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{财务管理公司理财}英文版罗斯公司理财习题答案
CHAPTER9
RISKANALYSIS,REALOPTIONS,ANDCAPITALBUDGETING
AnswerstoConceptsReviewandCriticalThinkingQuestions
1.Forecastingriskistheriskthatapoordecisionismadebecauseoferrorsinprojectedcashflows.Thedangerisgreatestwithanewproductbecausethecashflowsareprobablyhardertopredict.
2.Withasensitivityanalysis,onevariableisexaminedoverabroadrangeofvalues.Withascenarioanalysis,allvariablesareexaminedforalimitedrangeofvalues.
3.Itistruethatifaveragerevenueislessthanaveragecost,thefirmislosingmoney.Thismuchofthestatementisthereforecorrect.Atthemargin,however,acceptingaprojectwithmarginalrevenueinexcessofitsmarginalcostclearlyactstoincreaseoperatingcashflow.
4.Fromtheshareholderperspective,thefinancialbreak-evenpointisthemostimportant.Aprojectcanexceedtheaccountingandcashbreak-evenpointsbutstillbebelowthefinancialbreak-evenpoint.Thiscausesareductioninshareholder(your)wealth.
5.Theprojectwillreachthecashbreak-evenfirst,theaccountingbreak-evennextandfinallythefinancialbreak-even.Foraprojectwithaninitialinvestmentandsalesafter,thisorderingwillalwaysapply.Thecashbreak-evenisachievedfirstsinceitexcludesdepreciation.Theaccountingbreak-evenisnextsinceitincludesdepreciation.Finally,thefinancialbreak-even,whichincludesthetimevalueofmoney,isachieved.
6.TraditionalNPVanalysisisoftentooconservativebecauseitignoresprofitableoptionssuchastheabilitytoexpandtheprojectifitisprofitable,orabandontheprojectifitisunprofitable.Theoptiontoalteraprojectwhenithasalreadybeenacceptedhasavalue,whichincreasestheNPVoftheproject.
7.Thetypeofoptionmostlikelytoaffectthedecisionistheoptiontoexpand.Ifthecountryjustliberalizeditsmarkets,thereislikelythepotentialforgrowth.Firstentryintoamarket,whetheranentirelynewmarket,orwithanewproduct,cangiveapanynamerecognitionandmarketshare.Thismaymakeitmoredifficultforpetitorsenteringthemarket.
8.Sensitivityanalysiscandeterminehowthefinancialbreak-evenpointchangeswhensomefactors(suchasfixedcosts,variablecosts,orrevenue)change.
9.Therearetwosourcesofval
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