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1、CHAPTER6CapitalBudgeting,TimeValueofMoney,andCost-BenefitAnalysis:Process,Structure,andBasicToolsCapitalexpenditurespurchasephysicalassetsthatareexpectedtoprovideservicesforseveralyears;theoutlaywillyieldbenefitsinthefuturewithouthavingtorepeat1thepurchase.Capitalspendingalsoincludescapitali
2、mprovementsorrehabilitationofphysicalassetsthatextendsorenhancestheusefullifeoftheseassets(asdistinctfromtheoperatingexpendituresforrepairormaintenanceexpenditureswhichassurefunctionalityduringtheexpectedlifeoftheasset).Publiccapitalassets,alsocalledinfrastructure,becomeinputsintoproductiono
3、fbothprivateandpublicgoodsandservices.TheCongressionalBudgetOffice(CBO)writes,“Theproductionanddistributionofprivateeconomicoutputdependsonpub-lictransportationandenvironmentalfacilitiesincludinghighways,masstransit,rail-ways,airportsandairways,waterresources,andwatersupplyandwastewater2trea
4、tmentplants.”Allthesefitdirectlyintoproductionprocessesyieldingprivategoodsandservices.Roads,sewers,andtransportationsystemshavebecomepartofthecompetitionbetweenstatesandlocalitiesfornewindustrialandcommercialdevelopment,soasoundsystemofinfrastructurefinancerepresentsacrucialfactorforregiona
5、leconomicgrowth.Butpublicinfrastructurealsoentersintoproductionprocessesthatdeliverpublicservices:elementaryandsecondaryschoolbuildings,parkandrecreationareas,statehospitals,administrativecomplexes,jailsandpolicefacili-ties,firestations,thedefenseestablishment,andsoon,andthesearecriticalfors
6、oci-etyaswell.Therefore,fortheproductionofbothprivateandpublicgoodsandservices,thepubliccapitalstockisimportant.Thesuccessofthecapitalbudgeting1Theworkofteachersalsolastsformanyyears.Butcompensationforteachersdoesnotbelonginthecap-italinvestmentcategorybecause,ifyouwanttheservicesoftheteache
7、rnextyear,youaregoingtohavetopayagain.Publicbuildingsarenotsodemanding—paytobuildthemonceandtheycontinuedeliver-ingservicesformanyyearswithoutpayingagain.2U.S.CongressionalBudgetOffice,HowFederalSpendingforInfrastructureandOtherPublicInvestmentsAff
