財務(wù)管理-作業(yè)corporate finance第二次

CorporateFinance2010WhatoptionsmaybepresentincapitalInvestment延遲投資機(jī)會的。也稱為等待。開發(fā)商擁有推遲投資的權(quán)利，可以根據(jù)市場的情況決定何時動工，這種選擇權(quán)可以減少項目失敗的風(fēng)險，被稱為延期投資。增長。開發(fā)商接受某一個項目時，可能不僅僅從項目本身的財務(wù)效益考慮，的售開辟都具有重要的價值。放棄投資機(jī)會的。指的是離開投資項目的選擇權(quán)，如果投資項目發(fā)展的不好，投資商可以無成本或者是低成本的退出，放棄也可以增加投資項目的價值?？傊?，實物可以增加投資項目的價值，而對應(yīng)的實物的價值等于擁有時決策的NPV與沒有時的投資NPV的差值。(AbandonmentOption)HitorMissSportsisintroducinganewproductthisyear.Ifitssee-at-nightsoccerballsareahit,thefirmexpectstobeabletosell50,000unitsayearatapriceof$60each.Ifthenewproductisabust,only30,000unitscanbesoldatapriceof$55.Thevariablecostofeachballis$30,andfixedcostsarezero.Thecostofthemanufacturingequipmentis$6million,andtheprojectlifeisestimatedat10years.Thefirmwillusestraight-linedepreciationoverthe10-yearlifeoftheproject.Thefirm'staxrateis35percentandthediscountrateis12If eisequallylikely,whatisexpectedNPV?WillthefirmaccepttheIfitssee-at-nightsoccerballsareaTheprofitofthefirstyearπ1=[50000×(60-30)-600000]×65%=585000CashflowofthefirstyearF=585000+600000= NPV=?G+??[1?(1+1NPV1= [1?(1+12%)10]=IfthenewproductisaTheprofitofthesecondyearπ2=[30000×(55-30)-CashflowofthefirstyearF=97500+600000= NPV=?G+??[1?(1+ NPV2= [1?(1+12%)10]= NPV=2??????1+2??????2=SinceNPV<0,sothefirmwillnotaccepttheSupposenowthatthefirmcanabandontheprojectandselloffthemanufacturingequipment$5.4millionifdemandfortheballsturnsouttobeweak.Thefirmwillmakethedecisiontocontinueorabandonafterthefirstyearofsales.Doestheoptiontoabandonchangethefirm'sdecisiontoaccepttheproject?Ifthefirmselloffthemanufacturingequipmentafterthefirstyearof1NPV1= [1?(1+12%)10]= ??′

NPV2=?G+1+??+1+??=

=So NPV=2??????1+2??????2=Sotheoptiontoabandonchangethefirm’sdecisiontoaccepttheExplaintheconceptsofuniquerisk,marketrisk,andhowthetotallevelofportfolioriskcanchangebyaddingadditionalsecurities.②關(guān)于整個市場的消息，這類消息是關(guān)于整體經(jīng)濟(jì)的，因此影響所有由于公司特有信息二引起的回報率的波動，代表的是獨(dú)立風(fēng)險。由關(guān)于整個市場的消息而引起的回報率的波動，表示的是共同風(fēng)險。當(dāng)把許多組合成大的投資組合時，每只的公司特有風(fēng)險將被抵消和分散掉。好消息將影響某 ，壞消息將影響其 ，但總的來說，好消息或壞消息的數(shù)量將是Wherewillthefollowingprojectsplotinrelationtothesecuritymarketlineiftherisk-freerateis6%andthemarketriskpremiumis9%? Whichprojectsshouldbeundertaken?ABCDiE[Ri]=rf+βMkt(E[RMkt]?iE[RA]=6%+2×9%