資本支出教學個案-以預拌業為例

企業眾多決策中，以資本支出決策最為重要，因為資本支出決策並非重複性的決策，投資金額龐大，具有極大之風險，其成敗與否影響企業之經營甚鉅故。資本投資屬於長期性固定資產的投資，這些資產通常具有實質的生產力及經營策略上的價值，對企業價值的增加格外重要。資本預算的決策過程，涵蓋提出投資計畫、估計稅後增量的現金流量，並利用多項決策準則進行方案的評估。若決策準則評估為「接受」或對公司另有策略價值，則進入執行、控制、績效評估及最後的檢討與回饋的階段。資本預算決策最重要目的，乃在於滿足經營策略之需求，因此企業有時會採取在成本效益上不符合經濟原則的投資計畫。有些在財務上被認為是不可行的投資案，但在經營策略上常有不同層面的意義。所以目前看起來無利可圖，仍應審視對公司長期發展經營的影響，避免因小失大。資本預算過程的一個重要部份，是在事實發生後檢討效益。投資淨額是否大於預期數?稅後預期的現金淨益是否能夠實現?公司在評量過去的績效後，改善其未來的資本預算技術。此外，此種評量尚可迫使營運部門主管，採取更切實際的管理做法。

關鍵字

資本支出；資本預算

並列摘要

The capital expenditure decisions that is the most important in many decisions of the enterprise, because the capital expenditure decision-making is not a repetitive decision-making, the investment is huge, that with great risk, and its success or failure of the enterprise operating hugely impact therefore. Capital investments are long-term investment in fixed assets, these assets usually have a value on the actual productivity and business strategy, particularly important to increase enterprise value. Decision-making process of the capital budget to cover proposed investment plan, the estimated after-tax incremental cash flow, and use a number of decision-making criteria for program evaluation. If the decision-making criteria for the assessment to "accept" or there is another strategy value for the company, it will enter the stage of execution, control, performance evaluation and a final review and feedback. Capital budgeting decisions of the most important purpose is that to meet the needs of the business strategy, therefore, companies sometimes take of uneconomic investment plan on the cost -effectiveness. Some financial is not feasible investment plan, but often the significance of the different aspects of the business strategy. So now, it seems unprofitable, should continue to examine the operation of the company's long-term development, to avoid penny wise and pound foolish. An important part of the capital budgeting process is to review the effectiveness of after the fact. The net investment is greater than the expected number? After-tax expected net cash benefits can be achieved? In the evaluation of past performance to improve its future capital budgeting techniques. In addition, such assessments can still force the operating department heads, to adopt a more realistic management practices.