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英国代写论文里兹大学 :贴现现金流量技术

英国代写论文里兹大学 :贴现现金流量技术



英国代写论文里兹大学 :贴现现金流量技术


在使用贴现现金流量技术时,只应将相关成本(投资评估成本,包括机会成本,营运资本成本)计算在内。应忽略与过去成本,沉没成本,承诺成本,折旧以及与项目无关的任何其他固定间接费用等非相关成本。

NPV:投资评估的NPV(净现值)方法是接受具有正NPV的项目.NPV是通过选择的目标收益率或资本成本贴现所有现金流出和资本投资项目的流入而获得的值。(这是加权平均资本成本,即WACC)。尽管NPV方法在技术上优于IRR并且计算起来更简单,但它仍然有其缺点。它比资本回报率(ROCE)或投资回收期方法更长,更难计算。这是NPV的一个主要缺点,非会计师或对账户和财务基本了解的人发现很难得出NPV的最终准确数字。其计算涉及找到准确的折扣率。折扣率即使是1%或2%的微小变化也会在很大程度上扭曲结果。
IRR:投资评估的内部收益率(IRR)方法是接受IRR(NPV为零的比率)超过目标回报率的项目。
当现金流量是传统的(即第一次负现金流量,然后是正现金流量流量)时,这非常有用。如果在某些年份现金流为正,则为负,然后再为正; IRR方法可能会产生不同的结果。此外,它考虑货币的时间价值和项目的所有现金流量。
另一方面,它没有考虑项目中任何变量的变化敏感性。 IRR完全忽略了投资的相对规模。



英国代写论文里兹大学 :贴现现金流量技术


When using discounted cash flow techniques, only relevant costs (costs of investment appraisal including opportunity costs, working capital costs) should be taken into calculations. Non-relevant costs like past costs, sunk costs, committed costs, depreciation and any other fixed overheads that are irrelevant to the project should be ignored.
NPV: The NPV (Net Present Value) method of investment appraisal is to accept projects with a positive NPV.NPV is the value obtained by discounting all cash outflows and inflows of a capital investment project by a chosen target rate of return or cost of capital (here it is the weighted average cost of capital i.e. WACC). Even though the NPV method is technically superior to IRR and simpler to calculate, but it still has its drawbacks. It is lengthier and harder to calculate than Return on Capital Employed (ROCE) or payback period methods. This is a major drawback of NPV, and non-accountants or people with just basic understanding of accounts and finance find it hard to arrive at a final and accurate figure for NPV. Its calculation involves finding an accurate discount rate. A slight change of even 1% or 2% in the discount rate can distort the results to a great extent.

IRR: The Internal Rate of Return (IRR) method of investment appraisal is to accept those projects whose IRR (the rate at which the NPV is zero) exceeds a target rate of return.

This is mostly useful when cash flows are conventional (i.e. first negative cash flows, then a stream of positive cash flows). If in some years cash flow is positive, then negative, and then positive again; there may arise different results from the IRR method. Moreover, it considers the time value of money and all of a project’s cash flows.
On the other hand it doesn’t take into account the sensitivity of change of any variable in the project. IRR completely ignores the relative sizes of investments.




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