公司金融理论Lecture 2 Estimating the cash flows of a project (shorten)概要1.pptx

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公司金融理论Lecture 2 Estimating the cash flows of a project (shorten)概要1.pptx

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公司金融理论Lecture 2 Estimating the cash flows of a project (shorten)概要1

Lecture 2 Estimating the cash flows and the NPV of a project;Learning Objectives;What to discount;Estimate cash flows on an incremental basis;Working capital requirements ;Working capital requirements;Include opportunity costs;Sunk costs, allocated overhead costs, inflation and salvage value;Separate investment and financing decisions;Depreciation;An example (a replacement decision);An example;Calculations;Cash flow spreadsheet;Cash flow spreadsheet continued;Using the NPV rule to choose among projects;Problem 1: Investment timing decision;Investment timing;Problem 2: The choice between Long- and Short-lived equipment;Long versus short live equipment;EAC and inflation;EAC and technological change;EAC and technological change;Problem 3: When to replace an old machine;When to replace an old machine;When to replace ;Problem 4: Cost of excess capacity;Cost of excess capacity