唯學網(wǎng)小編提醒：CFA考試中的財務會計內容知識比較簡單些，所以只要把書后習題(不是notes中的習題是指定教材的能夠搞清楚，這方面的知識點在考試的時候就會變得輕松起來。建議CFA考試的考生多做這塊兒的真題，真題題型是有限的。

Reading 27 資本預算

Basic capital budgeting model (WACC model):

Cash flow projections:

Initial investment cash flow (outlay) = FCInv + WCInv ;

Operating cash flow after tax = EBIT * (1 - T) + Dep = (S - C - Dep)(1 - T) + Dep;

c) Terminal non-operating cash flow after tax = Saln – T * (Saln - Bn) + WCInv.

注：WACC法中現(xiàn)金流的計算與FCFF算法是類似的。

2) Cash flows for a replacement project:

a) Outlay = FCInv + NWCInv - Sal0+ T * (Sal0 - B0);

b) OCF = (ΔS - ΔC - ΔDep)(1 - T) + ΔDep;

c) TNOCF = Saln – T * (Saln - Bn) + WCInv.

3) Other issues:

a) Accelerated depreciation effect: NPV↑(lower tax);

b) Inflation effect: nominal/real cash flow and discount rate.

2. Project evaluation:

1) Mutually exclusive projects with unequal lives:

a) Least common multiple lives approach;

b) Equivalent annual annuity approach (EAA);

2) Capital rationing: fit within the budget constraints, and maximize the NPV;

3) Risk analysis:

a) Estimation risk: sensitivity analysis (for each variable), scenario analysis (for several variables), simulation analysis;

b) Market risk: use project beta rather than company beta (pure-play method):

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