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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

投资评估基础 英文版
  • (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

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