公司理财第五版高等院校双语教材·金融系列-chapter-8.pptVIP

Chapter 8Using discounted cash-flow analysis to make investment decisionsCOPYRIGHT?ZHULI1 ObjectivesIdentify the cash flows properly attributable to a proposed new projectCalculate the cash flows of a project from standard financial statementsUnderstand how the company’s tax bill is affected by depreciation and how this affects project valueUnderstand how changes in working capital affect project cash flowsCOPYRIGHT?ZHULI2 ContentIdentifying cash flowsCalculating cash flowAn example: Blooper industriesCOPYRIGHT?ZHULI3 Discount cash flows, not profitsWhen calculating NPV, recognize investment e