Chap17International-Capital-Budgeting(国际财务管理-英文版).ppt

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1、INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition17ChapterSeventeenInternationalCapitalBudgetingChapterObjective:Thischapterdiscussesthemethodologythatamultinationalfirmcanusetoanalyzetheinvestmentofcapitalinaforeigncountry.ChapterOutlineReviewofDomesticCapitalBudgetingTheAd

2、justedPresentValueModelCapitalBudgetingfromtheParentFirm’sPerspectiveRiskAdjustmentintheCapitalBudgetingProcessSensitivityAnalysisRealOptions1McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1.IdentifytheSIZEandTIMINGofallrelevantcashflowsonatimeline.2

3、.IdentifytheRISKINESSofthecashflowstodeterminetheappropriatediscountrate.3.FindNPVbydiscountingthecashflowsattheappropriatediscountrate.4.Comparethevalueofcompetingcashflowstreamsatthesamepointintime.ReviewofDomesticCapitalBudgeting2McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCo

4、mpanies,Inc.Allrightsreserved.ReviewofDomesticCapitalBudgetingThebasicnetpresentvalueequationisWhere:CFt=expectedincrementalafter-taxcashflowinyeart,TVT=expectedaftertaxcashflowinyearT,includingreturnofnetworkingcapital,C0=initialinvestmentatinception,K=weightedaveragecostofcapital

5、.T=economiclifeoftheprojectinyears.3McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ReviewofDomesticCapitalBudgetingTheNPVruleistoacceptaprojectifNPV0andtorejectaprojectifNPV04McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsres

6、erved.ReviewofDomesticCapitalBudgetingForourpurposesitisnecessarytoexpandtheNPVequation.RtisincrementalrevenueCtisincrementaloperatingcashflowDtisincrementaldepreciationItisincrementalinterestexpenseisthemarginaltaxrate5McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.

7、Allrightsreserved.ReviewofDomesticCapitalBudgetingForourpurposesitisnecessarytoexpandtheNPVequation.6McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ReviewofDomesticCapitalBudgetingWecanusetorestatetheNPVequationas:7McGraw-Hill/IrwinCopyright©2001byTh

8、eMcGraw-HillCompanies,Inc.