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Pemilihan Investasi Terbaik Pertemuan 19 dan 20

Pemilihan Investasi Terbaik Pertemuan 19 dan 20. Matakuliah : D 0094 Ekonomi Teknik Tahun : 2007. Pendahuluan. Dalam mengevaluasi proyek, di pokok bahasan yang lalu hanya satu metode ekonomi teknik yang perlu digunakan karena metode berbeda akan memberikan hasil yang sama.

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Pemilihan Investasi Terbaik Pertemuan 19 dan 20

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  1. Pemilihan Investasi TerbaikPertemuan 19 dan 20 Matakuliah : D 0094 Ekonomi Teknik Tahun : 2007

  2. Pendahuluan • Dalam mengevaluasi proyek, di pokok bahasan yang lalu hanya satu metode ekonomi teknik yang perlu digunakan karena metode berbeda akan memberikan hasil yang sama. • Bagaimana cara memilih metode yang digunakan (bila tidak diberikan oleh soal/bila didunia kerja) adalah dengan menggunakan tabel berikut ini:

  3. Comparing Mutually Exclusive Alternatives

  4. Memilih Proyek • Setelah melakukan pemilihan metode, selanjutnya dilakukan pemilihan Rate of Return, atau interest rate berdasarkan metode evaluasi (seperti dalam tabel berikut ini) • Setelah itu dapat dipilih investasi terbaik. • Disini kita akan kembali bertemu dengan MARR (Minimum Attractive Rate of Return) sebagai alternative Rate of Return yang digunakan. • MARR sendiri disini kita anggap sebagai hurdle rate, ambang batas, agar kita memperoleh keuntungan.

  5. * Lowest equivalent cost or largest equivalent income

  6. * Lowest equivalent cost or largest equivalent income

  7. Choice of MARR Or you can choose MARR based on: • Choice of MARR when Project Financing is Known • Choice of MARR when Project Financing is Unknown • Choice of MARR under Capital Rationing

  8. Choice of MARR when Project Financing is Known Explicit accounts For debt flows When you find the Net present worth of the project, use cost of equity (ie) as the discount rate.

  9. Choice of MARR when Project Financing is Unknown Without explicitly treating the debt flows, make a tax adjustment to the discount rate, using the weighted cost of capital k.

  10. Choice of MARR as a Function of Budget Borrowing rate (k) = 10% Lending rate (r) = 6%

  11. An Investment Opportunity Schedule 24 22 20 18 16 14 12 10 8 6 4 2 Project 1 Rate of return (%) Project 2 Project 3 Project 4 Project 5 Project 6 20% 15% 10% 8% 7% 4% 0 $20,000 $40,000 $60,000 Required capital budget

  12. 24 22 20 18 16 14 12 10 8 6 4 2 Borrowing rate (k) = 10% Lending rate (r) = 6% Project 1 Project 2 Rate of return (%) k = 10% Project 3 MARR Project 4 Project 5 Project 6 r = 6% 20% 15% 10% 8% 7% 4% 0 $20,000 $40,000 $60,000 Required capital budget A Choice of MARR under Capital Rationing

  13. Capital Budgeting • Evaluation of Multiple Investment Alternatives • Independent projects • Dependent projects • Capital Budgeting Decisions with Limited Budgets

  14. Independent Projects

  15. Mutually Exclusive Projects

  16. Contingent Projects

  17. Four Energy Saving Projects under Budget Constraints (Budget Limit = $250,000)

  18. Marginal Cost of Capital Schedule (MCC) and Investment Opportunity Schedule (OSC)

  19. Optimal Capital Budget

  20. Best Alt. Infeasible alternatives

  21. Summary • Methods of financing: 1. Equity financing uses retained earnings or funds raised from an issuance of stock to finance a capital. 2. Debt financing uses money raised through loans or by an issuance of bonds to finance a capital Investment. • Companies do not simply borrow funds to finance projects. Well-managed firms usually establish a target capital structure and strive to maintain the debt ratio when individual projects are financed.

  22. Summary (Cont) • The selection of an appropriate MARR depends generally upon the cost of capital—the rate the firm must pay to various sources for the use of capital. 1. The cost of equity (ie) is used when debt-financing methods and repayment schedules are known explicitly. 2. The cost of capital (k) is used when exact financing methods are unknown, but a firm keeps it capital structure on target. In this situation, a project’s after-tax cash flows contain no debt cash flows such as principal and interest payment

  23. The cost of the capital formula is a composite index reflecting the cost of funds raised from different sources. The formula is • The marginal cost of capital is defined as the cost of obtaining another dollar of new capital. The marginal cost rises as more and more capital is raised during a given period.

  24. Under conditions of capital rationing, the selection of MARR is more difficult, but generally the following possibilities exist:

  25. The cost of capital used in the capital budgeting process is determined at the intersection of the IOS and MCC schedules. • If the cost of capital at the intersection is used, then the firm will make correct accept/reject decisions, and its level of financing and investment will be optimal. This view assumes that the firm can invest and borrow at the rate where the two curves intersect.

  26. If a strict budget is placed in a capital budgeting problem and no projects can be taken in part, all feasible investment decision scenarios need to be enumerated. Depending upon each investment scenario, the cost of capital will also likely change. Our task is to find the best investment scenario in light of a changing cost of capital environment. As the number of projects to consider increases, we may eventually resort to a more advanced technique, such as a mathematical programming procedure.

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