By Heinz Lothar Grob
Dreh- und Angelpunkt dieser Einführung in die Investitionsrechnung ist die vollständige Finanzplanung. In sprachlich lockerer shape wird das Bemühen eines Geschäftsführers und seines Experten um die Beurteilung eines Investitionsobjektes geschildert.
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Extra resources for Capital Budgeting with Financial Plans: An Introduction
1 -10 t' 1 2 3 4 5 - 18000 18000 18000 18000 18000 + t'- 1 L Pt X q-t t=1 - 3636 - 991 13314 17393 + Pt• X q-t' - 3636 2645 14305 4079 2350 < = 0 < < < < > 0 0 0 0 0 > Tab1e 3-2: Calculation of the Payback Period lp The present value-based payback period is tp = 5, this means the investment will be amortized after 5 years. 31 Conventional Methods - Graphie presentation Payback Period with Varying Discount Rates 10 9 8 ""C 0 ·c: 7 a. 6 -"' 5 u .. Q >. 16 Discount Rate Note: A variation of the discount rate i shows that the payback period of the project DY11 increases if the discount rate is increased.
Therefore we must subtract the investment outlay after discounting the shortened series of payments. It is important to note that present value and net present value are the same, as long as we exclude the outpayment in t=O in the latter sum. So the difference, as pointed out, is simply that a different defmition of the series of payments is underlying the concepts. Nevertheless, we will refer to this concept as present value method to avoid confusions with regard to the net terminal value which is introduced below.
This is mathematically correct, implies a different definition, though. Wehave now treated the salvage value as a parameter in its own right. Conventional Methods 45 To split debt service into the two types of cost, depreciation and imputed interest charges, we will first calculate depreciation - by defmition the residual is imputed interest charges. Once again note that imputed interest charges not only accrue on outside funds, but also on money of one's own that has been invested, so imputed interest charges are calculated for the entire investment outlay minus salvage value.
Capital Budgeting with Financial Plans: An Introduction by Heinz Lothar Grob