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財務管理ch06資本預算-資料下載頁

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【正文】 Best. 638 Replacing Projects with Identical Projects 2. Use Replacement Chain Approach (Appendix B) when project “Y” will be replaced. 0 1 2 3 $1,000 $2,000 1,000 $2,000 1,000 $2,000 $1,000 $1,000 $1,000 $2,000 Results: IRR = 100% NPV* = $2, *Higher NPV, but the same IRR. Y is Best. 639 Capital Rationing（資本配給） Capital Rationing occurs when a constraint (or budget ceiling) is placed on the total size of capital expenditures during a particular period.（對總支出有限制） Example: Julie Miller must determine what investment opportunities to undertake for Basket Wonders (BW). She is limited to a maximum expenditure of $32,500 only for this capital budgeting period. 640 Available Projects for BW Project ICO IRR NPV PI A $ 500 18% $ 50 B 5,000 25 6,500 C 5,000 37 5,500 D 7,500 20 5,000 E 12,500 26 500 F 15,000 28 21,000 G 17,500 19 7,500 H 25,000 15 6,000 641 Choosing by IRRs for BW Project ICO IRR NPV PI C $ 5,000 37% $ 5,500 F 15,000 28 21,000 E 12,500 26 500 B 5,000 25 6,500 Projects C, F, and E have the three largest IRRs. The resulting increase in shareholder wealth is $27,000 with a $32,500 outlay. 642 Choosing by NPVs for BW Project ICO IRR NPV PI F $15,000 28% $21,000 G 17,500 19 7,500 B 5,000 25 6,500 Projects F and G have the two largest NPVs. The resulting increase in shareholder wealth is $28,500 with a $32,500 outlay. 643 Choosing by PIs for BW Project ICO IRR NPV PI F $15,000 28% $21,000 B 5,000 25 6,500 C 5,000 37 5,500 D 7,500 20 5,000 G 17,500 19 7,500 Projects F, B, C, and D have the four largest PIs. The resulting increase in shareholder wealth is $38,000 with a $32,500 outlay. 644 Summary of Comparison Method Projects Accepted Value Added PI F, B, C, and D $38,000 NPV F and G $28,500 IRR C, F, and E $27,000 PI generates the greatest increase in shareholder wealth when a limited capital budget exists for a single period.

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