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1、公司理财讲义（2）--巫和懋2.1NetPresentValue:FVandPVTheamountthataborrowerwouldneedtosetasidetodaytotoabletomeetthepromisedpaymentof$10,000inoneyeariscallthePresentValue(PV)of$10,000.Notethat$10,000=$9,523.81×(1.05).Ifyouweretoinvest$10,000at5-percentinterestforoneyear,yourinvestmentwouldgrowto$10,500:
2、$10,500=$10,000×(1.05).ThetotalamountdueattheendoftheinvestmentiscalltheFutureValue(FV).NetPresentValueTheNetPresentValue(NPV)ofaninvestmentisthepresentvalueoftheexpectedcashflows,lessthecostoftheinvestment.:SoyoushouldInvest.BacktoExample1:NetPresentValueastheInvestmentCriterionIntheone-pe
3、riodcase,theformulaforNPVcanbewrittenas:IfwehadnotundertakenthepositiveNPVprojectconsideredonthelastslide,andinsteadinvestedour$9,500elsewhereat5-percent,ourFVwouldbelessthanthe$10,000thatinvestmentpromisedandwewouldbeunambiguouslyworseoffinFVtermsaswell:$9,500×(1.05)=$9,975<$10,000.,wherei
4、scashflowatdate12.2ProjectEvaluationinaRisklessWorldWhydoweuseNPVastheinvestmentcriterion?AssumePerfectCapitalMarketandTwoPeriod(I)Saving(Financing)DecisionUsePVtoCheckFeasibilityofConsumptionplanExample2:IstheconsumptionplanC0＝0.9mandC1＝1.325mfeasible?UsethePVformulatoevaluateit.Ifr＝10%,0.
5、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)InvestmentOpportunitiesCorporateInvestmentDecision‑MakingConsumptionatt+1PositiveNPVprojectsshifttheshareholder’sopportunitysetout,whichisunambiguo
6、uslygood.AllshareholdersagreeontheirpreferenceforpositiveNPVprojects,whethertheyareborrowersorlenders.(Ⅲ)InvestmentOpportunitieswithFinancialMarketsFinancialmarketspresentsaving/borrowingopportunities,asrepresentedbythedottedstraightline.Supposethecompany(farm)choosesD,itsownerscanthenusefi
7、nancialmarketsforsavingorborrowing.Bothinvestorsarehappierthanin(Ⅱ),butDisnottheoptimalinvestmentplanyet.C0BADEC1slope=-(1+r)PV(D)ProjectValuationinaRisklessWorldC0A’DEslope=-(1+r)PV(Y)C1B’Y*Y1Y0Y*istheoptimalinvestmentplan,whichistheonethatmaximizesNPV(
