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PDG83公司理财：BondMarketandAlternativeInvestmentRules(3)BondMarketandAlternativeInvestmentRules3.1ValuationofBonds3.2TheTermStructureofInterestRates3.3AlternativeInvestmentRules(1)ThePaybackPeriodRule(2)TheAverageAccountingReturn(3)TheInternalRateofReturn(4)TheProfitabilityIndex3.4WhyUseNetPresentValue?(RWJCh.5,6)(1)ThePaybackPeriodRule(continued)Disadvantages:IgnoresthetimevalueofmoneyIgnorescashflowsafterthepaybackperiodBiasedagainstlong-termprojectsRequiresanarbityacceptancecriteriaAprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPVAdvantages:EasytounderstandBiasedtowardliquidity......，大小：228 KB