BAFS - Paper 2B F4 Capital Investment Appraisal 資本投資評估

Financial factors 財務因素
(1) Investment Cost 投資成本
(2) Investment horizon 投資年期
(3) Investment return 投資回報
(4) Risk 風險
(5) Time value of money 金錢的時間值


Non-financial factors 非財務因素
(1) Staff morale 員工士氣
(2) Strategic reason 戰略原因
(3) Company's image 公司形象


Calculation 計算 
(1)  Payback period 回收期
       = Investment cost / Net Cash flow per year
       = 投資成本 / 每年淨現金流動
       Pros:  Easy to calculate & understand 易計易明
       Cons:  Not consider time value of money 忽略金錢時間值

(2)  Net present value (NPV) 淨現值
       = Future value of cash inflows / (1+r)^N – Initial investment
       = 現金流入的期值 / (1+r)^N – 初始投資
       Pros:  Consider time value of money 考慮金錢時間值
       Cons:  Difficult to compare different size of investment
                  難於比較不同規模的投資

(3)  Accounting rate of return (ARR) 會計報酬率
       Pros:  Easy to calculate & understand 易計易明
       Cons:  Not consider time value of money 忽略金錢時間值

(4)  Internal rate of return (IRR) 內部報酬率
       Pros:  Consider time value of money 考慮金錢時間值
       Cons:  Difficult to calculate 難於計算


連結 Link:   BAFS - Paper 2B

連結 Link:   Herman Yeung Blog 主目錄