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1、公司理财CapitalInvestmentDecisions(2)2.1NetPresentValue:FVandPVTheamountthataborrowerwouldneedtosetasidetodaytotoabletomeetthepromisedpaymentof$10,000inoneyeariscallthePresentValue(PV)of$10,000.Notethat$10,000=$9,523.81×(1.05).Ifyouweretoinvest$10,000at5-percentin
2、terestforoneyear,yourinvestmentwouldgrowto$10,500:$10,500=$10,000×(1.05).ThetotalamountdueattheendoftheinvestmentiscalltheFutureValue(FV).NetPresentValueTheNetPresentValue(NPV)ofaninvestmentisthepresentvalueoftheexpectedcashflows,lessthecostoftheinvestment.:So
3、youshouldInvest.BacktoExample1:NetPresentValueastheInvestmentCriterionIntheone-periodcase,theformulaforNPVcanbewrittenas:IfwehadnotundertakenthepositiveNPVprojectconsideredonthelastslide,andinsteadinvestedour$9,500elsewhereat5-percent,ourFVwouldbelessthanthe$1
4、0,000thatinvestmentpromisedandwewouldbeunambiguouslyworseoffinFVtermsaswell:$9,500×(1.05)=$9,975<$10,000.,whereiscashflowatdate12.2ProjectEvaluationinaRisklessWorldWhydoweuseNPVastheinvestmentcriterion?AssumePerfectCapitalMarketandTwoPeriod(I)Saving(Financing)
5、DecisionUsePVtoCheckFeasibilityofConsumptionplanExample2:IstheconsumptionplanC0＝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)＜
6、1＋＝1.923＝PV(Y):feasible!(Ⅱ)InvestmentOpportunitiesCorporateInvestmentDecision‑MakingConsumptionatt+1PositiveNPVprojectsshifttheshareholder’sopportunitysetout,whichisunambiguouslygood.AllshareholdersagreeontheirpreferenceforpositiveNPVprojects,whethertheyarebor
7、rowersorlenders.(Ⅲ)InvestmentOpportunitieswithFinancialMarketsFinancialmarketspresentsaving/borrowingopportunities,asrepresentedbythedottedstraightline.Supposethecompany(farm)choosesD,itsownerscanthenusefinancialmarketsforsavingorborrowing.Bothinvestorsarehapp
8、ierthanin(Ⅱ),butDisnottheoptimalinvestmentplanyet.C0BADEC1slope=-(1+r)PV(D)ProjectValuationinaRisklessWorldC0A’DEslope=-(1+r)PV(Y)C1B’Y*Y1Y0Y*istheoptimalinvestmentplan,whichistheo
