chp10资本投资决策2016选读.pptVIP

习题 某企业拟投资建设一条新生产线。现有三个方案可供选择： A方案的原始投资为1250万元，项目计算期为11年，净现值为958.7万元 B方案的原始投资为1100万元，项目计算期为10年，净现值为920万元 C方案的净现值为-12.5万元 行业基准折现率为10%　　（1）判断每个方案的财务可行性； 　　（2）用等值年成本法作出最终的投资决策（计算结果保留两位小数） （1）判断方案的财务可行性　　∵A方案和B方案的净现值均大于零　　∴这两个方案具有财务可行性　　∵C方案的净现值小于零　　∴该方案不具有财务可行性 （2）比较决策　　A方案的等值年成本＝958.7/ [(1-1/1.111)/0.1] =147.60（万元）　　B方案的等值年成本＝920/ [(1-1/1.110)/0.1] =149.72（万元）　　∵149.72＞147.60　　∴B方案优于A方案 课后习题 chp10章末思考和练习题5，14，24 美国，无形资产也被归入固定资产，中国是单列的 企业所得税是中央、地方共享税。中央60%，地方40%. 个人所得税是地方税，地方享受100% 二者核算范围不同 会计上就是指现金及现金等价物，财管现金流（项目流量）还可能包含非实际支出的旧设备重置成本； 内容口径不同 会计上是收付实现制，分三大块经营活动+投资活动+筹资活动；财管上是权责发生制，期间内发生的现金流入流出不用分类，通统在一起反映； 计算方法不同 项目决策时财管上未来各期流量是估计出来的，会计上就是当期收付实现制的实际数； 分期不同 会计分期是固定死的，年季月都要编；而财管上分期是活的，不以会计分期为依据，只跟着项目走的。 对利息费用的处理不同 会计上要考虑利息费用影响，财管上我们要剔除利息费用影响。 实质不同 财管上流量更符合经济实质，会计上按准则编一致、可比；二者核算金额不相等是正常的 * * 9.* Operating cash flow – students often have to go back to the income statement to see that the two definitions of operating cash flow are equivalent when there is no interest expense. /s?__biz=MjM5NTE0NDA4MA==mid=400722573idx=1sn=e678d48ff252bffe7cd108e7f7cc4058scene=0#wechat_redirect 9.* Operating cash flow – students often have to go back to the income statement to see that the two definitions of operating cash flow are equivalent when there is no interest expense. 9.* Operating cash flow – students often have to go back to the income statement to see that the two definitions of operating cash flow are equivalent when there is no interest expense. 9.* OCF = EBIT + depreciation – taxes = 33,000 + 30,000 – 11,220 = 51,780; or OCF = NI + depreciation = 21,780 + 30,000 = 51,780 Note that in the Table in the book, the negative signs have already been carried throughout the table so that the columns can just be added. Ultimately, students seem to do better with this format even though the CFFA equation says to subtract the changes in NWC and net capital spending. Change in NWC = We have a net investment in NWC in year 0 of 20,000; we get the investment back at the end o