《所谓资本预算》PPT课件

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1、CHAPTER10TheBasicsofCapitalBudgetingShouldwebuildthisplant?Whatiscapitalbudgeting?所謂資本預算，是指公司從事固定資產如土地、廠房等長期投資，使公司能在未檢獲取一連串預期收益的活動稱為資本預算Analysisofpotentialadditionstofixedassets.Long-termdecisions;involvelargeexpenditures.Veryimportanttofirm’sfuture.StepstocapitalbudgetingEstimateCFs(inflows&out

2、flows).AssessriskinessofCFs.Determinetheappropriatecostofcapital.FindNPVand/orIRR.AcceptifNPV>0and/orIRR>WACC.Whatisthedifferencebetweenindependentandmutuallyexclusiveprojects?Independentprojects(獨立計劃)–ifthecashflowsofoneareunaffectedbytheacceptanceoftheother.(即某一個計劃的接受或拒絕與另一個計劃的接受或拒絕是獨立的)Mutual

3、lyexclusiveprojects(互斥計劃)–ifthecashflowsofonecanbeadverselyimpactedbytheacceptanceoftheother.(若A與B為互斥計劃，是指可以接受A或接受B，或兩者都拒絕，但不可兩者皆接受)Whatisthedifferencebetweennormalandnonnormalcashflowstreams?Normalcashflowstream(正常投資計劃)–Cost(negativeCF)followedbyaseriesofpositivecashinflows.Onechangeofsigns.(指第

4、一筆現金流量為負，往後現金流量為正)Nonnormalcashflowstream(不正常投資計劃)–Twoormorechangesofsigns.Mostcommon:Cost(negativeCF),thenstringofpositiveCFs,thencosttocloseproject.Nuclearpowerplant,stripmine,etc.(第一筆現金流量為負，但往後現金流量有正有負)SeveralvaluationmethodsofcapitalbudgetPaybackperiodmethod(還本期間法)Discountedpaybackperiodmeth

5、odNetpresentvalueInternalRateofReturnModifiedIRR;MIRRWhatisthepaybackperiod?Thenumberofyearsrequiredtorecoveraproject’scost,or“Howlongdoesittaketogetourmoneyback?”Calculatedbyaddingproject’scashinflowstoitscostuntilthecumulativecashflowfortheprojectturnspositive.CalculatingpaybackPaybackL=2+/=2.

6、375yearsCFt-1001060100Cumulative-100-900500123=2.4308080-30ProjectLPaybackS=1+/=1.6yearsCFt-1007010020Cumulative-100020400123=1.6305050-30ProjectSStrengthsandweaknessesofpaybackStrengthsProvidesanindicationofaproject’sriskandliquidity.Easytocalculateandunderstand.WeaknessesIgnoresthetimevalueofm

7、oney.IgnoresCFsoccurringafterthepaybackperiod.DiscountedpaybackperiodUsesdiscountedcashflowsratherthanrawCFs.(即引進折現觀念至還本期間法)DiscPaybackL=2+/=2.7yearsCFt-100106080Cumulative-100-90.9118.790123=2.760.11-41.32PVofCFt-1009.0949.