경영과학 사례 Hart Venture Capital (HVC) 사례분석

경영과학 사례 Hart Venture Capital (HVC) 사례분석

[경영과학 사례] Hart Venture Capital (HVC) 사례분석.hwp

목차 1. Case 본문 및 해석 2. HVC 소개 3. Case 분석 4. Report 1, 2 5. 첫 번째 해 $800.000 예산검증 6. Report 3, 4 7. Report 5 8. Report 6 9. 결론 본문 1. Case 본문 및 해석 Hart Venture Capital (HVC) specializes in providing venture capital for software development and Internet applications. Currently HVC has two investment opportunities: (1) Security Systems(S), A firm that needs additional capital to develop an Internet security software package. (2) Market Analysis(M), A market research company that needs additional capital to develop a software package for conducting customer satisfaction surveys. In exchange for their Security System stock, the firm has asked HVC to provide $600,000 in year 1, $ 600,000 in year 2, and $250,000 in year 3 over the coming three-year period. In exchange for their stock, Market analysis has asked HVC to provide $500000 in year 1, $350000 in year 2 and $400000in year 3 over the same three-year period. HVC believes that both investment opportunities are worth pursuing. However, because of other investments, they are willing to commit at most $800000 for both projects in the first year, at most $700000 in the second year, and $500000 in the third year. HVCs financial analysis team has reviewed both projects and has recommended that the company　s objective should be to maximize the Net Present Value of the total investment in Security Systems and Market Analysis. The net present value takes into account the estimated value of the stock at the end of the tree-year period as well as the capital outflows that are necessary during each of the three years. Using an 8% rate of return, HVC　s financial analysis team estimates that 100% funding of the Security Systems project has a net present value of $1,800,000 and 100% funding of the Market Analysis project has a net present value of $1.600,000. HVC has the option to fund any percentage of the Security Systems and Market Analysis projects. For example, if HVC decides to fund 40% of the security Systems project, in vestments of 0.40($60,000)=$240,000 would be required in year 1, 0.40($600,000)=$240,000 would be required in year 2, and 0.40($250,000)=$100,000 would be required in year3. In this case, the net present value of the security Systems project would be 0.40($1,800,000)=$720,000. The investment amounts and the net present value for partial funding of the Market Analysis project would be computed in the same manner. Managerial Report Perform an analysis of HVCs investment problem and prepare a report that presents your findings and recommendations. Include(but do not limit your discussion to) a consideration of the following items : ① : What is the recommended percentage of each project that HVC should fund andthe net present value of the total investment? ② : What capital allocation plan for security systems and market analysis for thecoming three-year period and the total HVC investment each year would yourecommend? ③ : What effect, if any, would HVCs willingness to commit an additional $100,000during the first year have on the recommended percentage of each project thatHVC should fund? ④ : What would that capital allocation plan look like if an additional $100,000 is made available? ⑤ : What is your recommendation as to whether HVC should commit the additional$100,000 in the first year? 본문내용 7. Report 5 8. Report 6 9. 결론 1. Case 본문 및 해석 Hart Venture Capital (HVC) specializes in providing venture capital for software development and Internet applications. Currently HVC has two investment opportunities: (1) Security Systems(S), A firm that needs additional capital to develop an Internet security software package. (2) Market Analysis(M), A market research company that needs additional c