杠杆融资项目净现值计算方法的比较与分析

负债融资具有杠杆效应,有节税收益.计算杠杆融资项目的净现值,如仍按全权益融资项目的方法计算,其结果会有所不同,直接影响投资决策的正确性.本文介绍三种西方常用的杠杆融资项目的净现值计算方法,并对其适用条件进行比较和分析.     

试谈配比原则在净现值法中的应用

净现值法是指利用净现值指标对投资项目经济效果进行评价的方法,它是项目经济效果评价方法中最重要的方法之一。所谓净现值,是指项目按一定的贴现率将各年的净现金流量折现成现值的总和。所以,现金流量及贴现率的确定对净现值指标的计算至关重要。本借用会计上的配比原则旨在说明计算净现值时关键在于现金流量和贴现率的一致性,具体包括以下几个内容：     

项目投资动态评价净现值法与内部收益率法的比较分析

在项目投资动态评价中 ,净现值法 (ＮＰＶ)和内部收益率法 (ＩＲＲ)是两种主要的评价方法 ,但由于这两种方法在评价过程中使用的指标形式不同 ,经常造成评价结果的不一致 ,国内有学者对这种不一致进行了协调 ,但由于计算的繁琐 ,应用的推广受到限制。本文对净现值法 (ＮＰＶ)和内部收益率法 (ＩＲＲ)进行比较分析 ,提出使用平均超额回报率法(ＡＥＲ)对内部收益率法 (ＩＲＲ)进行改进的思路 ,以利于在评价投资项目各种形式方案中的使用。一、净现值法 (ＮＰＶ)与内部收益率法 (ＩＲＲ)的比较分析净现值法 (ＮＰＶ)用来反映项目在其经济寿命内…     

净现值法与内含报酬率法冲突的协调

一、净现值法与内含报酬率法的比较分析 净现值(NPV)是指投资项目在其经济寿命期内,按资本成本贴现的各年现金流入量现值之和与各年现金流出量现值之和的差额。其计算公式为:     

浅论净现值法垢缺陷及修政方法

在投资决策中,净现值法是判别项目优劣的比较成熟和科学的方法,因此应用广泛。按照净现值法,净现值小于零的项目应放弃,净现值大于零的项目应接受。事实上,许多投资决策不仅仅取决于该项目所带来的价值增加,还与该项目给企业所带来的战略价值密切相关,不急于放弃一个净现值小于零的项目有时可能给企业的未来带来更大的价值。本从战略选择的角度出发,利用期权定价对传统的净现值法进行修正。     

BOT项目中选择投标方的新方法

作为一种新型的投资方式,BOT模式在我国已被广泛运用。由于BOT项目的投资回收完全依靠投资期内销售收入,那么,政府如何选择投标方,将成为BOT项目是否成功地关键。通过对BOT项目中传统计算净现值的方法和CAPM模型方法的分析和比较,发现这两种方法在BOT项目中的不足。使用了新的方法弥补了传统计算净现值的方法和CAPM模型方法的不足,从而能够更加科学地保证BOT项目的实施,并对其它融资方式招标或议标过程中的投标方选择提供了新方法。     

房地产开发投资决策新视角

一．传统NPV法应用于房地产开发投资决策的弊端。房地产开发投资决策传统上采用NPV法，NPV法是传统决策法中最能体现投资目标是实现价值最大化的方法，其原理就是将未来的现金流量期望值以适当的贴现率进行贴现，再将得到的收益现值减去所需投资额现值，得出项目的净现值。其过程可简单表示为：项目净现值(NPV)=资产收益现值-资本支出现值。一般而言，净现值大于零时项目可行，反之则不可行。     

项目投资决策中净现值指标的计算方法

净现值是项目投资决策中衡量方案可行性的重要指标之一。本文对净现值指标的多种计算方法进行归纳，并举例说明计算方法在实务中的应用。     

利用Excel进行固定资产更新决策

与一般的投资项目决策分析不同，固定资产更新决策的计算较特殊，不能使用一般意义上的净现值法和内含报酬率法。若考虑所得税，其计算就更为繁琐。Excel2003提供了丰富的投资决策分析函数，大大简化了计算工作。本文以计算现金流出总现值为基础，以电子表格的方式对其具体的步骤及分析评价方法进行介绍。     

试论基于剩余收益的净现值法

剩余收益不仅可以作为一项投资绩效评价指标,还可以用来计算投资项目的净现值,进行项目投资决策分析。与传统的基于现金流量的净现值法相比较,基于剩余收益的净现值法不仅计算结果一致,而且实现了项目投资决策评价与项目投资绩效评价的有效统一。     

An Average-Based Accounting Approach to Capital Asset Investments: The Case of Project Finance

Literature and textbooks on capital budgeting endorse net present value (NPV) and generally treat accounting rates of return as not being reliable tools. This paper shows that accounting numbers can be reconciled with NPV and fruitfully employed in real-life applications. Focusing on project finance transactions, an average return on investment (AROI) is drawn from the pro forma financial statements, obtained as the ratio of aggregate income to aggregate book value. We show that such a metric correctly captures a project's economic profitability, as long as it is compared with a comprehensive weighted average cost of capital (WACC) that includes a correction factor that takes account of the capital foregone by the investors. In contrast to the internal rate of return, AROI is unique, and we provide an explicit functional relation that links it to the NPV. The approach holds for levered and unlevered projects, constant and non-constant leverage ratios, and constant and non-constant WACCs.     

投资项目评价标准的比较与选择

净现值、内部收益率、获利指数等贴现指标在互斥项目选择的实际应用中,常导致不同的投资决策,其原因、解决方法是本文探讨的目的。文章首先对净现值和内部收益率进行比较分析,着重介绍了内部收益率的先天缺陷及替代方法MIRR;然后分析净现值和获利指数的主要差异,最后得出结论:净现值是确定条件下投资项目评价标准中最合理的方法,其他标准则需结合着净现值来运用,否则可能导致决策失误。     

Determinants of financial distress and bankruptcy in highly levered transactions

Prior literature on highly levered transactions (levered buyouts or levered recapitalizations) has emphasized either changes in governance or the structuring of their financing in helping these firms avoid financial distress or bankruptcy. Observing a sample of HLTs over time, we observe that debt composition is a more critical influence than proposed changes in governance for the likelihood of an HLT avoiding financial distress or bankruptcy. Such evidence is consistent with the [Chemmanur, T. & Fulghieri, P. (1994). Reputation, renegotiation, and the choice between bank loans and publicly traded debt. Review of Financial Studies 7, 475–506] model and suggests that the critical factor is the ability to informally renegotiate debt terms with a few lenders.     

Strategic business risk evaluation for sustainable energy investment and stakeholder engagement: A proposal for energy policy development in the Middle East through Khalifa funding and land subsidies

This article projects business risk through deferent industrial scenarios in concentrated solar investments in the United Arab Emirates (UAE). Nationwide, the government seeks a sustainable solution through energy policy development and engagement of the stakeholders for clean energy generation at wider level in the long run. Support has been extended through various support schemes. In the current study, Monte Carlo simulations and net present value (NPV) risk are used to analyse the return on investment. A 5 MW concave solar panel project is evaluated. We have assessed the impact of local factors on profits through NPV. The study proposes that a higher NPV is expected if the concave solar panel project is financed 50% by Khalifa funding. The study also proposes a robust policy and highlights the opportunity of business profitability if the government subsidises land leasing with respect to each scenario. Additionally, the study also proposes a policy to maintain the interests of investors in the UAE.     

A resolution to the NPV–IRR debate?

Two criteria for choosing between capital investment projects are net present value (NPV) and internal rate of return (IRR). Sometimes they provide inconsistent rankings. This inconsistency sparked a debate about which criterion is better. The debate has lasted more than 100 years.This paper describes a new approach to the debate. The time value of money equation is a polynomial, and a polynomial of order n does not have a single root. It has n roots. The result of taking into account the n solutions for IRR is a new equation for NPV that suggests a resolution to the debate.     

蒙特卡洛法在投资项目风险分析中的应用

本文以经济净现值为评价指标来度量项目的投资风险,确定各影响因素的概率分布,建立了基于三角分布的风险评价的随机模型,采用蒙特卡罗方法进行模拟,利用MATLAB编程实现,得到投资项目的净现值频数分布的直方图和累计频率曲线图,并对模拟结果进行统计和分析,可得到净现值的平均预测值以及风险率,为评价投资项目的风险提供了理论依据。     

Evaluating capital investment projects

The risk-adjusted discount rate method for evaluating capital investment projects applies the risk-adjusted rate to equilibrium as well as disequilibrium expected returns, leading to biased NPV calculations. This paper uses the CAPM framework, and suggests a procedure for applying the risk-adjusted rate without causing a bias. The procedure is shown to result in NPVs identical to those obtained by the certainty equivalent approach. A comparison with a previously suggested procedure is also provided.     

On the (non-)equivalence of IRR and NPV

The internal rate of return (IRR) is generally considered inferior to the net present value (NPV) as a tool for evaluating and ranking projects, despite its inherently useful comparability to the cost of capital and the return of other investment opportunities. We introduce the “selective IRR”, a return criterion which, as a selection of an extended set of possible IRRs, is NPV-consistent. The selective IRR always exists, is unique, easy to compute, and does not suffer from drawbacks that befall the project investment rate, the only other known NPV-consistent return criterion.     

多投资主体建设项目经济评价中的风险NPV法

建设项目往往投资大，回收期长，具有极大的财务和市场风险。随着建设项目投资主体多元化和融资渠道多样化的越来越多出现，传统的建设项目经济评价方法已不能满足实际的需要，对这些项目的经济评价需要一种综合风险因素的有效方法，NPV法作为一种动态评价方法，长期以来广泛应用于建设项目的经济评价，基于这种方法，并结合加权平均资本成本法和蒙特卡罗模拟，提出了一种风险NPV法。