Capital Budgeting Process Overview 資本予算プロセス概要
- the Net Present Value Method
- the Internal Rate of Return Method
- the Payback Method
- the Discount Payback Method
- the Accrual Accounting Rate of Return Method
資本予算問題に使える公式
キャッシュフローの公式
\( \displaystyle \bf NCF = OI \times (1 – t) + Dep. \)
\( \displaystyle \bf NCF = (CIF – COF) \times (1 – t) + Dep. \times t \)
Where:
NCF = Net cash flow
OI = Operating income
CIF = Cash in flow
COF = Cash out flow
t = Marginal tax rate
Dep. = Depreciation
ネットキャッシュフローは、①税引後営業利益＋償却費、②税引後CF＋償却費のタックスシールド のいずれかで計算される
| NCF | 34 | 34 |
| ①ATOI＋Dep | ②ATCF＋TS | |
|---|---|---|
| 現金売上高 | 100 | 100 |
| 現金費用 | -50 | -50 |
| 償却費 | -10 | – |
| 営業利益 | 40 | 50 |
| 法人税(40%) | -16 | -20 |
| 純利益 | 24 | 30 |
| 償却費 | 10 | 10 |
| タックスシールド | – | 4 |
| 100% | 60% | 40% | |
|---|---|---|---|
| 現金売上高 | 100 | 60 | 40 |
| 現金費用 | -50 | -30 | -20 |
| 償却費 | 10 | 6 | 4 |
| 営業利益 | 40 | 24 | 16 |
Time Value of Money 貨幣の時間価値
PV of 1$ 現価係数
\( \displaystyle \bf PV = \frac{1}{(1 + r)^n} \)
Where:
PV = Present Value Interest Factor
r = Interest rate
n = Number of period
PV of a 1$ Ordinary Annuity 年金現価係数
\( \displaystyle \bf PVA= \frac{(1 + r)^n – 1}{r \times (1 + r)^n} \)
Where:
PVA = Present Value Interest Factor of Annuity
r = Interest rate
n = Number of period
https://www.foresight.jp/fp/column/coefficient/
www.foresight.jp
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