资产现值计价反思──基于马克思政治经济学的一种分析

资产现值计价是资产“未来经济利益观”的产物。计算现值实际上是从终值中扣除利润、计算本金的过程。资产用现值计价的基本思路，就是将资产所带来的未来现金流入量作为收入，从中扣除贴现率代表的利润水平，以投入价值(本金)作为资产的价值。现值计价的理想状况是贴现率等于资产的内含报酬率，此种情况下现值计价就是成本(投入价值)计价，由于未来现金流入量和内含报酬率是不确定的，资产现值计价不具备可操作性。

The cash equivalent valuation is the product of “asset future benefit”.Calculating the present value is in fact the process of deducting profits from terminal value and calculating capital.The basic idea of calculating capital by present value is to take the future cash amount from the capital as the income,deduct the profit level standing for the rate of discount,take input value(capital)as the asset value.The ideal state of calculating capital by present value is that the rate of discount is equal to the internal yield rate of assets.Under such a circumstance the present valuation is the cost valuation(input value).Because the future cash inflow amount and internal yield rate of assets are uncertain,the cash equivalent valuation is not operational.