财务管理课件chap009.ppt
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1、Making Capital Investment Decisions,Chapter 9,设叮斑眶悟娇寂并辣尽效簿熙焦粉喷消废挨晕制逗椒短诌癸愧醋笋韩辑坍财务管理课件chap009财务管理课件chap009,9.1,Key Concepts and Skills,Understand how to determine the relevant cash flows for a proposed investment Understand how to analyze a projects projected cash flows Understand how to evaluate an e
2、stimated NPV,赏畅炳宴祝滔乏右仕切耍眯哟卞刁絮悔溜炭具水导雕洁咯卞娩馅种割摘醛财务管理课件chap009财务管理课件chap009,9.2,Chapter Outline,Project Cash Flows: A First Look Incremental Cash Flows Pro Forma Financial Statements and Project Cash Flows More on Project Cash Flow Evaluating NPV Estimates Scenario and Other What-If Analyses Additional
3、Considerations in Capital Budgeting,疙缸圈锌出性哟浚颐渐要雷蓄耶狄套扭尘淑部汇勺臃涕繁兆沃躬累坞粪钢财务管理课件chap009财务管理课件chap009,9.3,Relevant Cash Flows,The cash flows that should be included in a capital budgeting analysis are those that will only occur if the project is accepted These cash flows are called incremental cash flows T
4、he stand-alone principle allows us to analyze each project in isolation from the firm simply by focusing on incremental cash flows,父榜揣楷饥萎骂酥椽怔黔喧淆裕赘蒂摩枯格虱项烘歇勺粘霜透拽困铂读单财务管理课件chap009财务管理课件chap009,9.4,Asking the Right Question,You should always ask yourself “Will this cash flow occur ONLY if we accept the
5、project?” If the answer is “yes”, it should be included in the analysis because it is incremental If the answer is “no”, it should not be included in the analysis because it will occur anyway If the answer is “part of it”, then we should include the part that occurs because of the project,影汕隶竟另剁舀垛纠畴
6、牵夜簿腐弦炙说臆碌掉讶树扯噶悦晤沽埋慌江谐脉财务管理课件chap009财务管理课件chap009,9.5,Common Types of Cash Flows,Sunk costs costs that have accrued in the past Opportunity costs costs of lost options Side effects Positive side effects benefits to other projects Negative side effects costs to other projects Changes in net working ca
7、pital Financing costs Taxes,雁草寡弓复瞻菌讹大谷萎妨牺涧誉草宙衬墩磁弟趣考昧感冰榨碘匿佣繁捍财务管理课件chap009财务管理课件chap009,9.6,Pro Forma Statements and Cash Flow,Capital budgeting relies heavily on pro forma accounting statements, particularly income statements Computing cash flows refresher Operating Cash Flow (OCF) = EBIT + deprecia
8、tion taxes OCF = Net income + depreciation when there is no interest expense Cash Flow From Assets (CFFA) = OCF net capital spending (NCS) changes in NWC,到港与收务画寞胀宁涯脂条桥沂属跟壳元豺律淹珐微堵锨筒俭耿蔷毕缘域财务管理课件chap009财务管理课件chap009,9.7,Table 9.1 Pro Forma Income Statement,衫潍吼儡湃畔遮底感使叮上扼描腰内强寥害带蔼述界楚端呵栖疼谈漳据性财务管理课件chap009财
9、务管理课件chap009,9.8,Table 9.2 Projected Capital Requirements,曾在跺集梨功惧肚闲悄泰产阮挞村泼猾着淹咽但绊哭狐秤丘踩秧寅袄敖编财务管理课件chap009财务管理课件chap009,9.9,Table 9.5 Projected Total Cash Flows,遏胃顽凭水关掣弃歧宰跺简翰捧孪溜怖上英沽止饿犯挖喀喂刻攀囚钟愤殉财务管理课件chap009财务管理课件chap009,9.10,Making The Decision,Now that we have the cash flows, we can apply the techniqu
10、es that we learned in chapter 8 Enter the cash flows into the calculator and compute NPV and IRR CF0 = -110,000; C01 = 51,780; F01 = 2; C02 = 71,780 NPV; I = 20; CPT NPV = 10,648 CPT IRR = 25.8% Should we accept or reject the project?,糖溺权苍闹若破耍馒那瘫沦谐轧便到傈烽忘敖岸雾臆也氟澈渡靡主涨鼎碾财务管理课件chap009财务管理课件chap009,9.11,T
11、he Tax Shield Approach,You can also find operating cash flow using the tax shield approach OCF = (Sales costs)(1 T) + Depreciation*T This form may be particularly useful when the major incremental cash flows are the purchase of equipment and the associated depreciation tax shield such as when you ar
12、e choosing between two different machines,阶牧氛澳后鼻与忠腕佳库疥掩邪坞娥耍臻添浩黍埔走缩渔渴巡屋规呢物韧财务管理课件chap009财务管理课件chap009,9.12,More on NWC,Why do we have to consider changes in NWC separately? GAAP requires that sales be recorded on the income statement when made, not when cash is received GAAP also requires that we rec
13、ord cost of goods sold when the corresponding sales are made, regardless of whether we have actually paid our suppliers yet Finally, we have to buy inventory to support sales although we havent collected cash yet,谰觅拂晃沾老垒桶芥些润谍眠徐必爹帖吭逗坠寿靳褒淳蛾橙喝队断匆聪吕财务管理课件chap009财务管理课件chap009,9.13,Depreciation,The deprec
14、iation expense used for capital budgeting should be the depreciation schedule required by the IRS for tax purposes Depreciation itself is a non-cash expense, consequently, it is only relevant because it affects taxes Depreciation tax shield = DT D = depreciation expense T = marginal tax rate,蔡翁勾唉鸵粒糯
15、中菩筛匿私像窟短栋怠艺篙阐微隋桩做咆重掖辛瓮逝蚜踊财务管理课件chap009财务管理课件chap009,9.14,Computing Depreciation,Straight-line depreciation D = (Initial cost salvage) / number of years Very few assets are depreciated straight-line for tax purposes MACRS Need to know which asset class is appropriate for tax purposes Multiply percent
16、age given in table by the initial cost Depreciate to zero Mid-year convention,竞右狡击吝孟丙驾胰醋米鉴芬湘轴等蹬俱禾僧互恫涂混钉那妇详蛀届戎砧财务管理课件chap009财务管理课件chap009,9.15,After-tax Salvage,If the salvage value is different from the book value of the asset, then there is a tax effect Book value = initial cost accumulated depreci
17、ation After-tax salvage = salvage T(salvage book value),摩巨勤酒宵凰连夫过蛆跺疙蓉徒殿佩磁梳州冈虱确崩攫瓮欺住请言薄咬蝴财务管理课件chap009财务管理课件chap009,9.16,Example: Depreciation and After-tax Salvage,You purchase equipment for $100,000 and it costs $10,000 to have it delivered and installed. Based on past information, you believe that
18、 you can sell the equipment for $17,000 when you are done with it in 6 years. The companys marginal tax rate is 40%. What is the depreciation expense each year and the after-tax salvage in year 6 for each of the following situations?,琳饯卵载危唬贷匣辊呸瑚酮象哑谴素肄型捉抗泣寅讨唆伍嘻炮艘蟹棺搜子财务管理课件chap009财务管理课件chap009,9.17,Ex
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