罗斯《公司理财》第八版第八章.pptVIP

Cadillac EAC with a Calculator 10 –100 –4,614.46 –4,000 CF1 F1 CF0 I NPV 10 750.98 10 –4,614.46 10 PMT I/Y FV PV N PV 第三十页，共三十三页。 Cheapskate EAC with a Calculator 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 第三十一页，共三十三页。 Quick Quiz How do we determine if cash flows are relevant to the capital budgeting decision? What are the different methods for computing operating cash flow, and when are they important? How should cash flows and discount rates be matched when inflation is present? What is equivalent annual cost, and when should it be used? 第三十二页，共三十三页。 内容总结 Making Capital Investment Decisions。Opportunity costs do matter. 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, then we should not proceed. 第三十三页，共三十三页。 * * * I hear 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