公司理财第十章.ppt
- 文档编号:2695023
- 上传时间:2022-11-07
- 格式:PPT
- 页数:39
- 大小:1.07MB
公司理财第十章.ppt
《公司理财第十章.ppt》由会员分享,可在线阅读,更多相关《公司理财第十章.ppt(39页珍藏版)》请在冰豆网上搜索。
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
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 公司 理财 第十