第04章好意公司投资决策.ppt

* * * * * * * * * * * * * * * * * * * * * * * * See the text for the details of the case. * If you don’t invest, the NPV = 0 even if you test first, because the cost of testing becomes a sunk cost. If you are so unwise as to invest in the face of a failed test, you incur lots of additional costs, but not much in the way of revenue, so you have a negative NPV as of date 1 of -$3,611. I didn’t think adding the calculations aided the pedagogy, so I left it off. * NPV0 = NPVt / (1.10)t 拓展期权：举例 2000年，获得2008-2011年运输机的发货期权 2007年，观察航空运输的需求状况 高需求 低需求 执行交货期权 不要交货 放弃期权：案例 1991年12月9日，GM宣布：到1995年底，计