江南大学《公司金融学》课件-第5章Net Present Value and Capital Budgeting.pptxVIP

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江南大学《公司金融学》课件-第5章Net Present Value and Capital Budgeting.pptx

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7-0CHAPTER5Net Present Valueand Capital Budgeting江南大学《公司金融学》 7-1Chapter Outline5.1 Incremental Cash Flows5.2 The Baldwin Company: An Example5.3 The Boeing 777: A Real-World Example5.4 Inflation and Capital Budgeting5.5 Investments of Unequal Lives: The Equivalent Annual Cost Method5.6 Summary and Conclusions 7-25.1 Incremental Cash FlowsCash flows matter—not accounting earnings.Sunk costs don’t matter.Incremental cash flows matter.Opportunity costs matter.Side effects like cannibalism and erosion matter.Taxes matter: we want incremental after-tax cash flows. Inflation matters. 7-3Cash Flows—Not Accounting EarningsConsider depreciation expense. You never write a check made out to “depreciation”.Much of the work in evaluating a project lies in taking accounting numbers and generating cash flows. 7-4Incremental Cash FlowsSunk costs are not relevantJust because “we have come this far” does not mean that we should continue to throw good money after bad.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 we should not proceed. 7-5Incremental Cash FlowsSide effects matter.Erosion and cannibalism are both bad things. If our new product causes existing customers to demand less of current products, we need to recognize that. 7-6Estimating Cash FlowsCash Flows from OperationsRecall that:Operating Cash Flow = EBIT – Taxes + DepreciationNet Capital SpendingDon’t forget salvage value (after tax, of course).Changes in Net Working CapitalRecall that when the project winds down, we enjoy a return of net working capital. 7-7Interest ExpenseLater chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.For now, it’s enough to assume that the firm’s level of debt (hence interest expense) is independent of the project at hand. 7-85.2 The Baldwin Company: An Example C