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1、1,1. A profit measure is defined as an indicator of the desirability of a project from the standpoint of a decision maker.利潤指標(biāo)是幫助決策者判斷一個投資項目前景的指示器。2. A profit measure may or may not be used as the basis for project selection.利潤指標(biāo)也可以作為選擇備選方案的基準(zhǔn)。,4.2 Investment Profit Measures 投資利潤指標(biāo),2,3. Since variou

2、s profit measures are used by decision makers for different purposes, the advantages and restrictions for using these profit measures should be fully understood.由于不同的利潤指標(biāo)被決策者用作各種不同的用途，所以，這些指標(biāo)的優(yōu)勢和限制我們必須深入的理解。4. There are several profit measures that are commonly used by decision makers in both privat

3、e corporations and public agencies.目前，有很多種投資收益估算方法被私人企業(yè)和公共事業(yè)部門的決策者使用.,3,5. Each of these measures is intended to be an indicator of profit or net benefit for a project under consideration.每一種指標(biāo)都可以被用作一個備選方案的利潤或凈收益的測試劑。6. Some of these measures indicate the size of the profit at a specific point in ti

4、me; others give the rate of return per period when the capital is in use or when reinvestments of the early profits are also included.某些測度表示某具體時點的利潤是多少，而另外一些則是某時間段內(nèi)投入資本或追加投資的收益率。7. If a decision maker understands clearly the meaning of the various profit measures for a given project, there is no rea

5、son why one cannot use all of them for the restrictive purposes for which they are appropriate.如果給出一個項目，決策者能夠清晰地理解每一種指標(biāo)的意義，那么他就可以根據(jù)每種指標(biāo)的限制條件在所有可行方案中挑選合適的指標(biāo)。,4,8. With the availability of computer based analysis and commercial software, it takes only a few seconds to compute these profit measures. Ho

6、wever, it is important to define these measures precisely:在計算機技術(shù)和商業(yè)軟件的支持下，投資利潤指標(biāo)有時只需幾秒的時間就完成了，盡管如此，我們還是必須給每種指標(biāo)下精確的定義。1. Net Future Value and Net Present Value.凈終值和凈現(xiàn)值9. When an organization makes an investment, the decision maker looks forward to the gain over a planning horizon, against what might

7、be gained if the money were invested elsewhere.當(dāng)一個組織投資一個項目時，決策者在規(guī)劃周期很想知道這個項目的收益，這個收益至少要能大于或等于把錢投到其他項目得到的收益。,5,10. A minimum attractive rate of return (MARR) is adopted to reflect this opportunity cost of capital.最低收益率被用來反映資本的機會成本。11. The MARR is used for compounding the estimated cash flows to the e

8、nd of the planning horizon, or for discounting the cash flow to the present.它可以用來把規(guī)劃周期發(fā)生的現(xiàn)金流折算到結(jié)束時刻，或者折現(xiàn)到現(xiàn)在時刻。,6,12. The profitability is measured by the net future value (NFV) which is the net return at the end of the planning horizon above what might have been gained by investing elsewhere at the

9、MARR.一個項目的贏利能力用凈終值（NFV）衡量，即，若按照該MARR將資金投入到別處而在規(guī)劃周期結(jié)束時將本來可以得到的凈收益。13. The net present value (NPV) of the estimated cash flows over the planning horizon is the discounted value of the NFV to the present.在規(guī)劃期所發(fā)生的現(xiàn)金流的凈現(xiàn)值NPV則是用MARR把凈終值換算到現(xiàn)在時刻得到的。14. A positive NPV for a project indicates the present valu

10、e of the net gain corresponding to the project cash flows.得到一個正的凈現(xiàn)值就表明該項目是收益的。,7,2. Equivalent Uniform Annual Net Value. 凈年值15.The equivalent uniform annual net value (NUV) is a constant stream of benefits less costs at equally spaced time periods over the intended planning horizon of a project.等額凈年

11、值是平均分配在規(guī)劃周期內(nèi)的、相等的、扣除成本的凈年收入。16. This value can be calculated as the net present value multiplied by an appropriate capital recovery factor.這個NUV可以用凈現(xiàn)值乘以一個適當(dāng)?shù)摹百Y金回收因子”得到。17. It is a measure of the net return of a project on an annualized or amortized basis.這個方法用來估算按年計息或分期清償項目的凈收益。,8,18. The equivalent

12、 uniform annual cost (EUAC) can be obtained by multiplying the present value of costs by an appropriate capital recovery factor.一個項目的贏利能力用凈終值（NFV）衡量，即，若按照該MARR將資金投入別處而在規(guī)劃周期結(jié)束時本來可以得到的凈收益。19. The use of EUAC alone presupposes that the discounted benefits of all potential projects over the planning hor

13、izon are identical and therefore only the discounted costs of various projects need be considered.如果單獨使用等值年費用，就說明備選方案在規(guī)劃周期的貼現(xiàn)收益相同，只要比較其貼現(xiàn)費用的不同就行了。20. Therefore, the EUAC is an indicator of the negative attribute of a project which should be minimized.所以，等值年費用是一個負(fù)面的值，我們要盡量使它的數(shù)值變小。,9,3. Benefit Cost R

14、atio. 收益-費用比21. The benefit-cost ratio (BCR), defined as the ratio of discounted benefits to the discounted costs at the same point in time, is a profitability index based on discounted benefits per unit of discounted costs of a project.收益費用比是收益和成本折算到同一時刻的比值，它表示付出每一個單元的成本可以得到多少收益，是一個項目盈利的指標(biāo)。22. It i

15、s sometimes referred to as the savings-to-investment ratio (SIR) when the benefits are derived from the reduction of undesirable effects.有時收益是來自于削減了一些不良因素的影響，收益費用比又相當(dāng)于存款投資比率。,10,23. Its use also requires the choice of a planning horizon and a MARR.使用這個比率也需先確定規(guī)則周期和MARR 。24. Since some savings may be

16、interpreted as a negative cost to be deducted from the denominator or as a positive benefit to be added to the numerator of the ratio, the BCR or SIR is not an absolute numerical measure.因為有時將一些節(jié)省當(dāng)作費用的一種節(jié)約而從分母中減掉或者當(dāng)作一種收益加在分子之中，所以收益-費用比和存款投資比率不是一種絕對的數(shù)值。25. However, if the ratio of the present value of benefit to the present value of cost exceeds one, the project is profitable irrespective of different interpretations of such benefits or costs.然而，只要收益現(xiàn)值比上成本現(xiàn)值的比值大于1，那么無論怎樣定義成本和收益，該項目總是盈利的。,11,4. In