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1、财务管理公司理财公司理财相关知识英文版Chapter8:StrategyandAnalysisinUsingNetPresentValueConceptQuestions-Chapter88.1WhatarethewaysafirmcancreatepositiveNPV.1. Befirsttointroduceanewproduct.2. Furtherdevelopacorepetencytoproductgoodsorservicesatlowercoststhanpetitors.3. Createabarrierthatmakesitdifficultfortheotherfirm
2、stopeteeffectively.4. Introducevariationonexistingproductstotakeadvantageofunsatisfieddemand5. Createproductdifferentiationbyaggressiveadvertisingandmarketingnetworks.6. Useinnovationinorganizationalprocessestodoalloftheabove.HowcanmanagersusethemarkettohelpthemscreenoutnegativeNPVprojects?8.2Whatis
3、adecisiontree?Itisamethodtohelpcapitalbudgetingdecision-makersevaluatingprojectsinvolvingsequentialdecisions.Ateverypointinthetree,therearedifferentalternativesthatshouldbeanalyzed.Whatarepotentialproblemsinusingadecisiontree?Potentialproblems1)thatadifferentdiscountrateshouldbeusedfordifferentbranc
4、hesinthetreeand2)itisdifficultfordecisiontreestocapturemanagerialoptions.8.3Whatisasensitivityanalysis?Itisatechniqueusedtodeterminehowtheresultofadecisionchangeswhensomeoftheparametersorassumptionschange.Whyisitimportanttoperformasensitivityanalysis?Becauseitprovidesananalysisoftheconsequencesofpos
5、siblepredictionorassumptionerrors.Whatisabreak-evenanalysis?Itisatechniqueusedtodeterminethevolumeofproductionnecessarytobreakeven,thatis,tocovernotonlyvariablecostsbutfixedcostsaswell.Describehowsensitivityanalysisinteractswithbreak-evenanalysis.Sensitivityanalysiscandeterminehowthefinancialbreak-e
6、venpointchangeswhensomefactors(suchasfixedcosts,variablecosts,orrevenue)change.AnswerstoEnd-of-ChapterProblemsQUESTIONS AND PROBLEMSDecisionTrees8.1SonyElectronics,Inc.,hasdevelopedanewtypeofVCR.Ifthefirmdirectlygoestothemarketwiththeproduct,thereisonlya50percentchanceofsuccess.Ontheotherhand,ifthef
7、irmconductstestmarketingoftheVCR,itwilltakeayearandwillcost$2million.Throughthetestmarketing,however,thefirmisabletoimprovetheproductandincreasetheprobabilityofsuccessto75percent.Ifthenewproductprovessuccessful,thepresentvalue(atthetimewhenthefirmstartssellingit)ofthepayoffis$20million,whileifitturn
8、souttobeafailure,thepresentvalueofthepayoffis$5million.Shouldthefirmconducttestmarketingorgodirectlytothemarket?Theappropriatediscountrateis15percent.8.1Godirectly:NPV=0.5$20million+0.5$5million=$12.5millionTestmarketing:NPV=-$2million+(0.75$20million+0.25$5million)/1.15=$12.13millionGodirectlytothe
9、market.8.2Themarketingmanagerforagrowingconsumerproductsfirmisconsideringlaunchinganewproduct.Todetermineconsumersinterestinsuchaproduct,themanagercanconductafocusgroupthatwillcost$120,000andhasa70percentchanceofcorrectlypredictingthesuccessoftheproduct,orhireaconsultingfirmthatwillresearchthemarket
10、atacostof$400,000.Theconsultingfirmboastsacorrectassessmentrecordof90percent.Ofcoursegoingdirectlytothemarketwithnopriortestingwillbethecorrectmove50percentofthetime.Ifthefirmlaunchestheproduct,anditisasuccess,thepayoffwillbe$1.2million.Whichactionwillresultinthehighestexpectedpayoffforthefirm?8.2Fo
11、cusgroup:-$120,000+0.70$1,200,000=$720,000Consultingfirm:-$400,000+0.90$1,200,000=$680,000Directmarketing:0.50$1,200,000=$600,000Themanagershouldconductafocusgroup.8.3TandemBicyclesisnoticingadeclineinsalesduetotheincreaseoflower-pricedimportproductsfromtheFarEast.TheCFOisconsideringanumberofstrateg
12、iestomaintainitsmarketshare.Theoptionssheseesarethefollowing:Pricetheproductsmoreaggressively,resultingina$1.3milliondeclineincashflows.ThelikelihoodthatTandemwilllosenocashflowstotheimportsis55percent;thereisa45percentprobabilitythattheywillloseonly$550,000incashflowstotheimports.Hirealobbyisttocon
13、vincetheregulatorsthatthereshouldbeimportanttariffsplaceduponoverseasmanufacturersofbicycles.ThiswillcostTandem$800,000andwillhavea75percentsuccessrate,thatis,nolossincashflowstotheimporters.Ifthelobbyistsdonotsucceed,TandemBicycleswilllose$2millionincashflows.AstheassistanttotheCFO,whichstrategywou
14、ldyouremendtoyourboss?AccountingBreak-EvenAnalysis8.3Pricemoreaggressively:-$1,300,000+(0.550)+0.45(-$550,000)=-$1,547,500Hirelobbyist:-$800,000+(0.750)+0.25(-$2,000,000)=-$1,300,000Tandemshouldhirethelobbyist.8.4SamuelsonInc.hasinvestedinafacilitytoproducecalculators.Thepriceofthemachineis$600,000a
15、nditseconomiclifeisfiveyears.Themachineisfullydepreciatedbythestraight-linemethodandwillproduce20,000unitsofcalculatorsinthefirstyear.Thevariableproductioncostperunitofthecalculatoris$15,whilefixedcostsare$900,000.Thecorporatetaxrateforthepanyis30percent.Whatshouldthesalespriceperunitofthecalculator
16、beforthefirmtohaveazeroprofit?8.4Letsalespricebex.Depreciation=$600,000/5=$120,000BEP:($900,000+$120,000)/(x-$15)=20,000x=$668.5Whatistheminimumnumberofunitsthatadistributorofbig-screenTVsmustsellinagivenperiodtobreakeven?Salesprice_$1,500Variablecosts_$1,100Fixedcosts_$120,000Depreciation_$20,000Taxrate_35%8.5Theaccountingbreak-even
