资本预算(1)

8-12001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungCapitalBudgetingChapter88-22001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungLearningObjective1Describethenatureandimportanceoflong-termassets.8-32001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungLong-Term(Capital)AssetsWhatarelong-termcapitalassets?Long-termcapitalassetsareequipmentorfacilitiesthatprovideproductiveservicestotheorganizationformorethanoneaccountingperiod.8-42001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungLong-Term(Capital)AssetsOrganizationshavedevelopedspecifictoolstocontroltheacquisitionanduseoflong-termassetsforthreereasons:1Organizationscommittolong-termassetsforextendedperiodsoftime.2Theamountofcapitalcommittedisusuallyverylarge.3Thelong-termnatureofcapitalassetscreatestechnologicalriskfororganizations.8-52001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungLong-Term(Capital)AssetsWhatiscapitalbudgeting?Itisasystematicapproachtoevaluatinganinvestmentinlong-termassets.8-62001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungLearningObjective2Usethebasictoolsandconceptsoffinancialanalysis:investment,return,futurevalue,presentvalue,annuities,andrequiredrateofreturn.8-72001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungInvestmentandReturnInvestmentisthemonetaryvalueoftheassetsthattheorganizationgivesuptoacquirealong-termasset.Returnistheincreasedcashinflowsinthefuturethatareattributabletothelong-termasset.Investmentandreturnarethefoundationsofcapitalbudgetinganalysis.8-82001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungTimeValueofMoneyAcentralconceptincapitalbudgetingisthetimevalueofmoney.Becausemoneycanearnareturn,itsvaluedependsonthetimeperiodinwhichitisreceived.Amountsofmoneyreceivedatdifferentperiodsoftimemustbeconvertedtotheirvalueonacommondatetobecompared.8-92001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungTimeValueofMoneyThefuturevalueofmoneyisthevaluethatanamountinvestedtodaywillbeafterastatednumberofperiodsatagivenrateofreturn.Howmuchwouldaninitialamountof$100accumulateoverfiveyearswhentherateofreturnis5%peryear?8-102001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungTimeValueofMoneyTodayYear55%5%5%5%5%$100.00$127.63FV=PV×(1+r)n8-112001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungTimeValueofMoneyCompoundGrowthofInvestment,5periodsat5%Year0:$1.00Year1:$1.05Year2:$1.1025Year3:$1.1576Year4:$1.2155Year5:$1.27638-122001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungPresentValueWhatisthepresentvalueofmoney?Itisthecurrentmonetaryworthofanamounttobepaidinthefutureunderstatedconditionsofinterestandcompounding.Analystscallafuturecashflow’svalueattimezeroitspresentvalue.Theprocessofcomputingpresentvalueiscalleddiscounting.8-132001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungPresentValueWhatisthepresentvalueof$127.63tobereceived5yearsfromnowwhentherateofreturnis5%peryear?$100.00PV=FV÷(1+r)n8-142001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungTimeValueofMoneyTodayYear55%5%5%5%5%$127.63$100.00Presentvalueof$127.63in5yearsata5%annualrateofreturn8-152001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungPresentValueandFutureValueofAnnuitiesWhatisanannuity?Itisacontractinvolvingaseriesofconstantpaymentsorreceiptstobepaidorreceivedforastatednumberofperiodsataspecifiedrate.8-162001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungPresentValueandFutureValueofAnnuitiesWhatisthefuturevalueofanannuity?Itisthesumofpaymentsplusaccumulatedinterest.Whatisthepresentvalueofanannuity?Itisthevaluetodayofaseriesoffuturepaymentsorreceipts.8-172001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungPresentValueandFutureValueofAnnuitiesFuturevalueofanannuityof$1,5periodsat5%PeriodsFutureValue1$1.0002$2.0503$3.1534$4.3105$5.5268-182001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungPresentValueandFutureValueofAnnuitiesPresentvalueofanannuityof$1,5periodsat5%PeriodsPresentValue1$0.9522$1.8593$2.7234$3.5465$4.3298-192001PrenticeHallBusinessPublishingManagementAccounting,3/E,Atkinson,Banker,Kaplan,andYoungCostofCapitalWhatisthecostofcapital?Itistheinterestrateorganizationsuseincomputingthetimevalueofmoney.Itequalsthereturnthattheorganizationmustearnonitsinvestmentstomeetitsinvestor’sreturnrequirements.Thecostofcapitalisthebenchmarktheorganizationusestoevaluateinvestmentproposals.8-202001PrenticeHallBusinessPublishingManagementAccountin