公司理财第十章.ppt

公司理财第十章.ppt

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Chapter10MakingCapitalInvestmentDecisionsMcGraw-Hill/IrwinCopyright2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandhowtodeterminetherelevantcashflowsforvarioustypesofproposedinvestmentsUnderstandthevariousmethodsforcomputingoperatingcashflowUnderstandhowtosetabidpriceforaprojectUnderstandhowtoevaluatetheequivalentannualcostofaproject10-2ChapterOutlineProjectCashFlows:

AFirstLookIncrementalCashFlowsProFormaFinancialStatementsandProjectCashFlowsMoreaboutProjectCashFlowAlternativeDefinitionsofOperatingCashFlowSomeSpecialCasesofDiscountedCashFlowAnalysis10-3RelevantCashFlowsThecashflowsthatshouldbeincludedinacapitalbudgetinganalysisarethosethatwillonlyoccur（ornotoccur）iftheprojectisacceptedThesecashflowsarecalledincrementalcashflowsThestand-aloneprincipleallowsustoanalyzeeachprojectinisolationfromthefirmsimplybyfocusingonincrementalcashflows10-4AskingtheRightQuestionYoushouldalwaysaskyourself“WillthiscashflowoccurONLYifweaccepttheproject?

”Iftheansweris“yes,”itshouldbeincludedintheanalysisbecauseitisincrementalIftheansweris“no,”itshouldnotbeincludedintheanalysisbecauseitwilloccuranywayIftheansweris“partofit,”thenweshouldincludethepartthatoccursbecauseoftheproject10-5CommonTypesofCashFlowsSunkcostscoststhathaveaccruedinthepastOpportunitycostscostsoflostoptionsSideeffectsPositivesideeffectsbenefitstootherprojectsNegativesideeffectscoststootherprojectsChangesinnetworkingcapitalFinancingcostsTaxes10-6ProFormaStatementsandCashFlowCapitalbudgetingreliesheavilyonproformaaccountingstatements,particularlyincomestatementsComputingcashflowsrefresherOperatingCashFlow（OCF）=EBIT+depreciationtaxesOCF=Netincome+depreciation（whenthereisnointerestexpense）CashFlowFromAssets（CFFA）=OCFnetcapitalspending（NCS）changesinNWC10-7Table10.1ProFormaIncomeStatementSales（50,000unitsat$4.00/unit）$200,000VariableCosts（$2.50/unit）125,000Grossprofit$75,000Fixedcosts12,000Depreciation（$90,000/3）30,000EBIT$33,000Taxes（34%）11,220NetIncome$21,78010-8Table10.2ProjectedCapitalRequirementsYear0123NWC$20,000$20,000$20,000$20,000NFA90,00060,00030,0000Total$110,000$80,000$50,000$20,00010-9Table10.5ProjectedTotalCashFlowsYear0123OCF$51,780$51,780$51,780ChangeinNWC-$20,00020,000NCS-$90,000CFFA-$110,00$51,780$51,780$71,78010-10MakingTheDecisionNowthatwehavethecashflows,wecanapplythetechniquesthatwelearnedinChapter9EnterthecashflowsintothecalculatorandcomputeNPVandIRRCF0=-110,000;C01=51,780;F01=2;C02=71,780;F02=1NPV;I=20;CPTNPV=10,648CPTIRR=25.8%Shouldweacceptorrejecttheproject?

10-11Daniellesisafurniturestorethatisconsideringaddingappliancestoitsofferings.Whichofthefollowingshouldbeconsideredincrementalcashflowsofthisproject?

I.utilizingthecreditofferedbyasuppliertopurchasetheapplianceinventoryII.benefitingfromincreasedfurnituresalestoappliancecustomersIII.borrowingmoneyfromabanktofundtheapplianceprojectIV.purchasingpartsforinventorytohandleanyappliancerepairsthatmightbenecessaryA.IandIIonlyB.IIIandIVonlyC.I,II,andIVonlyD.II,III,andIVonly复习题Whichofthefollowingshouldbeincludedintheanalysisofanewproduct?

I.moneyalreadyspentforresearchanddevelopmentofthenewproductII.reductioninsalesforacurrentproductoncethenewproductisintroducedIII.increaseinaccountsreceivableneededtofinancesalesofthenewproductIV.marketvalueofamachineownedbythefirmwhichwillbeusedtoproducethenewproductA.IandIIIonlyB.IIandIVonlyC.I,II,andIIIonlyD.II,III,andIVonlyE.I,II,III,andIV复习题Allofthefollowingarerelatedtoaproposedproject.Whichoftheseshouldbeincludedinthecashflowattimezero?

I.purchaseof$1,400ofpartsinventoryneededtosupporttheprojectII.loanof$125,000usedtofinancetheprojectIII.depreciationtaxshieldof$1,100IV.$6,500ofequipmentneededtocommencetheprojectA.IandIIonlyB.IandIVonlyC.IIandIVonlyD.I,II,andIVonlyE.I,II,III,andIV复习题MoreonNWCWhydowehavetoconsiderchangesinNWCseparately?

GAAPrequiresthatsalesberecordedontheincomestatementwhenmade,notwhencashisreceivedGAAPalsorequiresthatwerecordcostofgoodssoldwhenthecorrespondingsalesaremade,whetherwehaveactuallypaidoursuppliersyetFinally,wehavetobuyinventorytosupportsales,althoughwehaventcollectedcashyet10-15DepreciationThedepreciationexpenseusedforcapitalbudgetingshouldbethedepreciationschedulerequiredbytheIRSfortaxpurposesDepreciationitselfisanon-cashexpense;consequently,itisonlyrelevantbecauseitaffectstaxesDepreciationtaxshield=DTD=depreciationexpenseT=marginaltaxrate10-16ComputingDepreciationStraight-linedepreciationD=（Initialcostsalvage）/numberofyearsVeryfewassetsaredepreciatedstraight-linefortaxpurposesMACRSNeedtoknowwhichassetclassisappropriatefortaxpurposesMultiplypercentagegivenintablebytheinitialcostDepreciatetozeroMid-yearconvention10-17After-taxSalvageIfthesalvagevalueisdifferentfromthebookvalueoftheasset,thenthereisataxeffectBookvalue=initialcostaccumulateddepreciationAfter-taxsalvage=salvageT（salvagebookvalue）10-18Example:

DepreciationandAfter-taxSalvageYoupurchaseequipmentfor$100,000,anditcosts$10,000tohaveitdeliveredandinstalled.Basedonpastinformation,youbelievethatyoucanselltheequipmentfor$17,00