夏南新中山大学岭南学院

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1、夏南新中山大学岭南学院PrefaceThecontentofthecourseisconcernedwithcorp-orateinvestmentdecisionmaking,inparticulartheevaluationoflongtermcapitalexpendituredecisi-ons.Mostofthetheoreticalapproachescoveredarerelativelynonproblematical,suchasthetheor-eticalstrengthofnetpres

2、entvalueasadecisioncriterion.IntroductionThenatureofinvestmentdecisionsAnoverviewThecoursecoversaparticularareaofmanagerialeconomics:thetheoryofinvestmentdecisionmakingbybusinesscorporations.Neverthelesssuchatheorycannotsucceedinitstaskifitisdevelopedinisola

3、tionfromwhatactuallydoeshappeninpractice,soweshouldguideandenrichthedevelopmentofournormativeapproach.ThevaluebaseTheinvestmentdecisiontheorydevelopedinthiscourseisfoundedonthevaluationbasesthatco-mefromcapitalismandtheideaofthefreemark-eteconomy.The“model”a

4、pproachandthestructureofthetextWehavestructuredthistextinfoursections:1.Introductiontothecontextoffinancialdecisions—IntroductionandChapters1and2.2.Thecapitalinvestmentdecision—Chapters3to8.3.Theimpactofuncertaintyonthecapitalinvest-mentdecision—Chapters9and

5、10.4.Investmentdecisionsinaninternationalcont-ext—Chapter11.Thedifficultiescausedbytaxation,inflationandcapitalscarcitywillallbetakenintoaccount,aswilltheconceptofriskandthefactthatthefu-tureisuncertain.AwarningAsafinalpoint,thelearnershouldbeconstantlyaware

6、thatthetheoryofinvestmentdecisionswhichispresentedhereisneitherinastateofge-neraldetailedagreement,nordoesityetprovidecompletesolutionstomanyoftheimportantpr-oblemsoffinancialdecisionmaking.Inordertoreflectthisstateofaffairs,weshallexaminethecauseandevidence

7、ofthesecontroversiesandpointouttheirrationalities,ambiguitiesandinco-nsistenciesthatnecessarilyaccompanythedevelopmentofanytheorythataspirestorealworldapplication.ThedecisionprocessWehavefirsttodiscusstodiscussthecircumsta-ncesinwhichadecisionneedsbemade.Wec

8、anspecifytwonecessaryconditionsforadecisionsituation:1.Theexistenceofalternatives2.TheexistenceofanobjectiveorgoalTheexistenceofalternativesisnecessarybeca-use,iftherearenoalternativesfromwhicht