夏南新--中山大学岭南学院说课讲解.ppt

夏南新中山大学岭南学院Preface

Thecontentofthecourseisconcernedwithcorp-orateinvestmentdecisionmaking,inparticulartheevaluationoflongtermcapitalexpendituredecisi-ons.Mostofthetheoreticalapproachescoveredarerelativelynonproblematical,suchasthetheor-eticalstrengthofnetpresentvalueasadecisioncriterion.

IntroductionThenatureofinvestmentdecisionsAnoverviewThecoursecoversaparticularareaofmanagerialeconomics:thetheoryofinvestmentdecisionmakingbybusinesscorporations.Neverthelesssuchatheorycannotsucceedinitstaskifitisdevelopedinisolationfromwhatactuallydoeshappeninpractice,soweshouldguideandenrichthedevelopmentofournormativeapproach.

ThevaluebaseTheinvestmentdecisiontheorydevelopedinthiscourseisfoundedonthevaluationbasesthatco-mefromcapitalismandtheideaofthefreemark-eteconomy.

3.Theimpactofuncertaintyonthecapitalinvest-mentdecision—Chapters9and10.4.Investmentdecisionsinaninternationalcont-ext—Chapter11.Thedifficultiescausedbytaxation,inflationandcapitalscarcitywillallbetakenintoaccount,aswilltheconceptofriskandthefactthatthefu-tureisuncertain.

AwarningAsafinalpoint,thelearnershouldbeconstantlyawarethatthetheoryofinvestmentdecisionswhichispresentedhereisneitherinastateofge-neraldetailedagreement,nordoesityetprovidecompletesolutionstomanyoftheimportantpr-oblemsoffinancialdecisionmaking.Inordertoreflectthisstateofaffairs,weshallexaminethecauseandevidenceofthesecontroversiesandpointouttheirrationalities,ambiguitiesandinco-nsistenciesthatnecessarilyaccompanythe

developmentofanytheorythataspirestorealworldapplication.

ThedecisionprocessWehavefirsttodiscusstodiscussthecircumsta-ncesinwhichadecisionneedsbemade.Wecanspecifytwonecessaryconditionsforadecisionsituation:1.Theexistenceof