夏南新你 中山大学岭南学院.ppt

The content of the course is concerned with corp-orate investment decision making, in particular the evaluation of long term capital expenditure decisi-ons. Most of the theoretical approaches covered are relatively nonproblematical, such as the theor-etical strength of net present value as a decision criterion. Introduction The nature of investment decisions An overview The course covers a particular area of managerial economics: the theory of investment decision making by business corporations. Nevertheless such a theory cannot succeed in its task if it is developed in isolation from what actually does happen in practice, so we should guide and enrich the development of our normative approach. The value base The investment decision theory developed in this course is founded on the valuation bases that co-me from capitalism and the idea of the free mark-et economy. The “model” approach and the structure of the text We have structured this text in four sections: 1. Introduction to the context of financial decisions—Introduction and Chapters 1 and 2. 2. The capital investment decision—Chapters 3 to 8. 3. The impact of uncertainty on the capital invest- ment decision—Chapters 9 and 10. 4. Investment decisions in an international cont- ext—Chapter11. The difficulties caused by taxation, inflation and capital scarcity will all be taken into account, as will the concept of risk and the fact that the fu-ture is uncertain. A warning As a final point, the learner should be constantly aware that the theory of investment decisions which is presented here is neither in a state of ge-neral detailed agreement, nor does it yet provide complete solutions to many of the important pr-oblems of financial decision making. In order to reflect this state of affairs, we shall examine the cause and evidence of these controversies and point out the irrationalities, ambiguities and inco-nsistencies that necessarily accompany the development of any theo