
610 Часть V. Инвестиции в основной капитал
Проект(ы)
Требуемые
инвестиции
(тыс. долл.)
Приведенная стоимость
будущих денежных потоков
(тыс. долл.)
Чистая
приведенная стои-
мость (тыс. долл.)
1,2
315 475
160
1,3
440 690 250
2,3
385
620 235
1,2,3
680
910 230
Следует выбрать проекты 1 и 3, поскольку они обеспечивают
наибольшую величину чистой приведенной стоимости.
Рекомендуемая литератур-
Aggarwal, Raj, Capital Budgeting Under Uncertainty. (Englewood Cliffs, NJ: Prentice Hall, 1993).
Bacon, Peter W., "The Evaluation of Mutually Exclusive Investments", Financial
Management 6 (Summer 1977), p. 55-58.
Barwise, Patrick, Paul R. Marsh, and Robin Wensley, "Must Finance and Strategy Clash?"
Harvard Business Review 67 (September-October 1989), p. 85-90.
Bierman, Harold, Jr., and Seymour Smidt, The Capital Budgeting Decision: Economic
Analysis of Investment Projects, 8
tb
ed. (New York: Macmillan, 1993).
Gitman, Lawrence J., and Peter A. Vandenberg, "Cost of Capital Techniques Used by Major US
Firms: 1997 vs. 1980", Financial Practice and Education 10 (Fall/Winter 2000), p. 53-68.
Gordon, Lawrence A., and Mary D. Myers, "Postauditing Capital Projects: Are You in Step
with the Competition?" Management Accounting 72 (January 1991), p. 39-42.
Graham, John, and Campbell Harvey, "How Do CFOs Make Capital Budgeting and Capital
Structure Decisions?" Journal of Applied Corporate Finance 15 (Spring, 2.002У p. 8-23.
Harris, Milton, and Arthur Raviv, "The Capital Budgeting Process: Incentives and
Information" Journal of Finance 51 (September 1996), p. 1139-1174.
Herbst, Anthony, "The Unique, Real Internal Rate of Return: Caveat Emptor!" Journal of
Financial and Quantitative Analysis 13 (June 1978), p. 363-370.
Levy, Haim, and Marshall Sarnat, Capital Investment and Financial Decisions, 5
th
ed.
(Englewood Cliffs, NJ: Prentice Hall, 1994).
Logue, Dennis E., and T. Craig Tapley, "Performance Monitoring and the Timing of Cash
Flows", Financial Management 14 (Autumn 1985), p. 34-39.
Lorie, James H., and Leonard J. Savage, "Three Problems in Rationing Capital", Journal of
Business 28 (October 1955), p. 229-239.
McConnell, John J., and Chris J. Muscarella, "Corporate Capital Expenditure Decisions and
the Market Value of the Firm", Journal of Financial Economics 14 (September 1985), p.
399-422.
Pinches, George E. "Myopia, Capital Budgeting and Decision Making", Financial
Management 11 (Autumn 1982), p. 6-19.
Schwab, Bernhard, and Peter Lusztig, "A Comparative Analysis of the Net Present Value
and the Benefit-Cost Ratios as Measures of the Economic Desirability of Investments",
Journal of Finance 24 (June 1969),p. 507-516.
Seitz, Neil, and Mitch Ellison, Capital Budgeting and Long-Term Financing Decisions, 4th ed.
(Mason, OH: South-Western, 2004).