第六章 投资决策的其他方法
6.1 Why Use Net Present Value?
Accepting positive NPV projects benefits shareholders.NPV uses cash flowsNPV uses all the cash flows of the projectNPV discounts the cash flows properly
The Net Present Value (NPV) Rule
Net Present Value (NPV) = Total PV of future CF’s + Initial InvestmentEstimating NPV:1. Estimate future cash flows: how much? and when?2. Estimate discount rate3. Estimate initial costsMinimum Acceptance Criteria: Accept if NPV > 0Ranking Criteria: Choose the highest N ...


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