编制资本预算,以现金流量和“折现法”(即计算货币的时间价值或资金的机会成本)为基础;营业预算则以“权责发生制”和历史成本的会计原则为基础。由于基础不同,两者对于同一项目投资(新建或扩建)的经济效益预测就很可能完全不相一致。本文将通过一个实例来说明两者不相一致的情况和原因,以及解决这个问题即把资本预算与营业预算联结起来的方法。 The preparation of the capital budget is based on cash flow and the “discounting method” (ie, the calculation of the time value of money or the opportunity cost of funds); the operating budget is based on the “accrual basis” and the historical cost accounting principle. Because of the different foundations, it is very likely that the two predict the economic benefits of the same project investment (new or expanded). This article will use an example to illustrate the circumstances and causes of the inconsistency between the two, and the solution to this problem is to link the capital budget with the operating budget.