论文部分内容阅读
净现值是对某项投资方案的投资额和未来收益额进行贴现后,未来收益现值总额与投资现值总额之差。为了正确评价投资方案的效益好坏,必须将投资额和未来收益额置于同一时期基础上,将它们都折算为现值,使之具有可比性,然后再进行比较。为了说明问题,假定贴现率为10％,1～10年的现值系数分别为:0.909,0.826,0.751,0.683,0.621,0.565,0.513,0.467,0.424,0.386。现举例如下: 例一:某项工程需8年建成,第一年投资15万元,第二年投资10万元,第三年投资5万元,三年共投资30万元。建成后,其收益有效期为5年,各年收益为:第一年5万元,第2～5年每年10万元,5年共收益45万元。问该方案是否合算?对这一问题,有的同志这样计算:
The net present value is the difference between the total present value of future income and the total present value of investment after discounting the investment amount and future income amount of an investment plan. In order to correctly evaluate the effectiveness of the investment program, it is necessary to put the amount of investment and future income on the basis of the same period, convert them to present value, make them comparable, and then compare them. To illustrate the problem, assume that the discount rate is 10%, and the present value coefficients for 1 to 10 years are: 0.909, 0.826, 0.751, 0.683, 0.621, 0.565, 0.513, 0.467, 0.424, and 0.386, respectively. Examples are as follows: Example 1: A certain project needs to be completed within 8 years. It will invest 150,000 yuan in the first year, 100,000 yuan in the second year, 50,000 yuan in the third year, and 300,000 yuan in three years. After its completion, its revenue is valid for 5 years. The annual revenue is 50,000 yuan for the first year, 100,000 yuan for the second to 5 years, and a total of 450,000 yuan for the five years. Asked whether the program is cost-effective or not? On this issue, some comrades calculated: