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1、CapitalInvestmentDecisions2.1NetPresentValue2.2ProjectValuationinaRisklessWorldFisher’sPrinciple2.3PresentValueandCompounding2.4PresentValuewithSpecialCashFlows(RWJCh3,4)InvestmentDecisionExample1:Supposeaninvestmentthatpromisestopay$10,000inoneyeariso
2、fferedforsalefor$9,500.Yourinterestrateis5%.Shouldyoubuy?Ifyouweretobepromised$10,000dueinoneyearwheninterestratesareat5-percent,yourinvestmentbeworth$9,523.81intoday’sdollars.2.1NetPresentValue:FVandPVTheamountthataborrowerwouldneedtosetasidetodaytoto
3、abletomeetthepromisedpaymentof$10,000inoneyeariscallthePresentValue(PV)of$10,000.Notethat$10,000=$9,523.81×(1.05).Ifyouweretoinvest$10,000at5-percentinterestforoneyear,yourinvestmentwouldgrowto$10,500:$10,500=$10,000×(1.05).Thetotalamountdueattheendoft
4、heinvestmentiscalltheFutureValue(FV).NetPresentValueTheNetPresentValue(NPV)ofaninvestmentisthepresentvalueoftheexpectedcashflows,lessthecostoftheinvestment.:SoyoushouldInvest.BacktoExample1:NetPresentValueastheInvestmentCriterionIntheone-periodcase,the
5、formulaforNPVcanbewrittenas:IfwehadnotundertakenthepositiveNPVprojectconsideredonthelastslide,andinsteadinvestedour$9,500elsewhereat5-percent,ourFVwouldbelessthanthe$10,000thatinvestmentpromisedandwewouldbeunambiguouslyworseoffinFVtermsaswell:$9,500×(1
6、.05)=$9,975<$10,000.,whereiscashflowatdate12.2ProjectEvaluationinaRisklessWorldWhydoweuseNPVastheinvestmentcriterion?AssumePerfectCapitalMarketandTwoPeriod(I)Saving(Financing)DecisionUsePVtoCheckFeasibilityofConsumptionplanExample2:Istheconsumptionplan
7、C0＝0.9mandC1＝1.325mfeasible?UsethePVformulatoevaluateit.Ifr＝10%,0.9＋＝2.105＝PV(C)＞1＋＝2.091＝PV(Y):notfeasibleIfr＝20%,0.9＋＝2.004＝PV(C)＞1＋＝2.000＝PV(Y):notfeasibleIfr＝30%,0.9＋＝1.919＝PV(C)＜1＋＝1.923＝PV(Y):feasible!(Ⅱ)InvestmentOpportunitiesCorporateInvestment
8、Decision‑MakingConsumptionatt+1PositiveNPVprojectsshifttheshareholder’sopportunitysetout,whichisunambiguouslygood.AllshareholdersagreeontheirpreferenceforpositiveNPVprojects,whethertheyareborrowersorlenders.(Ⅲ)InvestmentOpportunitieswit
