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目前电解铝企业投资中通常采用传统的折现现金流量法评估投资项目,即以预测项目所产生的未来现金流量为基础,项目的价值即为预计未来现金流量依资本成本和风险因素进行折现的折现值(净现值NPV)之和。投资决策是以投资项目的净现值最大化为基准,净现值大于零就进行投资,否则放弃。该理论暗含了以下假设:投资是可逆的,即如果市场结果比预期条件差,就可撤出投资、收回成本;投资者在投资时机上没有选择余地,要么现在投资,要么永不投资;来自于投资的未来现金流量是确定的,并且可以准
At present, investment in electrolytic aluminum enterprises usually adopts the traditional discounted cash flow method to evaluate investment projects. That is, based on the predicted future cash flows generated by the project, the value of the project is the estimated future cash flows discounted according to the cost of capital and the risk factors Of the discounted value (NPV NPV). The investment decision is based on the maximization of the net present value of the investment project, and the net present value is greater than zero for investment, otherwise it is abandoned. This theory implies the assumption that investment is reversible, that is, if the market outcome is worse than expected, the investment can be withdrawn and the cost recovered; the investor has no choice but to invest now or never invest; Future cash flows for the investment are fixed and can be accurate