Assignment First

加拿大数学论文代写:投资资本回报

有了这么多的优势,在评估项目中使用折现还款期限的方法仍然存在一些弊端。它甚至忽略了回收期结束后的现金流,从而忽略了项目总回报。一个项目可能会获得更高的总回报,但回报期考虑到项目的回报,直到项目偿还最初的投资。

资本回报率(ROCE or as it is有时被称为“回报率(ARR)”方法)评估资本项目的方法是评估公司的资本回报率(即总债务和股本)。如果它超过了目标回报率,项目就会进行。可以这样计算:

资本回报率(ROCE):ROCE可以用这个公式来计算:

平均资本为x 100%

平均年度会计利润

平均资本使用=(初始资本成本+项目报废净收益)/ 2

对于非会计师来说,幸运的是,ROCE比NPV或IRR等其他贴现现金流方法更容易计算。它着眼于整个项目生命中所获得的总会计利润。

在评估一个项目是否应该被接受的时候,应用ROCE也有一些缺点。它是基于会计利润而不是现金流。会计利润受到许多不同的会计处理。此外,从全球角度来看,会计利润遵循不同国家不同的会计标准。如果所有的公司都遵循相同的国际会计准则(IASs),那就没有必要了。这里也没有考虑到投资的规模。一笔更大的投资肯定会带来更大的回报,但这并没有从ROCE的结果中得到描述。与回收期法一样,它也忽略了金钱的时间价值。

加拿大数学论文代写:投资资本回报

Having so many advantages, there are still some disadvantages of using the discounted payback period method for appraising projects. It even ignores the cash flows after the end of payback period and therefore the total project return. A project may give higher returns in aggregate but payback period takes into account the returns achieved only until the project pays back its initial investment.

The Return on capital employed (ROCE or as it is sometimes referred to as the accounting rate of return (ARR) method) of appraising a capital project is to estimate the return on capital employed in the company, (i.e. total debt and equity). If it exceeds a target rate of return, the project will be undertaken. It can be calculated in this way:

Return on Capital Employed (ROCE):  The ROCE can be calculated by this formula:

Average capital employed x 100%

Average annual accounting profits

Average Capital Employed = (Initial capital cost + net proceeds from scrap of project) / 2

Fortunately for non-accountants, ROCE is simpler to calculate than other discounted cash flow methods like NPV or IRR. It looks at the aggregate accounting profits achieved in the entire project life.

There are some drawbacks of applying ROCE too while evaluating whether a project should be accepted or not. It is based on accounting profits and not cash flows. Accounting profits are subject to a number of different accounting treatments. Moreover, from a global perspective, accounting profits follow different accounting standards which vary from country to country. It is not necessary if all companies worldwide follow the same international accounting standards (IASs). Here too, there is no consideration given to the size of the investment. A bigger investment will certainly give a bigger return, but this is not depicted from the results of ROCE. Like the payback period method, it also ignores the time value of money.