国际财务管理答案Chap【实用文档】doc文档可直接使用可编辑，欢迎下载ＣHＡPTER１８INTＥRNATIONALCAPＩTＡLBＵDGETＩNGSUＧGＥＳTEＤＡＮSWEＲＳANＤＳOLUＴIONＳＴOＥND—OF-ＣHAPＴＥRQUESTIＯNＳAＮDPROＢLEMＳQUESTIONＳ1。Wｈyiscａpitaｌbudgetinｇaｎalysissoimportａnｔtothefirm？Aｎsweｒ：Thefｕndａmentaｌgoalｏfｔhefinancialmanageｒistomaximizeｓｈａrｅholdeｒwｅalth.CapｉｔalｉnｖesｔmｅntswithposiｔｉvｅＮPＶorAPVcontribuｔetosｈarｅholderweaｌth.Aｄditｉonally，cａpiｔalｉnｖeｓtmentｓｇenerａllyreprｅｓentｌarｇeexpeｎdiｔuｒesrelativｅtothevalｕeofthｅentirefｉrm.Thｅseinvｅstmｅｎtsdetermｉnehoｗeffｉcｉenｔlｙａndｅxpensiveｌyｔｈefiｒmｗｉllproｄｕｃeｉtsproｄucｔ。Conseqｕently,capitaleｘpendituresdeteｒｍinｅthｅｌoｎg—ruｎｃｏｍｐｅtitivｅpｏｓｉtｉｏnoftheｆｉrminｔheproｄｕctｍarketｐｌace。2。WhatｉstｈｅintｕitioｎｂehiｎdtheNPVｃaｐiｔalbｕｄｇｅｔingfraｍｅworｋ？Answeｒ：TｈeNＰVframeworkisaｄiｓｃｏuntｅdｃashflｏwtechnｉqｕe.Themetｈodoｌｏgｙcompａresｔhepｒesenｔvａlueｏfallｃaｓｈinflｏwsａｓsｏｃｉatedwｉthｔhepｒoposedprｏjectｖersusthepreseｎtｖaluｅofalｌprｏjｅｃｔoutflowｓ.Ｉfinｆloｗsareenｏughtoｃｏveraｌloｐeratingｃosｔsandfinａnｃingcoｓts，thepｒojectaddｓwealｔhtosｈaｒｅholdeｒｓ。3。Ｄiscusswhatisｍeａntbythｅｉncrｅｍenｔａlcashflowsoｆａcaｐitalprｏjｅct.Ａnswer:Incrｅmenｔａlcashfloｗsarｅdｅnotｅdｂｙthechangeｉｎtotａｌfirmcashiｎｆlowsanｄcａshoｕｔflowｓthaｔcaｎbetraceddireｃtｌytothepｒojectunｄerａnalｙｓis．4.Ｄiscussｔheｎaｔｕreｏｆthｅeｑuａｔｉonseqｕｅnce，Equａｔｉoｎ18．2ato18．2f．Answeｒ：Theeｑuａｔionsequｅncｅisａpresenｔａtiｏnｏfincｒemenｔaｌａnnualｃashｆlｏwsaｓｓｏciａｔedwithａcapｉtalexｐendｉturｅ．Eｑuation18.2apｒeｓeｎtｓthｅmoｓｔｄetaiｌeｄexprｅssiｏnfｏrcaｌｃｕlatingtheseｃashｆlowｓ;itiscomposeｄofthrｅeｔerms。Equａtiｏn18。2ｂshowsｔhａｔｔhesｅthrｅetermsａre：i)incｒｅmeｎtalｎｅtprｏfiｔassoｃｉaｔｅdｗithｔhepｒｏject；ii)incrｅmenｔaldｅpｒeciaｔｉonaｌlowａnce；anｄ，ｉｉi）incｒemｅntalafｔeｒ—taxintｅｒestexpenseassｏciａtedwitｈtｈeｂoｒrｏwinｇcapacitycreatｅdｂytheprojeｃｔ．Note，ｔhｅincrｅmentaｌ“neｔproｆit”ｉsnotacｃouｎtｉngｐrofitbutraｔhｅｒneｔｃaｓhａctuａlｌyａvailaｂｌｅforｓｈａrehoｌｄｅrｓ.Eqｕａｔion１8.2ccａｎceｌsoｕttheaftｅr-taxinｔeｒesttｅrｍin1８．2a,ｙｉeldingasiｍplerformula。Ｅquaｔiｏn１8.2ｄshowsｔｈaｔtｈefirｓｔtｅrmｉn18。2ciｓgeneraｌｌycalｌeｄafter－tａxnetopｅｒatiｎgincome。Eｑuatioｎ１8．2eｙiｅｌdsyetａcomputationallysimplｅrformｕｌabycｏmｂiｎiｎｇtheｄｅｐ