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1、1第四章：投资决策SectionD:InvestmentDecision2资本预算流程Topic1:CapitalBudgetingProcess3资本预算CapitalBudgeting流动投资–短期，当年结转冲销营运预算–营运活动的收入和费用计划资本投资–长期，初始现金流出随时间推移而逐渐摊销资本预算–长期资产的提议支出所制定的计划Currentinvestment–short-term,writtenoffinthesameyearOperatingbudget–planforoperatingexpensesandrevenueCapit
2、alinvestment–long-term,initialcashoutlayreducedoveraperiodofyearsCapitalbudgeting–planofproposedoutlaysforlong-termasset4资本预算CapitalBudgeting资本预算编制的应用分类–扩张，重置，强制性，其他其他资本支出分类–效率和/或收入的产生，竞争效果，法规，安全，健康和环境的要求CapitalBudgetingApplicationsCategories–expansion,replace,mandatory,other
3、Alternatecapitalclassification–efficiencyand/orrevenuegeneration,competitiveeffectiveness,regulatory,safety,health,andenvironmentrequirement5资本预算编制的项目纬度和时间纬度项目纬度时间纬度–货币的时间价值，889页资本预算编制的阶段划分资本预算编制的阶段划分–图表2D-1，889页ProjectandTimeDimensioninCapitalBudgetingProjectionDimensionTime
4、Dimension–timevalueofmoney,page377StageofCapitalBudgetingStagesofCapitalBudgeting–figure2D-1,page378资本预算CapitalBudgeting6增量现金流IncrementalCashFlows评价资本投资现金流的关键点–890页资本预算项目阶段的现金流入和流出–图表2D-2,891页直接效应–现金流入，现金流出或承诺纳税效应–由纳税收入和可扣除费用引起净效应Keypointsinevaluatingcapitalinvestmentcashflow
5、s–page378CashinflowsandoutflowduringaCapitalBudgetingProject–figure2D-2,page379DirectEffect–cashinflow,outfloworcommitmentTaxEffect–causedbythetaxabilityofrevenuesanddeductibilityofexpensesNetEffect7增量现金流IncrementalCashFlows初始期现金流资本预算项目阶段的现金流入和流出–图表2D-3，891页营运期现金流营运期的增量现金流–图表
6、2D-4，892页处置期现金流处置期的增量现金流–图表2D-5,892页InitiationCashFlowsIncrementalCashFlowsatInitiation–figure2D-3,page380OperationCashFlowsIncrementCashFlowsDuringOperation–figure2D-4,page380DisposalCashFlowsIncrementCashFlowsatDisposal–figure2D-5,page3818增量现金流案例初始增量现金流–图表2D-6，893页净营运收入预测–图
7、表2D-7，893页营运期和处置期的增量现金流–图表2D-8，893页预期增量现金流–图表2D-9，894页IncrementalCashFlowExampleIncrementalCashFlowatInitiation–figure2D-6,page382ProjectionsforNetOperationRevenue–figure2D-7,page382IncrementalCashFlowsfromOperationandDisposal–figure2D-8,page382ExpectedIncrementalCashFlows–fi
8、gure2D-9,page383增量现金流IncrementalCashFlows9所得税考虑事项IncomeTaxConsiderat
