第七章 資本預(yù)算法則

第七章資本預(yù)算法則主要內(nèi)容：1、資本預(yù)算的含義2、資本預(yù)算的方法2023/7/161第一節(jié)資本預(yù)算概述一、資本預(yù)算含義資本預(yù)算是指對(duì)長(zhǎng)期投資項(xiàng)目進(jìn)行分析，并最終確定長(zhǎng)期投資項(xiàng)目的過程。二、投資項(xiàng)目的類型（1）獨(dú)立項(xiàng)目對(duì)其無論作出接受或放棄的決定都不會(huì)影響其他項(xiàng)目的項(xiàng)目。（2）互斥項(xiàng)目相互排斥，不能同時(shí)選取的方案。2023/7/162（3）關(guān)聯(lián)項(xiàng)目相互之間有影響的項(xiàng)目。對(duì)關(guān)聯(lián)項(xiàng)目應(yīng)作為一個(gè)大項(xiàng)目一并考察。三、資本預(yù)算的內(nèi)容（1）對(duì)互斥項(xiàng)目的決策—只選一個(gè)項(xiàng)目（2）對(duì)獨(dú)立項(xiàng)目的決策—選多個(gè)項(xiàng)目（3）資本限制條件下的關(guān)聯(lián)項(xiàng)目選擇—項(xiàng)目數(shù)量受資金量制約。2023/7/163第保二雖節(jié)維資英本擔(dān)預(yù)監(jiān)算咱方遷法一販、魚回暢收別期以法回躺收鍋期半是膝指顛回臘收麥投饑資稈成編本訓(xùn)需個(gè)要程的慈時(shí)杰間裝。回業(yè)收躁期必法(然P優(yōu)a待y澡b獸a網(wǎng)c編k勇P脖e裕r檢i籮o睡d騙R陪u敘l庸e惡)是下指疾用學(xué)收金回術(shù)原豆始驅(qū)投筍資咬時(shí)諸間版的功長(zhǎng)坊短膝來攜確速定匯投插資服方莊案文的夾方月法恢?；貐⑹仗悠诟械钠茮Q照策槳過絞程個(gè)很避簡(jiǎn)撫單喪。示所都有衫回侄收胳期閣等終于史或胳小谷于勝預(yù)碑定婦回切收罷期蒸的雞方扁案澇都腳可簽行盯；炊如護(hù)有碼多省個(gè)斷項(xiàng)序目朋，蓮選皮擇教回贈(zèng)收鴨期醉短詠的背項(xiàng)就目六。2器0包2淘3本/哈7尤/爬1惹34例即1項(xiàng)目預(yù)期現(xiàn)金流回收期（年）0123項(xiàng)目A項(xiàng)目B項(xiàng)目C項(xiàng)目D-3000-3000-3000-30001000100020001000200020001000100003000300050002222.2某祝企絹業(yè)差設(shè)怎定泊的答投完資依回啞收洗期博最櫻高盲為2年撒，疊則介下在列搭四梁個(gè)遠(yuǎn)項(xiàng)節(jié)目販中駛哪焰些齡項(xiàng)痛目捉可造行臺(tái)？2淺0巡壽2盆3愈/忌7茅/軍1驗(yàn)35回績(jī)收帽期映法壘的山缺復(fù)陷理：（1）疫沒校有更考校慮慰整醒個(gè)腎項(xiàng)京目冰期餃間般的詠現(xiàn)膜金外流（2）鈴忽漆略仆貨修幣盾的顏時(shí)僚間日價(jià)爬值如芳果永對(duì)嫌例1的累各必項(xiàng)竟目鑰計(jì)旬算N欄P靠V，斤則宏項(xiàng)鎖目A不兄可交行飛，揭項(xiàng)爪目D的確凈惱現(xiàn)背值深最痰大輸。項(xiàng)目預(yù)期現(xiàn)金流回收期（年）NPV(10%)0123項(xiàng)目A項(xiàng)目B項(xiàng)目C項(xiàng)目D-3000-3000-3000-30001000100020001000200020001000100003000300050002222.2-4381816189924922薄0嚷2況3薦/掉7永/送1匪36對(duì)變于戚更眾新駝?chuàng)Q訓(xùn)代細(xì)特賽別充快輩的嶄行規(guī)業(yè)司或曠資敞金焦匱兄乏崗的臥企緒業(yè)啦，魂資冊(cè)金猾的慨快鑄速奸回波收恥對(duì)霧企攝業(yè)肅的乎再括發(fā)趣展復(fù)至卵關(guān)墾重鈔要鹿。但秀回搏收開期鮮只侵能齒作陰為鬧凈坑現(xiàn)鵲值裝的甩一法種敬補(bǔ)同充傘，煤即碰應(yīng)翠從罷凈框現(xiàn)申值束大噴于0的誕項(xiàng)侮目將選嘉擇騰回特收盾期暗短莫的怎項(xiàng)盒目勸。回積收月期蜂法殘的月適愚用祥范駐圍論：2怖0證2紀(jì)3欄/友7案/科1框37二背、各折遍現(xiàn)定回效收提期救法折代現(xiàn)崗回果收和期另法冒（D億i坦s府c最o稱u狹n負(fù)t丙e休d邀P然a閉y單b艷a處c根k是R共u販l孕e）像是品先山對(duì)同現(xiàn)崖金扁流脆量耍進(jìn)徹行傾折嗚現(xiàn)的，典然犯后喇求油出炸達(dá)餃到運(yùn)初盤始訂投吊資租所揚(yáng)需瘦要攏的篩折濤現(xiàn)臭現(xiàn)裹金食流羨量挖的佛時(shí)鵝限枕長(zhǎng)犯短儉。當(dāng)禿項(xiàng)醒目溝的這累停計(jì)出凈陶現(xiàn)穿值甘為0時(shí)蹄所和需姑要鞋的末時(shí)蹦間畏，上就賀是為項(xiàng)狗目駁的每折除現(xiàn)投投贏資冬回粒收孝期厭。2厚0蚊2含3心/蘇7算/鑼1漠38例2：年份012345凈現(xiàn)金流量現(xiàn)值系數(shù)凈現(xiàn)值累計(jì)凈現(xiàn)值-10001-1000-10002900.9091263.64-736.366000.8264495.84-240.5215640.75131175.03934.5124350.68301663.102597.6144340.62092753.075350.68某風(fēng)項(xiàng)睜目京的借現(xiàn)繁金鑼流軟量奮見灶下洲表燦，用計(jì)牧算師該搏項(xiàng)衫目垃的錘折范現(xiàn)仙投叫資用回趕收盤期蹤蝶。2題0灰2誼3悄/購(gòu)7蜓/旁1幕39三謊、乎平漸均犯會(huì)奸計(jì)屯收躍益賤率藍(lán)法平軍均賽會(huì)因計(jì)沙收復(fù)益麻率稱是泳指允扣綿除乘所通得濟(jì)稅何和啞折地舊省后巨項(xiàng)禿目買的龍平逝均技預(yù)臺(tái)期受凈抖收煮益恥與智整民個(gè)勢(shì)項(xiàng)未目蓄壽劃命怒期偉內(nèi)文平混均壩賬惕面足投爽資屬額淋的秒比樹率享。平翠均閱會(huì)耀計(jì)夜收許益碎率蹄法賠的鑒決鹿策勉方簽法希是注：辨如某果泛投摩資象項(xiàng)惱目族的蓬平粉均尖會(huì)維計(jì)意收方益錯(cuò)率暗大銀于深投迎資港者自的理目應(yīng)標(biāo)羨收棄益蜂率丈，掛就慈接筒受駝該深項(xiàng)憶目伍；敵反楚之種則律放里棄例。2棵0磚2顆3嬌/佩7東/誤1撞31綁0例3某慚公蓋司求計(jì)師劃涉購(gòu)民置保一擺臺(tái)煙新已設(shè)荷備抄用雷以筋擴(kuò)孝大什生辰產(chǎn)匠，旦設(shè)易備戀的逝成舞本再為5甘0聚0冰0筑0元管，湊使川用立壽琴命請(qǐng)為5年塊，皺期陳滿雜無未殘瘋值隱，甜直缺線熔法言折丑舊格。線新臂設(shè)櫻備俱帶銳來飾的創(chuàng)現(xiàn)奏金君收勉入刮與疊支狗出碌的容變哲化奇如繩下塊表飲。年份12345收入增加額支出增加額45000250005000020000400001500030000100002000010000折舊前利潤(rùn)折舊20000100003000010000250001000020000100001000010000稅前利潤(rùn)所得稅(25%)10000250020000500015000375010000250000稅后凈利75001500011250750002廳0扶2昨3躁/將7快/落1陰31敬1年絲式平毒均龜凈準(zhǔn)收奮益=蔬(析7制5證0萍0棄+違1需5康0誤0勞0葉+宗1好1藝2剩5繩0雖+多7餅5河0流0撞+辟0耳)割÷皮5喚=障8猛2的5粘0平府均辦會(huì)領(lǐng)計(jì)慣收徹益圓率=匯8雁2跪5澤0÷翁2床5舊0場(chǎng)0噸0層=繞3死3佩%決揚(yáng)策田：竹如替果鵲公跟司閣預(yù)改定狐的夏會(huì)漂計(jì)血收守益據(jù)率侄低做于3活3雪%，哀則單該遲方蠟是找可陪接范受涌的寫。2甩0照2骨3鏡/涉7耳/圾1燒31德2平候均慕會(huì)尋計(jì)攏收飛益分率躍法堆的缺鞏陷滅：（1）柳會(huì)移計(jì)耍核的算剖方白法吩不儀同鞭，惰收抱益眾數(shù)驢值縱將附發(fā)侮生窗變劍化（2）泉未估考慈慮除貨背幣道時(shí)口間闖價(jià)朽值（3）芳該艙方乳法丹依襪賴與的鮮是涉主亭觀遭的湯判捆斷隸標(biāo)近準(zhǔn)聽。因代此張，危僅參僅濕用特平安均脂會(huì)宮計(jì)漁收值益挺率虧法陷作福為另取倚舍別項(xiàng)石目鑼的本方桃法巴，雨可籃能蛛決天策蹈錯(cuò)敗誤程。2猛0閱2薄3餅/搜7紋/旅1班31遙3四村、得內(nèi)螺含彈報(bào)屢酬佩率騰法牢（爹內(nèi)建部斑收晉益偏法珍）內(nèi)樸含物報(bào)末酬呈率恒是胃使掩凈舍現(xiàn)款值兩等勵(lì)于0的矛貼菜現(xiàn)較率節(jié)。內(nèi)禍含上報(bào)者酬檢率與法僻則避：聰選彎擇蹈內(nèi)召含男報(bào)如酬奪率吸大懼于坊資革金梅成辭本壓率夕的剝方形案歲；折內(nèi)差含墓報(bào)經(jīng)酬掃率番高訪的足項(xiàng)縣目虎優(yōu)腫于泄內(nèi)堪含籮報(bào)禮酬牧率伍低晌的瞇項(xiàng)咬目舒。在撫互室斥絞方艇案索的筒選送擇渴中喪，民當(dāng)恢內(nèi)啞含瘡報(bào)板酬和率狐法志與母凈度現(xiàn)陡值近法書發(fā)薄生鼓矛淘盾麥時(shí)交（I爸R癥RA＞I其R僻RB,駕N晨P眨VA＜N召P泡VB）,通憂常咽選蹤蝶擇N詞P斷V大戶的酒方慈案燥。2囑0侮2歲3障/土7遺/劫1喂31雪4第墓三幼節(jié)藏有況資淋本刃限撐制斷條陰件飛下準(zhǔn)的鉛資閃本執(zhí)預(yù)漸算▲在超許韻多肢情蔬況正下般，稈企壁業(yè)苦由型于雖資徹金掛有覺限禾，證不劉能教投唯資穗于拖所境有概可啊接愛受詳?shù)碾A項(xiàng)芳目敬。啦當(dāng)貝存捕在涉資憂本昨限膝制羊時(shí)辮，辰應(yīng)寨在服資笨源眼有政限對(duì)的芒條敬件鑒下惑，欠選蒙擇跪最齒佳捧的提投擺資比組辜合垃。一按、湯凈患現(xiàn)閣值鵲法首輝先各，計(jì)裙算格各瀉項(xiàng)祖目化的勁凈紫現(xiàn)急值愚。其樣次舞，對(duì)塘凈蚊現(xiàn)繼值飯為隔正銳的文項(xiàng)傍目轎在援資圣本上限伐量訴內(nèi)素進(jìn)云行任各責(zé)種企可棄能茶的民組半合么。最警后扎，選絲式擇抽凈責(zé)現(xiàn)瞧值言最刪大陶的漫投孩資想項(xiàng)溉目帳組何合滲。2林0校2純3磁/館7敏/乓1踏31項(xiàng)5例4某殼企露業(yè)栗可造用秋于線投跡資艇的姜資腹本配總殿額招為1福0籃0萬(wàn)章元艷，工有少下逝表龜?shù)?個(gè)駐項(xiàng)尚目送可堆供膜選誤擇歸，疼請(qǐng)舞為懂該幣企德業(yè)律選櫻擇喝投董資濃項(xiàng)傅目功。投資項(xiàng)目初始投資(萬(wàn)元)凈現(xiàn)值(萬(wàn)元)ABCDEF153648332715927304530-32濱0屑2窗3捧/到7值/沸1寨31儲(chǔ)6項(xiàng)目組合初始投資(萬(wàn)元)凈現(xiàn)值總和(萬(wàn)元)ABCABDABEBDEACDADE9984789696756681661028484（1）黨淘致汰席凈驅(qū)現(xiàn)級(jí)值山為璃負(fù)搜數(shù)壁的F項(xiàng)斬目闖。（2）蚊將符凈喂現(xiàn)寫值猜為支正鍬的A暴B諷C驅(qū)D殿E五海個(gè)聞項(xiàng)杰目爸在襖資舊本借限猜額襲內(nèi)饑進(jìn)猴行倒各微種呼可樂能模的漿組低合說。（3）環(huán)選氧擇腐凈找現(xiàn)爪值捎最郵大貌的窩組覽合B等D閥E。2墓0槳2暑3賞/迅7拋/剝1陣31認(rèn)7第歷三矛節(jié)辱有足資說本倒限插制刪條糖件牲下慘的鉛資災(zāi)本悼預(yù)釣算二懷、勵(lì)盈芹利按指造數(shù)庫(kù)法盈手利洗指展數(shù)筆是吧衡茫量切每萬(wàn)一冒單硬位餐投巴資孔額哥所總能午獲啟得帥的井凈營(yíng)現(xiàn)山值登大活小惑。盈牙利濁指宇數(shù)霸越矮高圓，艇表借明走項(xiàng)君目脆的壞回洲報(bào)塘率血也樹越磨高茶，茶在長(zhǎng)資麗本俘有泰限崇的從情冒況讀下氏，寺企蕉業(yè)辟力滋求崗將緊資雜金凱投慢入既回雪報(bào)還高扮的眾項(xiàng)燃目曲中勉去冷。2悠0密2敏3拍/寒7蜓/衫1著31凳8例5某柄企脆業(yè)隙可那用淺于損投活資促的日資度本需總形額抱為3盟0哲0追0萬(wàn)購(gòu)元間，淹有序下掃表蹤蝶的3個(gè)榜項(xiàng)公目狼可御供淚選述擇棟，蠻請(qǐng)農(nóng)為針該爪企馳業(yè)欺選