所有咨询询公司面面试可能能用到的的分析结结构 ZZT Advvancced connceppts & fframmewoorkss MBAss annd ootheer ccanddidaatess wiith bussineess bacckgrrounnds, taake notte - innterrvieewerrs wwilll exxpecct yyou to havve aa moore dettailled takke oon yyourr caase thaan aan uundeergrraduuatee woouldd haave. Heere aree soome commmonnly useed ccasee coonceeptss. Net preesennt vvaluue Perhhapss thhe mmostt immporrtannt ttypee off deecissionn coompaany mannageers musst mmakee onn a daiily bassis is wheetheer tto uundeertaake a ppropposeed iinveestmmentt. FFor exaamplle, shoouldd thhe ccomppanyy buuy aa ceertaain pieece of equuipmmentt? BBuilld aa paartiicullar facctorry? Invvestt inn a neww prrojeect? Thhesee tyypess off deecissionns aare callledd caapittal buddgettingg deecissionns. Thee coonsuultaant makkes succh ddeciisioons by callcullatiing thee neet ppressentt vaaluee off eaach proopossed invvesttmennt aand makkingg onnly thoose invvesttmennts thaat hhavee poosittivee neet ppressentt vaaluees. Exammplee: HHernnanddez is thee CFFO oof WWestternn Maanuffactturiing Corrp., ann auutommobiile mannufaactuurerr. TThe commpanny iis cconssideerinng oopenningg a neww faactoory in Ohiio tthatt wiill reqquirre aan iinittiall innvesstmeent of $1 milllioon. Thee coompaany forrecaastss thhat thee faactoory willl ggeneeratte aafteer-ttax cassh fflowws oof $1000,0000 iin YYearr 1, $2200,0000 inn Yeear 2, $4000,0000 in Yeaar 33, aand $4000,0000 in Yeaar 44. AAt tthe endd off Yeear 4, thee coompaany wouuld theen sselll thhe ffacttoryy foor $2000,0000. Thee coompaany usees aa diiscoountt raate of 12 perrcennt. Herrnanndezz muust dettermminee whhethher thee coompaany shoouldd goo ahheadd annd bbuilld tthe facctorry. To makke tthiss deecissionn, HHernnanddez musst ccalcculaate thee neet ppressentt vaaluee off thhe iinveestmmentt. TThe cassh fflowws aassoociaatedd wiith thee faactoory aree ass foolloows: Hernnanddez theen ccalcculaatess thhe NNPV of thee faactoory as folllowws: Sincce tthe facctorry hhas a nnegaativve nnet preesennt vvaluue, Herrnanndezz coorreectlly ddeciidess thhat thee faactoory shoouldd noot bbe bbuillt. The nett prreseent vallue rulle Notee frrom thee exxampple aboove thaat ooncee thhe cconssulttantt haas ffiguuredd ouut tthe NPVV off a proopossed invvesttmennt, shee thhen deccidees wwhettherr too unnderrtakke tthe invvesttmennt bby aappllyinng tthe nett prreseent vallue rulle: Makee onnly thoose invvesttmennts thaat hhavee a possitiive nett prreseent vallue. As llongg ass thhe cconssulttantt foolloows thiis rrulee, sshe cann bee coonfiidennt tthatt eaach invvesttmennt iis mmakiing a pposiitivve nnet conntriibuttionn too thhe ccomppanyy. The Cappitaal AAsseet PPriccingg Moodell (CCAPMM) In tthe aboove exaamplle, we asssumeed aa giivenn diiscoountt raate. Hoowevver, paart of a cconssulttantts jobb iss too deeterrminne aan aapprroprriatte ddisccounnt rratee (rr) tto uuse wheen ccalcculaatinng nnet preesennt vvaluues. Thhe ddisccounnt rratee maay vvaryy deepenndinng oon tthe invvesttmennt. Betaa The firrst steep iin aarriivinng aat aan aapprroprriatte ddisccounnt rratee foor aa giivenn innvesstmeent is dettermminiing thee innvesstmeentss riiskiinesss. Thee maarkeet rriskk off ann innvesstmeent is meaasurred by itss bbetaa (?), whhichh meeasuuress riiskiinesss wwhenn coompaaredd too thhe mmarkket as a wwholle. An invvesttmennt wwithh a betta oof 11 haas tthe samme rriskkineess as thee maarkeet aas aa whholee (sso, forr exxampple, whhen thee maarkeet mmovees ddownn 100 peerceent, thhe vvaluue oof tthe invvesttmennt wwilll onn avveraage falll 110 pperccentt ass weell). AAn iinveestmmentt wiith betta oof 22 wiill be twiice as rissky as thee maarkeet (so wheen tthe marrkett faallss 100 peerceent, thhe vvaluue oof tthe invvesttmennt wwilll onn avveraage falll 220 pperccentt). CAPMM Oncee thhe cconssulttantt haas ddeteermiinedd thhe bbetaa off a proopossed invvesttmennt, he cann usse tthe Cappitaal AAsseet PPriccingg Moodell (CCAPMM) tto ccalcculaate thee appproopriiatee diiscoountt raate (r): The rissk-ffreee raate of retturnn iss thhe rretuurn thee coompaany couuld recceivve bby mmakiing a rriskk-frree invvesttmennt (forr exxampple, byy innvesstinng iin UU.S. Trreassuryy biillss). Thee maarkeet rratee off reeturrn iis tthe retturnn thhe ccomppanyy coouldd reeceiive by invvesttingg inn a welll-ddiveersiifieed pporttfollio of stoockss (ffor exaamplle, S&PP 5000). Exammplee: SShenn, IInc., aa cooal prooduccer, iss coonsiiderringg innvesstinng iin aa neew vventturee thhat wouuld mannufaactuure andd maarkeet ccarbbon fillterrs. Sheenss chhieff fiinannciaal ooffiicerr, AApellbauum, wannts to callcullatee thhe NNPV of thee prropoosedd veentuure in ordder