对项目投资分析NCF计算公式的探讨

A Study of the NCF Calculation Formula for Analysis of Project Investment

项目投资财务可行性分析中,计算各年现金流NCF时,应排除对负债筹资活动现金流NCF的考虑,这是因为在计算评价指标净现值NPV时所采用的折现率,即加权平均资本成本中已经考虑了负债因素。用间接法计算经营NCF时.应以经营净利润为计算起点而不应以净利润为计算起点。

In the feasibility study of a project investment, considerations of liability fund-raising NCF should be excluded when working out each year's NCF. This is because of the fact that in calculating net NPV, the factor of indebtness has already been considered. When using the indirect way to work out operation NCF, the operation net profit, rather than the net profit, should be made the starting point.