[所有分类]资本投资决策.pptVIP

* 使用計算機計算便宜清淨機的約當年度成本 5 －500 －2,895.39 －1,000 CF1 F1 CF0 I NPV 10 763.80 10 －2,895.39 5 PMT I/Y FV PV N PV * 小測驗 我們如何決定現金流量是否是對資本預算決策是有意義的？ 計算營業現金流量有哪些不同的方法？何時重要？ 當通貨膨脹已知時，現金流量與折現率的關係？ 什麼是約當年度成本？在什麼時候應該被使用？ * * 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. * * It may be beneficial to note the separation theorem, i.e., financing and investment decisions are separate activities. * See the text for the details of the case. * * * * 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 $24,240 (= $30,000 – $5,760). We will assume the incremental corporate tax for Baldwin on this project is 34 percent, so the capital gains tax due is $8,240 [0.34 * ($30,000 – $5,760)]. The after-tax salvage value is $30,000 – [0.34 * ($30,000 – $5,760)] = 21,760. ? The McGraw-Hill Companies, Inc., 2009 ? The McGraw-Hill Companies, Inc., 2009 資本投資決策 Chapter 8 * 學習目標 了解各種型態的資本投資如何決定現金流量 計算在課稅的情況下的折舊費用 將通貨膨脹加入資本預算 了解計算營業現金流量的各種方法 應用約當年度成本法 * 本章大綱 8.1 增量現金流量 8.2 以鮑德溫公司為例 8.3 通貨膨脹與資本預算 8.4 營業現金流量的其他定義 8.5 不同使用年限的投資︰約當年度成本法 * 8.1 增量現金流量 現金流量會影響——非會計盈餘 沉沒成本不影響 增量現金流量會影響 機會成本會影響 副作用（如綜效與侵蝕）會影響 稅會影響：我們想要稅後增量現金流量 通貨膨脹會影響 * 現金流量——而非會計收入 考慮折舊費用 你不會寫一個折舊的支票 評估一個投資專案時，我們會依公司未來從此方案所得到的現金流量加以折現 * 增量現金流量 沉沒成本不屬於增量現金流量 過去