公司金融课件：投资决策.pptVIP

6-* * * I heard a story about an undergrad at the University of Missouri-Rolla. A student named Louis abandoned college three credit hours shy of graduation. Really. Entreaties from his friends and parents regarding how far he had come and how hard he had worked could not change Louis’ mind. That was all a sunk cost to Louis. He already had a job and didn’t value the degree as much as the incremental work of an easy three-hour required class called ET-10 Engineering Drafting. Fifteen years later, he still has a good job, a great wife and two charming daughters. Louis taught me a lot about sunk costs. * * * * * * 投资决策 6.1增量现金流量 增量现金流量:净流入量（P25） 资本预算采用现金流量而非会计利润:日常开支需要 增量现金流量 沉没成本是不相关的（在项目实施前） 机会成本是相关的！如果一个项目的NPV为正，并不意味着我们就应当自动接受它。特别地，如果将资金用于另一个项目还可能带来更高的NPV，我们显然就不应继续这个项目。 增量现金流量 副效应的影响 侵蚀是件“坏”事。如果新产品会导致客户减少对现有产品的消费，我们必须考虑到它的影响。 不过，也可能会有协同效应产生。例如，新产品的上市使得原有产品的需求也增加。决策时也必须考虑到这种影响的存在。 例子：IPHONE6对IPHONE5 6.2 通货膨胀与资本预算 通货膨胀是经济生活中不容忽视的重要因素，在资本预算中必须考虑通货膨胀的影响 下列等式考察了利率与通货膨胀的关系，常被称为费雪等式（the Fisher equation）： (1 + 名义利率) = (1 +实际利率) × (1 + 通货膨胀率) 当通货膨胀率较低时，常使用以下这个近似公式： 实际利率 ? 名义利率 – 通货膨胀率 通货膨胀与资本预算 在资本预算中，应当按真实利率来折现的真实现金流量与按名义利率折现名义现金流量原则进行。 6-* * * I heard a story about an undergrad at the University of Missouri-Rolla. A student named Louis abandoned college three credit hours shy of graduation. Really. Entreaties from his friends and parents regarding how far he had come and how hard he had worked could not change Louis’ mind. That was all a sunk cost to Louis. He already had a job and didn’t value the degree as much as the incremental work of an easy three-hour required class called ET-10 Engineering Drafting. Fifteen years later, he still has a good job, a great wife and two charming daughters. Louis taught me a lot about sunk costs. * * * * * *