第七章净现值和资本预算(29页)摘要.pptVIP

Chapter Outline 7.1 Incremental Cash Flows 7.2 The Baldwin Company: An Example 7.3 Inflation and Capital Budgeting 7.4 Investments of Unequal Lives: The Equivalent Annual Cost Method 7.5 Summary and Conclusions 7.1 Incremental Cash Flows Cash flows matter—not accounting earnings. Sunk costs don’t matter. Incremental cash flows matter. Opportunity costs matter. Side effects like cannibalism and erosion matter. Taxes matter: we want incremental after-tax cash flows. Inflation matters. Cash Flows—Not Accounting Earnings. Consider depreciation expense. You never write a check made out to “deprec