第六章资本预算实务…要点.pptVIP

不同生命周期的项目投资 但这忽略了卡迪拉克牌清洁器的使用寿命更长这一事实。 如果考虑到了项目使用寿命方面的差别，则卡迪拉克牌清洁器实际上是更划算的（即，净现值会更高） 约当年均成本（Equivalent Annual Cost ，EAC） 约当年均成本是某一能使其现值等于项目全部现金流出现值的年金价值 例如，卡迪拉克清洁器的EAC为$750.98. 而小气鬼清洁器的EAC为$763.80, 因此我们应当拒绝这个选择 用计算器来计算卡迪拉克牌清洁器项目的EAC 10 –100 –4,614.46 –4,000 年成本 年数 投资 利率 NPV 10 750.98 10 –4,614.46 10 年金值 利率 PV 年数 项目现值 用计算器来计算小气鬼牌清洁器项目的EAC 5 –500 –2,895.39 –1,000 10 763.80 10 -2,895.39 5 年成本 年数 投资 利率 NPV 年金值 利率 PV 年数 项目现值 快速测试 怎样判断某项现金流量是否与资本预算决策相关？ 计算经营现金流量有哪些方法？各适用于什么样的情形？ 当存在通货膨胀时，现金流量与折现率应怎样选择搭配？ 什么是约当年均成本？它适用于什么样的情形？ * * * * * * I heard a story about an undergrad at the University of Missouri-Rolla. A student named Louis abandoned college three credit hours shy of graduation. Really. Entreaties from his friends and parents regarding how far he had come and how hard he had worked could not change Louis’ mind. That was all a sunk cost to Louis. He already had a job and didn’t value the degree as much as the incremental work of an easy three-hour required class called ET-10 Engineering Drafting. Fifteen years later, he still has a good job, a great wife and two charming daughters. Louis taught me a lot about sunk costs. * * Of course, amortization could be included as well; however, the formula as presented is the typical statement. * It may be beneficial to note the separation theorem, i.e., financing and investment decisions are separate activities. * * * We assume that the ending market value of the capital investment at year 5 is $30,000. Capital gain is the difference between ending market value and adjusted basis of the machine. The adjusted basis is the original purchase price of the machine less depreciation. The capital gain is $24,200 (= $30,000 – $5,800). We will assume the incremental corporate tax for Baldwin on this project is 34 percent. Capital gains are now taxed at the ordinary income rate, so the capital gains tax due is $8,228 = [0.34 * ($30,000 – $5,800)]. The after-tax salvage value is $30,000 – 8,228 = $21,772. * In practice, we would w