公司战略和净现值分析t .ppt

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1、ChapterOutline8.1CorporateStrategyandPositiveNPV8.2DecisionTrees8.3SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis8.4Options8.5SummaryandConclusionsIntroducenewproductsAppleCorporationandthemouseDevelopcoretechnologyHondaandsmallenginesCreatebarriertoentr

2、yQualcomm’spatentsonproprietarytechnologyIntroducevariationsonexistingproductsChrysler’sPTCruiserCreateproductdifferentiationCoca-Cola—it’stherealthingUtilizeorganizationalinnovationMotorolajust-in-timeinventorymanagementExploitanewtechnologyYahoo!’suseofbanneradver

3、tisementsonthewebCorporateStrategyandPositiveNPVCorporateStrategyandtheStockMarketThereshouldbeaconnectionbetweenthestockmarketandcapitalbudgeting.IfthefirminvestsinapositiveNPVprojects,thefirm’sstockpriceshouldgoup.Sometimesthestockmarketprovidesnegativecluesastoan

4、ewproject’sNPV.ConsiderAT&T’srepeatedattemptstopenetratethecomputer-manufacturingindustry.8.2DecisionTreesAllowustographicallyrepresentthealternativesavailabletousineachperiodandthelikelyconsequencesofouractions.ExampleofDecisionTreeDonotstudyStudyfinanceOpencircles

5、representdecisionstobemade.Filledcirclesrepresentreceiptofinformatione.g.atestscoreinthisclass.Thelinesleadingawayfromthecirclesrepresentthealternatives.“C”“A”“B”“F”“D”StewartPharmaceuticalsTheStewartPharmaceuticalsCorporationisconsideringinvestingindevelopingadrugt

6、hatcuresthecommoncold.Acorporateplanninggroup,includingrepresentativesfromproduction,marketing,andengineering,hasrecommendedthatthefirmgoaheadwiththetestanddevelopmentphase.Thispreliminaryphasewilllastoneyearandcost$1billion.Furthermore,thegroupbelievesthatthereisa6

7、0%chancethattestswillprovesuccessful.Iftheinitialtestsaresuccessful,StewartPharmaceuticalscangoaheadwithfull-scaleproduction.Thisinvestmentphasewillcost$1,600million.Productionwilloccuroverthenext4years.StewartPharmaceuticalsNPVofFull-ScaleProductionfollowingSuccess

8、fulTestNotethattheNPViscalculatedasofdate1,thedateatwhichtheinvestmentof$1,600millionismade.Laterwebringthisnumberbacktodate0.InvestmentYe