公司戰(zhàn)略和凈現(xiàn)值分析(存儲版)
【正文】 nies, Inc. All rights reserved. 818 The Option to Delay: Example ? Consider the above project, which can be undertaken in any of the next 4 years. The discount rate is 10 percent. The present value of the benefits at the time the project is launched remain constant at $25,000, but since costs are declining the NPV at the time of launch steadily rises. ? The best time to launch the project is in year 2—this schedule yields the highest NPV when judged today. Y e ar C os t PV N P V t N P V 00 20,000$ 25,000$ 5,000$ 5,000$ 1 18,000$ 25,000$ 7,000$ 6,364$ 2 17,100$ 25,000$ 7,900$ 6,529$ 3 16,929$ 25,000$ 8,071$ 6,064$ 4 16,760$ 25,000$ 8,240$ 5,628$ 2)(900,7$529,6$ ?McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 824 Valuation of the Option to Abandon ? Recall that we can calculate the market value of a project as the sum of the NPV of the project without options and the value of the managerial options implicit in the project. OptNPVM ?? Opt??? $ Opt?? $ $?OptMcGrawHill/Irwin Copyright 169。 2023年 3月 17日星期五 下午 10時 39分 51秒 22:39: 1比不了得就不比，得不到的就不要。 :39:5122:39:51March 17, 2023 1意志堅強的人能把世界放在手中像泥塊一樣任意揉捏。 22:39:5122:39:5122:39Friday, March 17, 2023 1知人者智，自知者明。 下午 10時 39分 51秒 下午 10時 39分 22:39: MOMODA POWERPOINT Lorem ipsum dolor sit, eleifend nulla ac, fringilla purus. Nulla iaculis tempor felis amet, consectetur adipiscing elit. Fusce id urna blanditut cursus. 感謝您的下載觀看 專家告訴 。 22:39:5122:39:5122:393/17/2023 10:39:51 PM 1越是沒有本領(lǐng)的就越加自命不凡。 :39:5122:39Mar2317Mar23 1世間成事，不求其絕對圓滿，留一份不足，可得無限完美。 22:39:5122:39:5122:39Friday, March 17, 2023 1乍見翻疑夢，相悲各問年。 stare at empty hole: PV = $0. Traditional NPV analysis overlooks the option to abandon. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 816 Options ? One of the fundamental insights of modern finance theory is that options have value. ? The phrase ―We are out of options‖ is surely a sign of trouble. McGrawHill/Irwin Copyright 169。 we examine how sensitive a particular NPV calculation is to changes in the underlying assumptions. ,1$)(928$600,1$ 41???? ??t tNPVInvestment Year 1 Years 25 Revenues $6,000 Variable Costs (3,000) Fixed Costs (1,800) Depreciation (400) Pretax profit Tax (34%) Net Profit Cash Flow $1,600 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 83 Decision Trees ? Allow us to graphically represent the alternatives available to us in each period and the likely consequences of our actions. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 82 Corporate Strategy and the Stock Market ? There should be a connection between the stock market and capital budgeting. ? If the firm invests in a positive NPV projects, the firm’s stock price should go u
法律信息相關(guān)推薦
鄂ICP備17016276號-1