问题 问答题

甲公司拟投资生产一种新型产品。由于该产品市场前景不明朗,甲公司可以现在投产,也可以在一年后投产,但是不管什么时候投产,都将投入资金1500万元。投产后每一年可以为企业带来240万元的自由现金流量。甲公司的其他资料如下: (1)新产品的投产并不会改变目前产权比率3/4的资本结构; (2)假设所有者权益全部为普通股筹资所得,当前的普通股市价为20元/股,筹资费率为2%,预期下一年的股利为3元/股,以后年度保持不变; (3)债务税前的资本成本为10.2%,甲公司的所得税税率为25%; (4)预计该项目价值的波动率为40%,市场无风险利率为5%; 要求:请为甲公司作出投资时点的决策。

答案

参考答案:

解析:答案:
甲公司的股权资本成本=3/[20×(1-2%)]=15.31%
甲公司的债务资本成本=10.1%×(1-25%)=7.58%
甲公司的力口权资本成本=7.58%×3/(3+4)+15.31%×4/(4+3)=12%
如果该产品现在投资:
净现值=240/12%-1500=500(万元)
如果一年后投资,那么不含股利的资产的当前价值为:
Sx=S-PV(Div)=240/12%-240/(1+12%)=1785.71(万元)
一年后投资的成本现值为:
PV(K)=1500/(1+5%)=1428.57(万元).
根据B-S模型,有:



查表得:N(0.75)=0.7734;N(0.76)=0.7764,利用内插法得:


同理:N(0.3579)=0.6398
一年后投资获得的等待期权的价值为:
C=SxN(d1)-PV(K)N(d2)=1785.71×0.7758-1428.57×0.6398=468.25(万元)
计算表明,等到下一年在有利可图时才投资的当前价值为468.25万元,这一等待的价值小于现在立即投资可以获得的500万元净现值,因此,甲公司应该现在进行该项目的投资。

单项选择题
单项选择题

Researchers at the University of Arizona, led by Teresa Cummins, conducted an exploratory study on the online learning modules, designed to supplement hands-on classes taught by local experts and supported by an overview text, to help users increase their understanding of key concepts in the Arizona Master Watershed Steward program. They also sought to determine whether program participants would use the non-compulsory modules.

Their evaluation revealed that module users increased their understanding of key watershed concepts; participants in the evaluation demonstrated a 30 percent increase in content knowledge following module use. Additionally, 70 percent of participants retained this knowledge through a two-month follow-up test.

A follow-up survey showed that approximately half of the participants returned to the online modules on their own; several of these users returned several times and spent multiple hours per session. Comments from the follow-up survey suggested that the users accessed the site either as they had the time or as they needed the information.

Online usage statistics indicated participants continued to visit the site for many months following the modules’ release and advertisement. Though many visits were very brief (a single pageview; only a couple of seconds), visitors with many returns to the site and/or long visits appeared to be working through the modules.

One participant stated, "My brain can only hold so much information; the modules keep information on-hand." Other participants commented that the modules were "more interesting and interactive" than the text material, and a "very effective tool" and "a great resource to the Master Watershed Steward community."

The Arizona Master Watershed Steward program, sponsored by University of Arizona, prepares adults to serve as volunteers in the conservation of water resources and the protection, restoration, and monitoring of their watersheds. The modules were intended to reinforce concepts covered in classes and further engage participants in the learning process.

One key finding was that the modules were not clearly preferred by users over in-person instruction. One participant stated, "For me, they are just another avenue for learning, a supplement or additional reference. I prefer in person and real hands-on learning." Other participants similarly expressed their desire for hands-on and face-to-face interaction. Several participants noted that the usefulness of in-person lectures—was a function of the presenter.

Overall, the exploratory evaluation indicated that the modules were a welcome supplement to the course and were effective in reinforcing key concepts. Participants retained knowledge for several weeks, although since subjects were self-selected, they may have been self-motivated to pay attention and master the online module materials.

"I am constantly searching for new ways to educate our program’s diverse audiences and reinforce watershed science concepts, " says Candice Rupprecht, state coordinator for the Master Watershed Steward program. "I am excited to know that online learning modules can enhance our program by offering additional independent learning opportunities for our volunteers.

Which of the following is the text mainly about()

A. In-person classroom learning and online learning

B. The pros and cons of online learning

C. Effective research tools to study the program

D. Online learning as a supplement of watershed program