9measuringinvestmentperformance.ppt

Chapter 9 Measuring Investment Performance
Contents
Traditional Measures of Investment Worth (rule of thumb)
Traditional Appraisal Methods
Discounted Cash-flow Analysis
Risk Analysis
Case Study
、Traditional measures  of investment worth
传统经验法
Typical operating statement
Potential gross e
less: allowance for vacancies and rent loss
plus: Other e (parking)
Effective gross e
less: Operating operating e
Net operating e
less: Debt service
Before Tax e
less: e Tax liability
After Tax e
First year e tax
operating e)
减:利息支出(interest)
减:折旧(depreciation)
应税收入(taxable e)
乘:所得税税率(tax rate)
缴纳的所得税(e tax)
房地产投资有利的一面:折旧
经验分析常用指标
比值分析
盈利分析
回收期
一、比值分析(Ratio Analysis)
1、收入乘数(e multipliers)
(1)总收入乘数=总投资额/总收入
(2)净收入乘数=总投资额/净经营收入
(3)税前现金流量乘数=权益投资额/税前现金流量
(4)税后现金流量乘数=权益投资额/税后现流量
一、比值分析
2、财务比率
(1)经营成本率=经营成本/有效总收入
(2)盈亏平衡率=(经营成本+偿付贷款本息)/有效总收入
(3)债务偿付能力指数=净经营收入/偿付的贷款本息
Net operating
e
净经营收入
16,266
Annual debt
Service
每年还本付息额
12,512
Mortgage
Loan amount
贷款额
125,120
Maximum
Equity
Investment
最大自有投资
31,283
Mortgage
Constant
抵押贷款常数

(%, 28yr)
Debt coverage
Ratio
债务偿还能力
比率

Maximum offering price
最大提供投资额
156,403
Cash flow
Before tax
税前现金流量
3,754
Desired
ROE
预期值
12%
Net operating
e
净经营收入
16,266
Annual debt
Service
每年还本付息额
12,512
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