对投资项目现金流量分析方法的研讨

Cash Flow Analysis for Investment Projects

通过对股东现金流量法、实体现金流量法和全投资现金流量法模型的研讨,提出如下观点:股东现金流量法与实体现金流量法计算的净现值是相等的,但对寿命期有限的固定资产投资项目,股东现金流量法远比实体现金流量法简洁易懂,便于操作,其提供的现金流量信息直观,经济意义明晰,有用性强;全投资现金流量法从另一个角度进行投资项目的预期现金流量分析,不但能提供补充的管理用会计信息,而且能对股东现金流量法(以及实体现金流量法)模型的正确性进行验证,互相提供理论上的支持。

This paper explores shareholder approach, material approach and investment approach to cash flow, and it is concluded as follows ： Net present value calculated is equal for shareholder approach and material approach, but for fixed assets investment projects, shareholder approach is far more concise and workable than material approach and provides direct cash flow information with clear and useful economic significance. Investment approach analyzes forecast cash flow for investment projects from a different angle, not only offering additional managerial accounting information, but also testing the properness of and providing theoretical support for shareholder approach and material approach.