TAILIEUCHUNG - Financial Analysis: Tools and Techniques Phần 6

Chương 7 dòng tiền mặt và giá trị Thời gian của tiền Như chúng ta sẽ thấy sau này, giới thiệu một mô hình biến đổi của dòng chảy tiền mặt định kỳ đáng kể có thể ảnh hưởng đến kết quả phân tích. | CHAPTER 7 Cash Flows and the Time Value of Money 231 is added the depreciation effect of 16 667. As we ll see later introducing a variable pattern of periodic cash flows can significantly influence the analytical results. Level periodic flows are easiest to deal with and are generally found in financial contracts of various kinds but they are quite rare in the business setting. Uneven cash flows are more common and they make the analysis a little more complex but such patterns can be handled readily for calculation purposes as we ll demonstrate. Economic Life The third element the time period selected for the analysis is commonly referred to as the economic life of the investment project. For purposes of investment analysis the only relevant time period is the economic life as distinguished from the physical life of equipment or the technological life of a particular process or service. Even though a building or a piece of equipment might be perfectly usable from a physical standpoint the economic life of the investment is finished if the market for the product or service has disappeared. Similarly the economic life of any given technology or service is bound up with the economics of the market-place the best process is useless if the resulting product or service can no longer be sold. At that point any resources still usable will have to be repositioned which requires another investment decision or they might be disposed of for their recovery value. When redeploying such resources into another project the net investment for that decision would of course be the estimated recovery value after taxes. In our simple example we have assumed a six-year economic life the period over which the product manufactured with the equipment will be sold. The depreciation life used for accounting or tax purposes doesn t normally reflect an investment s true life span and in this case we ve only made it equal to the economic life for simplicity. As we discussed earlier such .

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