资本预算与NPV案例讨论:正确衡量回报基本原则.pdfVIP

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资本预算与NPV案例讨论:正确衡量回报基本原则.pdf

more

They

e

Time-weightedcashflows

◼Incrementalcashflowsintheearlieryearsareworthmore

thanincrementalcashflowsinlateryears.

◼Infact,cashflowsacrosstimecannotbeaddedup.They

havetobebroughttothesamepointintimebefore

aggreion.

◼Thisprocessofmovingcashflowsthroughtimeis

•discounting,whenfuturecashflowsarebroughttothe

present

•compounding,whenpresentcashflowsaretakentothe

future

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