cha07罗斯公司理财第九版原版书课后习题

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1、TheNPVoftestingcomputedatdate0(inmillions)is:BecausetheNPVispositive,thefirmshouldtestthemarketforsolar-poweredjetengines.WarningWehaveusedadiscountrateof15percentforboththetestingandtheinvestmentdecisions.Perhapsahigherdiscountrateshouldhavebeenusedfortheinitialtestmarketingdecision,whichislikelyt

2、oberiskierthantheinvestmentdecision.RecapAsmentionedabove,theanalysisisgraphedinFigure7.8.Ascanbeseenfromthefigure,SECmustmakethefollowingtwodecisions:1.Whethertodevelopandtestthesolar-poweredjetengine.2.Whethertoinvestforfull-scaleproductionfollowingtheresultsofthetest.Usingadecisiontree,weanswere

3、dthesecondquestionbeforeweansweredthefirstone.DecisiontreesrepresentthebestapproachtosolvingSEC’sproblem,giventheinformationpresentedsofarinthetext.However,wewillexamineamoresophisticatedapproachtovaluingoptionsinalaterchapter.Thoughthisapproachwasfirstusedtovaluefinancialoptionstradedonorganizedop

4、tionexchanges,itcanbeusedtovaluerealoptionsaswell.SummaryandConclusionsThischapterdiscussedanumberofpracticalapplicationsofcapitalbudgeting.1.ThoughNPVisthebestcapitalbudgetingapproachconceptually,ithasbeencriticizedinpracticeforgivingmanagersafalsesenseofsecurity.SensitivityanalysisshowsNPVunderva

5、ryingassumptions,givingmanagersabetterfeelfortheproject’srisks.Unfortunately,sensitivityanalysismodifiesonlyonevariableatatime,butmanyvariablesarelikelytovarytogetherintherealworld.Scenarioanalysisexaminesaproject’sperformanceunderdifferentscenarios(suchaswarbreakingoutoroilpricesskyrocketing).Fina

6、lly,managerswanttoknowhowbadforecastsmustbebeforeaprojectlosesmoney.Break-evenanalysiscalculatesthesalesfigureatwhichtheprojectbreakseven.Thoughbreak-evenanalysisisfrequentlyperformedonanaccountingprofitbasis,wesuggestthatanetpresentvaluebasisismoreappropriate.2.MonteCarlosimulationbeginswithamodel

7、ofthefirm’scashflows,basedonboththeinteractionsbetweendifferentvariablesandthemovementofeachindividualvariableovertime.Randomsamplinggeneratesadistributionofthesecashflowsforeachperiod,leadingtoanetpresentv