Data and Information

IMA Advanced Management Accounting,CIMA考试管理级等级中高级管理会计，同时也适用于自己对于管理会计内容的自学

Replacement Rationing and Real Options

• Capital asset replacement
  • two key decisions
    • which product do you acquire to replace your current asset
    • what is the optimum replacement cycle
  • Exclusive products with different life-span
    • the Lowest common multiple
      • 此方法并不仅限于资产替换，同样适用于项目对比
      • 假设前提：
        • 未考虑税和通货膨胀
        • 假定设备会一直定期更换
        • 假定产品寿命如预期
  • Equivalent Annual Cost约当年成本
    • 用来计算产品每年的平均成本
  • Optimum replacement cycle 最佳更换周期
    • Optimum replacement cycle aids the decision as to how often it is best to replace an asset from a financial perspective.It is calculated by assessing the costs associated with an asset over different life-spans and finding out which one is most valuable on a per year basis.
    • 计算方法：计算出产品总共的PV成本，然后用这个成本除以产品的使用年限
• Capital Rationing资本限额/分配
  • Profitability Index盈利能力指数
    • 用来在资金有限的情况下，选取最合适的投资项目
    • 注意盈利能力指数需要在上述计算的结果基础上加1，表示在回本基础上的收益
    • 局限：盈利能力指数并不一定是最佳的结果，在资金有限的情况下要考虑最佳的盈利组合来实现最大的NPV，而不是简单地选取PI最大值的项目
• Real options in investment appraisal 投资评估中的实际选择
  • Delay
    • Pushing back investment in an opportunity, but without losing it
      • 同样存在落后的风险
  • Follow-on
    • this is essentially paying a premium/paying extra for the ability to expand on a project. it could build an additional block easily at later date if demand justifies it.
  • Abandon
    • Just give up, this occurs when it would cost more to continue a project than the completed project would be worth
• Abandon Options
  • a way of abandoning a project without losing too much money called abandonment option
    • the value of the abandonment option
      • deduct the net present value (NPV) of the project WITHOUT the option (that is that we do not pay £30,000) from the NPV of the project WITH the option which we decide to exercise
      • 就是用有放弃选项时的项目的NPV减去没有放弃选项时的项目的NPV
      • 步骤
        • Step 1: Expected values，expected annual net cash flows
        • Step 2: Discount factors
        • Step 3: Calculate the NPV
        • Step 4: Calculate NPV with abandonment option
        • Step 5: Calculate the value of the abandonment option
      • 注意：在进行有放弃选项的项目计算时，假设在某一年卖出或放弃了项目，仍有可能在后续的年限中继续存在，因为这一年卖出只是一个可能性，后续的年份仍需要进行计算，只是刨除了放弃选项触发的情况的概率
• Qualitative Factors
  • Culture
    • Culture is a combination of the beliefs, values, and standards of behaviour inherent in an organisation.
  • Employees
    • new investment opportunities involve automation, which of course can lead to potential redundancies
  • Quality
    • The quality of the product or service that the company offers is often where the conflict between qualitative and quantitative factors comes to a head.
  • Ethtics
    • Again, as with quality, the company must balance cost and responsibility to find an efficient and reasonable middle ground