浅谈现金流量分析在项目投资评价中的应用  

On the Application of Cash Flow Analysis in Project Investment Evaluation

作　　者：李福涛 LI Fu-tao(Lushang Health Industry Development Co.,Ltd.,Ji'nan 250014,China)

机构地区：[1]鲁商健康产业发展股份有限公司,济南250014

出　　处：《价值工程》2020年第11期239-240,共2页Value Engineering

摘　　要：现金流量分析是投资前评价的一种技术,其在项目投资评价中有着及其重要的应用。在每次评价活动中,都有现金流出和现金流入,分析人员可以采用折现法或非折现法。非折现法与折现法的区别主要在于其未考虑各项目收益的时间安排以及与这些收益相关的风险因素。折现现金流量法可产生净现值(NPV)、内含报酬率(IRR)和现值指数(PI)等指标;而非折现评估法的典型例子是收益率(RR)和回收期(PP)模型。本研究表明,现金流量分析是确定预期项目吸引力或其他方面的基本前提。折现现金流技术并不能指导投资者该选择哪一种投资方案,而是能够提供非常有用的财务信息,使投资者能够据此作出投资决策。Cash flow analysis is a technique for pre-investment evaluation, which has very important applications in project investment evaluation. In each evaluation activity, there are cash outflows and cash inflows, and analysts can use discounted or non-discounted methods. The difference between the non-discount method and the discount method is that it does not consider the timing of the return of each project and the risk factors related to these returns. The discounted cash flow method can produce indicators such as net present value(NPV), internal rate of return(IRR) and present value index(PI);typical examples of non-discounted valuation methods are the rate of return(RR) and the payback period( PP) model. This study shows that cash flow analysis is a basic prerequisite for determining the attractiveness or other aspects of expected projects. Discounted cash flow technology does not guide investors on which investment plan to choose, but can provide very useful financial information so that investors can make investment decisions based on this.

关 键 词：项目投资 现金流量 净现值 内含报酬率 

分 类 号：F275.1[经济管理—企业管理]