彼得羅斯公司理財(cái)cap(8)-展示頁
2024-10-28 18:00本頁面
【正文】 act of economic life and must be considered in capital budgeting. ? Consider the relationship between interest rates and inflation, often referred to as the Fisher equation: (1 + Nominal Rate) = (1 + Real Rate) (1 + Inflation Rate) 620 Inflation and Capital Budgeting ? For low rates of inflation, this is often approximated: Real Rate ? Nominal Rate – Inflation Rate ? While the nominal rate in the . has fluctuated with inflation, the real rate has generally exhibited far less variance than the nominal rate. ? In capital budgeting, one must pare real cash flows discounted at real rates or nominal cash flows discounted at nominal rates. 621 Other Methods for Computing OCF ? BottomUp Approach ? Works only when there is no interest expense ? OCF = NI + depreciation ? TopDown Approach ? OCF = Sales – Costs – Taxes ? Do not subtract noncash deductions ? Tax Shield Approach ? OCF = (Sales – Costs)(1 – T) + Depreciation*T 622 Investments of Unequal Lives ? There are times when application of the NPV rule can lead to the wrong decision. Consider a factory that must have an air cleaner that is mandated by law. There are two choices: ?The ―Cadillac cleaner‖ costs $4,000 today, has annual operating costs of $100, and lasts 10 years. ?The ―Cheapskate cleaner‖ costs $1,000 today, has annual operating costs of $500, and lasts 5 years. ? Assuming a 10% discount rate, which one should we choose? 623 Investments of Unequal Lives At first glance, the Cheapskate cleaner has a higher NPV. 10 –100 –4, – 4,000 CF1 F1 CF0 I NPV 10 5 –500 –2, –1,000 CF1 F1 CF0 I NPV 10 Cadillac Air Cleaner Cheapskate Air Cleaner 624 Investments of Unequal Lives ?This overlooks the fact that the Cadillac cleaner lasts twice as long. ?When we incorporate the difference in lives, the Cadillac cleaner is actually cheaper (., has a higher NPV). 625 Equivalent Annual C
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