taiwan财务管理_lecture7(ch7)(PPT 15页)

,Irwin/McGraw-Hill,Chapter7,FundamentalsofCorporateFinanceThirdEdition,UsingDiscountedCashFlowAnalysistoMakeInvestmentDecisions,BrealeyMyersMarcusslidesbyMatthewWill,Irwin/McGraw-Hill,TheMcGraw-HillCompanies,Inc.,2001,TopicsCovered,DiscountedCashFlows,NetProfitsIncrementalCashFlowsTreatmentofInflationSeparationofInvestment&FinancingDecisionsExample:BlooperIndustries,CashFlowvs.AccountingIncome,DiscountactualcashflowsUsingaccountingincome,ratherthancashflow,couldleadtoerroneousdecisions.,ExampleAprojectcosts$2,000andisexpectedtolast2years,producingcashincomeof$1,500and$500respectively.Thecostoftheprojectcanbedepreciatedat$1,000peryear.Givena10%requiredreturn,comparetheNPVusingcashflowtotheNPVusingaccountingincome.,CashFlowvs.AccountingIncome,CashFlowvs.AccountingIncome,IncrementalCashFlows,DiscountincrementalcashflowsIncludeAllIndirectEffectsForgetSunkCostsIncludeOpportunityCostsRecognizetheInvestmentinWorkingCapitalBewareofAllocatedOverheadCosts,IncrementalCashFlows,IMPORTANTAskyourselfthisquestionWouldthecashflowstillexistiftheprojectdoesnotexist?,Ifyes,donotincludeitinyouranalysis.Ifno,includeit.,Inflation,INFLATIONRULEBeconsistentinhowyouhandleinflation!Usenominalinterestratestodiscountnominalcashflows.Userealinterestratestodiscountrealcashflows.Youwillgetthesameresults,whetheryouusenominalorrealfigures,Inflation,ExampleYouownaleasethatwillcostyou$8,000nextyear,increasingat3%ayear(theforecastedinflationrate)for3additionalyears(4yearstotal).Ifdiscountratesare10%whatisthepresentvaluecostofthelease?,Inflation,Example-nominalfigures,Inflation,Example-realfigures,SeparationofInvestment&FinancingDecisions,Whenvaluingaproject,ignorehowtheprojectisfinanced.Followingthelogicfromincrementalanalysisaskyourselfthefollowingquestion:Istheprojectexistencedependentonthefinancing?Ifno,youmustseparatefinancingandinvestmentdecisions.,BlooperIndustries,(,000s),BlooperIndustries,CashFlowFromO