Capital Budgeting： Methods, Aspects, and Issues  

作　　者：E. Tylor Claggett 

机构地区：[1]Salisbury University, Maryland, USA

出　　处：《Journal of Modern Accounting and Auditing》2018年第2期90-101,共12页现代会计与审计（英文版）

摘　　要：This paper furthers the understanding of capital budgeting （CB） processes. It emphasizes the assumed disposition of the forecast cash benefits from projects. The two reasons for CB are discussed. First, which projects are and are not acceptable from a financial prospective？ Second, of financially acceptable projects, CB methods can rank or order projects relative to desirability. Under conditions of certainty, the paper describes and contrasts three primary methods： pay back （PB）, net present value （NPV）, and internal rate of return （IRR） and three secondary methods： profitability index （PI）, terminal value （TV）, and modified internal rate of return （MIRR）. The presentation lists the strengths and weaknesses of each method in order to direct attention to some of the many aspects of CB decisions that firm managers should consider. Next, approaches for taking risk into consideration are discussed. The discussion raises the important issues of what to do with the net cash benefits from various projects when and if they are received. Finally, the paper provides flexible tools and example problems for teaching CB in a variety of contexts, such as professional corporate training or academic coursework.

关 键 词：company finance corporate finance corporate investment finance education 

分 类 号：TU723.3[建筑科学—建筑技术科学] TQ325.12[化学工程—合成树脂塑料工业]