公司理財(cái)講義2--巫和懋(編輯修改稿)
2025-01-04 22:00 本頁面
【文章內(nèi)容簡介】 positive NPV projects, whether they are borrowers or lenders.,(Ⅲ) Investment Opportunities with Financial Markets,,Financial markets present saving/borrowing opportunities, as represented by the dotted straight line. Suppose the company (farm) chooses D, its owners can then use financial markets for saving or borrowing. Both investors are happier than in (Ⅱ), but D is not the optimal investment plan yet.,C0,B,A,D,E,C1,,slope = (1+r),PV(D),Project Valuation in a Riskless World,,C0,A’,D,E,slope = (1+r),PV(Y),C1,B’,Y*,Y1,Y0,Y* is the optimal investment plan, which is the one that maximizes NPV(Y)＝PV(Y)－E or PV(Y). Perfect capital market (borrowing rate＝lending rate) is assumed.,Corporate Investment Decision?Making,In reality, shareholders do not vote on every investment decision faced by a firm and the managers of firms need decision rules to operate by. All shareholders of a firm will be made better off if managers follow the NPV rule—undertake positive NPV projects and reject negative NPV projects.,Optimal Investment Plan,Net Present Value NPV＝ ＝PV(Y)－E Therefore, the best investment plan is the one
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