• 산업공학
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• 제12권2호
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• pp.285-293
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• 1999

This paper analyzes the facility investment appraisal process of a real world shipyard and proposes several improving points. For this purpose the investment appraisal sheets are investigated in terms of the theory of the discounted cash flow (DCF) method. Through this investigation, the differences between the theory and its application are clarified and it is tried to resolve the gab by applying the DCF method appropriately including explicit use of actual cash flows in revenue and expense expressions. It is also proposed that some portion of the capital loss caused by defending facility sales may not be the sunk cost and that the portion can conceptually be calculated by the difference between economic value and sales price.

• 산업경영시스템학회지
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• 제25권5호
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• pp.9-14
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• 2002

A capital investment problem is essentially one of determining whether the anticipated cash inflows from a proposed project are sufficiently attractive to invest funds in the project. The net present value(NPV) criterion and internal rate of return(IRR) criterion are widely used as means of making investment decisions. A positive NPV means the equivalent worth of the inflows is greater than the equivalent worth of outflows, so, the project makes profit. Business people are familiar with rates of return because they all borrow money to finance ventures, even if the money they borrow is their own. Thus they are apt to use the IRR in preference to the NPV. The IRR can be defined as the discount rate that causes the net present value of a cash flow to equal zero. Why the project are accepted if the project's IRR is greater than the investor's minimum attractive rate of return\ulcorner Against the NPV, the definition cannot distinctly explain the concept of the IRR as decision criterion. We present a new definition of the IRR as the ratio of profit on the invested capital.

• 한국항만경제학회지
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• 제37권2호
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• pp.1-17
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• 2021

민간투자사업은 30~40년이라는 긴 기간동안 수익이 발생하는 특성을 가지며 시간이 흐름에 따라 수익과 비용에 변동요인이 발생하여 통계모형이나 현금흐름할인법보다는 시간 흐름에 따른 변수들의 상호작용에 대한 시뮬레이션이 가능한 시스템 다이내믹스 기법을 이용한다면 내외부 변수들에 대해 유의미한 시뮬레이션 결과를 도출해 낼 수 있을 것으로 판단된다. 즉, 이전에 시도된 적 없는 항만분야 민간투자사업에 시스템다이내믹스를 기반으로 한 재무적 타당성 비교·검증 모형 수립을 통해 기존 현금흐름할인법과의 차이를 비교해보고, 거시경제요인, 운영기간, 사회적 할인율 등 각 변수들의 상호관계 작용이 재무성에 변화에 어떤 영향을 미치는지 시뮬레이션해 봄으로써 기존에 시도해 보지 않은 차별화된 연구를 수행해 보고자 한다.

• 산업경영시스템학회지
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• 제42권1호
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• pp.137-142
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• 2019

There are two methods for evaluating two or more mutually exclusive projects. One is a total investment approach and the other is an incremental investment approach. The former can rank projects by the criterion of the net present value, but the latter can't do it. An incremental investment approach is only possible when all pairwise alternatives are compared. Thus an incremental investment approach is superior in ranking them over an incremental investment approach. To do so, a principle of comparison must be established. Comparisons of profitability are reasonable when operating the same amount of investment over the same period of time. One principle is that all projects are invested in the largest of the projects. Another principle is that all projects are invested during the longest project life of the projects. In this paper, even if the principle is followed, it will be shown that the external rate of return fails to rank them. However, the productive rate of return criterion would prove to be able to rank them like the net present value standard, provided that the principle of comparison is kept. In addition, rate of returns can be assessed so that all mutually exclusive projects can be compared at once, such as on the criterion of the net present value. That is, it can be also compared with many other returns, such as the profit rates on financial investments or real investments.