公司理财规划课件009.ppt

公司理财规划课件009.ppt

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Copyright2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapter9MakingCapitalMakingCapitalInvestmentInvestmentDecisionsDecisions1-19-1KeyConceptsandSkillsUnderstandhowtodeterminetherelevantcashflowsforaproposedinvestmentUnderstandhowtoanalyzeaprojectsprojectedcashflowsUnderstandhowtoevaluateanestimatedNPV11-29-2ChapterOutlineProjectCashFlows:

AFirstLookIncrementalCashFlowsProFormaFinancialStatementsandProjectCashFlowsMoreonProjectCashFlowsEvaluatingNPVEstimatesScenarioandOtherWhat-IfAnalysesAdditionalConsiderationsinCapitalBudgeting21-39-3RelevantCashFlowsThecashflowsthatshouldbeincludedinacapitalbudgetinganalysisarethosethatwillonlyoccuriftheprojectisacceptedThesecashflowsarecalledincrementalcashflowsThestand-aloneprincipleallowsustoanalyzeeachprojectinisolationfromthefirmsimplybyfocusingonincrementalcashflows31-49-4AskingtheRightQuestionYoushouldalwaysaskyourself“WillthiscashflowchangeONLYifweaccepttheproject?

”Iftheansweris“yes,”itshouldbeincludedintheanalysisbecauseitisincrementalIftheansweris“no”,itshouldnotbeincludedintheanalysisbecauseitisnotaffectedbytheprojectIftheansweris“partofit,”thenweshouldincludethepartthatoccursbecauseoftheproject41-59-5CommonTypesofCashFlowsSunkcostscoststhathaveaccruedinthepastOpportunitycostscostsoflostoptionsSideeffectsPositivesideeffectsbenefitstootherprojectsNegativesideeffectscoststootherprojectsChangesinnetworkingcapitalFinancingcostsTaxes51-69-6ProFormaStatementsandCashFlowCapitalbudgetingreliesheavilyonproformaaccountingstatements,particularlyincomestatementsComputingcashflowsrefresherOperatingCashFlow（OCF）=EBIT+depreciationtaxesOCF=Netincome+depreciationwhenthereisnointerestexpenseCashFlowFromAssets（CFFA）=OCFnetcapitalspending（NCS）changesinNWC61-79-7Table9.1ProFormaIncomeStatementSales（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$21,78071-89-8Table9.2ProjectedCapitalRequirementsYear0123NWC$20,000$20,000$20,000$20,000NetFixedAssets90,00060,00030,0000TotalInvestment$110,000$80,000$50,000$20,00081-99-9Table9.5ProjectedTotalCashFlowsYear0123OCF$51,780$51,780$51,780ChangeinNWC-$20,00020,000CapitalSpending-$90,000CFFA-$110,00$51,780$51,780$71,78091-109-10MakingTheDecisionNowthatwehavethecashflows,wecanapplythetechniquesthatwelearnedinchapter8EnterthecashflowsintothecalculatorandcomputeNPVandIRRCF0=-110,000;C01=51,780;F01=2;C02=71,780NPV;I=20;CPTNPV=10,648CPTIRR=25.8%Shouldweacceptorrejecttheproject?

101-119-11TheTaxShieldApproachYoucanalsofindoperatingcashflowsusingthetaxshieldapproachOCF=（Salescosts）（1T）+Depreciation*TThisformmaybeparticularlyusefulwhenthemajorincrementalcashflowsarethepurchaseofequipmentandtheassociateddepreciationtaxshieldsuchaswhenyouarechoosingbetweentwodifferentmachines111-129-12MoreonNWCWhydowehavetoconsiderchangesinNWCseparately?

GAAPrequiresthatsalesberecordedontheincomestatementwhenmade,notwhencashisreceivedGAAPalsorequiresthatwerecordcostofgoodssoldwhenthecorrespondingsalesaremade,whetherwehaveactuallypaidoursuppliersyetFinally,wehavetobuyinventorytosupportsalesalthoughwehaventcollectedcashyet121-139-13DepreciationThedepreciationexpenseusedforcapitalbudgetingshouldbethedepreciationschedulerequiredbytheIRSfortaxpurposesDepreciationitselfisanon-cashexpense;consequently,itisonlyrelevantbecauseitaffectstaxesDepreciationtaxshield=DTD=depreciationexpenseT=marginaltaxrate131-149-14ComputingDepreciationStraight-linedepreciationD=（Initialcostsalvage）/numberofyearsVeryfewassetsaredepreciatedstraight-linefortaxpurposesMACRSNeedtoknowwhichassetclassisappropriatefortaxpurposesMultiplypercentagegivenintablebytheinitialcostDepreciatetozeroMid-yearconvention141-159-15After-taxSalvageIfthesalvagevalueisdifferentfromthebookvalueoftheasset,thenthereisataxeffectBookvalue=initialcostaccumulateddepreciationAfter-taxsalvage=salvageT（salvagebookvalue）151-169-16Example:

DepreciationandAfter-taxSalvageYoupurchaseequipmentfor$100,000anditcosts$10,000tohaveitdeliveredandinstalled.Basedonpastinformation,youbelievethatyoucanselltheequipmentfor$17,000whenyouaredonewithitin6years.Thecompanysmarginaltaxrateis40%.Whatisthedepreciationexpenseeachyearandtheafter-taxsalvageinyear6foreachofthefollowingsituations?

161-179-17Example:

Straight-lineDepreciationSupposetheappropriatedepreciationscheduleisstraight-lineD=（110,00017,000）/6=15,500everyyearfor6yearsBV