金融学-博迪课件Bodie2e_Chapter06.PPTVIP

Chapter 6:  The Analysis of Investment Projects;Chapter 6 Contents;Objectives;Three Elements of Capital Budgeting;Introduction;6.1 The Nature of Project Analysis;Procedural Outline;Generating a forecast ;The Nature of Project Analysis;6.2 Where do Investment Ideas Come From?;Cash Flow Forecasts for the Protojean Project;6.3 Net Present Value Investment Rule;Illustration;Do Project;Don’t Do Project;Indifferent;Common Error;Summary;19;6.4 Estimating a Project’s Cash Flows;Working Capital Cash Flows;Accruals Deferrals;Incremental Cash Flows;Illustration: Cannibalism;Illustration: Prior Expenses;Sunk Costs;Illustration: Underutilized Resources;Proposed Solution 1;Proposed Solution 2;Proposed Solution 3;Proposed Solution 4;Proposed Solution 5;Proposed Solution 6;Proposed Solution 7;Proposed Solution 8;Warehouse Illustration;6.5 The Cost of Capital;Computing the Average Cost of Capital of a Corporation;Average Cost of Capital: Example with 3-Securities;Average Cost of Capital: Example with 3-Securities;6.6 Sensitivity Analysis Using Spreadsheets; Base Case;43;A Modified Scenario ;45;Additional Scenarios ;Was 15%;Was 40%;Was 0%;Was 75%;Was $3,100,000;Consequences;Graphs;Table 6.4 Project Sensitivity to Sales Volume;55;56;57;Spreadsheet Planning Conclusions:;6.7 Analyzing Cost-Reducing Projects;6.8 Projects with Different Lives;Data Collection;Data Collection;Data Collection;64;Car Replacement;66;Interpretation;Additional Analysis;Additional Analysis;70;NPV as a Function of the Discount Rate;Conclusion;6.9 Ranking Mutually Exclusive Projects;6.10 Inflation and Capital Budgeting