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1、ConfirmingPagesCHAPTERTWELVEStrategyandtheAnalysisofCapitalInvestmentsAfterstudyingthischapter,youshouldbeableto1.Explainthestrategicroleofcapital-investmentanalysis2.Describehowaccountantscanaddvaluetothecapital-budgetingprocess3.Provideageneralmodelfordeterminingreleva
2、ntcashflowsassociatedwithcapital-investmentprojects4.Applydiscountedcashflow(DCF)decisionmodelsforcapital-budgetingpurposes5.Dealwithuncertaintyinthecapital-budgetingprocess6.Discussandapplyothercapital-budgetingdecisionmodels7.Identifybehavioralissuesassociatedwiththeca
3、pital-budgetingprocess8.(AppendixA):UnderstandalternativetemplatesforsettingupaDCFanalysis9.(AppendixB):Identifyselectedadvancedconsiderationsinmakingcapital-investmentdecisionsLEARNINGOBJECTIVE1Considerthefollowingexamplesofstrategicinvestmentsmaderecentlybyavarietyofco
4、m-Explainthestrategicroleofpaniesandindustries:capital-investmentanalysis.•InAugust2008GeneralMotors(GM)Corporationannouncedaplannedinvestmentof$350millionatitsLordstown,Ohio,assemblyplant.ThisinvestmentisdesignedtosupporttheproductionofGM’snextgenerationofsmallcars,incl
5、udingtheCruze,whichissched-uledtoreplacetheChevyCobalt.(Source:TheWallStreetJournal,August22,2008,p.B-5)•InJuly2008FordMotorCompanyannouncedanaggressiveplantospendasmuchas$3billiontoretoolthreeofthecompany’sNorthAmericantruckplantstoenabletheseplantstobuildatleastsixsmal
6、lvehicles,includingtheFordFiesta,whichthecompanycurrentlymakesandsellsinEurope.(Source:TheWallStreetJournal,September8,2008,p.B3)•WaltDisneyCompany’sCaliforniaAdventurethemeparkcelebrateditsgrandopeningin2001,buthassincenotliveduptoexpectationsintermsofattendanceandprofi
7、tability.Thus,in2007thecompanyannouncedthatitplannedtospend$1.1billion(overafive-yearperiod)foramassiveoverhaulofthepark.(Source:TheWallStreetJournal,October17,2007,p.B1)•Consumerdemandforonlinevideoandotherbandwidth-hungryInternetservices(filesharing,Internetphoneservic
8、e,etc.)hasforcedtelecommunicationscarrierstosignifi-cantlyimproveavailablecapacity.Projectedspendingin2
