03-0投资决策分析的基本理论-The-single-period-investment-consumption-decision-model-201109.pptxVIP

The single-period investment consumption decision model;Topics ;Criticism ;other two main methods;Introduction to the method;The basic assumptions: ;Assumption:;Assumption:;2. The time value of money;Problem ：;The time value of money ;The time value of money;3. The basic graphical analysis;The single-owner firm case ;;Physical investment line;Physical investment line;Introduction of indifference curves ;;Optimal decision: ;4. Introduction of the capital market ; There are three possible courses of actions at t0:; Assumption: ; Question: ;;The financial market line;The separation theorem ;The separation theorem;The separation theorem;Graphical derivation of the decision rule;; With a capital market:;-First: ;-Second: ;Lend and borrow;;The multi-owner firm;The multi-owner firm;The conclusions of the basic model ;Introducing uncertainty ;Introducing uncertainty;5. Payback and ROCE;Excerise