《金融学教学》bodie2e_chapter06.ppt

* * * * * * * * * * * * * * * * * * * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * A Modified Scenario In this case the cash is piling up (Watch out for IRS penalties in this case!) The assumption is now made that sales units grow by +2%, unit prices by -3%, and fixed costs by +8% (No, Victor: Fixed costs may vary with time. Yes, Valerie: Fixed costs do not vary with sales.) Assume a dividend of $1,000,000/year * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Additional Scenarios The following graphs are variations from the basic model constructed by changing one variable at a time: * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Was 15% * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Was 40% * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Was 0% * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Was 75% * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Was $3,100,000 * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Consequences Notice that the reduced long-term viability of the product, together with the dividend for demands, will cause: a cash flow crisis early in year 5, negative accounting profits in year 6, and a serious negative operating cash flow in year 8 when the tax benefits of depreciation are finally consumed. * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Graphs Graphs are a useful supplement to spreadsheets as they may illustrate behavior of the model to continuing changes in a selected independent variable The following graphs explore a model * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Table 6.4 Project Sensitivity to Sales Volume * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * * Co