中级财务管理 103页【管理精品资料】.ppt

Availability of funds: fund constraint /capital rationing –Setting limits on Capital expenditures –Reason: Most companies have a limited amount of dollars available for investment Principles of Estimating Cash Flows –Cash flow should be measured on an incremental basis –Cash flow should be measured on an after-tax basis –All the indirect effects of a project should be included in the cash flow calculations –Sunk costs should not be considered –The value of resources used in a project should be measured in terms of their opportunity costs Tax Consequences at the End of a Project s Life Project’ ??Computing the Net Investment(NINV) –The key is to focus on marginal cash flows, so pay attention to the difference between the CF with the investment and the CF without the investment ??Computing Terminal Cash Flows –Recovery of after-tax salvage value –Recovery of net working capital: all recovered in the last year of the project –在寿命期结束时要考虑残值的回收和净营运资本的回收 –有关残值征税问题，各国均有不同的规定。因此，在做资本预算时应根据具体情况来确定 Interest charges and net cash flows –interest charges should not be deducted from the estimated cash flows Investment and financing decisions normally should be made independently of one another Double counting of interest cost can be avoided Depreciation –systematic allocation of the cost of an asset over more than one year –noncash expense and has effect on income tax to pay –higher depreciation rate—higher depreciation —lower taxable income—lower tax cash outflow—higher cash inflow Capital Budgeting: Decision Criteria Five key methods are used to rank projects and to decide whether or not they should be accepted for inclusion in the capital budget: (1) payback Period, (2) Book Rate of Return, (3) net present value (NPV), (4) internal rate of return (IRR),and (5) modified internal rate of return (MIRR).We will explain how each ranking criterion is calculated, and then we will evaluate how well each performs in terms of identifying those projects that will maximize