分析了目前投资项目预期现金流量计算中存在的错误,即把债务利息支出作为一项现金流出扣除。同时,通过实例说明了这样确定的投资项目预期现金流量不能与企业的融资决策区别开来,并与股东财富最大化的目标不一致。 The current error in the calculation of the expected cash flow of the investment project is analyzed, that is, the debt interest expense is deducted as a cash outflow. At the same time, an example shows that the expected cash flow of such an identified investment project can not be distinguished from the financing decision of an enterprise, and it is inconsistent with the goal of maximizing shareholders’ wealth.