第七章净现值和资本预算.pptVIP

7.5 Summary and Conclusions Capital budgeting must be placed on an incremental basis. Sunk costs are ignored Opportunity costs and side effects matter Inflation must be handled consistently Discount real flows at real rates Discount nominal flows at nominal rates. When a firm must choose between two machines of unequal lives: the firm can apply either the matching cycle approach or the equivalent annual cost approach. 第三十页，共三十一页。 McGraw-Hill/Irwin Copyright ? 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 7-* Click here for title Chapter Outline 7.1 Incremental Cash Flows 7.2 T