项目投资的概念与基本方法.pptVIP

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 -$3,611. I didn’t think adding the calculations aided the pedagogy, so I left it off. 国际资本投资决策 一般的原则与国内资本投资决策一样 如果 NPV 为正，应投资 两种决策方法： 求出外币表示的NPV， 将其按目前的汇率转换成本币 将增量的现金流量按适当的预计汇率转换成等值的本币，再计算NPV 第九十五页，共一百一十页。 考虑下面的欧元投资机会: 国际资本投资决策: 例 从美国股东的角度看，这是一个好的投资机会吗? i€ = 3% i$ = 6% S$/€(0) = $.55265 – 600€ 200€ 500€