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投资评估基础 英文版PDF|Epub|txt|kindle电子书版本网盘下载
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- (美)SteveLumby,(美)ChrisJones著 著
- 出版社: 北京:北京大学出版社
- ISBN:7301059671
- 出版时间:2003
- 标注页数:273页
- 文件大小:14MB
- 文件页数:291页
- 主题词:
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图书目录
Introduction1
The nature of investment decisions1
The decision process2
Investment decision making 4
Technology and investment decision making9
Summary10
Notes10
Quickie questions11
Wealth maximation and the company12
1 Corporate objectives,management objectives and corporate governance12
ContentsPreface 13
Ownership and control14
Regulation of the relationships between directors and shareholders14
Incentive schemes20
Conclusion23
Summary24
Further reading25
Notes25
Quickie questions26
Problems26
2 Strategic planning and the finance function27
Introduction27
Strategic business planning28
Competetive analysis30
Investment and financing strategy31
The role of financial management32
The firm in the economy35
Risk and return37
Summary38
Notes39
Further reading39
Quickie questions39
Problems40
Introduction41
3 Traditional methods of investment appraisal41
The payback method42
The return on capital employed48
Summary52
Notes53
Further reading55
Quickie questions55
Problems56
Introduction to the model58
4 The single-period investment consumption decision model58
The time value of money60
The basic graphical analysis61
Introduction of capital markets63
Payback and ROCE70
Summary70
Notes71
Problem74
Quickie questions74
Further reading74
5 The discounted cash flow approach76
Net present value76
Alternative interpretations of NPV82
Internal rate of return86
Discounted payback92
Truncated NPV93
Summary93
Appendix:compounding and discounting94
Notes98
Further reading99
Quickie questions99
Problems100
6 Net present value and internal rate of return developed103
NPV and project interdependence103
NPV and mutually exclusive projects103
IRR rule and interdependent projects107
Extending the time horizon116
Multiple IRRs117
The modified IRR122
The replacement cycle problem124
Notes128
Further reading129
Quickie questions129
Problems130
7 Project appraisal cash flows132
Investment appraisal and inflation132
Investment appraisal and taxation138
Financing cash flows139
Investment appraisal and the relevant cash flow143
Summary147
Appendix:the UK corporate tax system148
Notes148
Further reading149
Quickie questions150
Problems150
Capital rationing154
8 Capital market imperfections154
Single-period capital rationing158
Multi-period capital rationing163
Lend-borrow interest differentials173
Appendix:linear programming177
Notes178
Further reading179
Quickie questions180
Problems180
Introduction to uncertainty183
9 Uncertainty,risk,diversification and returns183
Accepting more risks means expecting better returns184
Dealing with risk186
Unique and market risk187
The Capital Asset Pricing Model and Beta189
Summary194
Apppendix195
Further reading196
Note196
Quickie questions197
Problems197
10 Traditional and technological approaches to risk199
Introduction199
Expected net present value199
The abandonment decision206
Sensitivity analysis210
Non-annuity cash flows212
The risk-adjusted discount rate214
Use of the normal distribution217
Simulation219
A comparison of the approaches220
Summary221
Further reading222
Quickie questions223
Problems223
Inroduction228
11 Overseas capital investments228
The project cash flows230
The Project discount rate233
Translation risk239
Economic risk242
Country/political risk245
Management charges and transfer pricing246
Summary247
Notes248
Further reading248
Quickie questions249
Problems249
TablesCompounding and discount tables(including mid-point discount tables)251
Atea under the normal curve255
Natural logarithms256
Answers to quickie questions257
Index271