2. 考研
  3. A firm can be seen as nothing more than a collection of projects．A firm must allocate cash to projects within its budgets．Theref

A firm can be seen as nothing more than a collection of projects．A firm must allocate cash to projects within its budgets．Theref

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问题 A firm can be seen as nothing more than a collection of projects．A firm must allocate cash to projects within its budgets．Therefore，the process of deciding which projects to undertake and which projects to pass up is called capital budgeting．Capital budgeting is at the heart of corporate decision－making．
    As far as finance is concerned，every project is a set of cash flows．Most pmjects require an upfront cash outflow (an investment or expense or cost)  and ane followed by a series of later cash inllows  (payoffs or revenues or returns)．It does not matter whether the cash flows come from garbage hauling or diamond sales．Cash is cash．However，it is important that all costs and benefits are included as cash values If you would have to spend more time or have more distaste to haul trash，you would have to translate this into an equivalent cash negative Similarly、if you want to do a project“for the fun of it，”you must translate this into a cash positive．The discipline of finance takes over after all positives and negatives(inflows and outflows)from the project“black boX”have been translated into their monetary cash value．
    To btain a project’s value today，you must compute the net present value(NPV)．NPV translates all future cash nows，both infows and outflows，into their equivalent present values today，and then adds them up to find the“net”：the“net present value” of the project．The Net Presen Value Capital Budgeting Rule states that a firm should accept projects with a positive NPV and reject projects with a negative NPV．
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答案一家公司可以看成是一系列项目的集合，公司必须要在其预算范围内向项目投放资金。因此，决定哪个项目该投资，哪个项目该放弃的过程就是资本预算。资本预算是公司决策的核心。 只要考虑到融资，每一个项目都是一系列现金流。大多数项目需要一笔现金流出(即投资或者花费成本)及随后的一系列现金流入(即回报或者收入)。至于现金流来自垃圾搬运或是钻石销售是没有关系的。现金流就是现金，然而，很重要的是所有收益和成本要换算成现金价值。如果你要在搬运垃圾上花更多时间或者不喜欢垃圾搬运，你要把这些换算成负向现金流。同样地，如果做一个项目时真的喜欢它，你必须把这个转换成负向现金流。在项目“黑箱”所有正负向现金流(现金流入流出)转换成它们的现金价值后，融资行为就结束了。 要算得一个项目在今天的价值，必须要计算出它的净现值。净现值把未来所有的现金流(现金流入和流出)转换成相等的在今天的价值，然后把它们加总可得到净值，即项目的净现值。资本预算的净现值法表明公司应接受正的净现值项目。拒绝负的净现值项目。
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