从现存厂商的角度再考察一次性纸尿裤产业中的资本投资。如果宝洁公司或金伯利一克拉克公司通过

再建三个新工厂来扩大生产能力，它们在开工之前不必再在研究与开发上花费6000万美元。这将如何影响表15.1中净现值的计算？在贴现率12%时，这一投资是有利可图的吗？

Reexamine the capital investment decision in the disposable diaper industry (Example 15. 3) from the point of view of an incumbent firm. If P&G or Kimberly-Clark were lo expand capacity by

building three new plants, they would not need to spend $ 60 million on R&D before start-up. How does this aleck the NPV calculations in Table 15. 5？ Is the investment profitable at a discount rate of 12 percent？