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资料：
(1)DL公司开发成功一种新产品，项目投资成本为1200万元。
(2)如果现在立即执行该项目，预计在第1年将会产生130万元的自由．现金流量，以后将以每年2%的速度增长，该项目可以永续经营。
(3)如果延期执行该项目，一年后则可以判断市场对该产品的需求量，届时必须作出放弃或立即执行的决策。
(4)通过对可比公司相关资料的分析，预计本项目报酬率的波动率为35%。
(5)与该项投资相适应的资本成本为10%，无风险报酬率为5%。
要求：
(1)计算立即执行可实现的项目价值和项目净现值。
(2)采用布莱克斯科尔斯期权定价模型计算延迟决策的期权价值，并判断应否延迟执行该项目。

答案

参考答案：

(1)项目价值=130/(10%-2%)=1625(万元)

净现值=1625-1200=425(万元)

(2)首先确定BS模型参数：

SX=S-PV(Div)=1625-

=1506.82(万元)

PV(X)=

=1142.86(万元)

然后计算d1、d2

d2=d1-σ

=0.9649-0.35=0.6149

查表可以得出N(d1)=0.8327；N(d2)=0.7307

最后计算延迟期权的价值

C=1506.82×0.8327-1142.86×0.7307=1254.73-835.09=419.64(万元)

延迟期权的价值为419.64万元，小于今天立即投资将获得的425万元的净现值，因此该项目不应当延迟执行。

阅读理解

The Rolls Royce logo(标志)consisting of the two Rs clearly stands for Rolls and Royce, the two founders of this manufacturing company.In 1884 Frederick Henry Royce started an electrical and mechanical business. He made his first car, a “Royce”, in his Manchester factory in 1904.

He was introduced to Charles Stewart Rolls in a Manchester hotel on May 4 that year, and the pair agreed a deal where Royce would manufacture cars, to be sold by Rolls. A clause(条款) was added to the contract, saying the cars would be called “Rolls Royce”.

The current Toyota logo consists of three ovals: the two perpendicular(成直角的)ovals represent a relationship of trust between the customer and Toyota. These ovals combine to symbolize the letter “T” for Toyota. The space in the background implies a global expansion of Toyota’s technology and unlimited potential for the future.

The Hyundai Motor Company (HMC) is a South Korean company manufacturing automobiles. Their automobiles are available in many countries around the globe. In 2003 it was South Korea’s largest car maker and the world’s seventh largest car maker. The Hyundai logo appears to be an H (symbolizing Hyundai). The oval shape indicates the company’s global expansion and the ‘H’ is symbolic of two people (especially the company and customer) shaking hands.

The Mercedes-Benz logo represents one of the most famous brands in the world. The Benz logo is a three-pointed star that represents its domination of the land, the sea, and the air. The famous three-pointed star was designed by Gottlieb Daimler to show the ability of his motors for land, air and sea usage. It was first seen on a Daimler in 1909, and was combined with the Benz laurel wreath in 1926 to symbolize the union of the two firms. Mercedes-Benz is one of the world’s oldest automobile manufacturers.

小题1: Which company’s logo is a symbol of two people shaking hands?

A．Rolls Royce’s

B．Toyota’s

C．Hyundai’s

D．Mercedes-Benzs.小题2:According to the text, _______.

A．Rolls Royce was founded in 1884.

B．Toyota is having difficulty expanding its technology

C．Hyundai has the same long history as Mercedes-Benz

D．Mercedes-Benz originally produced motors小题3: Which company’s logo stands for both the manufacturer and the seller?

A．Rolls Royce’s

B．Toyota’s

C．Hyundai’s

D．Mercedes-Benz’s小题4:We can learn from the text that_____.

A．the ovals in the logos have the same meaning

B．Hyundai is SouthKorea’sseventh largest car maker

C．the three-pointed star of the Mercedes-Benz logo was first seen in 1926

D．the Mercedes-Benz logo is a symbol of the combination of two companies
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ATC115M20高频开关电源模块的额定输出电流为（）

A.10A

B.20A

C.30A

D.40A
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