传统的企业投资决策,一般是以“币值不变”为前提的,即不考虑通货膨胀因素。此种做法在通货膨胀率较低的情况下是可行的,但如果通货膨胀率较高,特别是达到两位数字的情况下,企业在投资决策中考虑通货膨胀的影响就很有必要了。通货膨胀会提高投资项目产品的销售价格,增加经营成本支出,同时又会使项目的现金收入贬值,这些都会对投资项目的盈利能力产生影响。企业在对投资项目进行评价时,最关注的便是项目的盈利能力,盈利能力越高,企业的投资欲望越强,因此,通货膨胀究竟如何影响项目的盈利能力便成为企业投资决策时所关 Traditional business investment decisions, usually based on “currency ” as a prerequisite, that is, do not consider the inflation factor. Such an approach is feasible at low inflation rates, but it is necessary that firms consider the effects of inflation in their investment decisions if inflation is high, especially when double digits are reached. Inflation will increase the sales price of investment products, increase operating costs while depreciating the cash income of the project, which will have an impact on the profitability of investment projects. Enterprises in the evaluation of investment projects, the most concerned about is the project’s profitability, the higher the profitability, corporate investment desire, the stronger, so how inflation affects the project’s profitability has become the business investment decision-making