摘要：Distinguish relevant and IRRelevant costs: Relevant costs are future costs related to investment decisions, while irrelevant costs
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投资决策实务
Investment Decision - Making Practices
现实中现金流量的计算：
Calculating Cash Flows in Real - life:
区分相关成本和非相关成本：相关成本是与投资决策相关的未来成本，非相关成本则与决策无关，如沉没成本。
Distinguish relevant and IRRelevant costs: Relevant costs are future costs related to investment decisions, while irrelevant costs, like sunk costs, are not.
考虑机会成本：是指由于选择了某一投资项目而放弃的其他投资机会所能获得的潜在收益。
Consider opportunity costs: The potential returns from other investment opportunities foregone due to selecting a particular project.
关注部门间的影响：投资项目可能对企业内部其他部门产生影响，如竞争或互补效应。
Pay attention to inter - departmental impacts: Investment projects may affect other internal departments, causing competitive or complementary effects.
税负与折旧对投资的影响：包括流转税、所得税等对投资的影响，以及折旧的抵税作用。折旧计入成本可减少利润，从而减少所得税支出，起到减免所得税的作用。
Impact of tax and depreciation on investment: Taxes like turnover tax and income tax affect investment. Depreciation can reduce profits and income tax expenses, serving as a tax shield.
税后现金流量的计算：有不同的计算公式，使用起来比较方便，不需要知道利润是多少，已包括流转税等。
Calculating post - tax cash flows: Various formulas are available. They are convenient to use and already include turnover tax, etc.
项目投资决策：
Project Investment Decision - Making:
固定资产更新决策：
Fixed Asset Replacement Decisions:
新旧设备使用寿命相同的情况：采用差量分析法，首先将两个方案的现金流量进行对比，求出现金流量的差量；其次根据各期的现金流量差量，计算两个方案的净现值差量；最后根据净现值差量做出判断，如果净现值差量大于0，则选择更新方案，否则选择旧设备方案。
When new and old equipment have the same lifespan: Use differential analysis. Compare cash flows of the two options, find the differences, calculate the differences in net present value (NPV) for each period. If the NPV difference is positive, choose the replacement option; otherwise, retain the old equipment.
新旧设备使用寿命不同的情况：可采用最小公倍寿命法和年均净现值法。最小公倍寿命法是将不同寿命的设备方案转化为相同寿命期进行比较；年均净现值法是把项目期间内全部现金净流量总额的总现值或总终值折算为等额年金的平均现金净流量，年金净流量越大，方案越好。
When new and old equipment have different lifespans: Use the least common multiple (LCM) life method or the average annual NPV method. The LCM life method adjusts different - lifespan equipment options to the same period for comparison. The average annual NPV method converts the total present or future value of all cash flows during the project period into average annual annuity cash flows. The higher the annuity cash flow, the better the option.
风险投资决策：投资项目存在风险，需要对风险进行评估和分析。常用的方法有敏感性分析、情景分析等。敏感性分析是指对投资项目的关键参数进行变动，观察其对项目收益和价值的影响，通过敏感性分析，可以了解投资项目的风险敞口和抗风险能力。情景分析则是设定不同的情景，如乐观、悲观和最可能情景，来评估项目在不同情况下的表现。
Risk Investment Decision - Making:Investment projects involve risks, which require assessment and analysis. Common methods include sensitivity analysis and scenario analysis. Sensitivity analysis involves varying key parameters of the investment project to see how they affect its returns and value. It helps understand the project's risk exposure and resistance. Scenario analysis involves setting different scenarios (e.g., optimistic, pessimistic, and most likely) to evaluate the project's performance under each.
通货膨胀对投资分析的影响：通货膨胀会导致货币贬值、购买力下降等问题，对投资项目的收益和价值产生影响。在进行通货膨胀情况下的投资决策时，需要考虑通货膨胀对项目收益和价值的折算效应，以确保投资项目的实际收益不受影响。
Impact of Inflation on Investment Analysis:Inflation can cause currency devaluation and reduced purchasing power, affecting a project's returns and value. When making investment decisions under inflation, consider its discounting effects on the project's returns and value to ensure the project's real returns remain unaffected.
在进行投资决策实务时，还会运用到多种投资决策指标，如净现值（NPV）、内部收益率（IRR）、投资回收期、投资回报率、现值指数等，通过这些指标来评估投资项目的可行性和优劣，从而做出最优的投资决策。
In investment decision - making practices, various investment decision - making indicators are used, such as net present value (NPV), internal rate of return (IRR), payback period, return on investment, and present value index. These assess the feasibility and quality of investment projects for optimal decisions.
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