Payback

Although the discounted version of payback reflects the cost of finance in the results, there is still the problem that is ignores any cash flows that occur after the payback periods has been reached. This may result in vital information being missed, such as very few of cash follows beyond the payback point.

Forward 远期合同

A contact with a bank covering a specific amount of foreign currency for delivery on a special date at an exchange rate agreed now.

Advantage：

1）The contact can be tailed the user's exact requirements with quantity to be delivered, date and price all flexible.

2)The trader will know in advance how much money well received or paid. 3)Payable is not required until the contract is settled.

Disadvantage

1) The user may not able to negotiate good terms, the price may depend upon the size of deal and how the user is rated.

2) Users have to bear the spread of contract between buying and selling price.

3)Deals can only be reserved going back the original party and offsetting the original trade.

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