公司戰(zhàn)略和凈現(xiàn)值分析(參考版)
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【正文】 下午 10時(shí) 39分 51秒 下午 10時(shí) 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 。 2023年 3月 下午 10時(shí) 39分 :39March 17, 2023 1業(yè)余生活要有意義，不要越軌。 :39:5122:39:51March 17, 2023 1意志堅(jiān)強(qiáng)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。 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。 下午 10時(shí) 39分 51秒 下午 10時(shí) 39分 22:39: 楊柳散和風(fēng)，青山澹吾慮。 2023年 3月 下午 10時(shí) 39分 :39March 17, 2023 1少年十五二十時(shí)，步行奪得胡馬騎。 :39:5122:39:51March 17, 2023 1意志堅(jiān)強(qiáng)的人能把世界放在手中像泥塊一樣任意揉捏。 :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。 , March 17, 2023 很多事情努力了未必有結(jié)果，但是不努力卻什么改變也沒有。 2023年 3月 17日星期五 10時(shí) 39分 51秒 22:39:5117 March 2023 1做前，能夠環(huán)視四周；做時(shí)，你只能或者最好沿著以腳為起點(diǎn)的射線向前。 2023年 3月 17日星期五 下午 10時(shí) 39分 51秒 22:39: 1比不了得就不比，得不到的就不要。 22:39:5122:39:5122:39Friday, March 17, 2023 1乍見翻疑夢，相悲各問年。 22:39:5122:39:5122:393/17/2023 10:39:51 PM 1以我獨(dú)沈久，愧君相見頻。 2023 by The McGrawHill Companies, Inc. All rights reserved. 826 靜夜四無鄰，荒居舊業(yè)貧。 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。 stare at empty hole: PV = $0. Traditional NPV analysis overlooks the option to abandon. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 822 The Option to Abandon: Example The firm has two decisions to make: drill or not, abandon or stay. Do not drill Drill 0$?N PV500$?Failure Success: PV = $500 Sell the rig。 2023 by The McGrawHill Companies, Inc. All rights reserved. 820 The Option to Abandon: Example ? Suppose that we are drilling an oil well. The drilling rig costs $300 today and in one year the well is either a success or a failure. ? The outes are equally likely. The discount rate is 10%. ? The PV of the successful payoff at time one is $575. ? The PV of the unsuccessful payoff at time one is $0. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, 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$
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