论文部分内容阅读
在资本预算的过程中,往往要运用一定的方法来对投资项目进行评价,从而为企业决策者提供依据。净现值法(NPV法)是运用得比较广泛的,因为它比其他传统方法更全面、科学。在运用净现值法进行资本预算分析时,由于受到各种不确定的因素影响,我们应该把这些影响因素考虑进来,这样才能更为准确地对项目投资做出判断。结果显示税率及税收优惠政策等都会对净现值产生显著影响,因此在实际项目资本预算应用NPV法过程中,应充分考虑税率及税收政策等不确定因素,为项目决策者提供依据。
In the process of capital budget, it is often necessary to apply certain methods to evaluate investment projects so as to provide basis for decision-makers of enterprises. The net present value method (NPV method) is more widely used because it is more comprehensive and scientific than other traditional methods. When using the net present value method for capital budget analysis, due to various uncertain factors, we should take these influencing factors into account so as to make a more accurate judgment on the project investment. The results show that the tax rate and preferential tax policies will have a significant impact on the NPV. Therefore, uncertainties such as tax rates and taxation policies should be taken into account in the process of applying the NPV method to the actual project capital budget so as to provide the basis for project decision makers.