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1、CHAPTER6NetPresentValueandOtherInvestmentRulesIn2005,theautomobilemarketinNorthAmericafacedpricetagofover$1billioneach,areobviouslymajorchronicovercapacity.Bysomeestimates,Generalundertakings,andtherisksandrewardsmustbeMotorsmayhavehadasmanyas15factoriesmorethancarefullyweighed.Inthischapter,w
2、ediscussthebasicitneeded.Butnotallautomobilemanufacturersfacedtoolsusedinmakingsuchdecisions.thisproblem.Forexample,ToyotaMotorsannouncedInChapter1,wesawthatincreasingthevalueoftheplansforitsseventhNorthAmericanassemblyplant,stockinacompanyisthegoaloffinancialmanagement.andthenbeganasearchforas
3、itetoaccommodateitsThus,whatweneedtoknowishowtotellwhethereighthNorthAmericanplant.Eachplantrepresentsanaparticularinvestmentwillachievethat.Thischapterinvestmentof$1billionormore.Forexample,ToyotasconsidersavarietyoftechniquesthatareusedintruckfactoryinsouthernIndianawasbuiltatacostofpractice
4、forthispurpose.Moreimportant,itshows$2.5billion.howmanyofthesetechniquescanbemisleading,andToyotasnewplantsareanexampleofacapitalitexplainswhythenetpresentvalueapproachisthebudgetingdecision.Decisionssuchasthese,witharightone.6.1WhyUseNetPresentValue?Thischapter,aswellasthenexttwo,focusesoncap
5、italbudgeting,thedecision-makingprocessforacceptingorrejectingprojects.Thischapterdevelopsthebasiccapitalbudget-ingmethods,leavingmuchofthepracticalapplicationtosubsequentchapters.Butwedonthavetodevelopthesemethodsfromscratch.InChapter4,wepointedoutthatadol-Findoutmoreaboutcap-italbudgetingfor
6、smalllarreceivedinthefutureisworthlessthanadollarreceivedtoday.Thereason,ofcourse,businessesatwww.isthattodaysdollarcanbereinvested,yieldingagreateramountinthefuture.Andwemissouribusiness.net.showedinChapter4thattheexactworthofadollartobereceivedinthefutureisitspresentvalue.Furthermore,Section
7、4.1suggestedcalculatingthenetpresentvalueofanyproject.Thatis,thesectionsuggestedcalculatingthedifferencebetweenthesumofthepresentvaluesoftheprojectsfuturecashflowsandtheinitialcostoftheproject.Thenetpresentvalue(NPV)methodisthefirstonetob
