财务的基本原理 chap004 附录

2011/2/16FN1Chap4Appendix:NetPresentValue:FirstPrinciplesofFinanceYixiaWangCM,HUSTMar.201012011/2/16FN1KeyConceptsandSkillslUnderstandthetheoreticalfoundationsoftheNetPresentValue(NPV)rule22011/2/16FN1AppendixOutline4A.1MakingConsumptionChoicesoverTime4A.2MakingInvestmentChoices4A.3IllustratingtheInvestmentDecision32011/2/16FN1MakingConsumptionChoicesoverTimelAnindividualcanalterhisconsumptionacrosstimeperiodsthroughborrowingandlending.lWecanillustratethisbygraphingconsumptiontodayversusconsumptioninthefuture.lThisgraphwillshowintertemporalconsumptionopportunities.42011/2/16FN1IntertemporalConsumptionOpportunitySet$0$20,000$40,000$60,000$80,000$100,000$120,000ConsumptiontodayApersonwith$95,000whofacesa10%interestratehasthefollowingopportunityset.Onechoiceavailableistoconsume$40,000now;investtheremaining$55,000;consume$60,500nextyear.1)10.1(000,55$500,60$×=$0$20,000$40,000$60,000$80,000$100,000$120,000Consumptionatt+152011/2/16FN1IntertemporalConsumptionOpportunitySet$0$20,000$40,000$60,000$80,000$100,000$120,000$0$20,000$40,000$60,000$80,000$100,000$120,000ConsumptiontodayConsumptionatt+1Anotherchoiceavailableistoconsume$60,000now;investtheremaining$35,000;consume$38,500nextyear.1)10.1(000,35$500,38$×=62011/2/16FN1TakingAdvantageofOurOpportunities$0$20,000$40,000$60,000$80,000$100,000$120,000$0$20,000$40,000$60,000$80,000$100,000$120,000ConsumptiontodayConsumptionatt+1Aperson’spreferenceswilldeterminewhatpointontheopportunitysetshewillchoose.Ms.PatienceMs.Impatience72011/2/16FN1ChangingOurOpportunities$0$20,000$40,000$60,000$80,000$100,000$120,000$0$20,000$40,000$60,000$80,000$100,000$120,000ConsumptiontodayConsumptionatt+1Ariseininterestrateswillmakesavingmoreattractive……andborrowinglessattractive.Consideraninvestorwhohaschosentoconsume$40,000nowandtoconsume$60,000nextyear.82011/2/16FN1IllustratingtheInvestmentDecisionlConsideraninvestorwhohasaninitialendowmentofincomeof$40,000thisyearand$55,000nextyear.lSupposethatshefacesa10-percentinterestrateandisofferedthefollowinginvestment.CashinflowsTimeCashoutflows01-$25,000$30,00092011/2/16FN1IllustratingtheInvestmentDecision$0ConsumptiontodayOurinvestorbeginswiththefollowingopportunityset:endowmentof$40,000today,$55,000nextyearanda10%interestrate.Onechoiceavailableistoconsume$15,000now;investtheremaining$25,000inthefinancialmarketsat10%;consume$82,500nextyear.$0$99,000Consumptionatt+1$55,000$82,500$40,000$15,000$90,000102011/2/16FN1IllustratingtheInvestmentDecision$0ConsumptiontodayAbetteralternativewouldbetoinvestintheprojectinsteadofthefinancialmarkets.Shecouldconsume$15,000now;investtheremaining$25,000intheprojectat20%;consume$85,000nextyear.$0$99,000Consumptionatt+1$55,000$82,500$40,000$85,000$15,000$90,000Withborrowingorlendinginthefinancialmarkets,shecanachieveanypatternofcashflowsshewants—anyofwhichisbetterthanheroriginalopportunities.112011/2/16FN1IllustratingtheInvestmentDecision$0ConsumptiontodayNotethatwearebetteroffinthatwecancommandmoreconsumptiontodayornextyear.$0$99,000Consumptionatt+1$55,000$82,500$40,000$85,000$15,000$101,500$101,500=$15,000(1.10)+$85,000$90,000$92,273)10.1(000,85$122011/2/16FN1NetPresentValuelThevaluecreatedbytheinvestmentopportunityincreasedourpossibleconsumption.lThisopportunity,therefore,createdvalue.lThecurrentvalueoftheopportunityistheinvestment’sNPV.132011/2/16FN1QuickQuizlWhatfactorsdetermineourconsumptionnextyear?lHowdoinvestmentopportunitiescreatevalue?14