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1、2012CFALevelICurriculumBookIVJieWuThisworkislicensedundertheCreativeCommonsAttribution-NonCommercial-ShareAlike3.0License.2DISCLAIMER:Theauthorisnotresponsibleorliableforanyerrorcontainedinthisdocument.Theimagesarecollectedfromtheinternetandextractedfro
2、mthecurriculumbookthecopyrightsofwhichbelongtotheoriginalmakers.Chapter1CorporateFinance1.1CorporateFinance1.1.1CapitalBudgetingbreakdown:thereare4sectionsSection2:stepsofcapitalbudgetingSection3:principlesofcapitalbudgetingSection4:investmentdecisioncr
3、iteriaimportanceofcapitalbudgeting:pp.5,capitalbudgeting=theprocessofmakingdecisionsoncapitalprojects,itisimportantbecause:1.capitalprojectsareimportantbecause(1)theycanbesolargethattheyultimatelydeterminesacompany'sfuture(2)capitaldecisionscannotbereve
4、rsedatlowcost2.theprinciplesofcapitalbudgetinghavebeenadaptedformanyothercorporatedeci-sions,suchasinvestmentsinworkingcapital,leasing,M&A,andbondrefunding3.thevaluationprinciplesusedincapitalbudgetingareusedinsecurityanalysisandportfoliomanagement4.cap
5、italbudgetinginformationisnotordinarilyavailableoutsidethecompanythustheanalystmayneedtoestimatetheprocesstoforecaststockpricestepsofcapitalbudgeting:pp.6,therearefour:generatingideas:generatinggoodinvestmentideastoconsider,thisisthemostimpor-tantstepin
6、theprocessanalyzingindividualproposals:applythecriteriadiscussedbelowtoeachproposalplanningcapitalbudget:prioritizing,coordination,schedulingmonitoringandpost-auditing:compareactualresultwithpredictedresult,modifyanal-ysismethod,operationandforecast,hel
7、pfutureinvestmentdecisionscategoriesofcapitalprojects:pp.7,thereareve,inascendingorderofcomplexity,uncer-taintyanddicultyinbudgeting:34CHAPTER1.CORPORATEFINANCE1.replacementprojects2.expansionprojects3.newproductsandservices4.regulatory,safetyandenvir
8、onmentalprojects5.otherssuchasR&D,notamenabletobudgetinganalysisprinciplesofcapitalbudgeting:pp.8,thereareve:1.decisionsarebasedoncash
owsratherthanaccountingnumberssuchasnetincome2.timingofcash
owsiscrucialasthesameamountofcash