Garner Corporation is investing $ 30 million in new capital equipment. The present value of future after-tax cash flows generated by the equipment is estimated to be $ 50 million. Currently, Garner has a stock price of $ 28.00 per share with 8 million shares outstanding. Assuming that this project represents new information and is independent of other expectations about the company, what should the effect of the project be on the firm’s stock price()
A. The stock price will remain unchanged.
B. The stock price will increase to $ 30.50.
C. The stock price will increase to $ 31.75.
参考答案：B
解析：
In theory, a positive NPV project should provide an increase in the value of a firm’s shares. NPV of new capital equipment=$ 50 million-$ 30 million=$ 20 million Value of company prior to equipment purchase=8000000×$ 28.00=$ 224000000 Value of company after new equipment project=$ 224 million+$ 20 million=$ 244 million Price per share after new equipment project=$ 244 million/8 million=$ 30.50 Note that in reality, changes in stock prices result from changes in expectations more than changes in NPV.
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