tailieunhanh - Ebook Foundations of finance - The logic and practice of financial management (9th edition): Part 2
(BQ) Part 2 book "Foundations of finance - The logic and practice of financial management" hass contents: Capital-Budgeting techniques and practice; cash flows and other topics in capital budgeting, determining the financing mix, dividend policy and internal financing, working capital management, international business finance,.and other contents. | Find more at 10 CHAPTER Capital-Budgeting Techniques and Practice Learning Objectives LO1 Discuss the difficulty encountered in finding p rofitable projects in competitive markets and the importance of the search. Finding Profitable Projects LO2 Determine whether a new project should be accepted or rejected using the payback period, the net present value, the profitability index, and the internal rate of return. Capital-Budgeting Decision Criteria LO3 Explain how the capital-budgeting decision process changes when a dollar limit is placed on the capital budget. Capital Rationing LO4 Discuss the problems encountered when d eciding among mutually exclusive projects. Ranking Mutually Exclusive Projects B ack in 1955, the Walt Disney Company changed the face of entertainment when it opened Disneyland, its first theme park, in Anaheim, California, at a cost of $ million. Since then, Disney has opened theme parks in Orlando, Florida; , or Hong Kong Tokyo, Japan; Paris, France; and in September 2005, Disneyland, was opened. This $ billion project, with much of that money provided by the Hong Kong government, was opened in hopes of reaching what has largely been an untapped Chinese market. For Disney, a market this size was simply too large to pass up. Unfortunately, although Hong Kong Disneyland’s opening was spectacular, it did not turn a profit until 2013, and a relatively small profit at that of only about $14 million after years of losses. One of the unexpected problems it has faced has been the knockoff rides featured by rival Asian theme parks, which used the Hong Kong Disneyland’s advance publicity to design their rides and put them in use before Hong Kong Disneyland opened. For Disney, keeping its theme parks and resorts division healthy is extremely i mportant because this division accounts for about a third of the company’s revenues and 20 percent of its operating profits. Certainly, there are opportunities .
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