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Internatinal Finance Management 【国际财务管理】Lecture 7 Capital Budgeting
Lecture 7 Capital Budgeting Learning Objectives Calculate the incremental after-tax cash flows for a capital budgeting project Using discount cash flow approach to evaluate an investment decision Chapters covered: Chapter 10 Projects valuation In late 1990, the Boeing Company announced its intention to build the Boeing 777, a commercial airplane that would be able to carry up to 390 passengers and fly 7,600 miles. The RD expenditure necessary to manufacture the Boeing 777 would be as much as $8. Delivery of the first planes was expected to take place in 1995 and to continue for at least 35 years. Was the Boeing 777 a good projects for Boeing? Process in capital budgeting Estimate incremental cash flows associated with a project. Evaluate the risk of the project. Evaluate the cash flows by applying one or more of the capital budgeting techniques. Allocate capital of the firm among alternative projects. The impact of inflation on both the expected cash flow and discount rate Exchange rate risk, country risk … Investment Decision are based on incremental cash flow Incremental Cash Flows Always consider incremental cash flows from a project, not the total cash flows. Incremental cash flow = (Cash flow with project) minus (Cash flow without project). Sunk Costs Sunk costs are irrelevant for project valuation because they remain unaffected by the decision to accept or reject a project. Opportunity Costs Opportunity costs should be considered even if they are not out-of-pocket costs. This is because opportunity costs are affected by the decision to accept or reject the project. Side effects The most important side effect is erosion. Erosion is the cash flow transferred to a new project from customers and sales of other products of the firm Investment Decision are based on incremental cash flow Incremental Cash Flows Cost of Capital Financing cost is not included Net Working Capital Net Working Capital must be included Tax effects Gain from tax shield is treated as cash
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