Fifth Edition Corporate Finance 11 1 NPV 11

第十一章项目分析与评估 Fifth Edition Corporate Finance · · · · 11. 1 评估NPV评估值 11. 2 情景分析与其他条件分析 11. 3 保本点分析 11. 4 经营现金流量、销售点和保本点 11. 5 经营杠杆 11. 6 资本限额 11. 7 概要与总结 . . Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

杠杆分析 Fifth Edition Corporate Finance 经营杠杆 Q 财务杠杆 EBIT EPS 总杠杆 . . Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

经营风险与经营杠杆 Fifth Edition Corporate Finance . . 项目 销售收入 减: 变动成本总额 边际贡献总额 减: 固定成本总额 息税前利润 Q 0=20000 件 P=$5 t=0 100000 60000 40000 20000 t=1 110000 60000 44000 20000 24000 % 10% 10% 20% V=$3 F=$20 000 Q 1=22 000 件 Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

经营杠杆系数(DOL) Fifth Edition Corporate Finance . . Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

经营杠杆系数(DOL) Fifth Edition Corporate Finance . . Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

不同销售水平下的经营杠杆系数 Fifth Edition Corporate Finance . . 销售量 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 10 000 息税前利润 -100 000 - 75 000 - 50 000 - 25 000 0 25 000 50 000 75 000 100 000 150 000 经营杠杆系数 0. 00 - 0. 33 - 1. 00 - 3. 00 无穷大 5. 00 3. 00 2. 33 2. 00 1. 67 Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

不同销售水平下的经营杠杆系数 Corporate Finance Operating Leverage Fifth Edition Q(unit) . . Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999

Fifth Edition Corporate Finance 欢迎批评指正！ 谢谢各位！ . . Ross Westerfield Jaffe Irwin/Mc. Graw-Hill © the Mc. Graw-Hill Companies, Inc. , 1999