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投资回收期法是进行投资项目可行性分析的一种简便、实用的方法,由于其通俗易懂、计算简单,故乐于为评价人员使用。但众所周知,回收期法的最大缺陷是没有考虑货币的时间价值,把在不同时点形成的现金流入量等价看待,因而缩短了投资回收期,夸大了项目效益。怎样才能既保留投资回收期法所具有的简便易懂的特点,而又使其计算结果准确可靠的呢?那就是引入货币时间价值因素,计算折现的投资回收期。《投资研究》1991年第6期所载卢小广同志的《折现回收期分析初探》(以下简称《初探》)一文就是对这一问题所作的
The payback period method is a simple and practical method for the feasibility analysis of investment projects. Because it is easy to understand and simple to calculate, it is happy to be used by appraisers. However, it is well known that the biggest drawback of the payback method is that it does not consider the time value of money, and it treats the cash flow input at different time points as equivalents, thus shortening the payback period and exaggerating the benefits of the project. How can we not only retain the simple and easy-to-understand characteristics of the investment payback method, but also make its calculation result accurate and reliable? That is to introduce the time value factor of money and calculate the discounted investment payback period. The article “Analysis of Discounted Payback Period Analysis” (hereinafter referred to as “Exploration”) of Comrade Lu Xiaoguang contained in the “Investment Research” (6th Issue, 1991) was made on this issue.