公司理财07净现值和资本预算.pptVIP

第7章 净现值和资本预算 7.1 增量现金流量 7.2 包尔得文公司----一个例子 7.3 通货膨胀与资本预算 7.4 不同生命周期的投资：约当平均成本法 7.5 小结 7.1 增量现金流量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（自相残杀） and erosion（侵蚀） matter. Taxes matter: we want incremental after-tax cash flows. Inflation matters. 现金流量----而非利润Cash Flows—Not Accounting Earnings. 公司理财通常运用现金流量，而财务会计则强调收入和利润。 考虑折旧费用 Consider depreciation expense. 项目评估中的大量工作是计算现金流量 Much of the work in evaluating a project lies in taking accounting numbers and generating cash flows. 增量现金流量Incremental Cash Flows Sunk costs are not relevant（不考虑沉没成本） Just because “we have come this far” does not mean that we should continue to throw good money after bad. Opportunity costs do matter. （考虑机会成本） Just because a project has a positive NPV that does not mean that it should also have automatic acceptance. Specifically if another project with a higher NPV would have to be passed up（拒绝） we should not proceed. Side effects matter.（考虑负效应） Erosion（侵蚀） and cannibalism（自相残杀） are both bad things. If our new product causes existing customers to demand less of current products, we need to recognize that. 估算现金流量Estimating Cash Flows Cash Flows from Operations 经营现金流量＝ 现金流入量－现金流出量 ＝营业收入－付现成本－所得税 ＝营业收入－付现成本－折旧－所得税＋折旧 ＝税后利润＋折旧 ＝(销售收入－付现成本－折旧) (1－T) ＋折旧 ＝(销售收入－付现成本)×( 1－T) ＋折旧×T ＝销售收入×(1－T) －付现成本×(1－T) ＋折旧×T Net Capital Spending Don’t forget salvage value（残值） (after tax, of course). Changes in Net Working Capital（净营运资本的变化） Recall that when the project winds down, we enjoy a return of net working capital. 利息费用Interest Expense 后面的章节将讨论负债对公司价值的影响 Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value. 现在, 我们假设公司的负债水平与项目没有关系 For now, it’s enough to assume that the firm’s level of debt (hence interest expense) is independent of the project at hand. 7.2 包尔得利公司—一个例子