公司理财（罗斯） 第六版 第8章 ppt课件.ppt

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1、MakingCapitalInvestmentDecisionsChapter8KeyConceptsandSkillsUnderstandhowtodeterminetherelevantcashflowsforvarioustypesofcapitalinvestmentsBeabletocomputedepreciationexpensefortaxpurposesIncorporateinflationintocapitalbudgetingUnderstandthevariousmethodsforcomputingoperatingca

2、shflowApplytheEquivalentAnnualCostapproachChapterOutline8.1IncrementalCashFlows8.2TheBaldwinCompany:AnExample8.3InflationandCapitalBudgeting8.4AlternativeDefinitionsofCashFlow8.5InvestmentsofUnequalLives:TheEquivalentAnnualCostMethod8.1IncrementalCashFlowsCashflowsmatter—notac

3、countingearnings.Sunkcostsdon’tmatter.Incrementalcashflowsmatter.Opportunitycostsmatter.Sideeffectslikecannibalismanderosionmatter.Taxesmatter:wewantincrementalafter-taxcashflows.Inflationmatters.CashFlows—NotAccountingConsiderdepreciationexpense.Youneverwriteacheckmadeoutto“d

4、epreciation.”Muchoftheworkinevaluatingaprojectliesintakingaccountingnumbersandgeneratingcashflows.IncrementalCashFlowsSunkcostsarenotrelevantJustbecause“wehavecomethisfar”doesnotmeanthatweshouldcontinuetothrowgoodmoneyafterbad.Opportunitycostsdomatter.Justbecauseaprojecthasapo

5、sitiveNPV,thatdoesnotmeanthatitshouldalsohaveautomaticacceptance.Specifically,ifanotherprojectwithahigherNPVwouldhavetobepassedup,thenweshouldnotproceed.IncrementalCashFlowsSideeffectsmatter.Erosionandcannibalismarebothbadthings.Ifournewproductcausesexistingcustomerstodemandle

6、ssofcurrentproducts,weneedtorecognizethat.If,however,synergiesresultthatcreateincreaseddemandofexistingproducts,wealsoneedtorecognizethat.EstimatingCashFlowsCashFlowfromOperationsRecallthat:OCF=EBIT–Taxes+DepreciationNetCapitalSpendingDon’tforgetsalvagevalue(aftertax,ofcourse)

7、.ChangesinNetWorkingCapitalRecallthatwhentheprojectwindsdown,weenjoyareturnofnetworkingcapital.InterestExpenseLaterchapterswilldealwiththeimpactthattheamountofdebtthatafirmhasinitscapitalstructurehasonfirmvalue.Fornow,it’senoughtoassumethatthefirm’slevelofdebt(and,hence,intere

8、stexpense)isindependentoftheprojectathand.8.2TheBaldwinCompan