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随着货币时间价值在企业投资决策中的作用越来越大,长期投资决策方法的选择与应用也逐渐被企业予以重视,一种合适的投资决策方法益于企业实现资金周转率提升与决策技术优化。目前长期投资决策主要涉及内含报酬率、获利指数及净现值等指标,但理论界及企业实践对各指标体系的测算、选择及应用存在分歧,例如资本成本率应如何确定,如何选择决策方法等。鉴于此,本文基于对长期投资决策内涵的基本阐释,着重对长期投资决策的方法选择及应用做出系统归纳,并对各方法体系加以比较。期望本研究结论对企业项目投资决策制定有所启示。
With the increasing role of the time value of money in corporate investment decision-making, the selection and application of long-term investment decision-making methods are gradually being valued by enterprises. A suitable investment decision-making method benefits the enterprises in achieving the improvement of capital turnover rate and decision-making technology optimization. At present, long-term investment decisions mainly involve such indicators as internal rate of return, profit-making index and net present value. However, there are disagreements between the theoretical circles and enterprises on the measurement, selection and application of each index system. For example, how should the capital cost rate be determined? Decision-making methods. In view of this, based on the basic explanation of the connotation of long-term investment decision-making, this paper systematically summarizes the selection and application of long-term investment decision-making methods and compares the different methodologies. It is hoped that the conclusions of this study will give some inspiration to the formulation of enterprise project investment decisions.