辦ied to 哀indepen板dent pr搬ojects,跋 mutual昂ly excl頒usive p骯rojects熬, and s白ituatio哀ns of c藹apital 扮rationi般ng?伴With in版depend

55、e鞍nt proj翱ects, a八ccept t哀he proj澳ect if 胺the PI 礙is grea擺ter tha版n 1.0 a安nd reje拜ct if l凹ess tha班n 1.0.捌With mu岸tually 叭exclusi板ve proj巴ects, u艾se incr霸emental搬 analys板is, sub凹tractin疤g the c埃ash flo翱ws of p矮roject 敗2 from 瓣project敗 1. Fi佰nd the 敖PI. If俺 the PI癌 is gre癌ater th版an 1.0,啊 accept藹 proj

56、ec哀t 1. I胺f less 昂than 1.斑0, acce佰pt proj辦ect 2.把In capi熬tal rat般ioning,班 the fi按rm shou稗ld simp艾ly rank柏 the pr疤ojects 班accordi扒ng to t拜heir re癌spectiv扮e PIs a凹nd acce爸pt the 奧project背s with 擺the hig翱hest PI搬s, subj爸ect to 八the bud哀get con扮strain.吧CONCEPT艾 QUESTI爸ONS - C邦HAPTER 板7絆7.1艾埃疤What ar半e t

57、he t唉hree di扳fficult礙ies in 氨determi耙ning in靶crement叭al cash按 flows?氨Sunk co敖sts.挨Opportu敗nity co芭sts凹Side ef礙fects.襖半哎Define 愛(ài)sunk co俺sts, op皚portuni安ty cost叭s, and 敖side ef愛(ài)fects.阿 癌Sunk co礙sts are愛(ài) costs 扒that ha般ve alre癌ady bee敗n incur靶red and敗 that w扒ill not絆 be aff昂ected b巴y the d捌ecision案 whe

58、the般r to un懊dertake拌 the in般vestmen挨t.扒Opportu胺nity co愛(ài)sts are敖 costs 伴incurre哎d by th案e firm 邦because艾, if it背 decide啊s to un霸dertake伴 a proj藹ect, it傲 will f癌orego o艾ther op唉portuni叭ties fo班r using吧 the as半sets.八Side ef芭fects a般ppear w拌hen a p啊roject 敗negativ按ely aff藹ects ca佰sh flow敗s from 傲other p

59、八arts of熬 the fi般rm.拜7.2捌骯傲What ar懊e the i唉tems le隘ading t白o(hù) cash 敖flow in傲 any ye挨ar?按Cash fl澳ow from爸 operat艾ions (r皚evenue-霸operati礙ng cost版s-taxes胺) plus 敖cash fl翱ow of i霸nvestme辦nt (cos奧t of ne爸w machi芭nes + c扳hanges 背in net 班working巴 capita稗l + opp搬ortunit稗y costs澳).捌骯絆Why did骯 we det霸ermine 哎

60、income 哎when NP奧V Analy挨sis dis氨counts 邦cash fl罷ows, no巴t incom霸e?扳骯柏Because澳 we nee耙d to de頒termine啊 how mu啊ch is p伴aid out鞍 in tax隘es.巴昂拜Why is 把working熬 capita罷l viewe按d as a 巴cash ou稗tflow?襖Because邦 increa翱ses in 哀working啊 capita拌l must 敖be fund按ed by c傲ash gen耙erated 阿elsewhe矮re in t啊he firm藹.扒