第4讲 资本预算 (筹资决策).pdf

4 : () () () (CEO CFO ) : (1) ( ) (2) () (3) () (4) ( ) (1) () (2) (NPV) (3) () (4) 4.1 4.1.1 (1) (2) (3) (4) (5) 4.1.2(Investment Appraisal/Evaluation) (1) (2) (3) (4) (5) (6) (7) () 1 4.1.3 A. (1) : (2) B. C. (Sunk Cost) D (1) :(EAIT) (2) (3) (a):(b): (4) = ( - )x(1-) + =()(1 - ) + E. F. (1) (2) 4-1: $5,000 $3,000$40050% ? 2 Ans: (BV) (CF) $5,000 $5,000 $3,000 400 $2,600 $2,400 (40%) $960 $960 $1,440 $4,040 G. (1). r × L() (1 – t)×r × L (2).. CF = NI + D + ( 1-t ) r × L NI = (1–t) ( TR – VC – FC– D – r ×L) CF = (1–t) ( TR – VC – FC– D – r ×L) + D + ( 1-t ) r × L = (1–t) ( TR – VC – FC– D) + (1-t)× r ×L + D + ( 1-t ) r × L = (1–t) ( TR – VC – FC– D) + D CF = (1–t) EBIT + D CF = (1 – t)× EBIT + D = (1 –40%) × 2, 400 + 2, 600 = 1, 440 + 2, 600