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【內(nèi)容導(dǎo)航】

Capital rationing 資本配給

【知識(shí)點(diǎn)】

Capital rationing 資本配給

Capital rationing 資本配給

Capital rationing

Capital rationing is a situation in which a company has a limited amount of capital to invest in potential projects, such that the different possible investments need to be compared with one another in order to allocate the capital available most effectively.

Soft capital rationing is brought about by internal factors and decisions by management.

Hard capital rationing is brought about by external factors, such as limited availability of new external finance.

In a word, If an organisation is in a capital rationing situation it will not be able to enter into all projects with positive NPVs because there is not enough capital for all the investments.

Soft and hard capital rationing

Soft capital rationing may arise for one of the following reasons:

(a) Management may be reluctant to issue additional share capital because of concern that this may lead to outsiders gaining control of the business.

(b) Management may be unwilling to issue additional share capital if it will lead to a dilution of earnings per share.

(c) Management may not want to raise additional debt capital because they do not wish to be committed to large fixed interest payments.

(d) Management may wish to limit investment to a level that can be financed solely from retained earnings.

Hard capital rationing may arise for one of the following reasons:

(a) Raising new finance through the stock market may not be possible if share prices are depressed.

(b) There may be restrictions on bank lending due to government control.

(c) Lending institutions may consider an organisation to be too risky to be granted further loan facilities.

(d) The costs associated with making small issues of capital may be too great.

Relaxation of capital constraints

If an organisation adopts a policy that restricts funds available for investment (soft capital rationing), the policy may be less than optimal. The organisation may reject projects with a positive net present value and forgo opportunities that would have enhanced the market value of the organisation.

A company may be able to limit the effects of hard capital rationing and exploit new opportunities.

(a) It might seek joint venture partners with which to share projects.

(b) As an alternative to direct investment in a project, the company may be able to consider a licensing or franchising agreement with another enterprise, under which the licensor/franchisor company would receive royalties.

(c) It may be possible to contract out parts of a project to reduce the initial capital outlay required.

(d) The company may seek new alternative sources of capital.(Will be introduced next chapter)

Single period capital rationing : We shall begin our analysis by assuming that capital rationing occurs in a single period, and that capital is freely available at all other times.

The basic approach is to rank all investment opportunities so that the NPVs can be maximised from the use of the available funds.

Ranking in terms of absolute NPVs will normally give incorrect results. This method leads to the selection of large projects, each of which has a high individual NPV but which have, in total, a lower NPV than a large number of smaller projects with lower individual NPVs. Ranking is therefore in terms of what is called the profitability index.

Profitability index is the ratio of the present value of the project's future cash flows (not including the capital investment) divided by the present value of the total capital investment.

Note:

Profitability index is the ratio of the present value of the project's future cash flows divided by the present value of the total capital investment.

PI=PV / Initial investment

This is called main stream method, and the F9 exam in 2014 uses this method.

However, exam in 2016 uses PI=NPV / Initial investment.

The following further assumptions will be made:

(a) If a company does not accept and undertake a project during the period of capital rationing, the opportunity to undertake it is lost. The project cannot be postponed until a subsequent period when no capital rationing exists.

(b) There is complete certainty about the outcome of each project, so that the choice between projects is not affected by considerations of risk.

(c) Projects are divisible, so that it is possible to undertake, say, half of Project X in order to earn half of the net present value (NPV) of the whole project.

Remove the assumptions:

? Postponing projects

We have so far assumed that projects cannot be postponed until year 1. If this assumption is removed, the choice of projects in year 0 would be made by reference to the loss of NPV from postponement.

? Non-divisible projects (Often examined)

If the projects are not divisible then the method shown above may not result in the optimal solution.

The best way to deal with this situation is to use trial and error and test the NPV available from different combinations of projects.

This can be a laborious process if there are a large number of projects available.

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注：以上內(nèi)容來自Echo老師基礎(chǔ)班第21講

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