固定资产可行性分析与传统净现值法_管理其它相关论文.docVIP

固定资产可行性分析与传统净现值法_管理其它相关论文 固定资产可行性分析与传统净现值法_管理其它相关论文 【摘 要】本文首先论述了固定资产项目投资进行可行性分析的重要性和内容，提出可行性分析的核心是固定资产项目的经济效益评估，而该评估可以采用静态和动态评价指标。通过概述一般最普遍采用的动态评价指标——传统净现值法的定义、计算公式、决策规则和优点等，联系现实案例，分析了传统净现值法在实际固定资产项目可行性分析中的应用，表明当前情况下传统净现值法存在的意义。然后转而联系当前实际环境，指出传统净现值法目前存在的三个局限性，包括风险较大时折现率和净现金流将很难确定、忽视了经营灵活性即项目投资中决策柔性的价值、未考虑项目的延迟性即忽视了项目投资中等待的价值，并提出可以解决局限性的改进建议，如对折现率中的风险报酬率进行确定和修正、采用期权的决策思想等。 本文的研究结论对于公司实际开展固定资产项目可行性分析，有着很好的借鉴和参考价值。 关键词：可行性分析，净现值，决策柔性，等待价值，选择期权 Abstract This dissertation firstly describes the significance and its content of having a feasibility analysis on property, plant and equipment (P, PampE) investment and puts forward the core of the feasibility analysis that is evaluating its economic benefit. We can adopt the static method and the dynamic method to evaluate the benefit. Also the dissertation summarizes the most common dynamic method ---- the traditional net-present-value (NPV) method including its definition, computing formula, decision-making rule and its advantages. The dissertation analyzes the traditional NPV method’s application to the feasibility analysis on P, PampE practically through the real case study and shows the meaning that the traditional NPV method exists. Then the dissertation which is related to the actual conditions points out that there are three limitations of the traditional NPV method. First one is the uncertain discount rate and cash flows whenever we encounter the higher risk. Second one is that the traditional NPV method ignores the value of the operation flexibility about a project investment. Third one is that the traditional NPV method does not account for the delay of a project i.e. the value of waiting in a project investment. So the dissertation brings forward some advice to improve the traditional method such as correcting and confirming the risk return rate of the discount rate and adopting the option concept. According to the conclusion of this dissertation, the company can have a better feasibility analysis on property, p