1、乘萀qi3乘萀qi3乘萀qi3乘萀qi3乘萀qi3乘萀qi3乘萀qi3乘萀qi3乘萀qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3凜qi3傰qi3啠怀qi3吴qi3啠怀qi3吴qi3啠怀qi3吴qi3啠怀qi3吴qi3V吀嗻qi3U嗶qi3V吀嗻qi3U嗶qi3V吀嗻qi3U嗶qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嗽qi3U嗸qi3V嘀qi3U
2、吀嗻qi3V嘀qi3U吀嗻V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V嘀qi3U吀嗻qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V尀嘂qi3U耀嗼qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘄qi3U嘀qi
3、3V嘄qi3U嘀qi3V嘄qi3U嘀qi3V嘇qi3U嘁qi3V嘇qi3U嘁qi3V嘇qi3U嘁qi3Sqi3Sqi3Sqi3S谀qi3SS谀qi3Sqi3S谀qi3Sqi3S谀qi3S頀qi3S谀qi3S頀qi3S谀qi3S頀qi3S谀qi3S頀qi3搀qi3qi3搀qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3搀qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3qi3氀qi3qi3氀qi3qi3氀qi3qi3氀qi3qi3氀
4、qi3qi3氀Value We can calculate how much better off in todays dollar the investment makes us by calculating the Net Present Value:. Cash inflows Time Cash outflows 0 1 -$25,000 $30,000 McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 3-20 3.7 Corporate Investmen
5、t DecisionMaking Shareholders will be united in their preference for the firm to undertake positive net present value decisions, regardless of their personal intertemporal consumption preferences. McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 3-21 Corporate
6、 Investment DecisionMaking Consumption today Consumption at t+1 Positive NPV projects shift the shareholders opportunity set out, which is unambiguously good. All shareholders agree on their preference for positive NPV projects, whether they are borrowers or lenders. McGraw-Hill/Irwin Copyright 2002
7、 by The McGraw-Hill Companies, Inc. All rights reserved. 3-22 3.7 Corporate Investment DecisionMaking In reality, shareholders do not vote on every investment decision faced by a firm and the managers of firms need decision rules to operate by. All shareholders of a firm will be made better off if m
8、anagers follow the NPV rule undertake positive NPV projects and reject negative NPV projects. McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 3-23 The Separation Theorem The separation theorem in financial markets says that all investors will want to accept o
9、r reject the same investment projects by using the NPV rule, regardless of their personal preferences. Logistically, separating investment decision making from the shareholders is a basic requirement of the modern corporation. McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All r
10、ights reserved. 3-24 3.8 Summary and Conclusions Financial markets exist because people want to adjust their consumption over time. They do this by borrowing or lending. An investment should be rejected if a superior alternative exists in the financial markets. If no superior alternative exists in the financial markets, an investment has a positive net present value.
