2016年ACCAF9《财务管理》重要知识点讲解.doc

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1、2016年ACCAF9《财务管理》重要知识点讲解（2）ACCA考试F9内含报酬率法InternalRateofReturn(IRR)methodOftenanentitywouldwanttoestablishitsinternalrateofaprojectforvariousreasonse.g.,fordecision-makingpurposes.ByIRRwemeanaratethatwillbeusedtodiscountfuturecashinflowstomakethetotalofthepresentvaluesequalthecostoftheproj

2、ect.TheattemptbeingmadeunderIRRistofindaratethatwillequatetheNPVofaprojecttobezero.TheIRRthereforeisthemaximumrateofdiscountthatwillbeusedtofinanceaprojectwithoutmakingalossfromit.Againinamutuallyexclusivesituation,theprojectthathasthehighestIRRistheonetorecommend.ThereasonbeingthattheIRR

3、isshowingthehighestratethatcanbeusedtofinanceaprojectwithoutincurringalossfromit.StudentsoftensuggesttotheauthorthattheIRRshouldbecalledthebreak-evenrate.Hisreplytothemisoften,ifthismakesyouunderstandIRRyoushouldusethattermforit.InordertofindtheIRRmanually,thisisdonebythetrialanderrorappr

4、oach.BythiswemeanusingadiscountratewhichgivesapositiveNPVandanotherratewhichgivesanegativeNPV.Thenapplytheformula:IRR=A+ax(B?A)a+bWhere:A=ThelowerdiscountratewhichgivesthepositiveNPVB=ThehigherdiscountratewhichgivesthenegativeNPVa=ThevalueofthepositiveNPVb=ThevalueofthenegativeNPVPleaseno

5、tethataandbshouldbeaddedtogetherasthenegativesigninbisignored.NowletusdemonstratethesevariousmethodsusingacasefromafictitiouscompanyweshallcallAICOPlc.CaseSeniormanagementofAICOPlchaveidentifiedthatthereisastrategicneedforareplacementmachinetobeacquiredinoneoftheirproductiondepartments.Th

6、eyhavetomakeachoicebetweentwomodelsofthemachine?model1iscalledSuperandmodel2iscalledDeluxe.Theyareunsureastowhichofthetwomodelstheyshouldbuy.Theyhavegivenyouthefollowingprofilesofthetwomodels.Theywantyoutousethefourinvestmentappraisaltechniquesdiscussedabove.Youarerequiredtorecommendwhich

7、ofthetwomodelsisbetterundereachappraisaltechniqueandtoexplainbrieflywhyyouhaverecommendedoneinplaceoftheothersundereachtechnique.Youaretoldthatfundsareonlyavailableforonlyonemodel.Thecostofcapitalis12%andAICOdepreciatesallitsfixedassetsonthestraight-linebasis.Bycost