试题与答案

甲公司计划开发一种高科技的新产品,相关资料如下:(1)项目的投资成本为190万元。(

题型:问答题

题目:

甲公司计划开发一种高科技的新产品,相关资料如下:

(1)项目的投资成本为190万元。

(2)预期项目可以产生平均每年20万元的永续现金流量;该产品的市场有较大的不确定性。如果消费需求量较大,营业现金流量为25万元;如果消费需求量较小,营业现金流量为15万元。

(3)如果延期执行该项目,一年后则可以判断市场对该产品的需求,并做出取舍。

(4)等风险投资需求的报酬率为10%,无风险的报酬率为5%。

要求:

(1)计算不考虑期权的项目净现值。

(2)采用二叉树方法计算延迟决策的期权价值(请将结果填入“期权价值计算表”中),并判断应否延迟执行该项目。

答案:

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