TAILIEUCHUNG - Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 6

CHAPTER SIX MAKING INVESTMENT DECISIONS WITH THE NET PRESENT VALUE RULE WE HOPE THAT by now you are convinced that wise investment decisions are based on the net present value rule. In this chapter we can think about how to apply the rule to practical capital investment decisions. | 6. Making Investment Decisions with the Net Present Value Rule The McGraw-Hill Companies 2003 CHAPTER IX MAKING INVESTMEN DECISION WIT THE NET PRESEN VALUE RUL 118 Brealey-Meyers Principles of Corporate Finance Seventh Edition I. Value 6. Making Investment Decisions with the Net Present Value Rule The McGraw-Hill Companies 2003 WE HOPE THAT by now you are convinced that wise investment decisions are based on the net present value rule. In this chapter we can think about how to apply the rule to practical capital investment decisions. Our task is threefold. First what should be discounted We know the answer in principle discount cash flows. But useful forecasts of cash flows do not arrive on a silver platter. Often the financial manager has to make do with raw data supplied by specialists in product design production marketing and so on. This information has to be checked for completeness consistency and accuracy. The financial manager has to ferret out hidden cash flows and take care to reject accounting entries that look like cash flows but truly are not. Second how does the financial manager pull everything together into a forecast of overall bottom-line cash flows This requires careful tracking of taxes changes in working capital inflation and the end-of-project salvage values of plant property and equipment. We will work through a realistic example. Third how should a financial manager apply the net present value rule when choosing between investments in plant or equipment with different economic lives For example suppose you must decide between machine Y with a 5-year useful life and machine Z with a 10-year useful life. The present value of Y s lifetime investment and operating costs is naturally less than Z s because Z will last twice as long. Does that necessarily make Y the better choice Of course not. We will show you how to transform the present value of an asset s investment and operating costs into an equivalent annual cost that is the total cost per .

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