公司理財capitalinvestmentdecisions(2)(編輯修改稿)
2025-03-27 01:58 本頁面
【文章內(nèi)容簡介】 timal 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 Finance 212 169。 Professor HoMou Wu Corporate Investment DecisionMaking ? 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. Corporate Finance 213 169。 Professor HoMou Wu Optimal Investment Plan Net Present Value NPV＝ ＝ PV(Y)－ E Therefore, the best investment plan is the one that maximizes NPV(Y)。 and the best investment plan is independent of investors’ preferences. E)r1 YY(r1 Y 101input)YE( 0 ??????? ?PV＝ NPV＝ ＝ ??????? 33221 )1()1(1 rCFrCFrCF ??????????? 332210 )1()1(1 rCFrCFrCFCFPVCF ?? 0Corporate Finance 214 169。 Professor HoMou Wu Fisher’s Separation Principle Given perfect capital market and certainty, the optimal investment plan is the one that maximizes the present value of available production plans, without regard to the individuals’ subjective preferences that enter into their consumption/saving decisions. (Irving Fisher) This is the basis for using the present value as the evaluation criterion. ?Separation of investment and financing decisions ?Separation of ownership and management. Corporate Finance 215 169。 Professor HoMou Wu Why do we use NPV or PV as investment criterion Example 3. A project w hich requir es $650m investment will have payoffs $300m and $400 m in the next t w o years. Is it a good investme nt project w hen r＝6%? Example 4. C onsider a two period wo rl d w it h an interest rat e of 25%. S uppo se you h ave a fund of $1 00m a nd can ch oose one from the f ollowing three project s. What is not invested will be consumed. Which is the best pr oject ? Investm ent Payo ff s next period 1 25m 30m 2 50m 100m 3 100m 160m Corporate Finance 216 169。 Professor HoMou Wu NPV as Investment Criterion Exa m ple 3 (conti nu ed): NP V ＝ ＝ Exa m ple 4 (conti nu ed): Y0 Y1 PV (Y) NP V ＝
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