吴世农 高级投资项目管理和经济效益评价.ppt

厦门大学管理学院博士研究生课程报告八
高级投资项目管理和经济效益评价
——理论、方法和实践
厦门大学管理学院
吴世农
Advanced Capital Budgeting
——Theory, Methods & Applications
Wu Shinong
School of Management
Xiamen University
Advanced Topics in Capital Budgeting
I. What is Capital Budgeting?
Capital=Fixed Assets used in production/service; Budgeting=Plan detailing projected cash inflows and outflows during some future period, thus “Capital Budgeting” outlines the planned expenditures on fixed assets.
1. Multi-concepts for Capital Budgeting
(1) Capital Investment Analysis & Decision
(2) Economic Evaluation of Investment Projects
(3) Technological Economics
(4) Investment Feasibility Study
2. A Formal Definition of Capital Budgeting
Capital budgeting is a filed of finance concerned with cost and benefit, and return and risk derived from investment project undertaken by a firm.
The capital budgeting is a procedure include a set of systematic techniques dealing with how to evaluate and select investment projects under certainty or uncertainty.
厦门大学管理学院吴世农
Market Research Investment Sources & Cost CBA
Expenditures of Capitals

Marketing Strategy
Costs & e
R Profits Statement Risk
& Investment Analysis
D Management Assets & Balance
Liabilities Sheet
Production Finance
Cash Inflow & Cashflow Repayment
Opportunity Study Cash Outflow Statement Analysis
Preliminary Discussion Feasibility Discussion Final
Proposals Study Report
Exhibit 1: Diagram Suggested for Investment Project’s Feasibility Study in Firms
厦门大学管理学院吴世农
Technological Macroeconomic
Feasibility Feasibility
Financial Implementation Operation
Feasibility

Social/Cultural Environmental
Feasibility Feasibility


Comprehensive Review Post-
Feasibility Report Assessment
Exhibit 1 (Continuos): Diagram Suggested for Investment Project’s Feasibility Study in Firms
Advanced Topics in Capital Budgeting
II. Conflicts between NPV and IRR for Mutually Exclusive Projects
1. Size Effect of Investment Outlay on NPV and IRR