摘要
在进行投资项目可行性评估及决策时 ,绝大多数企业采用现金流量模式。然而一旦项目被采纳执行后 ,现金流量模式将被遗弃 ,而采用基于会计模式的业绩评价指标进行投资业绩评价 ,这使得企业内部财务管理系统失去了前后一致性。由于NPV模型是建立在项目整个投资期内现金流量的基础上的 ,而投资业绩评价需要在投资过程中进行 ,因此NPV模型不能满足投资业绩评价的要求。建立在现金流量模式上的CVA模型周期化计算NPV ,弥补了NPV模型的不足 。
Many companies use Cash Flow models when evaluating investments and making investment decision, such as NPV model, PI model, IRR model and so on But when investments are followed up, the Cash Flow view is abandoned and instead the measures based on the accounting are used to valuate the project performance, which make inconsistency in the company financial management system It is the cash flow in the whole period of a project that NPV model is based on, while the project performance valuation need to be done in every period So the NPV model cannot meet the requirement of performance valuation Whereas CVA model,based on the cash flow and periodizing the NPV calculation,makes up the shortage of NPV model and meets the requirement of performance valuation as well as project analysis
出处
《石家庄经济学院学报》
2003年第5期628-631,共4页
Journal of Shijiazhuang University of Economics
